Document JNV5wp6dEZo7ypQjBkJz9L3K6

MOODY'S INDUSTRIAL MANUAL PLAINTIFF'S EXHIBIT K-1766 AMERICAN and FOREIGN JOHN SHERMAN PORTER, Editor-m-Chief Editorial Board Lloyd C. Sweet Frank J. St. Clair Arthur W. Herrmann George I. Blair David M.` Day David M. Ellinwood Albert C. Esokait George H. Parsons Richard Olney 1960 D. F. Shea, Publisher MOODY'S INVESTORS SERVICE 99 CHURCH STREET, NEW YORK 7, N. Y. PHILADELPHIA Suburban Station Bids. BOSTON CHICAGO LOS ANCELES WASHINGTON SAN FRANCISCO 75 Federal St 135 So. La Salle St 606 So. Hill St Woodward Bldg. Rom Bldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. Arthur Street, London E.C. 4 Copyright, I960 by Moody's Investors Service, New York--All rights reserved i s * 9 4 70 UXKJKJUX *5 1L\UUbl lUAJu A1A.1SUA.1j Statistical Record (cont'd) Times charges earned: Before income taxes________ ______ After income taxes------------------------Times charges & pref. div. earned .. Net tangible assets $1,000 lg. tm. debt Net curr. assets per $1,000 lg. tm. debt Number of shares--preference --common_________ 1959 71.71 7.04 5.81 $3,315 $416 100,000 4,128,802 1958 6.98 6.39 5.23 $2,962 $532 100.000 4,125,959 1957 9.26 8.09 6.64 $2,856 $408 100,000 4,123,892 1956 8.70 7.42 6.17 $2,563 $377 100,000 4,103,706 1955 5.98 5.10 424 $2,306 100,000 4,009,706 1954 5.07 4.67 3.87 $1,794 $365 100,000 3234296 1953 31.31 26.18 10.59 $8,805 $1,467 100.006 3234,196 Financial & Operating Ratios Current assets 4- current liabilities-- % cash & securities to current assets % Inventory to current assets____-- % net current assets to net worth -- % property depreciated__________ ~ % annual depr., etc. to gross prop-- Capitalization: % long term debt_________ _____ ___ % preference stock ---------------- ------ % com. stock & surplus___________ _ Sales -7- Inventory______________ _____ Sales -r- receivables ______ _____ -------% sales to net property_____ _______ % rales to total assets _____________ % net income to total assets-----------% net Income to net worth----------- -- Preference div. times earned-- --------- Analysis of Operations Net sales & other revenues--------------Cost and expenses___________________-- Dry hole expense Surrendered lease & abandonments.. Operating income Other income_______________________ -- Total income Interest paid BalanceFederal income taxes------------------------Subs. earn, prior to acquisition--------Net income------------------------------------ -- 1.75 27.63 35.19 17.95 53.23 4.65 30.16 2.41 67.43 6.77 6.41 81.63 59.48 7.05 11.81 28.49 % 100.00 80.00 227 226 15.06 0.06 15.12 1.96 13.16 122 11.84 2.04 44.31 27.71 27.14 53.84 5.50 33.76 2.45 63.79 6.83 6.76 84.14 56.93 6.09 10.80 24.36 % 100.00 81.52 1.74 2.81 13.93 dr 0.06 13.87 1.99 11.88 1.17 10.71 L83 86.19 32.67 21.97 51.76 5.10 35.01 2.51 62.48 6.76 7.07 8423 59.38 8.30 14.97 32.35 % 100.00 78.84 325 2.09 15.82 2.44 1826 1.97 16.29 221 13.98 120 39.08 3322 24.10 60.48 520 39.02 2.57 58.41 620 7.73 85.28 58.62 823 15.99 31.60 % 100.00 7522 3.71 2.15 1822 0.12 19.04 2.19 1625 221 14.04 129 48.27 28.17 30.49 5025 4.58 4327 2.65 53.98 5.73 626 75.41 49.55 6.23 13.13 2326 % 100.00 7520 3.46 2.60 18.14 0.20 1824 3.07 1527 2.69 1228 225 42.00 32.97 45.99 61.71 520 11.18 5.79 83.03 4.65 6.13 75.68 48.33 5.28 1328 17.73 % 100.00 7920 5.03 326 12.21 223 15.14 228 12.16 ~122 10.94 2.07 58.02 727 18.79 4123 5.66 1126 6.16 82.48 1.77 4.15 64.63 39.34 10.82 1427 17.11 % 100.00 5522 7.70 3.73 33.05 124 3429 1.10 33.49 5.68 2721 Also 214% in stock. LONG TERM DEBT Term Loan: Outstanding, Dec. 31, 1959, $33,, 875.000 4% notes payable quarterly to May 1, 1965 and balance Aug. 1, 1965. Proceeds to repay $35,000,000 outstanding loan and for plant additions. Company may not pay cash dividends in excess of earnings after Dec. 31, 1957 plus $4,000,000; also agrees to maintain net current assets of not less than $10,000,000. At Dec. 31, 1959 $45,000,000 of earned surplus was so re stricted. Note: Also outstanding Dec. 31, 1959, $787,940 mortgage notes payable at rates up to 6%, due serially to 1976. share. Fractional shares paid in cash at PREEMPTIVE RIGHTS--None. $29.25 per share. DIVIDENDS-- _ Conversion privilege is protected against 1929-45 nil 1946___ $0.25 1947-- $0.45 dilution. Convertible to and including redemp 1948__ $050 1949-51 0.60 1952-- 0.75 tion date if called. 1953-54 0.80 1955______0.85 1956-59 1.00 PREEMPTIVE RIGHTS--None. [21960. 0.50 DIVIDENDS--Initial dividend of 55 cents (3Also 2 V4% in stock in 1957. paid Dec. 1, 1929; 1930 and 1931, $3; 1932, $2.25; [2 To May 3. 1933, SI; 1934, $1.50; 1935, $1.75; 1936, $8.50; 1937, OFFERED--In Sept. 1929, by Continental Il $3; 1938, $2.25; 1939, $3; 1940, $2.50; 1941, $2; 1942, linois Co. and Field, Glore & Co., Chicago, $3; 1943. $5.25 (clearing arrears); quarterly in units (see preference). dividends paid regularly thereafter. Dividends payable quarterly. Mar. 1, etc., to stock of record Feb. 15, etc. OFFERED--(750,000 preference shares and TRANSFER AGENT--Marine Midland Trust Co., New York, or at company's office in Chicago. 750,000 common shares) in Sept., 1929, by Con REGISTRARS -- Chase Manhattan Bank, New CAPITAL STOCK tinental Illinois Co. and Field, Glore & Co., York and First National Bank, Chicago. 1. Champlin Oil & Refining Co. $3 cumu Chicago, in units of one preference share and LISTED--On New York and Midwest Stock lative convertible preference; no pan one common share at $68.50 per unit. Exchanges. Unlisted trading on Boston and AUTHORIZED--100,000 shares; outstanding, TRANSFER AGENT--At company's office in Pacific Coast Stock Exchanges. 100.000 shares; no par. PREFERENCES--Has preference as to assets and dividends. In liquidation entitled up to $55 per share and dividends. CALLABLE--As a whole or in part at $65 per share on 60 days' notice on any dividend pay ment date. Chicago. REGISTRAR--First National Bank, Chicago. LISTED--On Midwest Stock Exchange. 2. Cltamplin Oil & Refining Co. common; par $1: AUTHORIZED--5,000,000 shares; outstanding, 4,128,802 shares; reserved for options, 145,301 shares; reserved to conversion of preference Subscription Rigbts: Common stockholders of record May 2, 1955 had right to subscribe to 672,000 common shares at $18 per share on basis ot one share for each 5 shares held. Rights expired May 19, 1955. Underwritten by Glore, Forgan & Co. and Ladenburg, Thaimann & Co., New York. VOTING POWER--Has equal voting power stock, 102,500 shares; par SI (changed from Stock Options held by officers and key per share with common. no par Dec. 19, 1932, share for share). employees at Dec. 31, 1959 on 137,754 shares CONVERTIBLE--Into common at rate 1.025 VOTING RIGHTS--Has equal voting power at prices from $1754 to $23.17. Options ex shares and $1.15 cash for each preferred per share with preference. pire 1963 to 1969. CAPITAL STRUCTURE CORNING GLASS WORKS LONG TERM DEBT Issue 1. Income debenture 3%s, due 2002 Rating -- Amount Outstanding $9500,000 Times Charges Earned 1959 1958 35.42 44.68 Interest Dates A&O 1 Call Price See text Price Range 1959 1932-59 ~ -------- CAPITAL STOCK Par Amount Earned per Sh. Dlvs. per Sh. Call Price Range Issue Value Outstanding 1959 1958 1959 1958 Price 1959 1932-59 1. 