Document b5a1xVXgJEv2G3pJRrNNdZ6Jk

MOODY'S MANUAL OF INVESTMENTS AMERICAN AND FOREIGN INDUSTRIAL SECURITIES JOHN SHERMAN PORTER, Editor-in-Chief Editorial Board Joseph A. Dittrich Max F. Brupbacher Nelson Schaenen L. A. Griffin Walter F. Hahn Joseph M. Oliver Frank J. St. Clair Public Librh 1939 J'Jl : : Dallas. COPYRIGHT, 1939, BY Moody's Investors Service, New York - ALL RIGHTS RESERVED MOODY'S INVESTORS SERVICE 65 BROADWAY, NEW YORK 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. ft V* '* ONDON: MOODY'S INVESTORS SERVICE, LTD. KING WILLIAM STREET HOUSE, ARTHUR STREET, E.C.4 w.*Tilar dividends paid quarterly Jan. R?*itn stock of record Dec. 31, etc.) i. **?, ls 1932, Incl.; none thereafter to to Apr. 936 when 17%% was paid. ln* up arrears to Oct 5, 1934, Incl. clearins arreara were cleared up In Remaining re&u]ar quarterly dividends thereafter to Jan. 5. 1939. c. G. Conn, Ltd. fi% cumulative pre- ^T^fhorized, ^500.000: outstanding, $165,- riar 3100. Has second preference as and 6% cumulative dividends, rwihfble on any dividend date on 3 ,,nrha' notice at par. "`nJa-ular dividends paid quarterly Jan. , ,to stock of record Dec. 31, etc.) * inr 5 1932, Incl.; none thereafter to nr 1937. when arrears were paid In , mi-' regular quarterly dividends paid thereafter to Jan. 5, 1939. , <j g. Conn, Ltd. common: vuthorized, 96.000 shares; outstanding, 74 031 shares: no par value. Has one "paid6 dividends of 60 cents monthly . nct 5, 1930, incl.: none thereafter Aor 27. 1938 when 60 cents was paid; v 1939, 12% cents. Paid extras of $1 in 1924, 1926 and 19S6tock transferred and registered at mmoany's office. Number of stockholdersDec. 31, 1938: 7% preferred. 66: 6% preferred. 234; common, 72. CONSOLIDATED CAR HEATING CO., i\<; i Incorporated in New York, June l' 1927, as a reincorporation of Consoli dated Car Heating Co., Incorporated in West Virginia, June 24, 1889, as a con solidation of the Sewall. McElroy and Standard Car Heating Companies. Owns patents covering apparatus for heating railroad coaches by steam from the loco motives and systems of heating by elec tricity. ,^ . Company does a general steam and electric car-heating business, and deals in railroad supplies generally. In 1923, acquired the Automatic Ventilator Co. of New York. In 1932, put on the market the "Consolidated Hydraulic Underfeed Stoker". In 1934 the Metal Products Di vision began marketing a general line of dental equipment. Plants at Albany, N. Y., and Coaticook, Que. Number of employees, Dec. 31, 1938, 146. Ofllcerst C. S. Hawley, Pres, and Treas., Albany, N. Y.; W. S. Hammond, VicePres.. Albany, N. Y.: J. H. McElroy, Sec.: F. M. Roos, Pur. Agt., Albany. N. Y. Directors: C. S. Hawley, T. I. Van Ant werp, J. H. McElroy, W. S. Hammond. W. L. Gillespie, Albany. N. Y.; C. C. Nuckols, Menands, N. Y. Annual Meeting i Fourth Monday In June. General Office! 413 North Pearl St., Al bany, N. Y. New York Office: Singer Building. Chicago Office! Buckingham Building. London Office! 38-39 Upper Thames St Balance Sheet, as of Dec. 31: Assets: 1938 Plant, etc............ $131,079 Patents, etc. ... 968.136 Investments .... 36,421 Current Assets: Cash.................. 27.895 U. S. Treas. bds. 122.019 Notes receiv... 6.099 Accts. rec. net 145.513 Inventories .. 134,605 Deferred chgs... 2.913 1937 $136,999 968.560 27,731 54,576 152,216 4,200 160,916 166,402 3,408 Total............. Liabilities: Cap. stk. ($100). Current Liab.: Accts. payable Dfvs. payable. Res. for taxes Other reserves.. Surplus ................ $1,574,679 $1,000,000 7,629 13,990 21.654 6,982 524,423 $1,665,008 $1,000,000 14,753 14,142 18.235 8,668 609,211 Total............. $1,574,679 $1,665,008 Current assets.. Current liab. .. et curr. assets $436,131 43,274 392,857 $528,310 47,130 481.180 After depreciation: 1938, $208,162; 1937, $203,308. Capital Stock! 1. Consolidated Car Heating Co., Inc. stock! Authorized, $1,- 000.000; outstanding, $1,000,000; par $100. Dividends on stock of old company Paid from 1892 to 1908 at rates ranging from 3% to 7%; none paid In 1908 or 1909: 1910, 3%%: 1911. 0%; 1912. 6%%; 1913. 7%: 1914, 5%: 1916. 