Document Ev96oNekZZG268dQaEDQaojV0

MOODY'S INDUSTRIAL MANUAL AMERICAN and FOREIGN FRANK J. ST. CLAIR, Editor-in-Chief Editorial Board George H. Parsons Lloyd C. Sweet Albert H. Walters Albert C. Esokait Roy H. Krause A. E. Combader Joseph B. Leigh W. J. McCarthy July 1969 Robert H. Messner, Publisher MOODY'S INVESTORS SERVICE, INC. 99 CHURCH STREET, NEW YORK, N. Y. 10007 PHILADELPHIA BOSTON CHICAGO LOS ANGELES WASHINGTON SAN PRANCISOO Suburban Station Bldg. 75 Federal St. 135 So. La Salle St. 611 W. 6th St. Colorado Bldg. Haas Bldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. Png WlDfam Street Home, London K.C. 4 Copyright, 1969 by Moody's Investors Service, Inc., New York--All rights reserved 1566 MOODY'S INDUSTRIAL MANUAL [9Times charged earned: Before Income tax After income tax Price range--deb.4%s, 1988 _ Net tang, assets per $1,000 lg. tm. debt Net cur. assets per $1,000 lg. tm. debt Number of shares--preferred A --preferred B____ --common--------------- ______ 11,915,385 __(IICL A and cL B preferred retired in 1963. H]After extraordinary Items: before, $128. Financial A Operating Ratios Current assets + current liabilities-. 3.08 3.08 3.09 % cash A securities to current assets-- % inventory to current assets_________ % net current assets to net worth % property depreciated________________ % annual depr. A depL, ate., to gross property ---------- 12.15 51.39 53.33 54.74 3.57 16.26 48.79 51.55 55.91 4.40 13.81 50.30 51.84 55.85 4.16 Capitalization: I long term debt preferred stock % common stock and surplus Sales + inventory______________________ Sides + receivables_____________________ % sales to net property__________________ % sales to total assets___________________ 11.75 88.25 5.15 7.39 372.48 141.64 10.78 89.22 5.05 7.57 380.50 130.57 8.47 9143 5.54 8.02 423.30 15049 S% net Income to total assets % net Income to net worth --_____ 51Before special items. 8.25 12.35 8.89 12.83 1145 16.15 2.84 17.42 48.75 51.38 0&33 443 8.19 9L81 5.69 8.39 447.16 15346 11.86 17.04 8.99 80.17 46.47 56.61 58.48 447 8.77 9143 547 8.01 459.74 44.49 11.88 17.12 1 ZLU 4638 54.67 5735 436 8j47 9033 6.27 839 430.13 139.79 11^21 16.00 Analysis of Operations Sales, less returns, etc._________________ Cost of sales_____________________________ Selling, general A admin expense___ Operating profit Other Income Total income _ Income deductliw"" Net income before Inc. taxes! Net income______ ~ % 100.00 74.44 14.63 10.93 1.02 11.95 0.43 11.52 5.70 5.82 % 100.00 73.87 14.61 11.52 0.78 12.30 0.24 12.06 4.84 7.22 % 100.00 72.99 13.99 13.02 0.83 IB 45 0.16 13.69 644 7.55 % 100.00 72.65 18.69 13.66 0.82 14.48 0.18 14.30 6.56 7.74 % 100.00 70.68 14.39 14.93 0.74 15.67 041 15.46 744 842 % 100.00 70.41 15.19 14.40 1.07 15.47 0.16 1531 749 8.02 long term debt debentures may declare principal due and 1907___ 4.75 1908-09 5.00 1910.j turn ljffnHa,!.Lf.l Co- *ubrdlnated deben- payable (30 days' grace period for payment of interest, minimum sinking fund installment 1911-15 HI 1918- 3.00 640 1916___ 4.00 1919___ 5.00 0119171920-91 Rating--A --$51,304,000; outstanding, $24,876,000; in treasury, $3,287,000. DATED--Apr, l, 1963. MATURITY--Apr. 1, 1988. and purchase fund obligation). INDENTURE MODIFICATION -- Indenture may be modified, except as provided, with consent of 66%% of debentures. PURPOSE--Issued in Apr. 1963 in exchange for class A and class B preferred at rate of 1922___ 1928-29 1932-34 1938___ 1941___ 650 1922-2$ 5.00 fiS* 5.00 5.00 1930___ 8.00 091935- 6.00 1938.2 ($10 par shares) ft 0.87% 1937-38 030 1939-4$ 0.62% 1942___ 030 1941-- DrrEBOSST-AAOi at office of trustee. $177.50 In cash or debentures for each class 1944-45 1.00 1946----- 150 1947-- TRUSTEE -- Chase Manhattan Bank, New A share and $152.50 in cash or debentures for OD1948- 145 1949___ 845 1950-- each class B share. 1951----- 2.00 J^OM^ATipN--Coupon. *100, $500 and $1,- a* t0 Principal; fully regiaWlMMMdmultlpIo. hereof. CAR lndfnohStm)(bUt "0t DnaUer *" *1'000 CALLABLE--At any time after Apr. 1. 1973 to Apr. 1 incl. as follows: 1971--- 103*1 1977------- 10214 1980------- 101% 1983--- 101 6--- 100% 1975-___103 1978____102*4 1981____101% 1984____100% 1988.___100 1976____102% 1979____102 1982____101% 1985____100% Also caUame at 100 for Hnking fund (which LEGAL--For savings banks in N. H. and N. J. LISTED--On New York Stock Exchange. 2. National Lead Overseas Capital Corp^ Outstanding, Dec. 31, 1968, $15,000,000 6%% Deutsche Mark bearer bonds, due In equal annual Installments 1972-79. Subsidiary Debt: Outstanding, Dec. 31, 1968, (1) $11,133,000 5%% to 7%% subsidiary (for eign) notes payable at various dates to 2013. (2) $3,752,000 miscellaneous loans. OAPITAL STOOK 1951___ 1954___ 0.75 2.10 ($5 par shares) S 1952___ 1.45 1953--. 1955___ 2.85 B11956-6J EU969- 0.85 51Includes $1 Red < __ $1 Red Cross and 50c United War Wo palgn dividends. (EPlus 100% in stock 1927 (50% in common and 50% in das ferred). ffiPlus 14% in common ( stock) Jan. 15. 1935. (9Plus 5% In stool 2% in stock In 1956. 5JTo Mar. 30. t Dividends payable quarterly Mar. X stock of record about Mar. 9, etc. g see). 1. National Lead Co, common; par $251: VOTING RIGHTS--One vote per slv SJNKJNG FUND--On or before each Feb. 15. AUTHORIZED--60,000,000 shares; outstanding PREEMPTIVE RIGHTS--None. & 19/4-87, cash (or debentures) to redeem at par Dec. 31. 1968, (giving effect to 2-for-l split LISTED--On New York and Padfl 4% maximum debentures issued as of June May 16. 1969) 23,830,730 shares; in treasury, Stock Exchanges; unlisted trading on kvri?f?v P!H? optional payments. 