Document e5GzyLNDQRkb9yraMyN56reBG

MOODY'S * INDUSTRIAL MANUAL PLAINTIFF'S EXHIBIT K-1767 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 1961 D. F. Shea, Publisher MOODY'S INVESTORS SERVICE 99 CHURCH STREET, NEW YORK 7, N. Y. PHILADELPHIA Suburban Sutton Bids. BOSTON CHICAGO LOS ANCELES WASHINGTON SAN FRANCISCO 75 Federal St 135 So. La Salle St. 606 So. Hill St. Woodward Bids. Bull Bldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. Arthur Street* London E.C* 4 Copyright, 1961 by Moody's Investors Service, New York--All rights reserved *]: If 526 MOODY'S INDUSTRIAL MANUAL DEFREC., DEPL* ETC, RES--ANALYSIS Additions chgd. to income Retire, renewals chgd. to res. Other additions Other reductions 1960 1959 $2467418 ^ 770462 115467 100,714 $2,734,049 562,959 918470 80,192 1357 $2403,686 555,308 76,126 27436 1956 $2,017,927 836,689 820,971 38025 1956 5U60,aS 378469 273,730 66,637 j. ' UJVVith certain exceptions, metal content of Inventories (I960, $2,525,609) is stated on lastin, flrst-out basis of cost, which is lower than SPrincipal changes in "capital surplus" fol low: 1960: After crediting $212,097 excess of op shares Issued to Electrovox Com; Inc., and Walco___ common u___c__t_s__._S_ ^ market value. Remainder of inventories is tion price over par value of 11,018 common of option price, over par value of, stated at the lower of cost or market. shares issued on exercise of stock options and mon shares issued on exercise of 0After U. S. obligations: 1960, $2483,868; $4,602 discount on preferred shares purchased. tions and $485 discount on -- - 1959, $2403,777; 1958, $1427471; 1957, $1951.654; 1959: After crediting $1086475 excess of mar purchased. 1956, $2452926; 1955, $4,688,067; 1954, $3,062,818. ket value over par value of 45,000 common STATISTICAL RECORD Earned per share--fl%frm%wFpirvetfffel rre_d_ _ Dividends per share--4%% preferred --gnTTimfifl_-ttt-- Price rnngfl- rominffli ,., Net tang, assets per sh.--preferred__ __common___ Number of shares--414% preferred-- I960 $181.17 72%-42 $1,42749 $2685 37,676 1483,447 1959 $151.63 $386 $L15 5$91%,1-1234.7%6 $23.18 42427 1472,429 1958 $6803 $1.60 $145 25%-15% $92844 $2041 45,634 1407052 1957 $80.63 "!.08 50 ,, 1.15 25V&-15V& $865.60 $20.94 5,451 1407052 -8023 1407052 BIBased on shares outstanding at end of year. LONG TERM DEBT any other corporation or Belt or lease sub Dividend Record (In $) ' t i Term Loan: Outstanding, Dec. 31, 1960, $9, 172400 ZV*% notes payable $832400 annually Mar. 1 to 1970, incL, and $847400 Mar. 1, 1971. Privately held. Proceeds primarily for work ing capital occasioned by plant expansion program. __ Company agrees not to pay any dividends (except stock) on common'stock in excess of consolid_a__te_d_nret Income after Dec. 31, 1950, plus $1400,000; nor unless consolidated net current assets shall be the greater of $15.000,000 or 130% of consoIIdated funded i'ndebtedness. At Dec. 31, 1960, $14057,157 of earned sur plus was free from restriction. Mortgage Debt: Outstanding, Dec. 31, 1960, $430,122 on plant of German subsidiary. Pri vately held in Germany. CAPITAL 8TOCK stantially all of property unless an amount is provided for redemption of the preferred, or (d) issue additional preferred except as below. LIQUIDATION RIGHTS--In liquidation _ titled to receive $100 a share 11 involuntary and redemption price If voluntary, plus ac crued dividends in each case, prior to any distribution to common stock. PREEMPTIVE RIGHTS--Nome. CALLABLE--As a whole or In part at any time on 30 days' notice at following prices to each July 1 incL (per share plus dividends): 1963, $102.70; 1967, $10140; 197lT$10040; there after at $100. Also callable at $100 per share for retire ment fund. RETIREMENT FUND--Payable an each L 10% of consolidated net earnings for prior year. i*gg preferred dividends and excluding 1919-2$ 1929__ 0) (1&^sh^) 1.75 1930-- 145 1932__ 0.75 1933__ 040 001935- LOO loss 1938__ -- 1.00 1.00 3.00 .Tap 1939__ 240 41 19ST_ 1947__ 0.75 ($1 par shares after 2-for-lfsplit 11 i 19471-- 2.12Vi 1948-49 180 .1TM1 1951-52 240 1953___ 040 ($1 par shores after 2-for-l i 1953____ 040 1954-- LL 1956-59 L15 1960______140 (ENo dividends paid from 1 elusive. On original issue of $100 ] no par sharessafteriofarli 1 L Ctevite Corp. 4V4% cumulative preferred stock; par $100; AUTHORIZED--100,000 shares; nntetamHng, 37,676 shares; par $100. Issued to institutional investors. capital gains and losses (subject to minimum requirement of 4%, a maximum requirement of 5%, and a limitation of 7% of the maximum aggregate par value of preferred originally issued). ADDITIONAL PREFERRED--May he issued $0.19; 1924, $045: 1925, SlPaid prior to ca] iital ch-a-n-g-e--. BlTo Mar. 29. DIVIDEND RESTRICTIONS--Ss and preferred stock, above. VOTING RIGHTS--One vote tetive>^Wito!^^a~aMeSefereilCe eumn` subject to prescribed limitations, provided thereafter on a consolidated basis (I) net cumulative voting far diret See also preferred (No. 1), above. DIVIDEND paid. RECORD -- Regular dividends tangible assets are twice sum of funded debt and liquidating value of preferred (as de provided by law. such as | DIVIDEND RESTRICTION--No dividends (except in stock) may be paid on wmimnn stock except out of net earnings earned sub sequent to Dec. 31. 1950 plus $1400,000, ad justed for certain stock transactions. VOTING RIGHTS--Has two votes per share. Cumulative voting tor directors is permitted. fined), (2) average surma: net earnings for 36 consecutive months, available for inti are 3 times requirements for Interest preferred dividends, and (3) net current assets at least equal such liquidating value of preferred. PURPOSE--General corporate purposes. LISTED--New Yoi______________ trading on Boston and Midwest changes. T__R_A__N_S__F___AGENTS--Bank of New] New York, and Central National Bank ( land. REGISTRARS--Morgan Go New York, and Cleveland In event four quarterly dividends are in OFFERED--(50,000 shares) sold at DIVIDEND PAYING arrears, or default in retirement fund, pre 1951, to a group of institutional tional Bank, Cleveland. ferred voting as a i, is entitled to elect 2. Clevtte com, common: oar SB OFFERED--(20,000 shares) in April, three directors and common stockholders are entitled to elect remaining directors. Without consent of a two-thirds of preferred Shares, company may not: (a) create or guarantee any funded lndebtedne . e--x-c--e--p-t chase money mortgage or for ------unless asset --' earnings tests are met. AUTHORIZED--2400,000 shares; issued and outstanding, Dec. SI, 1960, 1483447 shares; reserved for stock options, 118,705 shares; par 71 (changed from $100 par to no par in 923, 20 no par shares issued for each $100 par share; changed from no par April 2,1995, two $1 par shares issued for each no par F. Eberstedt 4c CO., Inc., New York i cootft. Bi'gger S` t Co., Cleveland. (200,000 shares) Apr. 13, 1958 at: ceeds to corporation 23%) by F. Et Co., Inc., New York, and associates. Stock Options held by certain i employees at Dec. 31, I960, on 78410 i I create any stock of equal or prior rank to share; shares spilt 2 for 1 May 8,1947 end shares at prices from $2045 to $57 a si (c) consolidate or merge with Apr. 1953). plre in 1970. CAPITAL STRUCTURE CORNING GLASS WORKS LONG TERM DEBT Issue L income debenture 3%s, due 2002- Rating E-- Amount Charges Earned Outstanding I960 1959 $9400,000 3642 3542 Interest Dates A&O 1 Call Price See text Price I960 . CAPITAL STOCK Issue 1. 8%% cumulative pfd., 1945 series-- 2. 3%% cumulative pfd., 1947 series_ 3. Common Par Value $100 100 5 Amount Outstanding 25,360 ahs-V 31,650 shs.J 6.770,003 shs. Earned per Sh. 1960 1959 $38646 $41447 343 247 Bivs. per Sh. 1960 1959 ($3.50 $3.50 1340 840 2.00 142Vi Call Price 101 102% Price! I960 : 87- 83% 90- 85% 186-124 ^.JEItenge since 1945. BEange since 1947. DDPrlvstely held. BTRange since 2%-far-l split in 1955; range from 1945 and to the SsIputj 156^4*18* --t&A' HI8TORY Coming Class International, SJL with Pittsburgh Plate Glass.,Co. aaInTccorpSoricatteadttoinn NdeTMw NvoSrfcT^Drekc. c2r4iS. mMSSBy. of same name origina-l-ly in--c--o--r-p-o--r-a--ted in 1875 end Macbeth-Evans Glass Co. incorporated in Pennsylvania in 1899. Business --taRniMwi in 1351 and 1869. On Sept 12. 