2%%: none thereafter until Jan. 15, 1923, when 1%% was paid and quarterly thereafter to Apr. 15, 1927, Incl., with extras of 2% each July 15. 1928 to 1926, Incl.. and 1% July 15. 1926. Initial regular dividend of 1%% and standing, April 16, 1938, 33,700 shares; extra of 1% paid on stock of new com no par. No dividend paid to Dec. 31, pany, July 16, 1927; Oct. 16, 1927, 1%%; 1938 1928 to 1933, incl., 6% regular and 2% Stock transferred and registered at extra; 1934, none; 1935, 1%%; 1936, 6%%, company's office. Number of stockhold Including 2% extra paid Dec. 16, 1936; ers, Dec. 31, 1938: Preferred, 16; com 1937, 6% regular and 10%% extra; 1938, mon, 36. 6% regular and 4%% extra; Jan. 16, 1939, 1%% regular; Apr. 16, 1939, %%. Transfer Agent: Stock transferred at the company's office. Registrar! National Commercial Bank and Trust Co., Albany, N. Y. Number of stockholders, Dec. 31, 1938, 273. Price Range: 1938 1937 1936 COOPER (PETER) CORPORATIONS! Incorporated in Delaware Oct. 6, 1930, to acquire glue properties. Company and subsidiaries manufacture and sell glue and glue products. Subsidiaries: Ameri can Glue Co., Inc., United States Glue Co., Inc., United State Gelatine Co., Inc.. Peter Cooper's Glue Factory, Inc., East Stock.............. 96-70 80-45 45-20 ern Tanners Glue Co.. Inc.. Diamond Glue CONSTITUTION PUBLISHING CO. (THE)i Incorporated in Dec., 1899, under the laws of the State of Georgia. Owns the business, real estate, franchises .and all property formerly owned by the At lanta Constitution Publishing Co., estab lished In 1868. Publishes the "Atlanta Daily*' and "Sunday Constitution." Daily circulation over 96,000 and 103,000 re spectively. Number of employees, Jan. 1, 1939, 426. Officers: Clark Howell, Pres, and Pub lisher: H. H. Trotti. Vice-Pres. and Busi ness Mgr.: R. McGill, Executive Editor; A. J. Kaiser, Sec. Directors! H. W. Grady. Clark Howell. Roby Robinson, H. H. Trotti, Jno. K. Ottley, Jr., Atlanta, Ga Annual Meeting! 4th Wednesday In Jan. Office: Atlanta, Ga Co., Inc., and Canada Glue Co., Ltd. Plants have estimated annual capacity of between 66,000,000 and 60,000,000' lbs. of glue. Main plant located at Gowanda, N. Y. Branch offices at New York, Chic ago. Philadelphia, Boston and San Fran cisco. Number of employees, about 770. Officers: Richard Wilhelm, Pres, and Treas.; W. J. Gunnell, Vice-Pres.; C. D. Cummings, Sec. Directors: Richard Wilhelm, Louis Quarles, W. J. Gunnell, C. D. Cummings, C. H. Dlefendorf. Annual Meeting! First Tuesday in May. Office! Gowanda, N. Y. Capital Stock: 1. Peter Cooper Corps. 9Vz% cumulative preferred: Authorized, $7,500,000; outstanding, Dec. 31, 1938, $4,377,200; par $100. Has preference as to assets and divi dends. In any liquidation entitled to par Bonded Debt: 1. Constitution Pub and dividends. Callable as a whole or lishing Co. first consolidated gold 6V&S, in part at any time on 60 days' notice due 1039 and 1950: at 105 and dividends. No sinking fund. Authorized, $392,000; outstanding, Jan. Has no voting power. Dividends paid 1, 1939, $252,000. Dated Feb. 1, 1924; Apr. 1 and July 1, 1931; none thereafter. due $60,000 Feb. 1, 1939 and $192,000 Feb. 1, 1960. Interest paid F&A 1, at First National Bank, Atlanta, Ga, or Guaranty Trust Co., New York. Coupon, $500 and $1,000; registerable as to principal. Callable at 103 after Feb. 1, 1929, on any interest date on 60 days' notice. Secured by first mortgage on entire property issued for 2. Peter Cooper Corps, common: Authorized and outstanding, 300,000 shares; no par. Has full voting power. No dividends paid. All owned by Richard Wilhelm Corp. Transfer Agent! Corporation Trust Co. Number of stockholders, Dec. 31, 1938: Preferred, 218; common, 1. new equipment, working capital, for re tirement of underlying bonds, etc. Com pany pays normal income tax of 2%. No sinking fund provision. CORNING GLASS WORKS: Incorpor ated Dec. 24, 1936, in New York, as a consolidation of a company of the same name, incorporated in 1911, and Macbeth- Capital Stock! 