343,988 shares; reserved for options, 803,430 Midwest and Philadelphia-Baltimoi PURCHASE FUND--Requires company to set shares; par $2.50. ington Stock Exchanges. i aside each Apr. 1, 1964-73 cash (or deben Par changed from $100 to $10 Apr. IS, 1936 TRANSFER AGENTS -- Chase J*| tures) equal to $850,000. to be used until last by 10-for-l split, from $10 to $5 Oct. 16, Bank, New York. Old Colony Trust I business day in July of each year, 1964 to 1973 1951 by 3-for-l split and from $5 to $2.50 by ton and Crocker-Citizens National B* for purchase of debentures at or below par: 2-for-l split May 16, 1969. Francisco. * unexpended funds each year to revert to company. SECURITY--Not secured; subordinated to senior debt. Dividend Record (in $) ($100 par shares) 1891-92 Nil 1893______ 2.00 1894_____ 1895_____ 1.00 1896-97 Nil 1898-99 3.00 1.00 REGISTRARS--Bankers Trust Co- JW First National Bank, Boston and California Bank, San Francisco. 1 DIVIDEND DISBURSING AGENT : RIGHTS ON DEFAULT--Trustee or 25% of 1900_____ 1.00 1901-05 Nil 1906____ 3.00 Manhattan Bank. New York. 1 OAPITAL STRUCTURE OWENS-ILLINOIS, INC. LONG TERM DEBT Issue Rating L Promissory notes________________________ 8. Debenture 3%s, due 1988 3. Conv. subord. deb. 4%s, due 1992 ___ 4. Owens-Illinois Overseas Cap. Corp. gtd. conv. deb. 5s, due 1977 _______________ 5- Foreign subs. deb. _____________________ ____ ____ ____ CA' TTAL STOCK Issue Par Value 1. 4% cum. preferred ______________________ $100 2. $4.75 conv. preference _______________ No par 3. Common __________________________ 3.12% Amount Outstanding $183447,000) 41.683.000 49.503.000 Times Charges Earned 1968 1967 6.19 547 20.000,000 15,150,000. Amount Outstanding 215,898 shs. 665.734 shs. 16,302,471 shs. Earned per Sh. 1968 1967 $255.41 $88.60 193.09 2.92 Interest Dates |JAD 1 MAN 1 X AJ 1 Divs. per Sh. 1968 1967 $4.00 4.75 1.35 $4.00 1.35 Can Price 51103.60 51104.275 Call Price [9102.50 m-- Price B i1968 70%-`% 134%- 99 U5%-101 3 Price 1968 87 - 66% 134 -107% 81 - 44% __ nee. lit Mw ** " Corp.. successor to a "V . charter Is perpetusu. r"i52cS. AnrK ted May Mooay i in 1950 to 1959, IncL, i^griai Manual. STmterest was purchased 'STmcreased to 60 X transferred, to Sao La e Hepresentacoeo, n-'jj^ated company, litfggSsed to 79% to 1966. "Ration. Owene-mntoa incorporated to Kimble Italians In a minority Interest , acquired In Nippon . -- mim.ij, and National ShSilcsdT Co^Tto * TT fctro CnemicBJs '"`S'l " __ ...... wuo kwicowea pecker Systems Div. from American Optical Co., subsidiary of Warner Lambert Pharmaceutical Co. pecker's operations Include production of missile tracking Instruments, inertial guid- ance system test equipment, space satellite * S<,M,,pment' teto8Copes ^ tar* P***181 optics. On Nov. 1, 1968 merged Lily Tulip Cup Corp. through, issuance of 1,311,791 common shares and 739,985 new $4.75 preference shares. Each common share of Lily Tulip re- wlv^ 0.39 of comwjj^ ro^on ^ S^^oT^^ttbi-5c&,f^ five years. SUBSIDIARIES Company la primarily an operating com pany.' On Dec. 31, 1968, held 100% voting power to the following subsidiaries (except as noted): Name, place of Incorporation and business: Actlen-Gesellschaft der Gerreshelmer Glas- huttenwerke vorm. Ferd. Heye (Germany) (76%) Auto Pak, Inc. (Del.) BunderGlasGmibH (Germany)(75%) Durobor S.A. (Belgium) (99%) r-nm w. and tableware, and melamine dlnraerware; Industrial and Electronic-glass television bulbs (black and white and color), and special property glasses for fibre optics, color TV bulb sealing, and other uses; Commercial Development-materials for microelectronics. Administrative Division: mirror blanks of CER-VIT material, glass resins, machines and machine parts, sophisticated custom- engineering in range instrumentation, gyro test systems and performance optical systems, Lily-Tulip Division: disposable paper and plastic cups, tubs, lids, plates and dishes for recreational 'uses. as v well as for restaurant, school, hospital, and other insti tutional food and beverage services, and nested containers and covers for food pack aging. Plastic Products Division: blown plastic containers. Injection-molded closures and fit ments, and bristled products; Injection-mold ed, thermo-formed containers; and extruded sheet products. International Operations: Glass containers, rolled glass, glass block, glass tubing and tubing products, window glass, plastic and metal closures, plastic containers and fit ments, corrugated shipping containers, tele vision bulbs and production equipment. PRINOIPAL PLANTS A PROPERTIES Operating facilities are located In approxl- SP-A. an Italian eor- Gerresheim) -- . ... . mately 86 communities throughout the U. S. ***} with the Swiss aufoJ"TSSl Iintecresrt by the end of Kimble Italians, S.p.A. (Italy) (75%) (through Swias subsidiary) . Company has, to Wt Virginia an unoivlded half interest In 167,168 owned or leased ______ , lily Cups Ltd. (Canada) acres of gas rights on which there are 770 __ AAsT_^_n_i_g_t_r_a_c__a_o__._Particdpa- Manufacturers de Vidrios Pianos, C. A. (Ven- wells supplying its Charleston and Hunting- _____ Lfitdd.aa.. ((rnvaanme changed ezuela) (96%) 1 ton plants and Charleston plant of Llbbey- lTSSundo, Parttdpanoes e Marinette, Tomahawk & Western BJS. Co. Owens-Pord Glass Co. lids.) was formea vo noia (Wise.)--(see Moody's Transportation Man- Twenty-nine factories of foreign companies gsatiH to Cisper. Owens- ual). In which company holds a 50% or greater in- _-- a, Colombia were merged Bahamas Agricultural Industries Ltd. (name terest, are loacted aa follows: Germany (11) Peidar group (merger ef- changed March 15, 1968) (Bahamas) (100% Colombia (5), Mexico (3), two each to Bel- 1 ISC) and Owens-Illinois retznft In toe merged company, by Owens-Illinois International, S. A., Pan- glum, Brazil, and Venezuela and one each ama) to Canada. Italy, Japan and Spain. 