Document G5OGoGoX15agqVqvBavQ4JpdY

FILE NAME: Owens Illinois (OWILL) DATE: 1949 DOC#: OWILL037 DOCUMENT DESCRIPTION: Entry in Moody's Manual of Investments W C 2-186 ^ MOODY'S MANUAL OF INVESTMENTS Div'^cnd Record in $) $100 o a r s h a rr$ ) 1905-09 n il 1910-14 5.00 1915__ 15.00 351916- 50.00 1917--- 30.00 3! 1918-22 10.00 (P a r 6100 ih arc5 --a fte r 100% slo ck d ividend) 1923-- 38.00 8.00 (No par shares) 1926-27 5.00 1928__ 6.00 1929... 7.C0 1930... 6.00 1931__ 4.00 1932... 2.50 1933... 1.50 1 934... 3.75 1935__ 5.00 1936-37 6.00 1938__ 5.50 1939-- 6.00 1940-41 7.00 1942-45 6.00 1946__ 7.00 1947__ 9.00 1948-- 3.00 (No p ar shares after 2-for-l split) 1948__ 3.50 1949__ 1.75 P l u s 25% sto ck e a c h In 1911 a n d 1916. P lus 20% stock. P l u s 100% sto ck in 1926. J p i u s 10% sto c k in 1924. *:To J u n e 2. D ividends payable q u arterly Max. 1. eta., t o stock o f re c o rd ab o u t Feb. 9, etc. VOTING RIGHTS--O ne vota p e r sh are. A t elections of directors, stockholders may vote cum ulatively. Consent of two-thirds of each class of stock outstanding Is required for ths disposition of all the property. No voluntary dissolution or liquidation is perm itted with* out the consent of two-thirds of the num ber of shares of the entire capital stock, and also of not less than a m ajority of the num ber ef sh ares o f each class ox th e c ap ital stock o f the company. PREEM PTIV E RIGHTS--None. LISTED--N ew Y ork S tock Exchange. TRANSFER AGENT--N ew Y ork T ru s t Ca.. New York. REGISTRAR--N atio n al C ity B ank, H ew York. i PRICE RANGE-- 2:1948 1947 } Common -- . . . Tfiu-.'.fc'a 136:2-'<;7 A f t e r sto c k sp lit; b efo re, 15434-;i9. Employees' Stock Subscription plan: On A pril 27, 1948, stockholders approved a stock purchase plan providing for an offering of n o t m o re th a n 80.000 com m on shares during Sears 1948 to 1957. b o th inclusive, fo r subscop* on by em ployees and officers a t a price not higher than average m arket price per share during th ree calendar m onths preceding m onth in w hich allo tm en t is m ade, nor leas th a n 75% of su ch average. Com pany will credit to subscribers* accounts a sum equal to 30% o f th e su b scrip tio n p rice plu s dividends paid during the subscription year on number of shares subscribed for, so that subscriber w il) p a y in c a sh 70% o f su b scrip tio n price less dividends. CANADIAN INOCRSOLL-RAND COMPANY, LTD. (C ontrolled b y Ingersell-B and Co.) History: Incorporated under laws of Doralnton of Canada. Business: M anufactures air and gas com pressors, rock drills, pumps, condensers, pneu m atic tools, pulp and paper m achinery, gen eral mining, tunneling and quarrying equip m en t. Property: Owns and operates a m anufac turing plant a t Sherbrooke, Quebec, Canada and m aintains sales offices in principal Cana dian cities. Subsidiary: Owns entire capital stock of S herb ro o k e P n eu m atic Tool Co.. Ltd. Officers: D. R. Low ry, Pres.; F. G. Ferrabee. V ice-Pres. and G en. M gr.; E. W inslow-Spragge, Wm. C arter, Vice-Pres.; J. G. Campbell, sec. and Treas. Directors: G eorge Doubleday. H. J. Fuller, D. C. K eefe, E. W inslow-Spragge, F. G. F e rra bee, R. L. C arpenter, Wm. Carter. H. G. Lafleur, G. M. Young, J . G. Cam pbell, D. R. Lowry. A nnual M eeting: L ast Thursday In A pril. N o, o f S to ck h o ld ers: Dec. 31,1943, 280. Office: N ew B lrks Bldg., P hillips Square, M ontreal. Que., Can. Income Account, O perating profit Interest received. O ther invest, inc.. T o tal i n c o m e ___ T axes -- ..............N et in c o m e _____ Dividends paid -- Surplus for year. Earn, surp., Jan. 1 y e a rs ended D ee. 31: 1948 1947 $1,991,013 $2,194,188 27,865 39,651 30,000 21,250 2,048,878 2,255,089 747,878 980,660 1,301,000 1,274,429 146,948 807,922 154,052 466,507 5,114,450 4,704,983 1948 1947 Pr. yr. tax adj. - c r 75,315 dr 57,040 E arn, su rp ., 12-31. 5.343,817 5,114,450 [DAfter deprec.: 1948, $181,710; 1947, $165,714. Earning^ years 1948__ 1947... 1946... 1945__ 1944... 1943-- 1942__ 1941__ 1940__ 1939... Profit 1,991,013 2.194.188 1,289.540 1,774,541 1,145,611 1.402,646 1,611.129 1,775,032 Not stat Not stat. to Dec. Net Incom e 1,301,000 1,274,429 847,981 721,488 764,390 797,860 874,723 958,767 756,497 713,361 31 (in | ) : No. oi Shares 191,158 191,158 189,658 188,158 186.678 190,400 190,400 190,400 190.400 95,200 Earn. on Com. 6.81 6.67 4.47 3.83 4.09 4.19 4.59 5.04 3.97 7.49 B alance S heet, as o f Dec..31: A ssets: 1948 C a s h ___________ $138.508 M arket sec. . . . 1,525.750 Accts. rec., etc. -- 1.934.163 I n v e n t o r i e s ___ 4,449.135 1947 $379.026 1,525,550 1.729,872 4,204.038 Total current P roperty acct., net Invest. In s u b . __ Post-w ar tax refd. Deferred charges. $8,047,556 578.170 12,500 178.947 79,105 $7,838,486 701,287 12,500 231,539 116,025 T o tal .............. Liabilities: * Accts. pay., etc. . . Divd. p a y . ______ Res. fo r t a x e s ___ $8,896,278 $1,369,559 434,695 $8,899,837 $1,126,894 238,948 618,746 Total current $1,804,254 $1,984,588 L iab ilities (c o n t'd) Post-war tax ref. C apital stock ~ Earned surplus -- 1948 178,947 1,569,260 5.343,817 1947 231.539 1.569,260 5.114.450 Total $8,896,278 $87899.837 N et current assets $6,243,302 $5.853,898 A t cost. M a rk e t value: 1948, $1,525,300; 1947, $1,536.706. R a w m aterials and supplies, a t tower of cost or m arket; m anufactured and partially m anufactured products at cost [3191,158 no p a r shares. A ccounts certified . P ric e , W aterhouse & Co. Capital Stock: L C anadian Ingersoll-ltasid Ct n Ltd , sto ck ; s s p a r: AUTHORIZED -- 400,000 sh ares (Increased fro m 20.000 sh a re s to 100,000 sh ares in Dee 1927; su b se q u e n tly to 200,000 sh ares and to p re se n t a m o u n t In Feb., 1940); outstanding. 