1. Constitution Pub lishing Co. 0% cumulative preference: Authorized and outstanding, $150,000; par $100. Has preference as to assets and 6% cumulative dividends. Callable as a whole or In part at any time at 105 (period of notice required not speci fied). No sinking fund. Has no voting power. Regular dividends paid J&J 1, since Jan. 1, 1900. Evans Glass Co. Originally established in 1868. Company has eight plants, one each located at Wellsboro, Pa., Central Falls, R. I,, Charleroi, Pa., and Elwood, Ind., and five at Corning, N. Y., having a combined floor area of over 50 acres. Manufactures glasses of special chemi cal composition with unusual properties, for special purposes, with brands as fol lows: "Pyrex," "Corning," "Steuben," "Thermo," "Monax," and "Galax." 2. Constitution Publishing Co. com Controls Steuben Glass, Inc., and mon: Corning Realty Corp. In Mar., 1937 com Authorized and outstanding, $600,000; pany and Pittsburgh Plate Glass Co. par $100. Has sole voting power. (see general index) formed a new Jointly Dividends paid: 6% each in 1910 and owned company, Pittsburgh - Corning 1911; none thereafter until 1917, when Corp. ._ 3% was paid; 1918, 10%; 1919 and 1920. On Oct. 31, 1938, company and Owens- 9% per annum; 1921 and 1922, 8% per Illinois Glass Co. (see general index) annum; 1923, none; 1924. 6%; 1926, 3%; formed a new Jointly owned company, 1926. none; 1927, 3%; 1928, 7%%: 1929 Owens-Corning-Fiberglas Corporation. and 1930, 6%; none thereafter to 1936, Number of employees, Dec. 31, 1988, when 15% was paid; 1937 and 1938. 6%. approximately 6,700. Stock transferred at company's office. Officers: A D. Falck, Chairman, El Number of stockholders, Jan. 1, 1939: mira, N. Y.; Amory Houghton, Pres.; A Preferred, 30; common, 21. A. Houghton, Jr., G. D. Macbeth, G. W. CONTINENTAL OPTICAL CO., INC.! Organized as the Continental Optical Manufacturing Co. and acquired the prop erty of the Continental Optical Corp. (in corporated in Delaware July 22, 1926) at a receivers' sale Feb. 25, 1929, for $218,- 000. Name changed to present title July 16, 1934. Owns a plant manufacturing spectacle lenses at Indianapolis, Ind., and also a plant at Rochester, N. Y., manufacturing spectacle frames. The company operates sales offices in New York, Philadelphia. Chicago, Kansas City, New Orleans, San Francisco and Los Angeles. Number of employees, Dec. 31, 1938, 300. Officers: A D. Hurst. Pres.; D. F. Taylor, F. H. Soden, Vice-Pres.; T. a Hood, Sec.-Treas.; F. V. Wimmer, Asst. Sec.; E. J. Lewis, Asst. Treas. Directors! Geo. C. Forrey, Jr., Thos. S. Hood, D. F. Taylor, A. D. Hurst, O. J. Feucht, J. C. Collett, F. H. Soden, F. E. Duckwall, J. S. White. Annual Meeting! Third Tuesday in Feb. Office! 1402 No. Capitol Ave., Indian apolis. Ind. Cole, J. L. Peden, P. W. Jenkins, VicePres.; W. H. Curtiss, Vice-Pres. and Sec.; W. C. Decker, Treas.; C. H. R. Young, Asst. Sec. and Asst. Treas., Corning, N. Y. Directors: A B. Houghton, E. C. Sulli van, Amory Houghton, A. A Houghton, Jr,, G. W. Cole, J. L. Peden. W. H. Curtiss, G. D. Macbeth. Corning, N. Y. A. D. Falck, Elmira, N. Y. Annual Meeting! 2nd .Tuesday in Feb. General Office! Corning, N. Y. New York Office! 718 Fifth Avenue. Capital Stock: 1. Corning Glass Works 0% preferred: Authorized, 50,000 shares; outstanding, Dec. 31, 1938, 23,774 shares; par $100. ' Dividends payable quarterly March 31, etc.. Closely held. 2. Corning Glass Works common: Authorized, 750,000 shares; outstand ing, 643,168 shares; par $10. Closely held. Transfer Agent! Preferred, Union Trust Co., Pittsburgh. Registrar: Pre ferred, Fidelity Trust Co., Pittsburgh. Common transferred and registered at company's office. Capital Stock! 1. Continental Optical DANAHY-FAXON STORES, INC.! In Co., Inc. 6% preferred: Authorized, $400,- corporated in 1929 in New York, as a 000; outstanding. Dec. 31, 1938, $376,150: merger of E T. Danahy Co., a meat par $10. Cumulative dividends paid packing house with 24 retail outlets; through Dec. 81, 1937. L. C. Wilson Corp.. a chain of 28 grocery 2. Continental Optical Co., Inc. com stores and the Faxon-Thrift Stores, a mon: Authorized, 36,000 shares; out chain of 103 grocery stores. 1556 MOODY'S MANUAL OF INVESTMENTS OWENS-ILLINOIS GLASS COMPANY History: Incorporated In Ohio. Dec. 16. 1907, as The Owens Bottle Machine Corp., successor to a New Jersey corporation of the same name, incorporated Sept 3, 1903. Name changed to The Owens Bottle Co. May 1, 1919, and to Owens-Illinois Glass Co. Apr. 17. 