8A. Old Town Pulp Products, Inc. (Del.) aMnoJHtooda (Ventas) SA,, Owens-Illinois of Canada Ltd. (Canada) \SIridlary M Owens-IUinol* Owens-flHnnli Inter-America Corp. (Ohio)-- CA, assumed sa- le--s----r--e--a---p--o---n--a-1lfoducts manufactured by its aUnca (after window glass tsrted to 1965), and for rtlc divisions of the Com_ Oarro Karton GmbH was Mildan. Germany (75% owned Bells company products In Western phere outside of the U. S. Owens-Illinois International S_A. (Switzer land and Panama) Owens-iDlilnols Overseas Capital Corp. (Del.) O_ -_I Services, Inc. (Ohio), O-I Timber Corp iWisc.) by Co ) O__w___e_n__s__-_I_ll_i_n_o__i_s__d__e_V_e_n__e__z_u__e_l_a_,, C-A. (Venezuela) oturera de Vidrios Pianos, as Incorporated to Vene- Owens-nilnjola (Ventas) S_A. (100% by Owens- Illinois de Venezuela, CA.) Owens Inc. (Ohio) formerly Closing Machines. Inc. 19, aokl kraft paperboard Sabine River Sc Northern R.R. Co. (Texas) "a, Da., and five corrugated Sao Raimundo, Partielpacoes Bepresenta- , plants at Aurora, -IAnd.-., coes, Llmltada (Brazil) , jKkfonvllle, Fla., Long bland Valdosta Southern R.R. Co. (Fla.) . tad Milwaukee, Wise, in final Verpackungstodustrie Kutenholz GmbH 9# *BU'trust suit filed by U. S. (Germany) (75% Gerreshelm) 1 ;"*yce 8?tost Owens-Illinois other Investments: As of Dec. 31, 1968, Owens-Illinois Inc. owned 1.814,484 common MANAGEMENT Officers J. P. Levis, Churn, of Exec. Com. R. H, Mulford, Chmn. of Board E. D. Dodd, President H c. LaughUa, Exec. Vlce-Presldenit B. E. Graham. Exec. Vice-President X. C. Jones, Exec. Vice-President A. M. Turner, Exec. Vice-President T. M. Canter, Exec. Vice-President F. N. Hartmann, Group Vice-President R. F. Miller, Group Vice-President G. S. Babcock. Vice-President K. K. Hepp, Vice-President J. W. Hackett, Vice-President W. J. Stewart, Vice-President M. G. Belahline. Vice-President R. L. Berry, Vice-President T. M. Cox, Jr,, Vice-President S. F. Davis. Vice-President B. B. Jones, Vice-President R. J. Lanlgan, Vice-President INMUUI to the construction of a shares (about 25.1%) of Owens-Coming Fiber- W. B. Owen. Vice-President IM Md paper mill. glaa Corp. (see general Index). IBJL Co. purchased a minority In- Also owned 46,741 common and 20,096 preLvBM Gtiss Ltd., London, England ferred, series I of International Telephone Sc option to purchase additional Telegraph Corp. and 2,000 preferred shares eTOtua"y of Marcor Inc. OoamttSted Gtos? WorSs^^S^ Company also has a 50% Interest In Crts- E. R Owens. Vice-President G. W. Cook, Vice-President B. T. Wallace, Vice-President J. A. Sprunk, Vlce-Pres. Sc Gen. Counsel J. A. Bohland, Treasurer D. H. Morehead, Secretary K. E. Tlgges, Comptroller " gouth Africa: a majority liv talerla Peidar, S. A. (Colombia), 50% interest W Glas GmbH, Bunde, Ger- to National Petro Chemicals Corp- 60% ln- -P*rro Plaatlk GmibH, Mon- terest to Sasaki-Owena Glass Co., Ltd. (Japan) " ^bsidlary of 50% Interest in Glralt Laporta, S-A. (Spain), a * loinuS*!6% Interest each to Vldrio Neutro, S.A., Am.-Owena GlaSTco1 LWP An- PUetas, S.A., Ampolmex, S.A. (Mexico) and E. C. Arbuckle, Stanford. Calif, W. J. Bergman, New York A. S. Bowes, Chicago SH. E. Collin, Toledo G. A. Costanzo, New York Q]E. D. Dodd, Toledo Co.. Keltya, Tex., a 'softtnanufacturer, was purchased _ * County Lumber Co. and W* Mills. Inc. and, at the same Jr** 1 Texas tlmberiands acAngellne company. Owens- a 7% interest in Companhla Industrial Sao Paulo e Rio `'Cisper" (Brazil) (through Brazillan subsidiary, Ltda.) and minority interest to Nippon Electric Glass Co.. Ltd. (Japan), Consolidated Glass Works Ltd. (South Africa) and United Glass Ltd. (England). A. JEli., UGraham, Toledo mA. j.:Hettinger, Jr,, New York fflj. A.. HillTHartford, Conn. C. E. Jaanssen, Brussels. Belgium E. C. Jones, Toledo H. C. Laughlin, Toledo Q]J. P. Levis, Toledo tosnee subsidiary. BU8IME8S AMD PRODUCTS [ a 50 percent Interest Class Container Division: glass containers, - o_A. a Spanish company corrugated shipping containers, for Company * * ****> container plant to products, molds, inks, dies, sand, plastic con- ~~ 50 percent interest to talners. metal and plastic closures, and plas"JPnie of Mexico City-- tic fitments for glass containers. which makes glass tub- Forest Products Division: contalnerboard wtUc* Ampolletas, (kraft linerboard and semi-chemical corru- "- ""xe vials and ampuls gating medium), corrugated and solid fiber & H. Levis, H. Alton. HL H. McIntosh, Toledo (DR. H. Mulford, Toledo K. S. Pltzer, Houston, Texas R. Lu Snldeman, Pebble Beach. Calif. A. M. Turner, Toledo EMember of Executive Committee. AudKsra Arthur Young 8k Oo. Oeneral Counsel: J. A. Sprunk. huliutl Uextoo's drug and shipping containers, multiwall paper bags, Annual Meeting: Third Wednesday to April TMuusrles. Through its Ba- plastic shipping sacks, composite fibre cans, at Toledo, O. it . cmpany entered the o bii*?' un<*er construction uund, will produce 50,000 annually (can be doubled OF addition of the IbmnS? Shipment) from pulpwood, plywood and products of tall oil fractionation. Consumer and Technical Products Division: Klmble-Sclentlflc and laboratory glass and plastic products, KEMAX borosilicate glassware, glass pipe. Industrial and military No. of Stockholders: Dec. 31. 1968: Pre ferred. 2,680: Preference, 7,163; common. 29,269. No. of Kmployees: Dec. 31,1968, 61^84. General Office: Owens-Illinois Bldg.. Midi- _R*o ~ react!- ore plantation. It .