191,158 sh ares; n o p a r (ch anged from $100 p ar to n o p a r in Dec.. 1927, five n o p a r shares issued fo r each $100 sh are; n o p a r shares split 2 fo r 1 in Feb., 1940). OW NERSHIP--In g ersoll-R and Co. owned 70.08% of o u tsta n d in g sh ares on Dec. 31, 1948. DIVIDENDS PAID-- On no par shares: 1929__ nf-- 1930-33 GD-- 1934__ $3 06 1935... $5.00 1936-38 $6.00 1939... 7.06 1940__ 4.75 1941... 4.25 1942__ 4.06 1943__ 3.25 1944-46 2.00 1947__ 3.06 1948__ 7.25 1 9 4 9 ... 1.50 40% stock divldeud. N one reported. To M arch 31. TRANSFER AGENT AND REGISTRAR--Ne tlonal T ru st Co.. Ltd.. M ontreal. Can. OWENS-ILLINOIS Sa p It a l O T T U M Par Amount Issue V ala O u tstan d in g 1. C om m on _______ _____ ____ .............. $1110 3,056,874 s h [$12.50 p a r com m on--a fte r 2 fo r 1 sp llt-u p in 1937. GLASS COMPANY Earned per Sh. 1948 1947 $3.38 $4.58 Diva, p er Sh. 1948 1947 $3.00 $3.00 \< W f Call Price Range P ric e 1948 1932-48 73R-47K tD103%-ai% HISTORY In c o rp o ra te d in O hio. Dec. 13, 1907 as T he Owens B ottle M achine Corp., successor to a N ew J e rs e y c o rp o ra tio n of th e sam e n am e, in c o rp o ra te d Sept. 3, 1903. C h a rte r Is p e rp e tu a l. Nam e changed to T he Owens B ottle Co. May 1,1919 a n d to O w ens-Illinois Glass Co. A p r. I t, 1929. F o r s u b se q u e n t acq u isitio n s to 1933, see M oody's 1948 In d u s tria l M anual. As of J a n . 31, 1863 a c q u ire d su b stan tially en tire assets and business of O 'Neill M achine Co., developing autom atic bottle blowing m a chinery, using the vacuum process. As of Mar. 31, 1933 a c q u ire d H e m in g ray Glass Co. sp ecial izing in glass in su lato rs. In A pr., 1933 e x e r cised o p tio n on 16,000 sh ares of C o n tain er C orp. o f A m erica (see general in d ex ) 7% cum ulative preferred, subsequently receiving th ro u g h re c a p ita liz a tio n 50,000 com m on sh ares fo r p a r t of th is h o ld in g . In M ay, 1936 p u r chased en tire assets of Illinois Glass Co. O n D ec. 31, 1935 p u rc h a se d e n tire assets o f Llbbey G lass Mfg. Co.. Toledo (founded in 1888), tra n s fe rrin g p ro p e rtie s to n e w su b sid ia ry , L lb b ey G lass Co. (O hio 1935). In A pr., 1937 a c q u ire d L a u te rb a ch C orp. O n N ov. 1, 1938 co m p an y tra n sfe rre d sub stantially all of its assets for development and production of glass fiber products to OwenaC o rn in g F lb e rg la s C orp. fo r 49.77% o f latter* com m on an d 17.586 p re fe rre d shares. In 1943, tw o fo rm e r subsidiaries, O w e n * Illinois Pacific Coast Co. and Llbbey Glass Co., w e re dissolved a n d th e ir b u sinesses con solidated w ith th a t of O w ens-Illinois G lass Co. as divisions. In 1944, co m p an y p u rc h a se d e n tire sto ck of Toledo A utom atic B ru sh M achine Co., a n d a c q u ire d fro m la tte r rem ain in g 50% in te re s t in O w ens S tap le-T ied B ru sh Co. (now O w ens B rush Co.). Also, M adison W arehouse Co., form er wholly-owned subsidiary, was liqui d a te d an d dissolved in 1944. In Oct.. 1944. a ll of business, property and assets of Owens-Illinois Can Co., form er w holly-ow ned subsidiary w ere sold to C o n tin en tal Can Co.. Inc. (N. Y.). O n J u ly L 1946, com p an y a c q u ired K im ble Glass Co., of V ineland, N. J., in ex ch an g e fo r 264,160 com m on sh ares. Com pany w as d is solved Feb. 28, 1947 a n d now o p erates as a division. O n A ug. 1, 1947, com pany acq u ired a ll th e properties, assets and business, of A m erican C oating M ills, Inc., in exchange fo r 97.112 19/75 sh ares of com pany's ca p ita l stock and assum ption by company of all debts and liabilities of A m erican Coating Mills, Inc.; now being operated as a division of the com pany. O n or a b o u t Oct. 20, 1947, com pany acquired rem aining outstanding shares of M odem Packages, inc. (Term.), one-half of the outstanding shares of that corporation having been acquired by company as part of the assets of Am erican Coating Mills, Inc.; on J a n . 2,1948, com pany took over ita p ro p e rty and business. On o r a b o u t Nov. 1, 1947, com pany a cq u ired property and business, except real estate, some of w hich it has leased, of G rand Rapids Paper Box Co. a t G rand Rapids, Mich. On Dec. 31. 1947, com pany acq u ired e n tire o u tsta n d in g cap ital stock (5,000 sh ares) of S h arpe, Inc. in exchange fo r 25,000 sh ares of com pany's capital stock. O n J a n . 2, 1948. com pany tra n sfe rre d its structural m aterials operations to American S tru c tu ra l P roducts Co., a w holly-ow ned sub sidiary, in exchange for entire authorized shares of latter company. In 1947 a n d 1948, com pany acq u ired e n tire com m on stock of B lair V eneer Co., N orth Troy, Vt. V erm o n t Plyw ood Co., H ancock, V t, is a subsidiary. SUBSIDIARIES Company is prim arily an operating com pany. O n D ec. 31, 1948, held 100% v oting pow er in the following subsidiaries: Name, place of incorporation and business: B la ir V en eer Co. (V t.)--M anufactures v e n e e r and plyw ood panels and office furniture. V erm o n t Plyw ood, Inc. (V t.)--M an ufactures veneer and plywood panels. O wens B ru sh Co., form erly Owens Staple-Tied B ru sh Co. (O hio)--B rushes. M odern P ackages, Inc. (T enn.)--Inactive. Sharpe, Inc. (N. Y.)--S tem w are & tu m blers. L a u te rb a ch Corp. (Del.) --P lastic m olding m a chinery A m erican S tru c tu ra l P ro d u cts Co.--S tru c tu ral and Insulating products. Toledo A utom atic B rush Machine Co. (Ohio) --B ru sh m achine p a te n t rights G lasco P ro d u c ts Co. (HI.)--G lass p ro d u cts A m erican C oating M ills, Inc.--Inactive. G raham G lass Co.--Inactive. G ran d R apids P a p e r Box Co.--Inactive. L ibbey G lass Co.