1929. During 1912 acquired assets of The Owens West Virginia Bottle Co. and Northwestern Ohio Bot tle Co., on Jan. 1. 1915, assets of The Owens Eastern Bottle Co., and during 1918. assets of the Whitney Glass Works, wholly-owned subsldiariea During 1923 acquired controlling interest in Closure Service Co. (in 1936 name was changed to Owens-Illinois Closure Co. and In June. 1936. property was transferred to the company and operations are now being handled as a part of the Glass Container Division), and on Jan. 1. 1926, took over assets of the Charles Boldt Glass Co., controlled since 1919. In May, 1929, merged the assets of Illinois Glass Co. (Incorporated In Illinois Aug. 25, 1873) and Chicago Heights Bottle Co., including stock of Carlyle Paper Co.. Tavern Rock Sand Co. and Madison Warehouse Co. Illi nois Glass Co. received in exchange for its properties 56,000,000 cash, 55,000.000 5% debentures. 58,000,000 6% preferred stock and 20,000 shares common stock. In Apr., 1929, acquired assets of American Bottle Co. and Graham Glass Co. of In diana (which companies had been controlled since 1916), on Jan. 1. 1930, assets of Berney-Bond Glass Co. (except certain natural gas properties), and In Nov.. 1930, assets of Atlantic Bottle Co. (except cash and securities). As of Nov. 30, 1931 purchased assets of IlllnolB Pacific Coast Co. for 55,625.000, payable 31,500.000 in cash, 51.625,000 In Owens-Illinois Glass 5% debentures, and the assumption of 52.500,000 of bonds of Illinois Pacific Coast Co. (actual transfer of properties, June 1. 1932). Owens-Illinois Pacific Coast Co. was organized to operate the properties (see be low). In Oct., 1932, company purchased, as on July 31. 1932, Root Glass Co. of Terre Haute, Ind., for 55,000 shares of com mon stock, 5,000 shares of preferred stock, 3639,111 In cash and assumption by company of 5695.000 of 1st mtge. 6% serial gold bonds of Root Glass Co. (actual transfer of properties, Nov. 1, 1932). In 1932, Carlyle Paper Co., formerly a wholly-owned sub sidiary supplying paper for containers for shipping bottles and for other uses, surrendered Its corporate charter, its property and business being taken over by company as a part of the Package Division. In 1935 the Carlyle, 111., plant was sold to the Alton Box Board & Paper Co. for consideration consisting fit 200 shares of common stock of that company. As of Jan. 31. 1933, acquired substantially the entire assets and business of the O'Neill Machine Co., which company was engaged In the experimental development of an automatic bottle blowing machine using the vacuum process of drawing glass into the molds. The net cost of assets acquired from O'Neill Machine Co. was 350.000 in cash, 3200,000 par value of 5% debentures and 5,000 shares of stock. As of Mar. 31. 1933. the entire assets and business of HemIngray Glass Co., which specialized in production of glass insulators. The price paid for the assets acquired, which were free of liabilities, was 17,827 shares of stock and $177.000 in cash. In Apr.. 1933. exercised option to purchase 16,000 shares of 7% cum. preferred stock of Container Corp. of America (see general index), portion of which was subsequently retired. At the beginning of 1936 company owned 10,000 shares of Container Corp. preferred. During 1935 these shares were exchanged, pursuant to a recapitalization plan of that com pany, for 50.000 of Its new common shares. In May. 1933, purchased entire assets of Illinois Glass Co., consisting of 58.000.000 6% preferred stock and 51,200,000 6% debentures of Owens-Illinois Glass Co. for 200.000 shares of common stock and cash, equivalent to accrued dividends and interest to date of exchange. The securities acquired were subsequently retired. On Dec. 31. 1935, purchased the entire assets of Libbey Glass Manufacturing Co. of Toledo (organized in 1919 and succeeded to the business founded in 1888). The price paid for such assets free of liabilities, was 67,200 common shares, of which 25,630 shares were delivered on Dec. 31, 1935, and the remaining shares were issued on Feb. 18. 