*nar a Fear for In the bulbs, glass tubing and rod and products made from them--such as ampuls, vials and syringe cartridges; Libbey glass tumblers, stemware son Ave,, Toledo. Ohio 43604. Mailing Address: P. O. Box 103S, Toledo. Ohio 4360L fcole or to part on at `g* each Apr. 14, inch, 107-45 106-^ 105.05 103.g 102. lOl.to 100J5 1972-- 1975-- 1978-- 1981198419871994-- 107.05 105.85 104.05 103.45 102.25 101.05 100.00 ?^e prior to Apr. IS, an interest cost less {or ainking fund ijS-^^^'forlSnd^ecinai S^Si^opUonal payments. ^freBre 75% of issue r- i nation of Issuer. 4,,f jaOOO.OOO (Initially) 1st ^Lbonds. Ser. F, due 1994. ^rrirATION -- Indenture **9DS?Dt as provided, with "3f bonds outstg. r*. for general purposes. --,nooi at 150 (proceeds to 1969 thru Morgan Stanley Term Loan: Outstanding Dec. 31. 1968, $14,000,000 note payable $1,000,000 quarterly to April 1, 1972. Capital Stock: 1. Hudson's Bay Oil & Cas Co. 5% series A conv. pfd.; par $50: AUTH.--1,500,000 shs. outstg., Dec. 31. 1968, 600,000 shs. par $50. DIVIDENDS--Initial dividend of 62% cents on Jan. 8, 1968, regular dividends paid there after. CALLABLE--At 531,4 from Oct. 15, 1972 to Oct. 14, 1977, incl. and at 51 thereafter. CONVERTIBLE--Into common shs. at rate of 1.2 com. shs. for each preferred share to Oct. 15 1972, incl. and thereafter on a sh. for sh. basis to Oct. 15, 1977, Inch LISTED--On Toronto Stock Exchange. TRANSFER AGENTS--Montreal Trust Co., Calgary, Montreal, Toronto, Vancouver and Winnipeg. OFFERED--600,000 shs. on Sept. 19, 1967 thru Harris & Partners Ltd. and Richardson Se curities of Canada and Associates. PRICE RANGE--1968, 63lb-51IV, 1967, 62%-52. 2. Hudson's Bay Oil & Gas Co. Ltd. com mon; par $U0: AUTHORIZED--25.000.000 shares; outstanding, Dec. 31, 1968, 18,294,044 shares; reserved for conv. of pfd., 720,000 shares; par $2.50 (changed from 810 par in 1957 in 4-for-l split). At Dec. 31, 1968 Continental Oil Co. owned 65.7%; Hudson's Bay Co., 21.9%. VOTING RIGHTS--One vote per share. PREEMPTIVE RIGHTS--None. DIVIDENDS-- 1962 $0.20 1966-67 0.40 1963-64 $0.30 1968-69 0.50 1965.-- $0.35 Dividends payable in Jan. LISTED--On Toronto Stock Exchange. TRANSFER AGENTS AND REGISTRARS-- Montreal Trust Co., Calgary, Toronto, Van couver and Winnipeg; and Morgan Guaranty Trust Co., New York. DIVIDEND DISBURSING AGENT--Montreal Trust Co., Calgary, Toronto and Winnipeg. PRICE RANGE-- 1968 1967 1966 1965 1964 High--------------------- 46 46% 25% 19% 19% Low--------------------- 31% 243/4 16% 15% is71 ISSUED--1,744,592 shares offered to share holders of Continental Oil Co. and Hudson's Bay Co. of record Sept. 17, 1957, at $11 (Ca nadian) per share. Stockholders received one subscription right for each Continental share held and 1% rights for each Hudson's Bay Co. share. Rights expired Nov. 1. 1957. (549,452 shares) in 1963 to acquire Consoli dated Mic Mac Oils Ltd. (111,620 shares) and Security Freehold Petroleums Ltd. (437,832 shares). ffWIOTUM idsset rf not*, due 1972 ------re 3%s, due 2002 fTOCK ^TaUtive pfd.. 1945 series JJaSuve pid.. 1947 series CORNING GLASS WORKS Rating m~ 01- Amount Outstanding $408,,010000,,0000001) 9,067,245j Times Charges Earned 1968 1967 10.45 24.00 Interest Dates |a&o'*I Par Value $10001 iooV; Amount Earned per Sh. Outstanding 1968 1967 11,439 shs. $4,088.31 $3,020.71 6,883,294 shs. 6.79 7.28 Divs. per Sh. 1968 1967 ($3.50 $3.50 1 3.50 3.50 3.25 3.25 Call Price --------- S--e-e--Text Price Range 1968 1967 m---------- m--------- (flJ]_-_-_-_-_-_ fHfli----- Call Price 101 102% ______ Price Range 1968 1967 81 >4- 80 84 - 77% 901b- 88% 91 - 85% 363 -277 390!b-307 la New York Dec. 24, 1936. -- of a New York company originally incorporated in 1875 --------Glass Co. Incorporated in la 109. Business established In AFFILIATES _________les Co, Inc. (whollylUMd In Delaware in 1927. Owns refractories plant at Louisville, Tsn. W. Va. and Corning, N. Y. 0, U66, acquired refractories busi- hml lass Works of Canada, Ltd. -rft; Organized in 1945. Offices d Toronto. Ont. Plant processes ire and television picture tubes f ppe <e a warehouse and distributing I Canadian market. law International, SA. (wholly Mrporated in Panama in 1959 with a Naama, R.P., Brussels, Belgium, Mbs, Fla., Zurich, Switzerland, 717 *4, Now York and Corning, N. Y. 2W ixport of all Corning and Cornets In all countries outside of the I Canada. Brasil. 6. A. (wholly-owned): r-t in Brazil in 1944 as a holding jtarae an operating company in .I"--0 hulb plant near Sao Paulo. > o< ordinary shares and 18% of -are* of Cia Vidraria Santa Mar-^J^nperatea a glass plant at Sao , ^rtational Corp. (wholly- rmntd in early 1966 for purpose of overseas. derlandje Fabrieken H.V. Formed in 1963, responsi- **t*n manufacture and sale of cooking utensils. *rp. (wholly-owned): Aci. .Manufactures medical AmW N. Bergen, N. J. ?G>. (50% owned): Orr^rtyanla in 1937 in association aE?. S1J*. Glass Co. Owns and Allegheny, Pa,, Sedalla, kaiS'Ki--; for manufacture of hollow IjjSajntKs, also cellular glass prod- name of Foamglass used liiid im>w" and as a flotation *nnj?n Corning owns Pittsburgh t-orp. and Pittsburgh Com- SA. w V." Flberglas Corp. (28.54% lenerai index. nJ" 9perates plants at MidEd!!!, a* other locations for manu30 Insulating resins, greases, qJSrmf.rs resembling natural or rvLL.au generally known as silhas complete or majorcompanies whose names in clude "Dow Corning" in Canada, Bahama, and other tubing; coffee makers; piping, spe Switzerland, Mexico, Brazil, Argentina, cial industrial glassware; optical ware: and Netherlands, United Kingdom and Australia, technical glass filters, ovenware. top-of-stove in Armet Industries Ltd. and Armet-Hamil- cooking utensils. Floor space, 1,021,800 sq. ft ton Ltd. in Canada and