--Inactive. C om pany ow ns 98,281 com m on shares 0* O w ens-Cornlng Fiberglas Corp. (see below). Owens-CoraHiig Flberglas D or*: Incorpo ra te d u n d e r D elaw are law s Oct. 31, 1938. and acquired alt th e assets of Owens-Illinois Glam Co. and C orning Glass W orks w hich had been devoted to production and development of glass in fibrous form s. Engaged in produo tion of "Flberglas" m aterials for a wide va riety of applications, including Insulation, dust-stop air filters, and decorative and indus trial service fabrics. Company has developed a glass rein fo rced p lastic th a t w ill fill m any uses of steel, but also can be used for making either soft or hard fabrics. P lan ts a t N ew ark, O.. A shton, R. I.. Coming, N. Y. and H untingdon. Pa. L atter, form erly operated under lease from Defense Plant COrp.. w as p u rch ased fo r $910.000 early In 1946. A bout same tim e purchased an unfinished p la n t a t K an sas C ity, K an. fro m RFC to r $650,000: first u n it a t th is p la n t began production in Nov., 1946. C om pany's new p la n t a t Santa Clara, Cal., to supply w estern m arkets, was to b e com pleted in 1949. P la n t, located on 42acre site, w ill h a v e a floor a re a of ab o u t 500,000 sq. ft. Common stock owned in equal percentages by O w ens-Illinois G lass Co. and Com ing Glass W orks. BUSINESS AND PRODUCTS Directly and through subsidiaries manufac tures. w arehouses and sells a general line of bottles and other containers to r medicinal, toilet, pharm aceutical and proprietary pretD rations; for products of m anufacturing chem ists; and for foods, condim ents and beverage: also for o th er purposes. Also m anufactures and sells glass insulators used in electrical and telephone wiring: Insulux glass blocks for in dustrial and residential construction; caps and closures to r glass containers; an d piastlce Company also engages In fabrication of strawboard into corrugated cartons for shipping glass articles, a n d m akes w ood packages, and i m anufacture of graduates, test tubes, labo ratory appartus flasks, therm om eters, and other sim ilar products. Subsidiaries manufae- A* A. y w J.A / m u a aUju iVX U turs, warehouse and sell thin blown (pasta s o la ) tum blers (L ib b er S&fedge an d L ibber No-Nik), used*as drinking glasses and as jars fo r packing food products; stem w are: glass* ware to r hotels, restaurants, cafes, clubs, bars and soda fountains; cu t and engraved glass ware, and tin cans and related m etal products. Owns interests in natural gas properties which supply some of the plants with fuel. Glass sand requirem ents are purchased from outside interests. Also see Owens-Com ing Fiberglas Corp. under "Subsidiaries" above. Company's operations are carried on through five operating divisions, Glass Con tainer Division, Libbey Glass Division. Kimble Glass Division, A m erican Coating Mills Divi sion and Export Division. Glass Container Division comprises largest part of com pany's business w ith m anufactur ing plants located to serve all sections of the country w ith Duraglas containers, including bottles and jars. Two subdivisions have been established, Pacific Coast Division which m anufactures and sells glass containers in Pacific Coast states and Closure and Plastics Division w hich m anufactures m etal and plas tic closures and related products. f Libbey Glass Division comprises all tumbler, stemware and tablew are. This division also operates a wholly-owned subsidiary, Sharpe, Inc. Kimble Glass Division (form erly Kimble Glass Co.) m an u factu res g rad u ates, te st tubes, laboratory apparatus, flasks, therm om eters and many other products, such as glass tubing, lass rods, ampules, vials and television bulbs. his division also operates a wholly-owned subsidiary, Glasco Products Co. American Coating Mills Division produces clay coated folding boxboard, folding cartons, folding carton displays, and paperboard spe cialties . The Export Division handles all sales out side of the continental United States. Subsidiaries function as follows: American S tructural P roducts Co. m anufactures glass block and insulators and "Kaylo" structural and insulating products. This company also operates B lair V eneer Co. and V erm ont P ly wood, Inc. m anufacturers of veneer and plyweCd panels used largely for fu rn itu re trade. Ew ir Veneer produces a line of office desks and tables u nder "B lair" trade name, also manufactures sound boards for piano industry. Owens B rush Co. m anufactures all kinds of tooth brushes, hair brushes, nail brushes and other toilet brushes. Lauterbach Corp. supplies autom atic m a chines for molding plastics. Toledo Autom atic B rush M achine Co. is a small company owning United States and foreign patent rights on brush machines. PRINCIPAL PLANTS A PROPERTIES Factories are located as follows: Alton. 111. HunUngton, W. Va. B erlin, N. J. Indianapolis, Ind. Bridgeton, N. J. Los Angeles. CaL Buffalo, N. Y. Muncie, Ind. Camden, N. J. Oakland. Cal. Charleston, W. Va. Pacific G rove. CaL Chicago, III PleasantvUle, N. J. Chicago Heights, DI. St. Charles, 111. Clarion, Pa. San Jose. Cal. Columbus, O. Sayerville, N. J. Conshohocken, pa. Streator, 111. Corona, Cal. Terre Haute, Ind. Elkhart, Ind. T oledo/O . Fairm ont, W. Va. Vineland. N. J. Gas City, lnd. Waco, Tex. Glassboro, N. J. Warsaw, lnd. Grand Rapids, Mich. . _ Jointly w ith Laoney-Owens-Ford Glass Co. (see general index), company owns gas prop erties in West Virginia, supplying fuel to the Charleston plants of both companies. On Dec- Si. 1948, total territo ry so owned o r held under lease comprised 156,633 seres, on w hich there w ere 632 producing wells. Company has wholly-owned natural gas fields in Clarion, Pa. and Fairm ont, W. Va., having a total of 1,262 acres of gas rights owned or under lease on which there w ere 226 producing wells a t Dec. 31, 1948, supplying luel to bottle manufacturing plants at those points. In early 1949 com] -w B M g a * MANAGEMENT Officers W. E. Levis, Chairm an J. P. Levis, President C. R* Megowen. Exec. V ice-President W. 1. Co;e. V ice-President F. J. Solon, Vice-President F. T. Nesbitt, Vice-President C. G. Bensinger, Vice-President Garland Lufkin, Vice-President S. L. Ralrdon, Vice-President H. C. Laughlin. V ice-President