314% cumulative pfd., 1945 series.. $100 26,880 shs.T $41457 $266.18 ($3.50 $3.50 101 88 -8414 E109%-74 2. 314% cumulative pfd., 1947 series-- 3. Ca .1oiiminmi hoin11 ____________________________ 100 31,850 shs.J 1 3.50 3.50 O5 U|6IM,7|2V2t,)0a5M2 issh.s. u3,.u57i >2.5v2e a1i.v627Vg2 a1.i5m0 10214 88 -85 ffll05?i-79ii 154%-89%/w l[u21541i-54 Range since 1945. Range since 1947. Privately held. Range since 214-for-l split in 1955; range from 1945 and to the spilt in 1953. 156*5-18. HISTORY Incorporated in New York Dec. 24, 1936, as a consolidation of a New York company of same name originally Incorporated in 1875 and Macbeth-Evans Glass Co. incorporated in Pennsylvania in 1899. Business established in 1851 and 1869. On Sept. 12. 1945. merged Corning Realty Co., a wholly-owned subsidiary owning Com ing Building at Fifth Ave. and 56th St., New York and certain realty at Corning, N. Y. On Nov. 28, 1918 merged Steuben Glass Inc., a subsidiary, now a division. 8UB8IDIARIE8 AFFILIATE8 hart products in all countries outside of the U. S. and Canada. Corning Class Works of So. America (Crlstalerias Coming de Sud America, S. A.) (wholly-owned): Incorporated under Argen tine laws In 1942. Owns Argentinian and Chilean patents of company and 26.04% oi Cristalenas Rigolleau. Latter operates glass plant near Buenos Aires, Argentina. Also owns 22.84% of Cristalerias de Chile, which oper ates a glass plant at Santiago, Chile, and is exclusive licensee of company's patents in Chile. Vidros Coming Brasil, S. A. (wholly-owned): Organized in Brazil in 1944. Owns 31% of Mich, for manufacture of electrical insulating resins, greases, fluids and elastomers re sembling natural or artificial rubber, all gen* erally known as silicones. __ ______ Sylvania-Corning Nuclear Corp. (50% own ed): Incorporated in Delaware in 1957 in as sociation' with Sylvania Electric Products. Inc. (see general index). Operates plants at Bayslde and Hicksville, N. Y., for research- development and production of nuclear fuel elements. _ Dow Corning AG (50% owned): Incor porated in Switzerland in 1960 in associate with Dow Chemical Co., to finance and man age certain interests outside U. S. Corhart Refractories Co., Inc. (wholly- ordinary shares and 24% of preferred shares Industrial Reactor Laboratories, in" owned): Organized in Delaware in 1927. Owns of Cia Vidraria Santa Marina, which operates Formed jointly with nine other companies and operates refractories plant at Louisville, a glass plant at Sao Paulo. Brazil. to provide faculties for atomic energy Ky. On Dec. 27, 1958 acquired refractories Pittsburgh Corning Corp. (50% owned): Or search programs of constituent companies- business of parent. ganized in Pennsylvania in 1937 in association Began operation early in 1959. Corning Glass Works of Canada, Ltd, with Pittsburgh Plato Glass Co. Owns and Coming Mexicans S. A. (wholly owned j. (wholly-owned): Organized in 1945. Owns 105,- operates plant at Port Allegheny, Pa., and Organized in Mexico in 1951. 800 *q. ft. plant at Leaside, Ont. Coming ware Sedalia, Mo. for manufacture of hollow glass Coming Fibre Box Com. (100% owned i. for the Canadian market is processed at Lea- building blocks, also cellular glass products Fabricates substantial part of paper packinR side; and plant is used as a warehouse and sold under trade name of Foamglas used in material used by company In shipping proo dlstrtbutlnanolnt for Canadian market. Cmainanis International, LA. (wholly refrigeration material. chambers and as a flotation ucts to customers ana distributors. - James A. Jobiing Co. Ltd. (England) (40% owned bj^Coming Glass Works of Canada, Owens-Corning Fiberglat Corp. (31.81% owned): Stock interest acquired by company Ltd.): Incorporated in Panama in 1959 with offices at Panama, R.P., Zurich, Switzerland, 717 Fifth Ave., New York and'Coniing, N. Y. to coordinate export of all Coming and Cor owned): See general Index. Dew Corning Corp. (50% owned): Incorpo rated in Michigan in 1943 in association with Dow Chemical Co. Operates plant at Midland. in 1954 from Pilkington Brothers. Ltd. Man tactures Pyrex brand ovenware. tableware, chemical ware, and Industrial specialties m * plant at Sunderland, England. AtJL vy 799 Saciet* des Verreries Industrielles Reunies Class Centers Corning, N. Y.: Employee's Sydney, Australia: Small plant for manu du Loing "Sovirel" (France) (formerly La Pyrex, S. A.) (32% owned): Manufactures Pvrex brand ovenware, television bulbs, chemical ware and other products at plants recreation center and Hall of Science and facture of bulbs for television tubes. Floor Industry. Floor space, 57,500 sq. ft. space, 50,000 sq. ft. Mechanical Engineering Building: Coming. Total floor space, all plants, 6,244,360 sq, ft. N. Y.: Central machine shop and machine de including 2,377,700 sq. ft. at Coming, N. Y. at Bagneaux-sur-Loing and Aniche, France. velopment departments. Floor space, 57,700 New Plants: Company has under construc Other associated companies are Cristale- sq. ft. tion a plant at Martinsburg, W. Va. for the rias Rigolleau, S. A. (Buenos Aires), Cia. Vidraria Santa Marina. S. A. (Sao Paulo), Houghton Park: Coming, N. Y. Includes in addition to Steuben Plant and Coming Glass manufacture of Corning ware and a plant for the assembly and distribution of Coming Cristalerias de Chile, S. A. (Santiago), and Center an administration building, 114,400 sq. ware and Pyrex ware at Greencastle, Pa. L"Electro Refractalre (Paris). BUSINE88 A PRODUOT8 Engaged In manufacture of glass products. Including fluorescent, electric light, tele vision and radio bulbs, electronic compo nents* tree ornaments, tumblers, lamp chim ft.; research laboratory, 60,100 sq. ft; de velopment workshop, 68,200 sq. ft. Corning Fibre Box Corpu Corning, N. Y.: Fibre boxes. Floor space, 170,000 sq. ft. Big Flats, N. Y., Plant: Chemical and labora tory glassware and other miscellaneous in dustrial glassware. Floor space, 152,000 sq. ft. MANAGEMENT Officers: Amory Houghton, Chairman William C. Decker, President Charles D. LaFollette, Fin. Vice-Pres. Amory Houghton, Jr., Staff Vice-Pres. neys, tubing, vacuum bottle liners, tableware Wellsboro, Pss, Plant: Machine-made bulbs; and lighting ware, Steuben line of stemware Christmas tree ornaments. Floor space, 298,- and art glass, cooking ware, laboratory ware, 400 sq. ft insulators, lantern globes, optical glass, re Central Falls, R. I. Plant: Machine-made fractory products for chemical, metallurgical tubing, bulbs and vacuum bottle liners. Floor and electronics industries, etc. Most of com space, 441,400 sq. ft. pany's products are sold under trade marks, Charleroi, Pa. Plant: Housewares, table Pyrex. Pyroceram and Vycor. ware, lighting