in Molykote Prod- Prossware Plant: Coming. N. Y.: Television uktlongesellschaft M.b.H. and Molykote K.G bulbs. Floor space, 387,000 sq. ft Corning Mexicans 8. A. (wholly owned): Fall Brook Plant: Coming, N. Y.: Machine- Organized in Mexico In 1951 (inactive). made tubing and small bulbs. Floor space. James A. Jobling Co. Ltd. (England) (40% 253.500 sq. ft owned): Stock interest acquired by company tn 1954 from Pllklngton Brothers. Ltd. Manu factures Pyrex brand ovenware, tableware, chemical ware, and industrial specialties in a plant at Sunderland, England. Societe dee Vorrerlos Indurtrielles Reunies du Loing "Sovirel" (France) (formerly La Pyrex. S. A.) (30.8% owned): Manufacturers Pyrex brand ovenware, television bulbs, chemical ware and other products at plants at Bagneaux-sur-Loing and Anlche, France. Signetics Corp- Sunnyvale, Calif. Majority interest acquired in 1962. Operates plants at Sunnyvale, Calif, and Provo. Utah. Manu Houghton Park: Includes Coming Glass Center (a tourist attraction of 100,900 sq. ft.), RriTwirrigjifytion building product develop- roent workshop for total of 397,700 sq. ft. Glass Center also includes Steuben manu facturing and employee recreation center. Mechanical Engineering Building: Corning, N. Y.: Central machine shop and machine de velopment departments. Floor space, 72,100 tq. ft Sullivan Park: Corning, N. Y. Researcch and development; 410,000 sq. ft Coming Packaging Co, (Division); Coming, factures microelectronic integrated circuits N. Y.: Fibre boxes and foam plastic packag for the computer and communications in ing items. Plants at Coming, N. Y,, 190,000 sq. dustry. ft.; Frederick, Md., 23400 sq. ft.; Marshall, Signetics Korea Co. Ltd. Organized in 1966. Mich., 72,000 sq. ft Manufactures electronics items at plant in Big Flats, N. Y- Plant: Chemical and labora Seoul, Korea. tory glassware and other miscellaneous in Productos Coming de Mexico. Organized in dustrial glassware. Floor space, 187,000 sq. ft Mexico in 1965, Manufacturing plant in Monterey, Mexico, for television picture tubes. Other associated companies are Cristale- we'lsooro. Pa, Plant: Machine-made bulbs; Christmas tree ornaments. Floor space, 298.400 sq. ft rias Rigolleau, S. A. (Buenos Aires), Cia. Vi Central Palls, R. I. Plant: Machine-made draria Santa Marina. S. A. (Sao Paolo), tubing, bulbs and vacuum bottle liners. Floor Cristalerias de Chile, S. A. (Santiago), LElec- pace, 441,400 tq. ft tro Refractaire and Sovcor Electronique, S-A. (Paris) Borosil Glass Works Ltd. (Bombay) Electrosil, Ltd. (England), Miniature Electron ic Components. Ltd., (England), and Iwaki Glass Co. Ltd. (Japan). BU8INE88 A PRODUOT8 Charleroi, Pa. Plant: Housewares, table ware. lighting ware, miscellaneous products. Floor space, 628,000 sq. ft Bradord, Pa, Plant: Electronic components and fused silica proucts. Floor space, 237,000 sq. ft Engaged in manufacture of glass products. Including fluorescent, electric light, tele vision and radio bulbs, electronic compo nents; tree ornaments, tumblers, lamp chim neys, tubing, vacuum bottle liners, tableware and lighting ware, Steuben line of stemware and art glass, cooking ware, laboratory ware, insulators, lantern globes, optical glass, re fractory products for chemical, metallurgical and electronics industries, etc. Most of com pany's products are sold under trade marks. Corning, Pyrex, Pyroceram Vycor, Corning Ware, Centura, Coming, Corex, Bestlite, Corgare, Cercor and Clearshield. Sales offices at Corning, N. Y,, New York, Chicago, Dallas, Houston, Atlanta, Washing ton, D. C,, Cleveland, Toronto, Ontario, Lou isville, Ky., Raleigh, N. C,, Sunnyvale, Cal., Bradford, Pa., Towson, Md,, Sydney, Au stralia, Zurich, Switzerland, Brussels, Bel gium, Suzano, Brazil, Milan. Italy, Mexico City and Monterey, Mexico, Hong Kong, BCC, Coral Gables, Fla. and Tokyo, Japan. PLANT AND PROPERTIES Parkersburg, W. Va. Plant: Machine-made tubing; chemical and apparatus ware; gauge glasses; miscellaneous industrial ware and piping. Floor space, 272,600 sq. ft Muskogee, Okla, Plant: Laboratory and coffee making ware. Floor space 268,600 sq. ft. Albion, Mich. Plant: Manufactures tele vision bulbs. Flood space, 716,000 sq. ft Danville, Ky. Plant: Manufactures bulbs and tubing. Floor area, 333,900 sq. ft Harrodsburg, Ky. Plant: Manufacturers optical and ophthalmic glass. Floor area. 103.000 sq. ft Greenville, O- Sealed beam plant Floor area, 265,000 sq. ft. Shawnee, Okla. Plant: Manufactures light weight ceramic residential roof shingles. Canton, H. Y- Manufacturers fused silica. Floor space, 139,000 sq. ft Erwin, H. Y. Plant: Manufactures fiber optic materials and advanced products. Main Plant: Coming, N. Y.: Railroad, ma Raleigh, H. C.' Plant: Manufactures elec rine and aviation signal ware; thermometer tronic components. Floor area, 147,000 sq. ft 1708 MOODY'S INDUSTRIAL MANUAL Orem, Utah: Semiconductor integrated cir cuits plant. Martiniburg, W. Va. Plant: Manufactures Corning Ware utensils, percolators, teamakers. Floor space. 