H. S. \Vaae, Vice-President B. a Kimble. Vice-President R. L. Snideman, Vice-President S. J . McGiveran. V ice-President H. J. Carr, Vice-President R. A. Cosh, Vice-President J . G. King, Vice-President J. H. McNerney, Secretary St Treasurer X. F. M artin, Asst. Sec. St Asst. T reasurer F. G. Morfoot, Asst. Sec. Sc Asst. T reasurer A. J. Riedm ayer, Asst. Sec. Sc Asst. T reat. W. G. Thomas. Asst. Sec. Sc A sst Tress. E. L. R. Laning, Asst. Sec. and A sst Treat. A. H. Ahlers. Assistant Treasurer C. O. Dawson, A ssistant Secretary H. C. Y etter, A ssistant Secretary P. W. Hancock, Comptroller F. X. Fuller, G eneral Counsel Directors H arold Boeschenstela, Toledo W. H. B oshart Toledo a E. Collin, Toledo - T, C. Edwards, T erre H aute, Ind. G. P. Greenh&igh, BcrryvUie. Va. H. K. KimbleTVentnor, N. J. W. W. K night. Toledo J. P. Levis, Toledo W. X. Levis, Toledo F. H. McAdoo. New York C. R. Megowen, Toledo R. L. Snideman, Chicago H. S. Wade. Toledo C. J. Wilcox, Toledo A nneal Meetings Third Wednesday in April a t Toledo, O. No. o f Stockholders; Dec. 31, 1948, 14,483. No. e f Employees: Dec. 31, 1948, 24,278. G eneral Office: Ohio Bldg., Madison Ave., Toledo 1, O. Management Prefft-gharlng: Executives and departm ent heads receive additional compea- fgundgrepresetntiFng up toT8%Oof eaSrninSgs laRex cess of 10% of capital an d surplus at th e bc- participant in any year shall not exceed his salary for that year. P aym ents m ade u n d er th e plan since 1939 follow: 1939 __ $188,750 1944 --- $599,042 1940 __ 48.644 1945 ------ 642,500 1941 ---- 628.250 1946______ 657.417 1942 __ 579,000 1947------------ 609,500 1943 ---- 588.500 1948------------ 402.120 INCOME ACCOUNT8 COMPARATIVE CONSOLIDATED INCOME ACCOUNT, TEARS ENDED DEC. $1 (Taken from reports filed w ith Securities and Exchange Commission) 1948 1947 1946 1945 1944 Net sales, ro y alties & oth. op. rev. $224,396,075 $231.310,180 $196459.500 $168.671,142 $174.564.341 (LCcst of sales, ro yalties paid, etc. 186.792.156 190.232.018 160.956.926 131.086.759 135,210.244 jSelbof, g en eral Sc a dm. e x p e n se s.. 19,502,389 18.286,423 14,504,874 12.298,371 12,655.683 1943 $172.132.406 129486461 11466,729 1042 $152430427 111.435.602 10,087,709 Operating profit . . . . . . . . . . . Dividends r e c e i v e d ________ Interest received . . . ____. . . . . Discount Sc com m issions. ____ Miscellaneous other income 18,101.530 291.964 44,854 GO------100438 $2,791.739 250.038 $7418 Q)-- -- 655,71$ $0,797,700 206463 466,456 356.612 25486.012 104425 368.020 OE------3.237.096 26,718,414 121.453 255,132 455.958 82.819 30478414 134486 139460 429,677 $1486 30,707415 139,086 $8.609 414,083 43.023 Total ..................................... ........ Provision for m anagem ent bonus. Discount on sales______________ Provision fo r bad d eb ts___ ______ Interest e x p e n s e _______________ Premium, debentures re tire d ...... Sundry expenses Sc losses (net) .. 18.538,686 402,120 m ------23.728 412.237 18.627 $3.795.013 600.500 m ------$1,610 298.434 66.975 21.827.031 657,417 m .......... 729 32,344 3.604 28.905.054 642400 oe -------549 43,064 19.137 27,633.776 699.042 1,625.993 848 16,942 18235 $1,664424 588,500 1490.903 1,745 60,647 7,431 $51412 $1492,016 579,000 1475.072 26.754 217,851 77464 94,405 Balance _________ SJSmployees* annuities 17.681,975 22,758.496 21.132,937 28489.804 1480450 25.372.615 1.663,137 28.763.486 1.409463 29.021479 1,400.000 Total incom e b efo re tax es____ Provision for Federal income tax. p r e d e r a i excess profits ta x -- __ _ State St ioreign incom e ta x e s ..___ Renegotiation refund for prior yr.. 17.681.975 7,300,000 55,800 22,788.496 8.719.000 52.000 58.065 21.132,937 7.794,000 65.749 26455 $6.708.854 4443.800 13,545400 26.047 23409.478 4,338.100 11,210.400 25.622 27454.123 4487.400 13,406,400 20446 61.180 27,621479 4.158,600 14420470 47461 N et Incom e to su rp lu s----------Earned surplus beginning of year. QpOther surplus cred its . . . ____ . . . . Common dividends ____________ B O ther surplus d e b its ___ -__ --__ 10.326,175 41.123,670 9.156.483 13,959.431 35.378.459 3,999.786 8448.874 3.365,133 13.246.833 44,322.928 8479,852 13.811,450 8.793.807 42.182.131 6.653.010 1 $.135,356 38.568,043 $419236 5422.408 3,318496 9478.297 31.771.564 3.333.799 5,322.408 693409 0.194.548 37409.424 5422408 Earned surplus, end of year . . . . . . $42,293461 $41,123,670 935478,459 $44,322,928 $42482.131 $35468.043 $31.771464 SUPFLEI4ENTARY P . Sk L. DATA Deprec., depl. Sc am ortization------ $5.864,083 $4,138,834 $3.784,714 $3484426 $3.985.732 $3.978.938 $4408,161 S Molds charged to expense______ aintenance Sc re p a irs----. . . . . . . 4.418.934 11.205.716 3.488.150 11,519.860 2498.868 9417.482 1446448 7407.510 1,707458 6.743.712 1,737,439 3493476 1,491,809 3,071.736 JETaxei. (o th e r th a n in c o m e )__. . . 2,921.353 2.643428 2,138.682 1.904.506 2484.931 2.481.459 3480.274 R ents ....______________ ... 8)1.659 635461 522.264 574.730 366.619 370.655 328.544 R o y a ltie s ------------------------------- . . 354.198 914.352 1,379405 1421421 1.795.U5 1.661.713 1410.419 P aren t com pany's n e t incom e_______ N ot stated N ot stated N ot stated $8.736.063 $7410.160 $8.792470 $8487421 B31948-4 5: D iscount on sales ded u cted from counts (am ount n o t stated); p rior years shown Of 100% ow ned subsidiary form erly 50% net sales: p rio r years shown separately. separately. owned. $129436; total, $3,119436. ffiP a y r ',,nt to serv ice re tire m e n t tru st. In d u c es social secu rity tax es: 1948, $1,543,- (EPrincipal "other surplus credits'*follow: 1943: A djustm ents applicable to years 1029 to 1942. to conform w ith principles followed 'SOV, 1947, 51.485,601; 1946. $1.220,346; 1945. $964,- 1947: A djustm ents applicable to years 1937 by B u reau of In tern al Revenue In determ in 810; 1944, $1,057,185; 1943, $1.225,371; 1942, $1430.