ware, miscellaneous products. Sales offices at Corning, N. Y., New York, Floor space, 612,100 sq. ft. Chicago, San Francisco, Los Angeles, Dallas, Bradford, Pa- Plant: Electronic components. William H. Armistead. Vice-President Paul T. Clark, Vice-President John L. Hanigan, Vice-President John F. G. Hicks, Vice-President N. J. Vang, Vice-President R. Lee Watermazf, Vice-President Arthur W. Weber, Vice-President Frederick H. Knight, Secretary Thomas Waaland, Treasurer J. L. Ward, Controller Houston. Atlanta, Washington, D. C., Cleve Floor space, 142.560 sq. ft. Also leased plant; land and Zurich, Switzerland. floor space, 18,500 sq. ft. Of 1937 consolidated net sales, about 55% Parkersburg, W. Va. Plant: Machine-made represented sales of electrical and electronic products; 14% sales of consumer products, and tubing; chemical and apparatus ware; gauge glasses; miscellaneous Industrial ware and 31% sales of technical and other products. piping. Floor space, 272.600 sq. ft. PLANT AND PROPERTIES Main Plant: Coming, N. Y.: Railroad, ma rine and aviation signal ware; thermometer and other tubing: coffee makers: piping, spe cial industrial glassware; optical ware; and technical glass filters, ovenware. top-of-stove Muskogee, Okla- plant: Laboratory and coffee making ware. Floor space, 135,600 sq. ft. Albion, Mich. Plant: Manufactures tele vision bulbs. Floor space, 530,300 sq. ft. Danville, Ky. Plant: Manufactures bulbs and tubing. Floor area, 270,400 sq. ft. cooking utensils. Pilot Plant No. 1 is located Harrodsburg, Ky. Plant: Manufacturers Henry H. Sayles, Assistant Secretary William W. Sinclaire, Assistant Secretary C. H. Kruidenier, Assistant Treasurer Robert W. Foster, Assistant Controller Honorary Officers Eugene C. Sullivan, Hon. Chairman Harry M. Hosier. Honorary Vice-Pres. Jesse T. Littleton, Honorary Vice-Pres G. D. Macbeth, Honorary Vice-Pres. Directors. W. C. Decker. Corning. N. Y. Amory Houghton, Coming, N. Y. Amory Houghton, Jr., Coming, N. Y. Arthur A. Houghton, Jr., New York in this plant. Floor space, 1,021,800 sq. ft. optical and ophthalmic glass. Floor area, 103,Pressware Plant: Corning, N. Y.: Television 000 sq. ft. Charles D. LaFollette, Coming, N. Y. George D. Macbeth. Coming, N. Y. bulbs. Floor space. 331,200 sq. ft. Greenville, 04 Pyrex ware plant. Floor George Murnane, New York Fall Brook Plant: Coming, N. Y.: Machine- area, 265.000 sq. ft. R. D. Murphy made tubing and small bulbs. Floor space. 253,500 sq. ft. Refractories Plant: Coming, N. Y.: Refrac tories. Floor space, 71.000 sq. ft. VYCOR Plant: Corning, N. Y.: VYCOR ware and special products. Floor space, 81,400 sq. ft. Pilot Plant No. 2: Coming, N. Y.: To study New York Office: Office building and Steu ben retail shop. Company and associates oc cupy about 33!3%, balance leased. Floor space, 345,000 sq. ft. Corning Glass Works of Canada. Ltd.: Leaside, Ont.: Housewares; warehouse and dis tributing point. Floor space. 105,800 sq. ft. R. V. N. Hadley, Jr., Corning, N. Y. Howard C. Sheperd, New York Walter Bedell Smith, Washington. D. C Eugene C. Sullivan, Coming, N. Y. Auditors: Price Waterhouse & Co. Annual Meeting: Second Tuesday in Apr. Number of Stockholders, Jan. 3, 1960 (all pIaqgac) 19 PiS new manufacturing methods under produc Corhart Refractories CO- Louisville, Ky.: Re Number of Employees: Dec. 31, 1958, 13,000. tion conditions. Floor space, 55,800 sq. ft. fractories. Floor space, 142,500 sq. ft. Main Office: Coming, N. Y. INCOME ACCOUNT COW Net sales ________ ______________ __,,,, ECost of sales 13 Lb Selling, gen & adminis. exps.___ Research 8c development expenses_ iRATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED Jan. 3/60 Dec. 28/58 Dec. 29/57 Dec. 30/56 Jan. 1/56 $204,887,424 $159,137,729 $159,069,721 $163,053,554 $157,663,837 133,887:424 108,092,336 111,329,776 109,015.676 102,830,612 25,379.666 16,791,054 15,893,734 14,6384169 13,409,574 8,132,645 6.903.224 5,630,697 4,792.272 5.319,275 Jan. 2,*55 $147,938,842 97,019,437 12,326,938 4.493.529 Dec. 31/53 $149,294,036 99,731.973 11.826.845 5.220.558 Operating profit______________ ___ Other income ______________________ _ 37,861.411 8,071,216 27,351,115 6,162,427 28,215,514 5,541,296 34,607.337 3,832.717 36,104,376 3,574.689 34,098.938 2.398.466 32.514.640 1.977.743 Total Income_____________________ Interest, etc. Federal Income tax Federal excess profits tax State income tax 45,932,627 1,296,728 20,300,000 33,513,542 749,999 15,600,000 31:756.810 723,406 14,500,000 38.440.054 707.301 18,900,000 400.000 39,679.065 782,394 19,900,000 370,000 36,497.404 506.213 18,200,000 301.000 34.492.383 452.988 17,286,000 3,814.000 258.000 Net income 24,335,899 17,163,543 16,533,404 18,432,753 18.626,671 17.490.191 12.681,395 Earned surplus, Jan. 1___ ______ ____ ESurplus credits_____....__ Preferred dividends Common dividends__________________ Surplus charges________________ _____ 66,470,956 216,582 10,963,143 59,612.267 228,351 10,076,503 53.362,886 231,370 10,052,653 44,728,683 429.735 236,755 9,991.530 54,820,569 264,647 9.980.655 E18.473,255 45,577/287 269.885 7,977,024 38,491,560 277.672 5318.016 Earned surplus. Dec. 31 SUPPLEMENTARY P. & L. DATA Maintenance & repairs Depreciation, depl. 8c amort. BTaxes, other than income ents Royalties $79,627,130 $17,052,335 8,427,873 5,396,080 1,550.156 $66,470,956 $12,611,204 7,984,072 4,183,082 851.851 $59,612,267 $11,642,565 5,936.242 3,453.004 950,000 $53,362,886 12,944,160 6,659.124 4,066.298 L506.675 $44,728,683 11.079,784 5,899.031 3,798,631 945.467 40,648 $54,820,569 9,413.891 5.848.254 3,246.790 719.387 139,878 $45,577,287 Not stated 5,643.223 Not stated E1956-53: Include contributions to the Com E Includes payroll taxes. ings of its wholly owned foreign associates Sing Glass Works Foundation (a charitable cororation established during 1952): 1956, $900,00; 1955 and 1954, $1,794,000; 1953, $1,333,000. CDIncludes related portions of items shown under "Supplementary p. & L data" shown below amount. [3 Transfer to capital in connection with common stock split. 