1936. The assets were then transferred to a newly-organized wholly-owned subsidiary, Libbey Glass Co. (see below). In Feb.. 1936, acquired all the stock of Enterprise Can Co., McKees Hocks, Pa., in exchange for 20,600 shares of common and assets and business, free of liabilities, of Tin Decorating Co. of Baltimore (a former subsidiary of American Tobacco Co.) for 33,364.685 cash. These properties are now owned and operated by Owens-Illinois Can Co., a wholly-owned subsid iary (see below). In Aug.. 1936. sold the entire capital shares of Tavern Rock Sand Co. to Pennsylvania Glass Sand Corp., and re ceived therefore 15,302 shares of common v. t. c. of Pennsyl vania Glass Sand and other considerations. In Apr., 1937. acquired the Lauterback Corp. On Nov. 1, 1938 company transferred substantially all of its assets devoted to development and production of glass fiber products to Owens-Coming Fiberglas Corp..(see ap pended statement) in consideration of 49.77% of that com pany's common and 17.586 preferred sharea Business and Plantsi The business is handled through gt, operating units consisting of two divisions of Owens-liiinoi? Glass Co.--Glass Container Division, Insulux Products Divi* sion; and 3 wholly owned subsidiaries--Owens-Illinois Pacific Coast Co., Libby Glass Co. and Owens-Illinois Can Co. Product, of the various units are: Bottles (including "Stubby" a-, 'Steinie"), jars, drinking glasses ("Libbey Safedge" and "Lit,, bey No-Nik"), wood and corrugated fibre boxes and reshiu. ping cases, cartons, glass building blocks, glass insulators and bottle caps. Plants of company and subsidiaries located at Alton, Chi cago Heights; Clearing and Streator, 111.; Brackenridge, iic. Kees Rocks and Clarion, Pa.; Bridgeton and Glassboro, N. r. Charleston, Clarksburg, Fairmont and Huntington, West Vir.' ginia, Toledo, Columbus and Evansville, Gas City, Muncie and Terre Haute, Ind.; Okmulgee, Okla., Los Angeles, Oakland and San Francisco, Cal.; Baltimore, Hd.; St. Louis, Mo. Branch warehouses in Cincinnati and St. Paul. Sales offices in orin. cipal cities of the United States. Company owns Jointly with Libbey-Owens-Ford Glass Co gas properties in West Virginia, supplying fuel to th Charleston plants of both companies. In 1936 the joint in. vestment was Increased through the acquisition of the nat ural gas properties formerly owned by Wayne United Ga Co., consisting of 16,418 acres, 15,396 acres being held In fee and 1,022 acres under lease. This new acreage added to 134,538 formerly controlled, makes a total of 150,956 acrei In the Charleston Gas Department. Pursuant to a contract entered into with Berney-Bond Gas Co. its natural gas prop- erties, which supply fuel to the Clarion, Pa., plant were purchased. At Dec. 31, 1938 total territory owned or held under lease comprised 151,641 acres, on which there were 455 producing wells. Company's investment in these properties as carried on its books totaled 3926,097. Company also has other natural gas fields in Clarion, Pa. and Fairmont, W. Va. supply, ing fuel as a service to bottle manufacturing plants at thoiie points. Clarion field comprises 11,426 acres and 114 wells; Fairmont field comprises 3,913 acres and 90 wells. Number of employees, Jan. 31, 1939, 13,674. Subsidiaries: There follows a brief description of wholly- owned subsidiaries: Madison Warehouse Co. (Mass.), supplying warehouse fa cilities at Boston. Mass., for glass containers and other re lated products. In 1932 took over part of the business ef Owens-Illinois Warehouses, Inc. Owens-Illinois Glass Co. of Oklahoma (O.), owning a bottle factory at Okmulgee. Okla. Owens-Illinois Pacific Coast Co. (Del., 1932), properties it San Francisco and Los Angeles. Cal., engaged in manufacture and sale of complete lines of glass containers and corrugated and wood packages, serving the territory west of Rocky Mountains. Plants located at San Francisco and Los Angeln. CaL During 1933 acquired the assets of Owens-Illinois Glass Co., Ltd., a wholly-owned subsidiary. Owens-Illinois Distributors, Inc. (organized in Ohio In 1931). engaged in warehousing and sale of certain types of bottle* caps and closures. Libbey Glass Co. (incorporated in