- to 1946 inch, to conform to those m ade by ing com pany's tax liability for 1929-36 (excess 687. SjCost of sales, royalties paid, patent, de Bureau of Internal Revenue In connection with its examination of tax returns of com depreciation taken. $2.430.905: property losses disallowed and other property adjustments. velopmen : and other operating expenses (In cluding d ep reciatio n and am ortization--1948. pany and subsidiaries fo r years 1937 to 1942, incl.: Reduction in provisions for depreciation, $1,104465), $3,535,070; less federal taxes on in come and interest paid and accrued on same, p ,SS150.75.6117.09:o41;94149,47$,3,$730,19.4442,04;441;94139,46$.3,$731.529,789.119; 31;94129,45,$c5h,a3n34g.3e61in. Less: Adjustment resulting from method of accounting for vacation $201,271; balance, $3,333.709. No depreciation is provided on molds, jigs, $3,678.741). pay from "paym ent" to "accrual*' basis $1,335,- etc. A m ount a t w hich molds, etc., are carried 076; balance. $3,999,786. In companies' accounts represents value there 1944: Reduction In F ederal excess profits tax of a t Dec. 31, 1930 as determ ined by Indepen Includes re la te d portions of item s shown liability for year ended Dec. 31,1944, resulting dent appraisal plus (a) certain additions fo r c r "S upplem entary P A L Data** below from liquidation of subsidiary <$3422,?22 less rr*jJds acquired from companies whose assets statem ent reduction ir. post-w ar tax credit $332.222;, $2.- wc:e purchased and (b) add t.cns for molds 1945: In clu d es $2.872.128 proceeds from set- cr^d:t arising through acquisition and /c r new products, minus (c) mvlds specifically tlemcr.* of equity -u it <Inclusion in consolidation during c u rre n t yenr allocated to plants sold in th eir entirety. All 3TL*4"iC: D . i v t ' u n t o n p u r c h a s e ? a p p l i e d t o relate;- c j s t o f sales a n d o th e r expense ac- 248$ MOODY'S MANUAL OF INVESTMENTS other neA .v-oV,3 of mold rep la c e m e n ts are u* '.*:c,;-r-e. =VA`ter dOueUi'i* (1943. $1.323,000; 1942, $1.- 529.400) cred it for debt retirem ent e n d (1944. 11.245,600; 1943. $166,600; 1942. $50.630) to r poet- war tax refund, ^ P rin c ip a l "oth er surplus debits** follow: 1947: w rite-off of goodwill arising o u t of the acquisition of net assets and business of Amer ican Coating Mills. Inc. and capital stock of Snarpe, Inc., $3.365,133. 194$: W rite-off of goodwill acq u ired from , ana arising out of the acquisition of net assets an d Business of K im ble G lass Co.. $13.- 811.450. 1944: Loss incurred by subsidiary com pany on sale of assets, $2,313,196. 1943: W rite-off of intangibles, $693,200. Generai Note M (a) Assets and business of Owens-Illinois Can Co., a subsidiary. w ere sold in 1944 and company was dissolved. Operating results have been taken up each year in consolidated state ments. Net operating loss from date of Organi- ration and loss of S2.318.196 incurred on iftle of a sets, result ;n a loss on liquidation which is deductible lo r tax purposes in :944 and cau^e a reduction of $2.990.000 in ta x liability for th is y ear. This reduction is not reflected In provision for Federal excess profits tax to consolidated profit an d loss statem en t b u t Is shown in . earned surplus account as la the loss on sale of assets. lb ) to 1947, B u re a u ,o f In te rn a l Revenue completed its examination of income ana ex cess orofits tax returns of company and sub sidiaries for years 1937 to 1942, inch Additional incom e taxes assessed for years 1937 to 1939, incl., w ere paid in 1947 and deficiencies pro posed for years 1940 to 1942, tncl., w ere to pro cess of settlem ent. Additional income taxes arose principally from a reduction in depre ciation claim ed in returns, offset in p art by increased allowances for vacation pay on an accn. al basis and in part by certain increases in. statu to ry credits relating to excess profits tax years. As set forth in the earned surplus account above, adjustments made by Bureau Record of Year 1935. 1936. 1937. 1938. 1939. 1940. 1941............ GUncludes Earnings years ended Dec. Cost and Net Sales Expenses $57.901,781 $--4-9--.1--2-7-,-4-7-4 78.714.828 66,750.847 91.581.004 79,903.835 75,106,736 66,530.140 82.025.093 70,441.956 89.297,206 78,912,248 125.555.157 104,612,885 Social Security and Capital 31: O p eratin g Profit $8,774,37 11.963.9U 11.677,1(9 8,576,616 11,583,137 10,384,918 20.942,272 Stock taxes. Oth. Inc. fit Ded. (Net) $378,328 $41.700 533.905 6 859.185 6 1.265.481 d 778.898 d 3,193,827 Inc. Bef. Taxes $9,152,635 12,505,681 12,211,074 7,717,431 10,317.656 9.606,060 17,748.445 Income Taxes ($1.269,139 122,406,550 52,859,447 032,333,626 1.882.741 2.383.026 8.708.296 of Intern al F e v tn u e for years 1337 to ,.<12, me!., with respvct to allow and vacation paj and corresponding sd h u t ments for ail subsequent years have been reflected in companies' accounts. No adjust m en t was required fo r additional taxes in as much as am ounts provided in p rio r years were deemed adequate to cover additional pay m ents and proposed assessm ents through 1942 aa well as such additional taxes as may be assessed for years 1943 to 1946. inch Liability for 1947 taxes was based on re tu rn to be filed for this year. Provision for depreciation for year 1947 (in cluded in consolidated income account above) has been calculated a t rates allowed by Bu reau of In tern al Revenue for years 1937 to 1942, incl., and was approxim ately 3500,000 less than it would have been if calculated at rates form erly used. The charge against 1947 operations to provide for accrued vacation pay is $235.000 greater than w ould have been chargeable on the "paym ent" basis formerly used. Net Income 27,883,496 10,099,131 9,351.627 $.383,805 8.434.915 7,223.034 9,040.149 Common Dividends $4,800,000 7,771,162 8,648.913 3,991.806 5.522.408 5.322.048 6.653.010 Com. Shs. Outstand. 