01956: Represents undistributed earned sur plus of wholly-owned subsidiary consolidated General: (a) Company's equity in undis tributed earnings of its major domestic affiliated companies (Dow Coming Corp., Owens-Corning Fibreglas Corp., Pittsburgh Coming Corp. and from 1957, Sylvania-Corning Nuclear Corp.) was: 1959, $2,372,730: 1958. $2,227,736: 1957, $2,509,732; 1956, $4,412,688; 1955. $5,323,607: 1954, $2,973,661; 1953, $3,127,960 and is not included in above statements. and subsidiary corrmanies not consolidated was: 1959, $1,436,319; 1958. $314,580: 1957, $631.086: 1956, $359,928; 1955, $43,964; 1954, $143,712; 1953, d $174,974. (c) Commencing Jan. 1, 1954, parent com pany adopted the sum-of-the-years-digita method of computing depreciation of fixed assets as permitted by the Internal Revenue Code of 1954. The effect of this change on in during year. (b) Company's share in undistributed eam- come for 1954 was not material. Record of Earnings, years ended Dec. 31 (in 3): Cost and Operating Oth. Inc. & Inc. Bef. Income Net Common Com. Shs. Earn. Per Year Net Sales Expenses Profit Ded. (Net) Taxes Taxes Income Dividends Outstand. Com. Sh. 1942------------ 43,277.815 33,887,332 9,390,483 d 354,000 9,036.483 6,417,708 2,618,775 1285.536 642,768 325 1943------------ 51.000,281 42,689,218 9.311,063 d 350,566 8.960.497 6266.130 2294.367 1285.536 642,768 3.93 1944-----------1945------------ 52,398.020 48,202,201 44,190,437 44,141,289 8,207,583 4,060.912 d 1255.173 d 383,885 6,952.410 3,677,027 4,959.718 1292,080 1,992.692 2284.947 1.285.536 1,317,654 650,777 2,634.708 3.05 0.86 1946-----------1947------------ 55,851,710 61,295,727 50,572.664 57,145,718 5,279,040 4,150,009 817.701 d 549.100 4,461.345 3,600,909 1,660,700 1282200 2200.645 2218,409 1,317,254 1.317.154 2,634208 2.634.308 1.00 0.73 -------------------------------------- 67,8666.01,06109,294 7.256.807 d 1,161.264 6,095,543 2.447.290 3.648253 1217.154 2.634.308 125 1949.----------- 73.197,782 61.618.194 11,579,588 236,848 11,816,436 4,738.052 7.078284 2,634.308 2.634.308 2.56 1119----------------- 116,473,981 81,573,689 34,900,292 770,495 35.670,787 18,058.432 17,612255 5,287.366 2,649,533 6.53 1||1----------------1952----------------1953.---------------- 115,750,172 93,052,059 126,455.784 98,811,014 149294,035 118,779296 22,698,113 27,644,770 22214.640 1464.551 871,385 LSZ4.75F 23262,664 13.721.500 28216.156 18493.000 34.039295 21258.000 10.141,164 10,323,156 12.68t.393 5218.016 5218.016 5218.016 2.659.008 2.659.008 2.659.008 3.70 3.77 4.66 BALANCE 8HEET CONSOLIDATED BALANCE SHEET, AS OF ,, ASSETS Cash ____________ _ ________ U- S. Govt, securities (atcosiy_______ Receivables, net_____________ ffi1neirfti,rlea-------------------------------------Prepaid expenses------------------------------- Jan. 3,'60 $15,017,506 30,217,606 21,435,936 26169.480 898.988 Dec. 28/58 $16,289,418 28.004,996 15,802,082 21,149,611 1,116,145 Dec. 29. 57 $13,732,387 24,468,179 11259,618 20,723,796 1,069,977 Dec 30/56 $20,848,080 26,930.815 10.971,652 19,513.477 1,109,982 Jan. 1/56 $18,121,173 32.832,445 10,908.358 17.798250 1,094,180 Jan. 2/55 $14,598,996 32,423,937 9.844,001 15,764,160 920,788 Dec. Sl,^ $13,256,364 24288.014 7,703,700 18,599,312 863,472 Total current assets $95,733,516 $82,362,252 $71253.985 $79,374,006 $80,755,006 $73,551,880 $64,710,862 BALANCE SHEET8 ASSETS Cash Accounts receivable ------------------------- HI Expenditures: ,. __ On shipbldg. contracts Sc est. profits thereon, less billings------------------ On uncompleted hydraulic turbines etc., less oillings---------------------- -------- CCMaterial & supplies------------------------- Prepaid and deferred items----------- Total current assets................ ........... Invest, in wholly-owned subsidiary-- Buildings, equip., etc.--cost--------------Depreciation and amortization--------- Net buildings, etc----------------------------Land, at cost-- Small tools, net COMPARATIVE BALANCE SHEETS, AS OF DEC. 31 1959 $12,469,745 15,060,489 1958 $5,006,123 17,629,148 1957 $6,656,167 5,837,553 1956 $13,481,284 8,015.040 1955 $14,966,688 5,543,957 12,733,691 3,583.114 6,789.961 560.988 $51,197,988 100,000 52,918,024 25,515,827 27,402,197 1,450,129 1,020,362 22,641,547 7.614.862 6,754.042 628,185 $60,273,907 100.000 49.960.839 23,882,702 26.078.137 1,441,872 1,068,631 33,785,590 7,295,214 7,640,223 847,598 $62,062,345 100,000 44,246.559 22,253,614 21.992,945 1,398,011 760,569 11,845,973 8,840,938 6,733.406 578,955 $49,495,596 100,000 41,164,811 21,105,338 20,059,473 1,323,970 466,227 8,665,371 5,130.671 4,598,644 568,498 $39,473,829 38,491,251 19,835.483 18,655.768 1282,850 675,394 1954 $13,936,970 6,746,698 9,711.598 7,670,915 3,999,849 591.755 $42,657,785 36,656.988 18,800,488 17.856,500 1,258,175 922,606 W.0^071 8.630,334 14,231,039 9.317216 5.378,807 652,535 *47,29Lo5J 35,628,245 17,953,152 17,675,093 1.245,649 1.086,803 Total $81,170,676 $88,962,547 $86,313,870 $71,445,266 *60,087,841 $62,695,066 $67298.547 , tNAAManSE0EHBNSPNgDN2nojcoclalairCTeeEiC0Au[CsHvcdintcDrrc,ettcxAmDaco8onnLi]reTTLdSes.cu3ccmeuAepit:ITeobeeoen3aAerputdndiser.Iue1tsmtpnttndSrsaatraaBae9s,ersodpsrGag5onlvllrTedwItuvse6ieobyenLgrebpnIci,raersfrssaCenIiplpatuatg$leTastsiua--elbolse1AgeryiuhsatrxIhnrcn,trlseropEas7aaauheLeseaos,g6slrclrebsSss-urnmce8syve-sNhkreSRls,eot---aees7cma---totts-E1-c-sos-rl--a-act--5it-oae--c-neC--a---xo-;c-p----not---s:--b--i-Om-c--o1--em---a.---u-ic-.9r--1n--Rl-rm.----nu--i5.-nm9o---s-t--.---D-5.-5-ti-a-ods---,m--ei-,-.o-9----c-h.nl-e-----e,-ss-n-$----ia-m----rp----6--t-----$r-------c--,Ia--e-----6o-0--n----------.----,t--3-----n-8c---i-------8----o-----9--o--------c--,--.----5---n5-----m-.-----o------,---4-.-----3----------m--8--c-e-------9-----------;-----.e-0---.-.-A.;r1t9ci1fci94coo,au8$$St$-ne5$2o33287t482201,s91101.-,,,,,,,.,,,.47777001716929747198790198$csp3m942442D65354S$3e81,t...,.e.,,..,2747895006r08960osE-9i...ri530953173971744s885cn1288675B4760E010129stexshiolcdtalofienrcesogke.sS$p$sx$352238ptp557613i801718c0ouo,,,,.,,,,,,,eo9027979%936931rnn00526n1422S04c0n8408629$S46499-01h3dsp13s,,.,.,,,2,,,,4.54a09540457808i7i9.h.l6t.d8024948360061624a5su8'i0170e760092902928iepnrredbasoutbivoiyleadHn$$$rniJe$832n324dm326s87387r5012ge,,,,,,t,,,,,T353911449486pacB701p3928879S00Eclte-o7307$434302e0563r3o21,,,i,,,4,,,,,,y,o33d68v09744624149.9n..e7337f406006000063e25ti465e030023290002847tvrdsasacluuftrosneerdc$i$$oone27222$cf9r1r08531615do,,,,,,,.,,e89400$8262042rme77e4x10202089$56d9*3509$92366041$52.,,,,22,,,,94,,32106057039-..5.356076406992502c0pt6806157086425008h7or0e^uio;Rrnerteo1.yp9n$$$e5r.26$22178ea8034711011,S8sr,,,,,,,,,35s08459e02151e,7810786,0100$2e4n91$70,850388661-6814.t,63G,.,,,,0,,.68020e8504129051...04000209947577301%ed91030107,525902,77n0b30e00yr;.a$l11$N$$92622$15po6206356167.ta,,,,,,,,1,608e222175r5900$2733154s6500583659418s1.,,7,,..,,,,uS44,4h006046612695..9.2n6409370085540a7915165100004266470dr4e,e4-s20r;50I;%1n9c$$$15$3622o998872534931m5,.,,,,.,,,.360211598563661940e90809$00531,20-8644055076$$452a.A1,,,,,,.,,26,3102054500303539n...5500c9040020877505%d,2057170739504203- Includes`$E50 prior'to 100% stock dividend. 0]After 100% stock dividend; before, 84%-67U. CAPITAL STOCK __ L Newport News Shipubilding & Dry Dock 1936___ 8.50 1937-38 1940--__ 6.00 On $1 par shares: Co. common; par $1: 1940-- 1.00 1941-45 AUTHORIZED--3,000,000 shares; outstanding, 1947 -. 3.25 1948-49 1,615,070 shares; reserved for options, 104.9JU 1951-- 3.00 1952___ shares; par $1 (changed from $100 par Aug. 1954... 4.00 1955___ 1.00 __ 2.50 4.00 2.50 3.00 1939-- 10.00 1946-- 1950----1953-- 1956----- 4.00 2.50 3.00 2.50 8, 1940, 0.65 preferred share and eight $1 common shares issued for each S100 share). DIVIDENDS (payments since 1904 follow): On $100 par shares: 1906___ $15.00 1907-18 1920__ 100.00 1921-- 1923-80 NU 1931.