Ohio in Dec., 1936) ae* auired business and assets of Libbey Glass Manufacturing Co., which was organized in 1919 to succeed the business founded in 1888. The principal business is the manufacture of thin blown (paste-mold) tumblers and stemware under tn* trade name of "Libbey Safedge" and "Libbey No-Nik. 0 Mar. 27, 1939 company returned to manufacturing fancy gla**' ware to retail trade. Plant located at Toledo, O. Owens-Illinois Can Co. (Incorporated in Del. in 1936)-- quired the assets and business of Enterprise Can Co.. Decorating Co. and St. Louis Can Co. (acquired in June, 1331) Manufactures and sells metal containers and other me:*' products. Plants located at McKees Rocks, Pa., Baltimoi*. Md,, and Clearing, 111. St. Louis plant was closed down * 1938 and business transferred to Clearing, 111. . Lauterbach Corp. (Toledo. O.)--Owns certain patent rign to a rotary automatic machine for molding plastics. . Note: Company also owns 50% of the capital stock of owe Stapletied Brush Co. and 49.77% of common and 17."' ferred shares of Owens-Corning Fiberglas Corp. (see appen statement). Management (Owens-Illinois Glass Co.): Officers: "vtn- Levis, Chairman of Exec. Comm, and Pres.: H. G. .""/!!LK*i Vice-Pres. and Treas.; J. P. Lewis. Vice-Pres. and W" . Manager; C. B. Belknap, Exec. Vice-Pres.: R. H. Bar Vice-Pres. and Gen. Mgr. Glass Container Div.; A . wood, F. T. Nesbit, Vice-Pres.; F. J. Solon, Vice-Pres. aDVr Sales Mgr.; J. H. McNerney, Sec. and Asst. Treas.. Martin, F. G. Morfoot, A J. Riedmayer, Asst. Sec. sod Treas.; C. B. Ralrdon, Asst Treas. ^ Directors: W. H. Boshart, H. E. Collin, Harold Boe ~t stein, Ben F. Hazelton, Jr., H. G. Phillipps, W. V _ ,-n*. Toledo; F. H. McAdoo, New York; J. P. Levis, W- -r<rr* Alton, 111.; F. W. Schwenck, Cincinnati; C. J- Boot 0 j>. Haute, Ind.; C. J. Wilcox, R. H. Barnard, C. B. Belknap. Greenhalgh. General Connsel: Williams, Eversman & Morgan. Annual Meeting: Third Wednesday In April. Office: Ohio Bldg., Toledo. O. Comparative Consolidated Income Account, Years Ended Dec. 31 (Taken from reports to Securities and Exchange Commission) Net sales, royalties ft oth. op. rev. Cost of sales, royaL paid, etc. (4) Selling, genera) 4 adm. exp.(S).. 1938 575,106,756 59,655,604 6,874,536 1937 391,581.004 72,290,682 7,613,153 1936 $78,714,828 60,409.065 6.341.782 1935 557.901.781 44.335,752 4,791,722 1931(3) 551,263.372 39,243,464 8,927,207 Operating profits........................... Dividends received.......................... Interest received............................ Discount ft commissions.............. .. Miscellaneous other Income.......... . - Gross Income .............. .. Prov. for management bonus.... Discount on sales.................. umc Provision for bad debts.................. 8,576.616 22,852 81.358 187,867 64.996 11,677.169 89.141 79,563 382.068 (6)690,849 8.938,68$ 12,818.790 -.jH i - 843.192 687.mTt,yM'l 9571278 > 195.771714. -; 11,963.981 138,025 85.749 264,163 387,917 12,829,835 626,958 703,649. 8.774,307 350,374 52.981 167.416 263,306 9,608.388 848.910 (606,164 1182,914 8,092,701 53.813 66.967 173,726 149.856 8,637.062 223,000 416.234 Mteiiest on em. on b ggry exp JfBtfance Chib fr. *! (tadal secu Capital sto< "Net ince famed su. preferred gammon u Other ^edsu don. ' 1, 19 ared 1 L'lndui E l to 1J Cos .ting t|8b on) Am dep Martatab Metes ft fa*- mat forte in ;sup. . val iooyi OWENS-CORNING FIBERGLAS CORPORATION (Controlled Jointly by Owenn-MInols Glass Co. and Coming Glass Works) History: Organized in 1938 and acquired all the assets of "ng.uiinois Glass Co. and Corning Glass Works which had O'' devoted to production of glass fiber including Owen's .wark Ohio plant and a plant of Corning at Corning, N. T. "Business: Company is engaged in development, production s sale of a wide variety of products made from fiber glass. * pmoertlea: Company's two plants are located in Newark, rthin and Corning, N. Y. rimcersi Amory Houghton, Chairman; Harold Boeschenstein, James Slayter, Vice-Pres.: W. P. Zimmerman, Vice-Pres. A. C. Freligh, Sec.; H. R. Winkle, Compt; G. EL Oretsory, Gen. Sales Mgr. Directors: C. B. Belknap, Harold Boeschenstein, M. E. Bowes, G. W. Cole, Amory Houghton, W. E. Levis and G. D. Macbeth. , Offices: Ohio Bldg., Toledo, O. New York Office: 718-5th Financial Statements: None available. Capital Stock: 1, Owens-Cornlng Flberglas Corp. preferred: Authorized and outstanding amounts, not stated. Non-vot ing Owens-Illinois Glass Co. owns 17,586. 