1.247,200 1.330,602 2,661.204 2.661.204 2.661.204 2.661.204 2,661,204 Earn. Per Com. Sh. $642 7.58 3.51 2.02 3.17 2.71 3.40 BALANCE SH EETS COMPARATIVE CONSOLIDATED BALANCE SHEET. AS OF DEC. 81 (Taken from reports filed w ith Securities and Exchange Commission) ASSETS 1948 1947 1948 1945 1944 Cash on h an d fit dem and d ep o sits. .. $15.376.280 $11433441 $14,179.275 $23.020,965 $14.965,85$ Time dep. w ith bks. fit insurance cos. ........ 440.000 U. S. T reasu ry ta x notes . . . -- . . . ........ O ther U. 3 . Govt, securities 9.972.353 9,985,476 10,099,900 25,099,900 10.099.900 |TM arketable securities ( c o s t ) . . . . . . . 769,439 769,439 769.439 511,807 511.807 ojNotes fit accounts receivable (n e t)-. 14498,332 15486456 14472.978 10.130.779 9474.496 (TKaw m aterial in v e n to r y ....__ . . . . . 8.608,776 7,928.291 6438,805 3,745423 3,713.971 SIWork to process fit fin. goods._____ _ 19.775.302 14,909,079 8,642.632 6479.659 7,423,325 1943 $12,023,905 440.000 19,000.000 99.900 $11,807 9.712459 $.638,393 8,175472 1942 $114)6,067 1,000.000 5.1:0.00V 5.119.348 511.807 10446.468 5.937,456 10.601.638 Total c u rre n t a s s e t s . . . . .___ _ QlOther secu rity in v e s tm e n ts .......! . Mutual insurance fie o th er d e p o sits.. Post-w ar refu n d --excess profit t a x . . . . Sundry loans, notes fit accounts r e invested to natural gas property -- ^ P ro p e rty , p lan t fit equipm ent__ . . . OLess: Deprec., depl. & am ortization $68.800,482 4.880,198 830,123 1.045,294 1.018.124 131.353.708 38,808,933 $80471482 5 4 2 4 .8 3 828,453 1,445,661 990404 116,733,637 34481414 $60403,029 4,918.847 577478 m ia 93,93143$ 41,085.469 $73.888433 3.389.660 375441 84.942 914.917 78,679,887 39.499.584 $61.729453 3.545.257 347456 1,191409 98.827 879,433 76442.918 37415.960 $55,601.837 3.894.658 387.645 195.445 127,579 930.409 84.898.041 38.817.819 $49.843.283 3.905.933 368.441 50.630 268.651 979.275 84.091.48 38.489.016 R N et property account____ . . . . . . . Licenses fir p a te n t rig h ts ( n e t ) ....-- Patents fie goodwill--------------- . . . . . . . U naxpired In su ra n c e ............. . . . . . . . . I Prepaid taxes, advertising, etc,... f Mfg. sup. fie rep air ports ............. 92.744.725 585,442 _ 1,677,435 8,879,022 82452,123 747494 1.407.787 8.6744U 52,906.070 484.498 1 491.434 6462,967 39.180403 319.620 439.492 3,956.960 38.026.958 587498 1 622.652 34744 46.080,222 579,772 1 (266.783 18764*8 $.294472 45.602.470 641.195 I 252.582 434.637 3,155.247 Total ______ - LIABILITIES Accounts payable ____ . . . . . . . . . Customers' credit b a la n c e s .......... Accrued wages and bonuses . . . . . . -- Accrue J g eneral taxes ______ . . . . . . . . Accrued estimated Federal ta x e s ..... Accrued bond in t e r e s t........ . Sinking fund p a y m e n t....__ _ Dividend payable ................ . $180,260,846 $8,026,895 4,388.714 1,325,430 8.766,674 $162,086,019 $11490481 $410496 1438463 13.469,679 $127,128,960 $10,059.656 12,790,876 $122.749.671 $6.451.70$ 3.010431 870.126 20,497,654 1430,602 $111.404415 $5446,881 1492,60$ 462.886 16443.004 $112,138.509 $6431.319 289.873 1486,711 552.367 19.628,860 $105,502.744 $4440479 274.068 1,100,429 411.464 19,695.74$ 28.646 LOOO.OOO Total c u rra n t liabilities................. D eferred incom e -- ................ Funded d e b t __________ -- O ther long term d e b t............. . Reserve fo r rebuilding fu rn aces.--. Reserve fo r contingencies___. . . . . . . . P rior years' income tax re se rv e .---- Common stock ($12.50 p a r ) __ . . . . . . . . n*Paid-in surplus . . . . . ______ -- Earned surplus . . . ________ . . . . . . . . . $22.507,712 40,000,000 3,121,446 38410.925 34,127,402 42493,361 $31449498 15.000. 3,062 38.093,433 ftflU B $27,330.198 1.962.894 36487,090 25,887450 35,378,459 $32460417 2402.625 33,265,050 10,698.150 44.322.928 $23446,176 2.012408 33465,050 10.698,150 42482.131 $28,069.6)0 1434.636 33465.050 10.698,150 38.568,043 $26,751418 60.000 1,500.000* 66.500 1.190,761 146400 53400 33466.050 10,808.150 31,771.564 S Total ___. . . . . . i. . . . Net c u rre n t aesetr................ . . . . . . . . . $180,260,846 $46492,770 $16Z, $28421; $127,125,950 $32,772431 $122.749,671 $41.727,316 $111.404,315 $38.483.177 $112,135,509 $27482407 $105,502.744 <29,093.965 PROPERTY ACCT.--ANALYSIS {^Additions a t cost $16.388,301 $32.104,568 $17,751.429 $4419.197 .634478 $1.819,063 $3488.138 Retirement* or salt 1,542424 $.620,795 1480,608 1.782429 489.401 819409 88400 f Other reductions 225.306 3.681,681 1419.173 >REC. RESERVE-ANALYSIS dditions charged to Income-- . $$.4764$$ $3.822439 $3,715,150 $8,198443 $3413.308 88419430 $3413.991 Retire., renewals charged to reserve 1431.432 2,017,631 982,317 1.012,720 $.458463 71444 700.195 Other additions m other reductions ______-- _____. . . . . . . . . 382,649 ........ $,648498 . 13421 1419473 143.197 693.209 3.489471 Includes investm ent in Owens-Corniag Glass Co. and its subsidiary w hich w ere ac Book Value Reserves Fiberglas Corp. (1948, $2,887,964). 3J1947: Includes adjustm ent of p rio r years* q uired Ju ly 1, 1946. , _ ^ .. . 5)1947: R epresents reclassification an d inter* Gas Sc Oil P roperties: Land, bldgs, fie eq. $210.562 $173456 provision for depreciation $5.339,837, an d re* p lan t ahd in ter company tran sfers (net) and Wells fie p ip e lines serves of $151,632 applicable to properties of a n ad ju stm en t of properties acquired in G as fie oil lea se s.. 717.374 225,860 617421 201,60$ subsidiaries acquired during 1947--balance, p rio r years to n e t basis (cost, less accrued $5J 88,205; reserves applicable to p ro p erty r e depreciation) a t dates of acquisition. T otal ---------- $1,1537796 $992.18$ classified and transferred betw een plants and (Q uoted m a rk e t value: 1948. $1,86949$* Oth. r. e. fit equip. 