Document XObov6ZJbe03Dm01eJ7eZ9NZB

PLAINTIFFS EXHIBIT K-1754 MOODY'S MANUAL OF INVESTMENTS AMERICAN AND FOREIGN INDUSTRIAL SECURITIES JOHN SHERMAN PORTER, Editor-in-Chief Editorial Board Frank J. St. Clair Arthur W. Herrmann C. Wesley Lee George I. Blair David M. Ellinwood Max Brupbacher 1947 Public Librarg ; u rj 1947 c"19471BV Dallas, Texas Moody's Investors Service, New York ALL RIGHTS RESERVED MOODY'S INVESTORS SERVICE 65 BROADWAY, NEW YORK 6, N. Y. PHILADELPHIA BOSTON CHICAGO LOS ANGELES PITTSBURGH SAN FRANCISCO Stock Exchange Bldg. 75 Federal St. 105 W. Adams St. Hollingsworth Bldg. Union Trust Bldg. Russ Bldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. 1203a t o^jtalstock rtu Issue Value Outstanding 1946 1945 1946 1945 Price ,, ,.(.1*, cumulative preferred $100 314?!' cumulative pfd., 1947 series-- 100 r1-S/v>y'i'Apr. i7"l951.'incir*See "trart.'*nRange sin5 ce 50,000 shs. (350,000 shs. 2,634.708 aha. 1945.~ Ejlssued in $56.01 $47.70 1*66 0*85 Mar"~1947. ETo $3.50 $1.6044 0103 1310544 0.50 0.3744 Apr. i, 1952, inci. 'See text. 1946 10944-10144 010944-10144 --........................................ 3944- 2544 03944- 2544 .,ncv also cellular glass products sold under trade operations. Floor space, 19,100 sq. ft. u|S>or\ . , , -- ,, 10m name of Foamglas used in refrigeration cham- Parkersburg, W. Va. Plant: Machine-made incorporated i ^ v,,,t .2iS bers and as a flotation material. tubing; chemical and apparatus ware; gauge , a conso__ij_d. a--tlonof ^ a^ N__e__w___Y_o__r_k coimn'piaaTnky Owens-Cerning Piberglas Corp. (46% of com- glasses; miscellaneous industrial ware. Floor J5 jame ?n ^IK4ndnMsyalvcabmeatom-^a1M899G. lBausiCneos. smecsotraabolirsahteedd in in mon owned): Organized in Delaware in 1938 ilQnnwaanssss3oa0cnciidaattioioopnnerw^aftitethhs FOOibwweeernngslsa--sIIlllliipnnlooaiinsstsGGallaatssssNeCCwoo-.. space, 195.300 so. ft. .. New York Office: Office building and retail store. Floor space, 18,800 sq. ft. isSl a1 ,n,- ark, O., Ashton, B. I,, Kansas City, Kans.. and Corning Glass Works of Canada, Ltd.: Lea- IBOn SePj,ii2n^id Huntingdon, Pa. Also see general index. side, Ont.: Ovenware. Floor space, 105,500 DowCUO*: Ba uildmg at Fifth Ave. and K56CthfS'Sqtf;.CNeww rated ,nCoMrtncihniggaCnorlnp. 1(95403% owasnseodc)i;atIinocnowrpitoh- SClCorhart Refractories Co., Louisville, Ky.t Re york and cartain at Coming. N. Y. Dow Chemical Co. Operates plant at Midland, fractory parts. Floor space, 77,600 sq. ft >su..b.sinidiisaroieins ma. aafrfmiliiaivtens Mich, for manufacture of electrical insulating Total floor space, all plants, 3.305,400 sq. ft., stouben Glass, Ine. (wholly-owned); Incor- resins, greases, fluids and elastomers re including 1,590,000 at Coming, N. Y. ted in New York ln 1933. Designs and distributes fine glass tableware and art glass, ^eorhart Refractories Co. (100% of voting tick o^aawnndjdnenoodpnn)ee;.rrWaaOtteeriugssarrneeifzfrreaadccttioonrriieDessenpnlaillwaaannnattireaattintLLoo/M1uu9ii2iless7--. ride. Ky-On Mar. 28 1947. this utstsmding 205 tered wlthtteSEC 182.520 ooutstanding^^ sembling natural or artificial rubber, all gen erally known as silicones. BUSINESS & PRODUCTS jnEcinugdaignef,d filnuomreasnceunfat ctaunrde oraf dgiolasbsuplbrosd, utcrtese, ornaments, tumblers, lamo chimneys, tubing, vacuum tmttle.liners, tableware and lighting MANAGEMENT Officers: Amory Houghton, Chairman Glen W. Cole, Vice-Chairman William C. Decker, President George D. MacBeth. Vice-Pres. & Cont. William H. Curtiss, Vice-Pres Sc Secretary and art glass e. insulators, Charles D. LaFollette, Vice-Pres. 