-- 1933___ 6.00 1934-- Nil NU $100 6.00 1919___*55.00 1922__ 01 1932___4.50 H11935__ 12.00 ^C?n7$l par shares (after 100% stock div.): 1957 -- 1.25 1958-- 2.00 1959-- 2.40 [2U960. 0.40 EStock dividends: 1922, 400%; 1935, 48.2%; 1957. 100%. (UTo Mar. 2. Dividends payable quarterly about Mar. 2. etc., to stock of record about Feb. 15. etc. VOTING RIGHTS--Has one vote per share. PREEMPTIVE RIGHTS--None. LISTED--On New Yoik Stock Exchange. TRANSFER AGENTS -- Morgan Guaranty Trust Co., New York and First & Merchants National Bank, Richmond, Va. REGISTRARS--Marine Midland Trust Co.. New York, and Central National Bank, Rich mond. DIVIDEND DISBURSING AGENT -- Morgan Guaranty Trust Co., New York. Stock Options held by officers and employ ees at Dec. 31, 1959, on 46,540 shares at prices from $29.27 to $41.44 per share. OWENS-CORN1NG FIBERGLAS CORPORATION OAPITAL STRUCTURE LONG TERM DEBT Issue 1. Term loans -------------- CAPITAL STOCK Issue 1. HCPomrivmaotnely held. ERange "siiice Rating E~ Par Value $1 2-for-l split in Amount Outstanding $25,000,000 Amount Outstanding 6,602,988 shs. 1956; range from Times Charges Earned 1950 1958 43.68 30.97 Earned per Sh. 1959 1958 $2.43 $1.67 Interest Dates Divs. per Sh. 1959 1958 $0.80 $0.80 1952 and to the split in 1956, 147-38. Call Price -- Call Price -- Price Range 1959 1932-59 m-- m-- Price Range 1959 1932-59 943,4-61 >,4 E 943,4-3514 |TJPrivately n u s Aerocor, an extremely Ught weight wool Prooddnu,cts Division HI8TORY product used as an insulating and sound con E. J. Detgen, Vice-Pres. (Home Bldg. Incorporated under Delaware laws Oct. 31, trol material; (4) Fiberglas filter products, Prod.) 1938, by Owens-Illinois Glass Co. and Corn used in heating, air conditioning and ventilat E. W. Smith, Vice-President ing Glass Works to continue development of ing systems and in industrial processes; and J. H. Thomas. Vice-Pres. Sc Gen. Mgr., [ flbOnUNov*Siofri954,CFiberglas Contracting Sc (5) Fiberglas mat products, consisting of por ous thin sheets used principally in manufac Supply Co. and Fiberglas Engineering i Sup ture of storage batteries and as protective Pacific Coast Division W. M. Keller, Vice-Pres. (Fiberglas Rein forced Plastics) ply Co., former subsidiaries, were dissolved, wrapping for underground pipes. T. V. Fowler, Vice-Pres. (Sales to Mfrs.) now operated as divisions. In 1958 a new type of roofing material was J. A. McKay, Vice-Pres. (Xnd. & Coro. AFFILIATION ^ , added. Company is affiliated with Owens-Dltaois PLANTS * PROPERTIES Constr. Materials) S. J. Weinberg, Jr., Vice-Pres. (Fiberglas Textile Fabrics) Glass Co. and Corning Glass *5?" Company owns plants at Newark, O., Kan eral Index, through stock ownership (see com- sas City, Kan., Santa Clara, Cal., Barrin- W. J. Clark. Vice-Pres. (Advt.) J. W. Trimble. Vice-Pres. (Sales) mOwTiS>49%bo1fcommon and 50% .f ,pr^rred{ stock of Fiberglas Canada Limited; 40% 01 Vitro Fibras, S.A., of Mexico; 40% of com mon of Asahi Fiber Glass, Ltd. of JaP^n. and 40% of common of Australian Fiore Glass Pty., Ltd.; also interests in New Zealand Fibre Glass Ltd. and Owens-Cormng Fiber glas International S. A. (Panama). , * Fiberglas Corp. (Del.), wholly-owned, Is tOn, N. J., Anderson, S. C., Ashton, R. I. Huntingdon, Pa. and Berlin, N. J.. with com bined floor area of 4,519.000 sq. ft. including 139.000 sq. ft. research center at Granville, O A 596.000 sq. ft. plant at Aiken, S. C. will be completed in 1960. . Toledo office and sales offices In principal cities are leased. ,. -Capital outlays of approximately $40,000,000 in 1960 were contemplated including comple W. H. Boeschenstein, Vice-Pres. (Sales) R. E. Brown Vice-Pres. (Sales) D. W. Ladd, Vice-Pres. (Sales) H. S. Neipp, Vice-Pres. (Sales) C. G. Staelm, Secretary C. F. Scarbrough, Treasurer H. M. Cranston, Compt. Sc Asst. Treas. Frederick Kiel. Assistant Treasurer A. C. Freligh, Assistant Treasurer J. W. Overman, Assistant Secretary considered not significant. BUSINESS A PR0DUCT8 Company Is engaged in development aim manufacture of fibrous glass products, dis tributed by its own sales organization which has 60 sales offices located in cities through out the United States. Company's products can he classified into the following five groups: (11 Fiberglas "wool" products, used for thermal insulation and acoustical applications: (2) Fiberglas tex tile products, consisting of strands, yams and cords, used by other companies In manu facture of electrical insulation and decorative and industrial fabrics, as reinforcements for plastics, papers, twines and rubber goods and ior other industrial purposes; (3) Fiberglas tion of New Aiken, S. C., plant. Affiliate Plants: Canadian affiliate has plants with an aggregate floor space of 370,000 sq. ft. at Sarnia and Guelph. Ont. Japanese and Mexico affiliates completed new plants in 1958. MANAGEMENT Officers: Harold Boeschenstein. President Games Slayter, Vice-Pres. (Research) H. R. Winkle, Vice-Pres. (Finance) B. S. Wright. Vice-Pres. (Purchases it Transportation) J. M. Briley, Vice-Pres.. Gen. Counsel L. R. Kessler, Vice-Pres. (Oper.) W. H. Curtiss, Jr., Vice-Pres. (Mktg.) B. E. Boyd, Vice-Pres. (Mfg.), General H. H. Keech, Asst. Treas. & Asst. Sec. Directors: Harold Boeschenstein J. E. Bierwirth F. M. Eaton J. M. Kemper D. W. Malott H. J. Morgens W. J. Murray, Jr. R. T. Stevens Auditors: Arthur Andersen Sc Co. Annual Meeting: Fourth Wednesday In Apr. No. of Stockholders: Dec. 31, 1959. 9.641. No. of Employees: 1959 (average), 9,765. General Offices: National Bank Bldg.. To ledo 1, O. New York Office; 717 Fifth Ave. Financial and Operating Ratio* Current assets current liabilities__ % cash and secur. to current assets__ ffl% Inventory to current assets f% net current assets to net worthproperty depreciated-- % annual depr. & depl., to gross prop. Capitalization: 1959 3.11 34.18 37.14 39.42 53.91 5.40 1958 3.45 28.62 39.75 34.92 50.94 5.65 1957 3.25 26.08 42.35 36.06 48.43 5.68 1956 3.21 31.36 37.74 S8.C4 46.6/ 5.68 1955 3.08 43.84 33.14 41.07 45.27 5.64 1954 3.04 45.69 33.57 38.64 43.19 4.09 1953 2.44 64.24 19.83 62.05 45.55 3.34 % long-term debt_________ ___ % com. stk. surp. & surp. re*.____ HJSales -h inventory _____________ ___ Sales receivables____________________ % sales to net property_______________ % sales to total assets________________ -- % net income to total assets._________ B)% net income to net worth---- -------- Analysis of Operations Total gross sales and revenues_______ Cost of sales and operating expenses__ Depreciation & depletion_________ ___ Selling, general and other expenses___ Gross operating income__________ ____ Dividends and other income_______ ___ Total income, ,.. ,. -.. Interest charge*________________ _ Income 8c excess profits taxes_______ Net income 27.06 72.94 7.05 9.13 153.21 91.65 6.37 10.58 % 100.00 69.33 7.65 8.93 14.09 0.71 14.80 0.92 6-93 6.95 29.03 70.97 7.19 9.03 130.47 84.93 4.57 7.57 % 100.00 71.76 8.83 9.18 10.23 0.66 10.89 1.10 4.40 5.39 30.07 69.93 6.91 9.28 140.22 90.29 6.77 11.45 % 100.00 71.86 7.86 8.47 11.81 2.23 14.04 1.06 5.48 7.50 31.97 68.03 7.54 9.21 141.38 90.15 6.33 11.04 % 100.00 70.88 7.53 8.64 12.95 0.64 13.59 1.09 5.48 7.02 33.15 66.85 7.73 11.12 140.91 86.72 7.19 12.93 % 100.00 68.46 7.32 8.36 15.86 0.64 16.50 1.16 7.05 8.29 34.65 65.35 7.28 11 78 120.98 77.05 6.25 11.42 % 100.00 70.32 5.96 9.08 14.64 1.42 16.06 1.41 6.54 8.11 36.75 63.25 9.07 11.30 147.97 77.65 6.43 13.12 % 100.00 71.52 4.15 8.44 15.89 1.11 17.00 124 7.48 8.28 Paid prior to 2-for-l split. After 2-for-l split; before. dividend. [3Net worth includes reserve for increased cost years. Plus 3% stock dividend in 1956 and 5% in 1955. 