3,317,474 1.080.805 accounts (net) and ad ju stm en t of properties 3]A fter reserve fo r doubtful accounts and acquired in p rio r years to n e t basis (c o s t less fo r claim s an d a llo w an c (1948, $1,410,840). T o t own. prop. $130.664411 $38408489 accrued depreciation a t dates of acquisition* SJFlnlshed products priced a t standard costs Leased mach. . . . 689.497 $3.460.352, developed by company on basis of normal 1943: Excess depreciation ta k e n d uring operations, w o rk in process an d supplies a t T o t p ro p erty $131453,708 $38.808483 1929-42. $2,430.606: p roperty losses disallowed, etc., net. $1.038,466: reserves applicable to cost; raw m aterials, at average cost of ma te rials <m hand. (a) Dies and jigs only. B A ristog fro m issuance tmo 109934 o f 290.000 property reclassified, etc., (dr) $23461: total, 01948: Book Value Reserves com m on shares having a p a r value o f $5,000.000 in redem ption of 80.000 p referred shkyee. S3]S1948*' Includes $929.543 fo r properties trf . M anufacturing Plants: L and fie im prove.. ,901,689 $907,475 and $1400.000 of 5% debentures, $4.200,000; on B lair V eneer Co. acquired to 1948, ___ "B ui..l.d..i.n. gs 1947: Includes p ro p erties of A m erican Mach, fit e q u ip .... 37,785.951 9.455.978 26432472 Dec. 31,193$, issuance of 25.630 common shares an d th e contractual obligation to Issua 21479 Coating M ills, Inc. ($5420,419) acquired. Aug. Molds, dies fie jigs 1, 1047 a n d $653,068 to r P ro p er o f tw o W ork i n p ro cess.. W &4 2,816487 <a)39.869 shares, a total of 47400 shares having a p ar value of $1480,000 to exchange fo r assets of companies which became subsidiaries during 1947. Libbey Glass M anufacturing Co. valued a$ g 480.000, additional paid-in surplus, $1,400,099; IQAft* 9 QflA Of Tfltnbl* Total $126,198,949 $36.735.992 1936, issuance of 20,400 com m on shares per a a - MOODY'S MANUAL OF INVESTMENTS 2489 lue of S510.C00 in exchange for en tire out'riding capital stock of Enterprtea Can Co. *hted a t $3,090. additional paid-ta surplus, f?3.000: In 1936, issuance of 63,902 shares, par u e of 11575.050 In exchango te r $$00.199 *s, 14,735.150; total paid-in surplus, $10,638,. 1946: Balance. Dec. at, 1045. $10.698,150. Add: access of assigned value over p a r value of $4.169 common shares Issued In exchange for iet assets and business of K im ble Glass Co., 05.189.200: balance. Dec. 31. 1940. $25,887,350. 1947: Balance. Dec. 31, 1946. $25,887.350. Add: feteess of assigned value over p ar value of 17.11219/75 shares of common capital stock sued in exchange for n et assets and business sf American Coating Mills, Inc., $6*068,516: excess of assigned value over p ar value of 5,000 shares of common capital stock Issued in exchange fo r 5,000 no par shares, being all a? the authorized and issued cap ital stock of $1,500,000; balance, Dec. 31, 1947, 1348; After crediting $670,536 excess Of net worth of Blair Vcneer Co. at date oi acquisi tion as a wbouy-owned subsidiary over ag gregate par value of common shares and cash givcs. in consideratimi te r outstonding com mon stock of that company. amortization of physical properties was changed during 1947 to conform to basis ac cepted by Bureau of Internal Revenue m connection with final settlement of company*# income tax liability' for years 1937 to 1345, incl. and is in general as follows: Except as noted below, depreciation is com puted on basis of amortizing cost of each property unit over its estimated remaining useful ufe as determined by independent en gineers from a review and survey of depreci able properties of the companies. Depletion of gas properties is computed on straight-lino method on cost over the esti mated gas content of leased or owned prop erties. Arr>or'-zi lou of :rased machinery i i'oni* puted'On ua*.* qi f .. ; At *V>4t *t*cvevnse voir :we^nive. No depreciation is provided oo moid# i*e# footnote under Consolidated Income Ac* count). Depreciation of dies te r metal products is computed on straight-line method over esti mated useful life of the dies. Average over-all rates for year ended Dec. 31, 1948 are as follows: Lana improvements 3.79%; buildings. 2.87%; machinery and equip ment, 5.83%; motor trucks and cars. 16.05%; dies--metal products. 20%; leased machinery; 20% , General Notes fa) Consolidated statements Include all sub sidiaries and such subsidiaries are wholly- owned. <b) Company's equity In net assets of sub sidiaries consolidated at Dec. 31.1948 as shown by books of latter, was $1.489,643 less than company's Investment in such subsidiaries, as shown by company's books. (e) Accounts certified by Arthur Young 8e Co. I I FINANGIAL A OPERATING DATA Statistical Record 1948 1947 1946 1945 1943 mi Earned per share . . . ____ . . . . . . . . . . . Diva, per share . . . . . -- ................. . $3.38 $3.09 U so 83.30 .oo $2.00 $5 56 $2 00 6S Price ra n g e ___ ______ ___ _____ _ 80-68 7916-88 64-55V 64-54*% 57% -43*i Net tangible assets per s h a re ............. -s a $36.97 $32.98 $32.13 Number of sh ares.._____-- _________ 3.056.674 3.047,47 1.825,304 2,661.204 l.W U M a. f?0 4 A 6^U Financial and O perating Rafias Current assets -^current D eb ilities... 3.08 2-20 2.30 2.65 1.98 % cash A securities to curren t assets % inventory to cu rren t a s s e ts ........ 37.96 41.25 51.66 72.58 24.59 13.70 68.45 18.04 57.69 14.84 ^06 33.18 % net current assets to n et w orth--. . 40.38 mo 47.26 44.67 88.36 30 49 % property depr.. d ep t. e tc ......-- . 39-55 43.68 $0.20 48.94 45.78 45.77 % ann. depr.. etc. to gross p r o p ^ ..... 4.46 4.08 4.30 5J3 4.69 4.77 Capitalization: % long term d e b t....-----. . . -- . . . . . 25.87 2.03 % common stock A surplus, 74.13 lOO.Qo 100.00 100.00 10.00 97.97 sales -r inventory Sales 4- receivables 7.91 15.69 }132.785 29.66 16.65 15.76 18^3 1246 17.71 9.20 14.71 sales to net property--. . . . . . . -- 242.47 37Q6 448.49 373.55 933 8? % sales to total assets. . . -- ... % net inc. to total assets.................. 124.48 5.73 15438 8 7.f16 156.71 7J0 53.50 6.46 144.29 8.73 % net income to net w o r t h . . . . . . . . . . . 