8c Treaa Eugene W. Ritter, Vice-President nrhieb miilil snnlv net nro- laIller" giuoes, optical glass, etc. Most Of COm- Harry M. Hosier. Vice-President anPemaiSion nmCTMi P Pany's Products are sold under trade names. Jesse T. Littleton. Vice-President wXTcassde, Ltd. Corr.taj. Pyrex William C. Taylor, Vice-President iwholly-owned:) Organized in 1945 to operate PLANT AND PROPERTIES 1 plant, purchased from Canadian govern- Main Plant: Corning, N. Y.: Chemical la ment at Leaside, Ont. for manufacture of boratory and pharmaceautical ware; railroad, heat-resistant glassware and other special marine and aviation signal ware; thermometer nroducts for Canadian and certain export and other tubing; Steuben art glass; coffee JJiarkets. After extensive reconversion work makers; piping; special industrial glassware; necessary to adopt plant's facilities to glass- optical war: and technical glass filters. Floor making, production was started in summer of space, 948,000_sq. ft. 1946. Pressware Plant: Corning, N. Y.r Ovenware Corning Glass Works of So. America (Cris- and top-of-stove cooking utensils. Floor space. talerias Corning de Sud America, S. A.) 255.400 sq. ft. (wholly-owned); Incorporated under Argen Fall Brook Plant: Corning, N. Y. (partly tine laws in 1942. Owns Argentinian and leased); Machine-made tubing and small bulbs. Chilean patents of company and 26.04% of Floor space. 247.000 sq. ft. Chistalerlas Rigolleau. Latter operates glass Pot and Clay Plant: Corning. N. Y.: Refrac plant near Buenos Aires, Argentina. Also owns tory and clay parts. Floor space, 68,000 sq. ft. 22.46% of Cristalerlas de Chile, which operates VYCOR Plant: Corning, N. Y.: VYCOR prod a glass plant at Santiago, Chile. ucts and warehouse. Floor space, 71.600 sq. ft. Vidros Coming Brasil, S. A. (wholly-owned); Wellsboro, Pa., Plant: Machine-made bulbs: Organized in Brazil In 1944. Owns 27.5% of Christmas tree ornaments. Floor space, 305.000 ordinary shares of Cia Vidraria Santa Marina, sq. ft. which operates a glass plant at Sao Paulo, central Falls, R. I. plant: Machine-made Brzil. tubing, bulbs and thermos pistons. Floor space, Pittsburgh Corning Corp, (50% owned); Or 402.000 sq. ft. William W. Sinclaire, Assistant Secretary Frederick H. Knight. Assistant Secretary C. H. Kruidenier. Assistant Treasurer Thomas Waaland, Assistant Treasurer Honorary Officers , Alexander D. Falck. Honorary Chairman Eugene C. Sullivan, Hon. Vice-Chairman George B. Hollister, Honorary Vice-Pres. Arthur L. Day, Honorary Vice-President Directors: Glen W. Cole, Coming, N. Y. William H. Curtiss, Corning. N. Y. W. C. Decker, Corning, N. Y. Alexander D. Falck. Elmira, N. Y. Amory Houghton, Coming, N. Y. Arthur A. Houghton, Jr., Coming, N. Y. C. D. LaFollette, Corning, N. Y. George D. Macbeth, Corning. N. Y. George Mumane. New York Gordon S. Rentschier. N. Y. Halsey Sayles. Elmira, N. Y. Eugene C, Sullivan, Corning, N. Y. B. C. Wright, New York Annual Meeting: Second Tuesday in Apr. ganized in Pennsylvania ln 1937 ln association Charleroi, Pa. Plant: Tableware, lighting Number of Stockholders: Dec. 31. 1945: Pro with Pittsburgh Plate Glass Co. Owns and ware, miscellaneous products. Floor space, ferred, 497; common. 4.246. operates plant at Port Allegheny. Pa. for 591.900 sq. ft. Number of Employees: Jan. 18.1947, 12,079. manufacture of hollow glass building blocks. Bradford, Pa. Plant (leased); Metalizlng Main Office: Coming, N. Y. COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED DEC. SI INCOME ACCOUNT Net sales ____________ 1946 $55,851,710 1945 $48,202,201 _ 1944 $52,398,020 01943 $51,000,281 (1)1942 343.277.815 Cost of sales 43,550.983 38,778,065 38.631.265 36.450.849 28.815.648 Selling, gen. 8c administrative exps... 5.087,480 4.120.452 3,875.446 3.725.398 3.601.766 Research & experimental expenses-- 1,878,620 1,144,507 1,579.580 1,396.008 1.362,799 Provision for doubtful accounts .... 