2. Owens-Cornlng Flberglas Corp. common: Authorized and outstanding amounts, not stated,. OwensIllinois Glass Co. and Corning Glass Works each own 49.77% of stock. REVERE COPPER & BRASS, INC. n(storyi Incorporated in Maryland Oec. 1, 1928, as General Consolidated income Account, Years Ended Dec. 31. arsss Corp. (Maryland), name changed Dec. 5, 1928, to Re- 1938 1937 1936 ,,hllc Brass Corp., representing a merger of Dallas Brass & tNet sales.................................. $25,454,238 $47,538,298 $37,109,486 Pnooer Co., Higgins Brass & Manufacturing Co., Michigan Cost of sales ......................... 23,034,450 39,070,671 29,629,532 rnnoer & Brass Co., Rome Brass & Copper Co., Taunton-New Inventory adjustment......... 2,634,372 o.Srnrd Copper Co. and Baltimore Sheet Mill of General Cable Selling & admin, expense.. 2,494,940 3,190,932 2,883,312 Co; name changed to above Nov. 12, 1929. Operating profit .................. *(d)75,152 2,642,323 4,596,641 {o u] Company manufactures copper, brass, bronze and alloy prod- nets. including sheets, rolls, rods, tubing, brass pipe and fabricated JJrnu and copper articles. Company owns entire capital stock of nimiblic Securities Corp., a holding company (incorporated In Maryland In Dec., 1928, with a capital of 3100,000, par 3100), which owns 67.7% of voting stock of Copper City Development Co a small real estate holding Co. Revere Copper and Brass owns all the capital stock of 9 inactive subsidiaries. As of July 18 1935, bought assets of Baltimore Tube Co. for 33,156,000 (from which Baltimore Tube Co. preferred stockholders received 364 per hare July 19. 1935. and a final payment of 58 cents a share Dec. 28, 1935), and 34 per share paid to common stockholders who surrendered their stock within 3 months of dissolution of Baltimore Tube Co. plants located at Rome, N. Y.; Baltimore, Md.; Chicago, 111.; Taunton and New Bedford, Mass., and Detroit, Mich. Plants occupy 132 acres and 232 buildings containing nearly 2(4 million sq. ft. of floor space. Sales offices located in principal Depreciation ........................... Cash discounts, etc................. Net operating income .... Margin of profit...................... Other income ......................... Total income ......................... Bond Interest, etc. .............. Other interest ....................... Other deductions ......... Federal Income tax ............ Federal surtax ..................... Net income ........................... 7% pfd. dividends................ 5%% pfd, dividends ......... Surplus for year .................. Earned surplus, Jan. 1 ... tMetal stock reserve ......... Earned surplus, Dec. 31... 1,346,705 270,475 (d)l,692,332 131,774 (d)1.560,558 418,961 39,262 5106,628 (d)2,125,408 (d)2,125.408 2.710.383 584,975 1,308,592 478.723 855,008 1.80% 224,237 1,079.246 442,016 21,572 38,899 146,000 16,000 414,759 173,544 492,682 (d)251,467 2.618.149 343,701 2,710,383 1,286,756 385.882 2,925,003 7.88% 140,798 3,065,801 448,526 468 321.000 272,000 2,023,807 126,861 206,256 1,690.690 927,459 2,618,149 cities In the United States. Number of employees, Mar. 30, 1938. 5,600. Includes 394,564 hurricane loss. , .. After net profit realized on metal contents of sales during year: 1938, (d)31,203,653; 1937. 