9.01 10.02 9.44 11.48 12.14 Analysis of Operations Net sales & Qper, r e v e n u e ............ % 10040 % 100.00 % 100.09 100.0Q Cost of sales, etc. . . . . . . . . . __. . . . . . . . 83.34 77.71 77.45 73.20 Selling, gen. Se admin, exp............ . 8.69 Operating profits .........-- _____ -- 8.07 7.29 71$ w 6.68 lO.|o 14.99 15.30 17.94 20.17 Other incom e______ ____ 0.19 Gross income 8.26 0.82 210 17.19 0.S2 15.82 9.40 18.40 0.4$ 20.88 Bond interest & expense . . . . . . . . . . . . . 0.18 Other deductions_____________ . . . . 0.20 0.02 0.39 "2 9 6.94 0.14 1.6$ 1.41 Balance _______ _____ 7.88 Employees' annuities . . . . . . . . . . . . . . . . itii 16.77 14.53 1671 19.06 0.94 0.95 5.82 0.93 Net income before inc. tax, etc. --. . . All taxes ........................... . . . . . . . . . . . WH 15.83 13.58 15.89 16.14 3.28 1$ 10.62 8.92 10.95 11.10 Renegotiation refund for pr. y r ..----- Net income __ ' YM 15):19 511 4.66 0.04 5.81 'T o i After renegotiation, $3-43 per share* FUNDED DEBT AUTHORIZED--4,000,000 shares: issued and (EPIui stock dividend# of 80% Dee. 22, 3912: outstanding, 3.056.874 shares; p ar. $12.50 i/s% tw>. io, ; as% Nov. , m ,s (changed from $100 to par $25101916, four par Nov. 27. 191$. I>3% $25 shares issued for each $109 share: changed U U W . * l * * w , v , , v v w , v w a, m n from $25 to p ar $12.50 in April, 1937, two $U0 ffitilus $150 h U. S. Liberty Loan bonds. Stilus 5% stock July 1.1920. note# due May 1,1963 end $15,000,000 3% notes due Dec. 1, 1968. shares issued for each $25 share), d iv id en d r estrictio n s -- se# Tunded Plua 50% stock June 1,1921. Stilus 5% Stock. No sinking funds or Interim payments are required to oe made, and loans may be pre Debt" above. OWWad R e w d (la $) ETo May 17. Dividends payable quarterly Feb. IS. ete., to paid in whole or in part, without premium, except where prepayment# are made out of 1907-- ($100 par shares) 1,00 1906-- 5JO MJIOO*S8 stock of record about Jan. 30, etc. VOTING RIGHTB-^One vote per share, other borrowed money. Principal restrictions contained ilk loan 1910____ 8-50 1811.. 19J0 HJWP45 12.06 1916-- 8.00 ^ PREEMPTIVE RIGHTS -- As conferred by Ohio laws. 7 agreements be not less 1916-- ($25 p ar share) 3.50 29)7.M 5.-0-0---Q-Q1918-- 3 * LISTED--New York Stock Exchange. TRANSFER AGENTS--New York Trust Co., the notes; --------------... less than 275% of all funded debt, including (T1919-20 3.00 0)1921 1922,- 2.7$ 1924-65 2.50 1921__ 3.00 fflltti__ 2.06 4.00 New York, and company's office. Toledo. REGISTRARS--Guaranty Trust Co. New the notes; and (3) that no cash dividends shall be paid nor any shares purchased unless, after 3)1927, (TdOM.. 5.00 0D1926.., 3.50 1931__ 4.00 001928__ 2.85 1932.. 8 York, and Toledo Trust Co.. Toledo. PRICE RANGE-- 1948 1947 1946 such transactions, net earnings from Jan. 1, 1948. plus $10.000.000, shall a t least equal total 1933__ 2.50 1934-- 1936-- 6.60 1927. L25 1935... 4.00 1.50 Common.............. 73%-47ft 80-68 100-6916 Subscription Rights: Common stockholders of all such payments since th a t date, ($1250 par shares) of record June $. 1936, had right to subscribe CAPITAL STOCK 1937... 2,50 1938... 1.50 1939-40 ^t^Pw etw -m inoi* Class C o comment par 1941-- 2.50 19U-45 2-00 1946.., i n to 63.380 share# at $100 per share on basis of 1 additional share for each 20 shares held; rights 1947-48 3,00 19-- 1J0 expired July 24, 1936 CAPITAL rm U CTU RE RADIO CORPORATION OF AMERICA C A tirT A l^O C K Far A m oral Earned per Sh, Diva, per 8b Gall Prie Range 1947 Price 1948 1932-48 1. f. tt.56 cum. Common . first p f . . . ___ d . .__. ._._. _^_. _. ._. ____ m No par 1_J<8L0m16 s3ha?. $9-m667 $-2m0.8l4 1A0 108 21089..345080 $360 0.20 $100 75I-63H (TJ96J-44 -- * 15 -7 % QjRange since 193L HHISTiOvRnYi Incorporated in Delaware, O ct 17.1M11i9l, by munication servicesJ a 192$ wate transferred to RCA Communications, Ine. Geenncerali Electric cCoo. anda aaecaquireda ptnee assets Prior to 1920 company had no manufacturing of Jan, 1, 1980 acquired certain arrangements resulting from Consent Decree, ofI Marconi urtrelea Telegraph. a ofA m enc which was manufacturing facilities and rights from Gen sec Moody's 1938 industrial Manual. eral Ercctnc Co. and fVcstmghouse Electric & in fail of 1935 sold, for $10,225^17 cash, hold- various radio devices and , Manufacturing co,. from whom apparatus ba toga (39.2%oi common and72% 0f preferred ea purchased. Facilities ac stock) Of Electriq Jk Musical Industrie, Ltd. by .General Electric Co. Westinghousc Elec In la tte r , 19M sold one half of holdings m tn c A Manufacturing Co.. American phone 6c Telegraph Co, and others. Tele IS? when manufacturing activities were consoli Radio-Keith-Orpnsum C om to A tlascorp and associates, who obtained en option which In 1926 National Broadcasting Co~ Inc., was organized to carry on radio broadcasting activ dated in th e newly organized RCA Manufac* turing Co.. Inc. On Dee, 31. 1948. RCA Manu expired June 30,1928 on remaining holdings In 1936 RCA Manufactoring Co. Inc. told Its ities. in 192a Radiomartne Corp. of America was organised to handle company's marine facturing Oo., Inc. was merged into the par en t company and became the RCA Victor Di 68% interest in Victor Talking Machine Co. of Japan, Ltd., te r tt.000.006 cash, payable in five radio activities and RCA tihotophone, Inc. was organized to develop apparatus for synchro' vision of the company. instalments. In Feb., 1938 sold holdings in Canadian Mar nizing motion p--i-c-tu--res w ith so19u3n2d;wtihthis RtuCbA su coni Co. for $1,785.690 cash. tpterest substantial trpneum Corn, (gen- 1920 agama* m o jo c o r a , u s m i w w Co. W^sUnrimuse Electric A ManuCacturing In 1941. company also disposed of ita artists? service business and Civic Concert S tin e , m e. These asset were sold to National Con 'AO* Viator Talking Co. and othem (aee MCoondmyo*aan1v93t7heInredbuystraica-l cert A A rtis ts Corp.< a newly organized in