325400 sq. ft. Bluffton, Ind. Plant: Manufactures glass for color television bulbs. Floor space, 355,000 sq. ft. Paden City, W. Va. Plant: Manufactures Centura tableware. Floor space, 205,300 sq. ft. Greencastle, Pa, Plant: Final assembly and distribution of all consumer items. Floor space, 600,000 sq. ft. New York Office: Office building and Steu ben retail shop. Company occupies about 15% balance leased. Total area, 481,000 sq. ft Blacksburg, Va^ Plant: Manufactures glass piping and components. Floor space, 318,600 sq. ft. Medfield, Mass, Plant: Manufactures high temperature process instruments and con trols. Floor space, 40,500 sq. ft. . Newton, N. J., Plant: Manufactures print ing plates from photosensitive glass. Floor glasses. Floor space, 230,000 sq. ft. Danville, Va. Plant: Manufactures Vycor brand glass and other high quality specialty glasses. Floor space, 230,800 sq. ft. Horseheads, N. Y., Plant: Warehouse with some manufacturing. Floor space 1,214,700 sq. Wilmington, N. C., Plant: Manufactures electronic equipment. Floor space, 77,000 sq. ft. Corning Glass Works of Canada, Ltd.: To ronto and Muskoka, Ont; Housewares and television bulbs produced; warehouse and distributing point. Floor space, 105,800 sq. ft. Corhart Refractories Ca, Refractories. Plants at Louisville, Ky., 168,000 sq. ft., Buckhannon, W. Va., 89,000 sq. ft. and Corn ing, N. Y,, 79,000 sq. ft Sydney, Australia: Small plant for manu facture of bulbs for television tubes. Floor space, 50,000 sq. ft Signet!cs Corporation: Produces electronic components at Sunnyvale, Calif, and Provo, Utah. Floor space 158,000 sq. ft Vidros Corning Brasil, SJL: Plant at Suzano manufactures television bulbs. Floor space 132,000 sq. ft Productos Corning do Mexico, LA. do C.VTelevision bulb plant at Monterrey. Floor space 51,400 sq. ft 1968 Capital Expenditure* totaled $33,279,000 and included completion of 3 new plants, expansion of 6 plants and other updating and renovation of existing plants. JT.. BC. .HoMuagchAtovno,yV, icve--pSt Thomas Howltt. Jr, TnZr Thomas S. Wood, if, Oakes Ames, V-P. (TVy^* FCraemdpebrieclkl RHu.tlKedjngfeyt,v/ ' Thomas Waaland, vt Robert W. Foster, V Directors: ..K- W. C. Decker. Cornlnx Amory Houghton, Cm ESSMSgt*:* J. R. Houghton. New Y Charles D. LaFoUetteT K. O. Stone, Jr., New^fc George Murnane, New v Robert D. Murphy, New Howard C. ShepenL 5* John R. Kimberly, NJohn B. Coburn, Ca>> R. Lee Waterman. C" PWailulilaTm. CHl.arAkr,mCisotSeatadg MANAGEMENT Officers: _ Amory Houghton, Jr, dwim. and Chief Exec. Officer B. Lee Waterman, President E. C. Leibig, Vice-Pres. J. H. Allen, V.-P. (Dir. Manpower DeveL) William H. Armistead, V.-P. (Tech. Staff) Paul T. Clark, Vice-Pro*. (Lighting Prod.) Allen W. Dawson, V.-!P. (Tech. Prod.) Auditors: Price Waterho Corporate Counsel: Prej__ Annuel Meeting: Second No. of Stockholders: 218; common, 14,928. Number of Employee: proxlmately 26,065. Main Office: N.y" INCOME ACCOUNT COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED (Dec. 29/68 Dec. 31/67 Jan. 1/67 Jan. 2/66 Jan. 3/65 Net sales $479,089,067 $435427.778 $444,139,133 $340,471,141 $327,612407 (BCost of sales 335,957,089 295,858,766 291,669.419 237,048470 229,432,187 (ESelling, gen. & adminis. exps. . 67450.996 59.802484 60,171431 45,611,651 44425,631 (XResearch & development expenses- Operating profit__________________ Other Income 75,880,982 17,732,414 79,666,428 15,613.401 92498.183 15,403,781 57,811420 12.488,946 53,654,489 10,093,354 89.217.41183,784,809 asp Interest, etc. Total income Federal Income tax Net income_____________ USpecial charge or credit Net income less special charge plus credit Retained Earnings, Jan. 1 Preferred dividends Common dividends______________________ 93.613,396 8,960,717 37,886,000 46,766,679 46,766,679 228.267,169 50,354 22,359,783 95,279.829 7,849415 37,410,000 50.019414 50,019,914 199,008,227 59,270 22,319,264 107,701,964 6433,119 47,195,000 54.173445 54,173445 167,153,640 65,755 22463403 70400,166 2,622445 28,989,000 38,688,621 crl479,499 39,968,120 144484,180 103,680 17,084.980 63,747443 1404434 27421.000 35,022409 35.022,309 128431451 128485 17,041495 80.548411 1,708,090 27264,000 31475421 'Jill' ig&S 164441 17,005470. Retained Earnings, Dec. 31_______ $252,623,711 8226,649,607 $199,008427 $167,163,640 $144484.180 SUPPLEMENTARY P. 8c L. DATA Maintenance 8c repairs $30,632,037 $29,437,877 $26,657,618 $22,160,908 $22,692,601 $20,113471 Depreciation, depl. 8c amort. "DTraax:es, o...t.h....e...r....t.h....a...n.....Income . 30,119,554 15,663,636 27,156,740 13,380,113 21409417 12451.113 18432483 9,145,793 14471460 8,310,784 13492487 8,833.481 tents_____________________________ 8,026,754 6,635,793 4,945499 4466,414 8472.753 8409.788 0] Includes accounts of two foreign subsid and subsidiary companies not consolidated Source and Disposition of L iaries not previously consolidated. See also was; 1968, $31,013; 1967. *$776,970; 1966, $1,306,- Source of Funds; General Notes (c) below: 379; 1965, $1,837,937; 1964, $943441; 1963, $532,- Net income________ .. (DIMS $44,767 (3 Includes related portions oi items shown 275; 1962, $696,412. Depr. A amort 80ihS under "Supplementary p. 8c L data" shown (c) Commencing Jan. L 1954, parent com Incr. 1. t debt____ below amount. pany adopted the sum-of-the-years-dlgits Sale of com. stk. . (1964-68 figures not separately shown. method oi computing depreciation of fixed Other, net ________ ffiJan. 2, 1966, gain; on disposition of in vestments in associated companies. (Includes payroll taxes (1968, $10,210425). General: (a) Company's equity In undis tributed earnings of its major domestic affiliated companies (Dow Corning Corp., Owens-Coming Flbreglas Corp.. Pittsburgh Coming Corp. was; 1968, $5,552,396; 1967, 452,940; 1966, $8,172,144; 1965, ..................~ 85.134.800; 1963, $3,072,730; 1962, (b) Company's share In uni______ assets as permitted by the Internal Revenue Code of 1964. The effect of this change on In come tor 1954 was not material. (d) In accordance with the Investment tax credit provisions of the Revenue Act of 1962, the company has taken a credit in the amount of $529422 against income tax payable for the year 1962. This credit is to be reflected in in come over the life of the related property and the amount of the tax reduction nas been cnarged to Income as additional depreciation Total Disposition of Funds: Dividends _________ , Capital expend. -- ' Pfd. shares ret " L. t debt red.