31,240.690. As of Jan. 1, 1937, Management Officers: Barton Haselton, Chairman of company discontinued the "normal stock method" for determining Board; F. H. Brownell. Chairman of Exec. Comm.; C. D. Dallas, oDeratlng profit Operating profit and net income for 1937 are Pres.; J- M. Kennedy. J. A. Doucett, C. W. Thomas, H. D. stated on the same basis as used prior to 1936. . In comparing Wolfe H. S. Uilman, R. E. Falk, R. S. Stringer, L. A. Wlg- 1936 with 1937, 3251,519 (the amount charged against operations k-ins. it. G. Scott, R. A. Wilkins, C. C. Felton, C. A. Macfle, and added to metal stock reserve m 1936) should be added to Vice-Pres.; J. J. Russell. Treas. and Sec.; H. B. Lingle, A. E. operating profit and net income as reported for 193b. In addition McCormick, Asst Sec. and Asst Treas.: H. A. Schlefder, Asst to discontinuing the "normal stock method beginning Jan. 1, Treas Directors: E. H. R. Revere, K. C. Brownell, R. E. Falk. 1938, company adopted the "last-in first-out method m accounting 11 A. Guess, H. Y. Walker, F. H. Brownell, C. D. Dallas, Bar ton Haselton, J. C. Emison, D. R. G. Palmer, A. H. Rutherford, It. W. Straus, J. J. Russell, E. W. Thornley. for cost of sales In lieu of the "flrst-m first-out method used b> the corporation since June, 1936. __ t Metal stock reserve accumulated by charges against earned Annual Meeting: First Tuesday in April, surplus or operations cancelled and credited to earned surplus as tlriiernl Office: 230 Park Ave., New York City, N. Y. at Dec. 31, 1936. CTTr,_ 3 As reported to the SEC. on: 0001 937) t-j (cb 00 sh Issue .933? $341 2, k oil Bids 1931.... 1932___ Balance fori Dividends (d)32,81I,942 (d)2,933,923 406,101 1,011,101 425.656 2,023,807 414,759 (d)2,125,408 Statistical Record, Years Ended Dec. 31 -Earned per Sha: Pfd. Class A Com. Nil Nil (d)$9.05 Nil Nil (d)9.42 $4.26 Nil (d)2.52 10.62 $1.43 (d)1.27 4.47 Nil (d)2.46 17.23 6.72 1.34 3.49 Nil (d)2.19 Nil Nil (d)6.72 Dividends Paid per Share 7% Pfd. $7.00 Class A 531.00 3.50 7.00 32.62 % 5.25 7% Pfd. 83%i--27 26 - 8 60 - 7 90 -46 116 -75 138 -90 139 -76% 85 -65 -Price Range- 5(4% Pfd. Class A 30-6 12(4- h. 25 - 2% 98 -92 28(4-11% 37(4-13 79%-24% 95%-60 64(4--45 98 -26 38%-17 % Common 13 - 2% 6%- 1 12 - 1% 14%- 5 16 - 5% 39%-10 49%- 9 19 %- 7% Times Pfd. 95.926 95,176 95,176 95,176 95,176 55117.453 59118.705 99118.705 -Number of SharesClass A 243,376 241,726 241,025 241,025 241.025 241.025 224,532 214,890 Com. 492,341 485,141 486,543 486,543 488.943 490.460 523,466 543,506 tEquity per Class A Share $339.54 323.09 326.33 26.34 25.39 26.21 12.45 18.47 Net Current Assets $9,481,149 7,374,799 8,729,207 9,585.570 10,231.476 11,989,389 10,786,578 8,709,066 Total Funded Debt 39,475,500 9.092.500 8.744.500 8.522.000 8.399.000 9.079.000 8.565.000 8.302.000 Charges Earned 1.78 3.31 2.00 6.83 3.33 * After deducting dividends in arrears of 31,317,190 on both H, asse--s---o-f---preferred t,,o,, Oct. 31, 19338. 3817,518 in 1937 on 7% pre yed, 1936, $942,471, $28 per share in 1936, 321 in 1934, 314 In t After allowing for 7% preferred stock at 3110 per share and 3107.50 on 5(4% preferred in 1936, 1937 and 1938. t Based on gross amount of shares. `333 and 37 in 1932. 5 On no par shares. - . 55 Combined 7% and 5(4% preferred shares outstanding. t Assets: r\JjPer^!es* Plants & equipment. joo<!-will .. Cath ................... " .!!!.! v'? Government bonds. men <$ accounts receiv. (net).. inventories .................... .. Slribi,, hiyestments, etc.____ bonds (cost). i bond diset & exp.. Total ......... ftJabiUties. ,.!;orPr?ter/e<i stock .. I "Cl p,,referrea stock A stclc................ IfWTM0" stock ............................... I First r/tgage 4 (4 s. Jan. 1, '56. \lKterJlts Payable t accnials. .. accrued . taxes advance papte. Comparative Consolidated Balance Sheet, as of Dec. 31 1938 317.229,341 1937 317.485,893 1936 316.814,937 1935 316.930,726 l 1,2)9,27) 1 1,373,185 10,500 8,511,688 80,500 2,870,387 55,500 i',615,080 1,880,5 75 6,676,876 8,350,678 58,782,692 223,395 673 11(851,880 188,710 224 8,80 7,74) 234,376 121,278 6,108,818 243,592 122,930 906,973 967,482 1,036,879 248.927 260,768 218,390 216,829 $31,249,134 $33,418,906 $32,540,205 328,885,854 $2,468,700 9,411,800 2,148.900 2,717,530 8,302,000 2,500,000 961, 76,829 $2,458,700 9,411,800 2,245,220 2,617.330 8,565,000 8,500,000 706,078 565.883 67,719 $2,334,500 8,910.800 2,410,260 2,452.300 9,079,000 i.186,968 39,517,600 2.410,250 2,444,715 8,399,666 ` '978,381 161,980 1934 316.283,022 3,126,687 186,850 1,577,131 5,756,053 1.097,855 126,660 244,717 328,338,965 39.517,600 2,410,2501 2,432,715 ( 8^522.000 ' 833,180 161,980 1933 316,606,766 2,202,01) 361,175 8,018,688 5,989,155 988,372 47,830 $1,224,722 159,722 328.692,421 310,000,000 t9.981.551 8,774,666 seifiet 118,650