132-92. 01956 : $4.88 before 3% replacement (surplus reserve). stock dividend; 1955: $5.71 before Based on net inventory for 1953 .5% stock and prior LONG TERM DEBT 1. Allied chemical & Dye Corp. debenture 3V]ii due 1978: ____ Rating--Aa AUTHORIZED -- $200,000,000; outstanding, $175,436,000. DATED--Apr. 1, 1953. MATURITY--Apr. 1. 1978. INTEREST--A&O 1 at Chase Manhattan Bank. New York. TRUSTEE--First National City Trust Co., New York. DENOMINATION--Coupon, $1,000 and $100,000; registrable as to principal; fully regis tered, $1,000. $5,000, $10,000 and authorized multiples of $1,000 C 8c R and denominations interchangeable. SECURITY--Not secured by mortgage. Com pany and any subsidiary will not mortgage property unless debentures are equally and ratably secured therewith, except for (1) purchase money or existing mortgages up to 66 2/3% of lower of cost or fair value of property, as provided and (2) other permitted liens. If on any consolidation or sale of sub stantially all Droperties, any property would become subject to mortgage, debentures will be secured by direct prior lien thereon ex cept for any existing lien. RIGHTS ON DEFAULT--In event of default (30 day grace period for payment of Interest or fixed sinking fund), trustee or 25% of de bentures may declare debentures due and payable. Of shares outstanding, 2,419,252 (12.2%) held Feb. 28, 1960 by The Bank of New York, suc cessor under voting trust agreement dated Oct. 21, 1957, between North American Solvay, Inc. and First National City Bank, New York. i921__ 1937__ 1940-41 1946__ 1950__ 1950__ 01956- 01960. 3.00 7.50 8.00 8.00 4.00 2.00 2.25 0.90 1922-28 1938___ 1942__ 1947-48 4.00 Q]1927-36 6.00 1939___ 7.00 1943-45 9.00 1949__ res--after 4-for-l spilt.) [j] 1951-55 3.00 1956___ ($18 par shares) 1957-58 3.00 1959__ ($9 par shares) 6.00 9.00 6.00 10.00 0.75 3.15 CALLABLE--As a whole or in part on at least 30 days' notice at any time to April 1, incl., as follows: INDENTURE MODIFICATION -- Indenture may be modified, except as provided, with consent of 66 2/3% of debentures. Also paid stock dividends: Jan. 3. 1930, Jan. 3,1931, and Dec. 15,1955, 5%; Dec. 14,1956, 3%. 1957------ 1021i 1960___ 102 1963___ 10114 1966------ 101 1969___ 100)3 1978___ 100 Also callable for sinking fund (which see) to April 1, incl., as follows; 1957------ 101 Vi 1960___ 101 1963____ 100% 1966------ 10014 1969___ 10014 1978___ 100 PURPOSE--Proceeds for plant expansion, ad ditions and improvements and for working capitaL LEGAL--For savings banks in Maine, Massa chusetts, New Jersey and New York. 0To June 12. Dividends payable quarterly March 10, etc. to stock of record about Feb. 13, etc. PREEMPTIVE RIGHTS -- Has preemptive rights. SINKING FUND -- Fixed payments each Mar. 31 as follows: 1959-63, $7,000,000; 1964-68. $9,000,000; 1969-73. $11,000,000; 1974-77. $13,000,- OFFERED--($i00,000,000) at 99 proceeds to company, 98) on April 1, 1953 by Morgan Stanley 8c Co.. New York and associates. LISTED--New York Stock Exchange; unlisted tradmg on Boston, Philadelphia-Baltimore and Pacific Coast Stock Exchanges. 000, with right to anticipate payments through voluntary retirement of debentures at lower of sinking fund redemption price or cost thereof. In addition, but not in reduction of mandatory payments, optional cash payments up to $5,000,000 may be made each Mar. 31. CAPITAL 8TOCK 1. Allied Chemical Corp. common; par $9: AUTHORIZED--24,000,000 shares; issued and outstanding, 19,906,318 shares; reserved for options, 463,637 shares; par $9. TRANSFER AND DIVIDEND DISBURSING AGENT--Morgan Guaranty Trust Co.', New York. REGISTRAR--Bankers Trust Co., New York. ISSUED--At various times. For details see 1954-77. Cash in sinking fund If sufficient to No par shares split 4-for-l in Aug. 1950; Moody's 1949 Industrial Manual. redeem at least $25,000 debentures is to be changed from no par to $18 in Apr. 1956, share Stock Options held by key employees at used on Apr. 1 for redemption of debentures for share; from $18 to $9 Dec. 21, 1959 by 2-for- Dec, 31, 1959, on 345,857 shares at prices from at sinking fund call price. 1 split. $30.40 to $57.75 per share expire to 1969. OAPITAL 8TRUCTURE OWENS-ILLINOIS LONG TERM DEBT Issue 2. Debenture 3%s, due 1988 ______ CAPITAL STOCK Issue 1. 4% cum. preferred ______________ 2. Common Hating Par Value $100 6.25 Amount Outstanding $5J,000.000T 49,200,000 f Amount Outstanding 822,991 shs. 7.216.692 shs. GLASS COMPANY Time* Charges Earned 1959 1958 23.34 19.67 Interest Dates r 1J&D 1 Earned per Sh. 1959 1958 $49.61 $39.78 5.20 4.12 Divs. per Sh. 1959 1958 $4.00 S4.00 2.50 2.50 Call Price 105.40 Call Price 104.75 Price Range 1959 0-- 95-87 1932-59 0................. -- 100`,4-87 Price Range 1959 1932-59 11014-97% 110)4-86 , 104%-79)4 104)4-50% Range since 2-for-l split in 1955: range from 2-for-l split in 1937 and to the 2-for-l split In 1955, 131Va-38s,4; range from 1932 and to the split in 1937, 200-12. Privately held. Range since 1956. Subject to change--see text. Range since issuance. HISTORY common share. Exchange required 822,991 pre Owens-Illinois Inter-America Corp. (Ohio)-- Incorporated In Ohio. Dec. 16, 19(77 as The Owens Bottle Machine Corp., successor to a New Jersey corporation of the same name, in corporated Sept. 3, 1903. Charter is perpetual. Name changed to The Owens Bottle Co Apr. 9. 