55.582 98.265 104.146 116.963 107.119 1941 $36,500,248 Not stated 1940 $24,752,844 Not stated Operating profit mother income ___ 5,279,046 0833,106 4.060.912 01.604.650 8,207,583 158.077 9.311.063 196.890 9,390.483 122.428 Total income Interest Foreign exchange loss _____________ [^Royalties [^Pension plan Contingency reserve _______________ Settlement Miscellaneous deductions _________ Minority interest Federal Income tax ________________ Federal excess profits tax_________ Post-war excess profits tax refund State Income tax 6.112,152 58.763 41,322 1.100.215 403.466 47.041 1,606,200- 54.500 5,665.562 156.067 74,192 1.079,387 dr 592,686 10.425 75,778 1.132.580 116.000 43.500 8.365.660 50.616 T6.996 108.404 1.001.760 100.000 8,775 69.698 1.428.125 8,884.877 cr 379.488 76.204 9,507.953 36.221 72.351 113.288 250.000 5.909 09.686 1,432,114 5.307.338 cr 437.736 64.414 9,512.911 12.504 66.982 19.411 150.000 IB118.422 99.108 1,439.162 5.349.703 cr 411.970 40.813 1,835.672 3,435.427 884.122 210.540 Nt Income___ Preferred dividends Common dividends .. 2,800.645 175,000 1.317,254 2.384,947 124.000 1.317,654 1.992.692 1,285.536 2.594.367 71.323 1.285.536 3.918.775 142.644 1,285.536 3,636,800 Not stated 2.861.129 Not stated Surplus for year__ Earned surplus, Jan. 1 .. Surphis charges______ 1.308.391 7.686.437 253.984 943.293 T.669.299 926.156 707.156 06.962.143 1,237.509 5,874,634 1.190,595 4,684,040 Earned surplus, Dec. 31 $8,740,843 S7.686.436 $7,669,299 37.112.143 15.874.634 mincludes dividends from affiliated and other companies: 1946, 841.627; 1945, $34,896; 1944. $26,381; 1943, 46.110; i942, $46,620. 0Excluding royalties charged to cost of sales; 1946. $474,840: 1945. S371.563; 1944, $335,831; 1943. $327,166; 1942, $378,791. 0Includes $562,500 (1945. $761,570) install ments under contract for assignment of Patents and adjustment of royalties and nil (1945, $518,752) release of reserves for doubtful accounts and furnace repairs. ^Estimated costs under pension plan (in cluding past service costs applicable to 1945 Of $577,910 [1944. $566.4931). 0After depreciation and amortization: 1946, SL040.392: 1945. $949,412; 1944. $900,269; 1943. $866,990: 1942. $382,048. 01946: Goodwill of a subsidiary written off. ln addition to amount charged to capital sur plus. 1945; Transferred to canital in connection with subdivision and change in par value of common shares. $684,483; refinancing expenses, $241,673; total, $926,156. ETaken from reports filed with Securities and Exchange Commission. 0As reported. BALANCE 8HEET ,, ASSETS Cash _________ ________ U. S. Govt, securities. Receivables, net______ Other receivables____ 0Inventories ...______ CONSOLIDATED BALANCE SHEET, AS OF DEC. SI 1946 $3,876,387 1,066.809 5.070.461 66.110 8.721.922 1945 $3,588,723 5.063.870 3.952.309 489,234 6.730.781 1944 $3,835,257 4,033,156 3.774,801 99,943 0.426,352 Total current__ Plant & equipment Depreciation _______ _ Net property____________ Patents, net ...____________ Investment ln subsidiaries. 0Investment in affiliates.. $18,801,690 21.415.226 9.153.190 12,262,036 69.453 826,343 5.125,753 $19,824,917 17.882,552 8.428,484 9,454.068 66.619 326,342 4.755.253 $18,169,509 16.730.167 7.699,163 9,031,004 70.226 $24,343 L471.736