____ . Invest in sub. cos. Tbtal _________ Work. cap. incr. -- - -i QDIncludes accounts of ings of its wholly owned foreign associates for the year. laries, not previously c* Record of Earning*, year* anded about D*c. 31 (in $): Co*t and Operating Oth. Inc. A Year 1948 Net Sale* 67.866.101 Expense* 60.609494 Profit 7456.897 Ded. (Net) i 1,161464 1949 73 197.782 61.618,194 11479,588 236.848 1950 116.473,981 81,573,689 34,900492 770,495 1951 115,750.172 93,052,059 22,698,113 1464451 1952_________ 126.455.784 98.8U.014 27,644,770 871486 1953 149494.036 116,779,396 32,514.640 1424.755 1964 147,938,842 113,839,904 34.098.938 1,892.253 1955 157.663.837 121459,461 36,104,376 2,792495 1956 163.053,554 128,446417 34407437 3.125.416 1997 159,069,721 132.854407 26415414 4,817490 1958 169,137.729 131,786.614 87451415 6,412.428 1959. 204487,424 167,026,013 37461,411 7,195,488 1960__________ 214,871486 183431,464 31,039,823 9,448419 1961 229468.819 189.745.495 39,823,324 8,103476 1962 262,199,888 219,187,963 43,011,923 8484488 HIBefore special charge; after, $19,719,817. Inc. Bet. Taxes 8.095,543 11.816.436 35.670.787 23,862.664 28416,156 34.039.395 35.991.191 38.896.671 37,732,753 31.033,404 32,763,513 45.056.899 40,488,741 47.926.900 51496,609 Income Taxes 2,447490 4,738,05Z 18,058,432 13.721,500 18.193.000 21.358.000 18.501.000 20.270.000 19.300.000 14.500.000 15.600.000 .20.721.000 18.434.000 22 001.000 23,100,000 Net Income 3.648453 7078484 17,612455 10,141,164 10,323,156 12,681495 17,490,191 18,626.671 18,432,753 16433,404 17463,543 24.335.899 (22.054.741 25.925.900 28,096,609 Common Dividends 1417,154 c 2,634408 't 5487466 ** 5418.016 5418.016 5418.016 7,977,024 ,,,!** 9,980.655 9,991480 10,052,668 10,076408 10,963,143 13428,470 13459.728 13480.079 , j},! % aj BALANCE 8HEET ASSETS Cash ................................................................... . U. S. A Odn. Govt, securities (at coat) Receivable*, net___________________________ 33:~ Inventories.................. Prepaid exp. & deferred inc. tax ,, CONSOLIDATED BALANCE SHEET, AS OF Dec. 29/68 Dec. 31,1967 Jan. 1/67 Jan. 2/66 $36,270,124 $32,621,669 $24,693,487 $14,628,614 35,100,522 33,783491 60,158.027 28,371,740 59,087,415 49.203,440 50,153,695 37430,130 71,172,343 65,738,908 56,493,466 47441,705 5,724,499 1,546.437 1488,430 1.075451 mo 'TQ7 in'? *199 248.040 Jan. 3,"65 $17414,651 21,137476 35499454 43453,639 524420 $122,376,949 Dec:*/** _J8 JJLL KJKJJX U ii* JL/U kj JL if. y-. , r rxc ah. with non-cumulatJ SKtors. No preemptive rights. trV^Treoelve oash dividends. Convertible into com. on a ah. for ah. basis; I to Oct. 15, 1978. Warrants: Outstanding Dec. 31, 1968 to pur- I Llstwl (wts.): On American Stock Exchange, chase 875,000 common shares at $20-25 a share Price Range (wts.): 1968, 12%-10%. OWENS-CORNING FIBERGLAS CORPORATION ft. 6.%s. 1994 ----------- Rating A ffl-- DO-- CD-- Q]-- Par Value $1 Amount Outstanding [$30,000,000 50,000,000 4,200,000 6.500,000 3,333,480 Amount Outstanding 7.224,178 shs. Times Charges Earned 1968 1967 12.65 7.37 Earned per Sh. 1968 1967 ffl$2-69 m$2-06 Interest Dates HF&A 1 Dlvs. per Sh. 1968 1967 $1.40 $1.40 Can Price .{106% _ _ _____ _____ Can Prices -- Price Range 1968 ED------ 1967 ID--------- ffl----- Price Range 1968 1967 87%- 59% 81 %- 58% end shares. Based on average shares, as reported by company: 1968, $2,70; 1967, $214. See also general note (c) under Income *jSoId Feb. 11. 1969. ous tMn sheets used principally in manufac G. O. Mabry, Vice-Pres. (Sales branch ture of storage batteries and as protective ! under Delaware laws Oct. $1, wrapping for underground pipes. oper.) L. W. Saxby, Vice-Pres. (Supply 8k Hl Flberglas Colombia, S. A., (94%); Owens-Cornlng Fi- piepe-V. ibS.ergAla.,s Brussels, Belgium; International (Del.); Fiberglas (Italy) S.pA, r Jwens-Coming Flberglas Vene- ?(A.<tsracas. Venezuela; The Flberglas Jm tional division PLANT8 A PROPERTIES Company owns plants at Newark, O.. Kan sas City, Kan., Santa Clara, Cal., Barrington and Berlin, N. J., Anderson and Aiken. S. C., Ashton, R. I., Huntington, Pa. and Waxabachie, Tex. also research center at Granville, O. In addition product and research labora tory is connected with the Ashton plant In July 1968 company announced plans to build new 200,000 sq. ft. textile plant In Jackson, Term. contracting) W. E. Munsey, Vice-Pres. (North-Central Region, Supply A Contract Div.) R. P. Mulligan, Vice-Pres. (Eastn. Reg. Sales) International Operations Vice-Pres. Roger van den Perre, Vice-Pres. (OCF Inti.) T. V. Fowler, Vice-Pres. (Exp. Mkt., OCF International) M_ T. Nemeyer, Vice-Pres. (Weavers Sales) Flberglas International, N. Y. u affiliated with Owena-Ullnola rind Corning Glass Works, see gen. through stock ownership (see com- , below). ____ ----Partly Owned: Tranada Limited, Toronto. Canada gnomon; 50% of pfd.); plants at l n4 Guelph, Ont. Edmonton, Alta. _lCvffia Company, Ltd.. Tokyo. iet); plant at ChigasakL " 5A:, MexicoCity (40%); plant j City. fibre Glass Pty. Ltd., Sydney nt at Pandenary. I Fibre Glass Ltd. (wholly-owned _ i Fibre Glass), Auckland; plant ftaAiaod. ~ l South Africa Pty. Ltd., Johannes1); plant at Springs (near Johan- l Glasflber AB, Vasteras, Sweden Iftsat st Falkenberg. Toledo office and sales offices In principal cities are leased. Affiliate Plants: See Affiliates above. Company has 49 supply and contracting lo cations and sales offices in 28 states. MANAGEMENT Officers: Laurls Norstad, Chairman J. H. Thomas, President W. W. Boeschenstein, Exec. Vice-Pres. B. E. Boyd, Senior Vice-Pres. (Mfg.) J. M. Briley, Senior Vice-President B. S. Wright, Vice-Pres. (Purch. A Trans. Fowler Blauvelt, Group Vice-Pres. (Tex tile A Ind.) C. E. Peck. Group Vice-Pres. (Constr.) W. H. Curtiss, Jr., Vice-Pres. & Gen. Mgr- Pacific Coast Region R. W. Muzzy, Vice-Pres. (International) C. F. Scarbrough, Vice-Pres.