1919 and to Owens-Illinois Glass Co. Apr. 17, 1929. For subsequent acquisitions, see Moody'* 1948 and 1949 Industrial Manuals. In 1951 company purchased Sameric, Inc., Riverdale, N. J., manufacturer of thermo plastic caps and closures for glass and metal containers and plastic articles. On Apr. 1, 1952 company sold American Coating Mills division to Robert Gair Co.. Inc., for $6,170,190 and 400.000 shares of Galr common stock. Transaction involved paperboard mills at Elkhart, Ind.. and Middletown, O.. and carton plants at Elkhart, Chicago and Grand Rapids, Mich. ferred shares and 1,028.739 common shares. Company's Kaylo Division, manufacturing a fireproof insulating hydrous calcium sili cate material, was sold to Owens-Coming Fiberglas Corp. in May, 1958. In Sept., 1959, properties and inventories of Owens-Illinois plywood, Inc. (Vt.j were sold to Roddis Plywood Corp. and subsidiary liquidated. Also in 1959, company liquidated Glasco Products Co. (111.), National Container Corp. of Mich. (Mich.), and Toledo Automatic Brush Machine Co. (Ohio), former subsidi aries. Also formed Bristol Paper Products Corp. (Pa.) and Northeastern Container Corp. (Pa.), aB wholly-owned subsidiaries. On Nov. 2, 1959, acquired entire capital stock of Key stone Brass Works (Pa.) for 19,459 common shares; renamed Libbey Plastics, Inc., a wholly-owned subsidiary. SUBSIDIARIES Sells company products in Western Hemis phere outside of the U. S. Owens-Illinois International S. A. (Switzer land)--Formed early in 1960; headquarters in Geneva. Owens-Illinois Silica Co. (Mich.) Owens-Illinois Thinlite, Inc. (Ohio) Marinette, Tomahawk Sc Western R.R, Co. (Wise)--(see Moody's Transportation Man ual). Northeastern Container Corp. (Pa.) O-I Timber Corp. (Wise.) National Container Corp. of California (Cal.) Valdosta Southern R.R. Co. (Fla.) Names of 5 unconsolidated foreign subsid iaries are omitted from above list since, con sidered in aggregate, they would not con stitute a significant subsidiaiy. Other Investments: As of Dec. 31, 1959, Owens-Illinois Glass Co. owned 2,100,000 common shares (about 33 1/3%) of Owens- On Dec. 16. 1952, formed Owens-Illinois Inter-America Corp., wholly-owned. On Sept. 16. 1953, acquired 50% interest in Plax Corporation (Del.), from Emhart Manu facturing Co. at a cost of $8,000,000 (sold in Company Is primarily an operating com pany. On Dec. 31, 1959, held 100% voting power in the following subsidiaries: Name, place of incorporation and business: Coming Fiberglas Corp. (see general index). Amount includes 864.141 shares reserved for exchange--see 4% preferred, below. Also owned 334.813 common shares of Con tinental Can Co. held in voting trust. 1957). Bristol Paper Products Corp. (Pa.) Also owned 180,000 shares of Container Corp. On Oct. 4, 1956, merged National Container Corp. (DeL); reincorporated in Ohio and op erated as a subsidiary. Under the plan each common share was exchanged for one-fifth Libbey Plastics, Inc. (Pa.) Lauterbach Corp. (Del.)--Plastic molding ma chinery Kimble Glass Co. (Ohio)--Television bulbs, of America (see general index), 338,130 shares of Monsanto Chemical Co. (see general index) and 74,428 shares of Pennsylvania Glass Sand Corp. (see general index). share of $100 4% preferred and one-fourth oonutmn share and each preferred share for 389/TCOO of a psefswed share sad 44/100 of a glass tubing and rod, laboratory appara Company also has majority interest in Actus, gUss^jjock. insulators and miscalls*- tlen-Gesallschaft der Gerresheimar Glaahut- tanwarka vorm. Far*. Haya (Oastnany) and MOODY'S INDUSTRIAL MANUAL 2815 Compagnie Internationale de Gobeleterie In- International Division--The division handles C. R. Megowen, President ebrecbable. S. A. "Durober" (Belgium); and all company business outside the Continental H. C. Laughlin, Exec. Vice-President minority interest in Companhia Industrial United States, including sales, manufacturing, C. G. Bensinger, Exec. Vice-President Sao Paulo E Rio "Cisper" (Brazil). investments, licensing, and sale or lease of G. S. Babcock, Vice-President BUSINE8S AND PROOUCT8 machinery and equipment. Is also responsible for operations of Owens-Illinois Inter-Amer O. G. Burch. Vice-President E. D. Dodd. Vice-President The general organization is composed of an ica Corp. which sells company's products in H. S. Wade, Vice-President administrative division and several operating Western Hemisphere outside of the United R. A. Cosh. Vice-President divisions and subsidiaries. States, and for Owens-Illinois of Panama S.A.. J. L. Gushman, Vice-President Glass Container Division--Comprises largest which has responsibility for investments in R. H. Mulford. Vice-President part of company's business, with manufactur Central and South American countries. First S. L. Rairdon, Vice-President ing plants located to serve all sections of the glass container factories to be operated by this W. J. Stewart. Vice-President country. Operates container factories and divisions are near Havana, Cuba, near Valen A. M. Turner. Vice-President sales offices east of the Rocky Mountains cia, Venezuela and near Bogota, Colombia. P. W. Hancock, Vice-President Products include glass containers sold under the trade-mark Duraglas. These are used for packaging prepared and processed food, me dicinal. health, dairy, household, toiletry and cosmetic products, beer, carbonated bev erages, liquor and wine. Major plants of this division also produce corrugated shipping cases for their own use. Pacific Coast Division--Independent op erating division with glass container fac tories, sand plants, closure plant, and sales offices, located west of the Rocky Mountains. Operations in the West parallel those of Glass Container Division in the East Closure and Plastics Division--Independent operating division. Manufactures metal and plastic closures and other plastic products which are sold by company's other divisions and subsidiaries. Libbey Glass Division--Produces Libbey Safedge glass tumblers, stemware, and ta bleware for the retail trade and for hotels, restaurants, cafes, clubs, bars and soda foun tains; cut and engraved glassware. Also makes tumblers used as jars for packing food prod PRINCIPAL PLANT8 A PROPERTIES Factories are located as follows; Alton. IU. Lg. Island, City, N. Y. Atlanta, Ga. Los Angeles. Cal. Aurora, Ind. Madison, 111. Big Island. Va. Bogota, Col.. S. A. Bradford, Pa. Bridgeton, N. J. Bristol, Pa. Memphis, Tenn. Mercedes, Tex. Miami, Fla. Milwaukee, Wise. Minneapolis, Minn. Buffalo. N. Y. Charleston. W. Va. Chicago, 111. Chicago Heights. IU. Clarion, Pa. Columbus. O. Corona. Cat Dallas, Tex. Detroit. Mich. Fairmont W. Va. Muncie. Ind. Newark, N. J. Oakland, Cal. Pacific Grove. Cal. Portland, Ore. Riverdale, N. J. St Charles. IU. Salisbury, N. C. San Jose. Cal. San Jose de las Lajas. Flint, Mich. Gas City. Ind. Olassboro N. J. Godfrey, HI. Cuba Streator. 111. Toledo. O. Tomahawk. Wise. C. G. McLaren, Vice-President R. E. Graham, Vice-President G. B. Skinta, Vice-President E. E. Smith, Treasurer C. F. Babbs, Secretary F. M. Canter. Comptroller Director* C. G. Bensinger, Toledo W. H. Boshart. Toledo EH. E. Collin, Toledo A. J. Hettinger, Jr., New York Fritz Heye, Dusseldorf, Ger. J. A. HiU, Hartford, Conn. C. E. Janssen, Brussels, Belgium H. K. Kimble, Ocean City, N. j. W. W. Knight, Toledo B. C. LaughUn. Toledo EJ- P. Levis, Toledo EW. E. Levis, Toledo EC. R. Megowen, Toledo EJ. T. Rohr. Toledo C. S. Root, Daytona Beach, Fla. R. L. Snideman. Chicago EMember of Executive Committee. ucts, '`melamine" plastic dinnerware. Mtinitn-ton, W. Va. Toronto, Can. Auditors: Arthur Young Sc Co. Mill Division--Operates paper mills and is lone. Cal. important part of company's paper products business which also comprises National Con Jacksonville, Fla. Jaite. O. tainer Corn, of California (subsidiary) and Kansas City, Mo. Valdosta, Ga. Valencia, Venezuela Vineland, N. J. Waco, Tex. General Counsel: Fred E. FuUer. Annual Meeting: Third Wednesday in April at Toledo, O. Multiwall Bag Division. Processes pine and Lake City, Pa. Warsaw. Ind. No. of Stockholders: Dec. 31, 1959; Pre hardwood, from company-owned and other Company has. in West Virginia, an un ferred, 7,765; common, 26,515. sources, into pulp, containerboard and semi chemical corrugated medium. Sells to com pany and to others. Multiwall Bag Division--Makes wide line of divided half interest in 155,783 acres of gas rights, on which there are 699 producing weUs supplying gas requirements of Charleston plant. No. of Employees: Dec. 31, 1959, 33,722. General Office: Owens-Illinois Bldg., Madlson Ave., Toledo 1, O. paper bags for sale to others. National Container Corp. (subsidiary) owns, Management Profit-Sharing: Executives ms Electronic Products Division--Manufactures leases or controls timberlands aggregating department heads receive additional compen and sells complete line of glass television about 925,000 acres in Wise.. Mich., Vt., Ga., sation under plan adopted Jan. 20, 1930, as de bulbs. Fla., Canada and the Bahamas. termined by the company's president out of a Blown and Tubular Products Division-- Manufactures glass tubing and rod and prod ucts made from them, including ampuls, vials, syringe cartridges, etc. Industrial Materials Division--Manufactures Capital Expenditures in 1960 are estimated at $32,000,000 which compares with $32,100,000 in 1959. MANAGEMENT fund representing up to 8% of earnings in ex cess of 10% of capital and surplus at the be ginning of the year. Total of the participating salaries shall not exceed 10% of the excess earnings fior eachn year. Total bonus to any and sells glass block, daylighting panel and Officers articipant in any year shall not exceed h communication insulators. J. P. Levis, Chmn. of Bd. Sc Exec. Com. salary for that year. INCOME ACCOUNTS COMPARATIVE CONSOLIDATED INCOME ACCOUNT. YEARS ENDED DEC. 31 (Taken from reports filed with Securities and Exchange Commission) 1959 1958 1957 E1956 1955 Net sales Sc other operating rev____ $552,676,933 $508,459,931 $510,486,850 $495,974,236 $370,347,666 HJECost of sales, royalties paid, etc-- 420.919.431 395,884.012 396,440.245 378,699.937 287,810,152 ESelllng, general Sc arim. expenses. 53.425,878 49,278,249 47.660,666 46.370,575 29,539,134 1954 $336,708,809 267,211,730 27,655,642 1953 $333,024,055 268.523.903 26.240,558 Operating profit. Dividends received________________ _ Interest received ____________________ Miscellaneous other income_________ 78.331.624 2,938.575 1,974,545 1,514.553 63,297,870 3,073,383 767,392 1,005,729 66.385.939 2,942.313 434.240 998.195 70,903,724 2.533,272 767.653 1,339,706 52,998.380 2,171,570 503.116 56.554 41.341.439 1,836.921 148.670 56.120 38.259.594 1,702.401 87,181 48,308 Total Provision for bad debts_____________ _ Interest expense_____________________ ESundry expenses Sc losses (net)____ 84,759,297 42.508 3,581.940 1,103,495 68,144.174 280,643 3,350.070 1,972,866 70,760.687 150.175 2,723.433 399,762 75,544.355 429,523 2,717,112 258,502 55.729.620 1,554.246 53,064 43,883.147 68.178 L364.777 11,228 40.097.484 318,571 549,797 4.055,729 Total Income before taxes_________ EProvision for Federal Income tax -- Federal excess profits tax____________ Estate Sc foreign income taxes Net income_________ ...________....... ESpecial item 80.031.354 33,200,000 40,831,354 62.540,595 29,800,000 32,740.595 CT 5,031,410 67.487,317 32.800.000 600.000 34,087.317 CT 1.722.700 72,139,218 35,840,000 950.000 35.349.218 54,122,310 26,900,000 200,000 27,022,310 42,438.965 20,800.000 100,000 21,538,965 35.173.386 16.700,000 2,100.000 106,000 16,267,386 Net Income to surplus EEarned surplus beginning of year.. SSurplus credits 40,831,354 156,936,517 37,772.005 140,322,819 35,840.017 125,662.983 35,349,218 136,871,613 1,526.674 27.022,310 86,064,518 21,538.965 76,753,049 16.267,386 72,713,159 ^Preferred dividends_______________ 3,291,964 3,291,964 3.291.964 1.0U1.946 IiCommon dividends ........._..... SISUSOPtothPcEeLkraErdsMnuievEridpdNleuTsnsuAdrRpsdYleu_sb_P,_i.t_es_Sn_.c_.d_.L_o.__fD_y_A_e_Ta__Ar_... 17,898,317 $176,577,590 17,866,343 $156,936,517 17,858,217 $140,322,819 17,581.671 1,041,614 28,459,291 $125,662,983 12,991,714 $100,095,114 12,227,496 $86,064,518 12,227,496 $76,753,049 Deprec., depl. Sc amortization_____ _ SMolds charged to expense aintenance Sc repairs_____________ (ETaxes (other than incoma)______ Rents _______________________________ Royalties $17,689,496 8.244,310 27,477.988 12,691,098 3,528.139 1,148,283 $18,196,439 8.686,520 23.813.041 9,716.294 3,252,501 928.710 $17,319,473 9,514.725 23.882.185 9,161.625 3.344.491 1.035,289 $15,255,826 8,073,506 22,349.107 8,365,556 3,379,745 1,128,471 $3,444,679 7,003.852 14.448.883 5.516.995 2,515.414 1,298.331 $8,045,007 6.377,142 13,666.061 4,711.570 2,838.548 1,118.160 $7,416,977 6.351,879 14,078,872 4,467,453 1,975,214 694,465 BD1953: plant Includes $2,958,499 loss on sale of E Includes, for entire year, operations of National Container Corp., merged Oct. 4, 1956 01956: $100,095,114 Owens-Illinois Glass Co. and $36,776,499 National Container Corp.; to ^Includes payroll taxes (1959. $5,887,242). 3)1957: Includes $1,040,000 deferred income tal, $136,871,613. IS Cost of safes and other operating expenses taxes provided in amounts equal to reduction 01956: Transfer from equity in surplus of (including depreciation, depletion and amor in current taxes due to excess of accelerated non-consolidated on acquisition of minority tization: 1959. S16.941.544: 1958. $17,611 936- amortization over book depreciation. interest by National Container Corp. 1957, $16,915,723; 1956, S15.120.935; 1955, S9.198,637; 1954, $7,833,694; 1953, S7.246.043; and re search and engineering expenses: 1959. $12.321.631; 1958, $11,747,430; 1957, $12,700,246; 1956, $11,350,433). OBIncludes related portion* of items shown under "Supplementary P. & L. Data" below statement. fflAt Dec. 31. 1959, $77,725,229 of earned sur plus waa restricted a* to cash dividend* an ------------- stock. (BNo depreciation is provided on molds. The amount at which molds are carried in the company's accounts represents the value thereof at Dec. 31. 1930 as determined by in dependent appraisal plus (a) certain additions for molds acquired from companies whose as- set were purchased and (b) additions for molds for new products, mmuy (c) molds specifically allocated to plants sold in their pelnatcireemtye.ntA! lel roathcehrarngeedw mold* te or mold re 01956: On National Container Corp. pre ferred prior to Oct. 5, 1956, $214,755; on OwensIllinois Glass Co. preferred subsequent to Oct. 4, 1956, $787,191; total, $1,001,946. 01956: Includes $1,653,660 paid on National Container Corp. common prior to Oct. 5, 1956. 01956: 1% stock dividend paid June 8. 1996 on National Container Corp. common. 531956: Charges arising from megger with National Container Corp,