--Finance C. G. Staelin.Vlce-Pres.-Law 8c Sec. Walter Hibbard, Vice-Pres. (Research and Dev.) W. M. Ketnor, Vice-Pres. 8c Contr. T. W. Bretz, Treasurer Construction Group Vice-Pros. R. S. Grant (Gen. Prod. Mfg.) G. O. Mabry (Gen. Mgr. Home Bldg. Prod.) J. P. Kern (den. Mgr. Ind. 8c Comml. Const. Mtls.) L. W. Saxby (Supply 8k Contr. Div.) R. K. Blggers (National Accounts) W. O. Munsey (N. Cent. Reg. Sup. A Contr.) F. L. Purtlll (Bldg. Materials Mtkg.) R. E. Trumbull (Natnl. Sales Mgr. Home Bldg. Prod.) Textile & Industrial Group Vice-Pros. B. P. Witscben (Text. Prod. Mfg.) A. R. Kerivan (Gen. Mgr., Transp. Equip. A Appl.) J. S. Hearons (Gen. Mgr. Flberglas Ind. Mtls.) R. P. Mulligan (Natnl. Sales Mgr. Text. 8c Ind.) F. R. Winnert (Gen. Mgr. Decor. 8k Home Fum.) M. T. Nemeyer (Weavers Sales) International A Export Vice-Pros. R. van den Perre (Man. Dir. OCFE, S_A.) T. V. Fowler (Exports) APR0DUCT8 la engaged In development and l o( nbrous glass products, disI to its own sales organization which ') edicts located In all major cities ~i the United States, ft products can be classified into Hag five groups: (1) Flberglas [touts, used for thermal insulation 1 applications; (2) Flberglas tex. consisting of strands, yarns and f other companies In manuas titetrical insulation and decorative TryH fabrics, as reinforcements for Hpjr*. twines and rubber goods and r """trial purposes; (3) Flberglas - . **tremely light weight wool L"V an insulating and sound con --T*' (4) Flberglas filter products 2"*. air conditioning and ventilat- [*5", `h industrial processes; and M. N. Counen, Asst. Treas. A. C. Frellgh, Asst. Treas. J. W. Overman, Asst. Sec. T. R. Vogt, Asst. Sec. Marketing Vice-Presidents C. E. Peck, Vice-Pres. (Home Bldg. Prod.) A. R. Kerivan, Vice-Pres. (Transp., equip. 8c appliance materials) J. P. Kern, Vice-Pres. (Sales Mgr. Ind. & CommL Construct. Mat. Div.) F. R. Winnert, Vice-Pres. (Decor. 8c Home Fum.) F. L. Purtlll, Vice-Pres. (Bldg. Mat. Mktg., Home Bldg. Prod. Div.) D. W. Ladd, Jr. Vice-Pres. (Ind. A comml. Const. Mat.) E. J. Detgen, Vice-Pres. (Natl Affairs) Field Sales Operations Vice-Pres. R. E. Trumbull, Vice-Pres. (Mid-Continent Region) Directors: Harold Boeschenstein W. W. Boeschenstein J. E. Bierwirth L. W. Cabot J. M. Kemper, Jr. R. H. Knight D. W. Malott H. J. Morgens H. C. Nolen Laurls Norstad J. H. Thomas H. R. Winkle W. J. Murray (Honorary) Auditors: Arthur Andersen 8k Co, Annual Meeting: Third Thursday In Apr. No. of Stockholders: Dec. 31, 1968, 8,713. No. of Employees: 1968 average, 16,529. General Offices: National Bank Bldg., To ledo. Ohio 43601. cut products, consisting of por- H. IC Blggers, Vice-Pres. (Natl Accts.) New York Office: 717 Fifth Ave. 1 ^COUNTS COMPARATIVE INCOME ACCOUNT, YEARS ENDED DEC. 31 [1968 13)1967 (3)1966 1311965 13)1964 1963 1962 $429,497,521 ($376,484,091 $373,673,079 $335,337,976 $299212261 $274227,443 $253,258218 expenses ~1 325,294,627 8,179,327 290,406,390 7,632,604 276,389,515 7,773,368 250,483,653 7,632,605 224.145,496 6282201 207274,506 7266,847 187238,241 6,627201 L* *4oibi. expenses ___I.l} 53.172,676 (33,764,777 28,709,840 25,378,405 22.171290 21247,683 19212.419 113,410.832 15,244,021 12.687287 11.852,730 10269,473 10,084,171 42,850,891 2,162,054 dr3.118,569 31,269,488 2,014,117 dr2,581.834 45,556,335 2,076,659 dr2,594,632 39,156,026 1257280 dri 290219 34,759,644 1224295 drl.425.024 26268,924 2239,968 dr 1,494208 28,995,886 2216.769 dr 1,428,869 } funds i' 1 "come taxes_________ 41,894,376 3,310,611 19,163,000 30,701,771 4.163,589 11,725,000 45,038,362 3,263,388 19,844,000 39223,687 2,102232 17,606.000 35259215 1,716467 16279.000 27,714,684 1,494296 13.740.000 31283,786 1242,192 15,670.000 Ki' .""reds 19,420,765 134,741,664 10,086,436 [14,813,182 129,685,108 9,756,626 21,930.976 117,189,993 9,435,861 19,514255 107,080,706 9,405268 17464,048 96,633.679 6.717.021 12,480,086 90,866,669 6,713.076 14271,594 83201,4o7 6,706282 $144,075,993 $134,741,664 $129,685,108 $117,189,993 $107,080,706 $96,633,679 $90,866,669 , & L. DATA 26,590,137 $23,602,930 $23,569,854 $21.416214 $20400.500 $18,806443 $16449.793 & amort.____II 19,152,437 17,133,827 15,106,564 13,446,181 14411.600 12235.457 12,519,512 income------------- 10,954.906 9,316,219 9,796,263 7,601,618 6,695,046 5248.676 5,427,600 5uS,i"e' 1968, $6,493,307. 7,536.395 8,813,373 6,509,989 6260.580 5276.591 4209200 3255.506 Payrolls and direct fringe benefits (U. S. (b) Investment credit amortized to in Sfc Hn7,me "ud franchise taxes iSv 1U96.112; 1966, $1,777,645; *1,080,328; 1963, $889,475; "toSi**11-90:038" restricted as operations) (In $): 1968----------- 150,200,000 1967----------- 126,100,000 1966_______ 126.800.000 1964___ 1963-______ 1962_______ 97.700.000 89,100,000 80.300.000 come over life of applicable assets. (c) Accounting for Contracting Operations. In 1967, company adopted, on the recom mendation of its independent public account under provisions of 1965_______ 110,500,000 General Notes (a) For company's equity In net earnings ants, the "percentage-of-completion" method of accounting far Its contracting operations. laot(e) below. of affiliates, not included above, see footnote Under this method, Income Is recorded as SI under balance sheet. contract work progresses rather than when