1945. merged Coming Realty Co., a wholly-owned subsidiary owning Com ing Building at Fifth Ave. and 56thS-New Yoric and cg-tain realty at Coming. N. Y. On Nov. 28,1918 merged Steuben Glass Inc* a subsidiary, now a division. SUBSIDIARIES A AFFILIATE8 Corhart Refractories Co* Inc. (whoHy- owned): Organized in Delaware in 1927. Owns aKnyd. oOpneraDteecs. re27fr,ac19to58rieasppqilrairnwt iatraLforaupistfviritlaleg, business of parent Lotwdn.)e:d InbcymCpoorrnaitnegd GtolasPsanWamoraksinof1959 with offices at Panama, HP, Zurich, Switzerland, 717 Fifth Ave* New York and Corning, N. Y# to coordinate export of all Corning and Caphart products in all countries outride of the U. S. and Canada. Coming Class Works of SO. AassHcn (Criatalerias Coming de Snd America, S. A.) (wholly-owned): incorporated under. Argen tine laws in 1942. Owns Argentinian and Chilean patents of company and 2644%. of Cristalerus ragoTlcwn. Latter operates glass plant near Buenos Aires, Argentina. Also owns 2244% of Cristalerlas 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): operates pianist Port AOegl SbueUdadliinag. Mbolo.cfkos^r m'aaSnSu^faScutuIraer i_U___n sold under trade name of Poamgiss i rrmefrrfiwgHefrlal.tion chambers and asr.* - Owens-Coming Flberglaa owned): See general index. Dow Coming Corp. (S rated in Michigan in 194 Dow Chemtcaico. Operates ] Mich, for manufacture of danws sreisbinlisn, ggrneaastuersa, l folur iadrstifiacniadl senlSwfNJJ erally known as silicones. ; -,$ Dow Coming AO (50% jwjWff'i porated in Switzerland in I960 to. with Dow Chemical Co., to flnajusf age certain interests outride u. Pe Industrial Reactor Labot--. Coming Glass Works of Canada, Ltd. (wholly-owned): Organized in 1945. Owns 105,800 sq. ft. plant at Leaside, Ont Coming ware for the Canadian market is processed at Lcaside; and plant is used as a warehouse and Organized in Brazil in 1944. Owns 31% of ordinary duties and 24% of preferred shares of Cla Vldraiia Santa Marina, which operates a gi" plant at Sao Paulo, Brnril. Formed jointly with nine wherr to provide facilities for atonic * search programs of constituent , Began operation early in 1959. Coming Mexicans S. AW AwmtiWo^' Id TWprfnft In 1961 (I MOODY'S INDUSTRIAL MANUAL 527 , - eibr Box Corn. (100% owned): substantial part of paper packing gss^^ms&sss^ prod* Refractories plant: Corning, N. Y.: Refrac tories. Floor space, 71,000 sq, ft VYCOR Plant: Coming, N. Y.: VYCOR ware and special products. Floor space, 81,- tributing point. Floor space, 105,800 sq. ft. Corhart Refractories Co* Louisville, Ky.: Re ST"`TjobUng Co. Ltd. (England) (40% interest acquired by company pukington Brothers. Ltd. Manu UP* upJrex brand ovenware. tableware, irtur**. e and industrial specialties in a 400 sq. ft. Pilot Plant No. 2s Corning, N. Y.: To study new manufacturing methods under produc tion conditions. Floor mace. 55,800 sq. ft Glam Canter: Corning, N, Y.: Employee's fractories. Moor space, 142,500 sq. ft Liverpool, Australia: Small plant for manu facture of bulbs for television tubes. Floor space, 50,000 sq. ft. New Plants: Late in 1960, company an Sunderland, England. werrer.es Indust >ds jl s A_ recreation center and Hall of Science and nounced plans to construct an electronics Industry. Floor space, 57,500 sq. ft plant at Raleigh, N. C.; a pilot plant at Com Mechanical Engineering Building: Coming, ing, N. Y.; specialty glass plant at Danville, N. Y.: Central machine shop and machine de Va.. and refractories plant for Corhart at ffl* hrand^ ovenware, television bulbs, fTTS.oi ware and other products at plants **^KSriux-sur-Loing and Anlche, France. l B*^eaclasJ international S. A.: Conducts company products outside U. S.-and velopment departments. Moor space, 57,700 sq. ft Houghton Park: Coming, N. Y. Includes in addition to Steuben Plant and Corning Glass Center an administration building, 114,400 sq. ft.; research laboratory, 60,100 sq. ft.; de Buckhannon, W. Va. MANAGEMENT Officers: Amory Houghton, Chinn, of Exec. Com. William C. Decker, Chinn. & Chief Exec. Cw*jjr associated companies are CrlstalejSmvolleau, S. A. (Buenos Aires), Cia. VIi**JrSanta Marina, S. A. (Sao Paulo), SSslerias de Chile, S. A. (Santiago), and Refractaire (Paris). velopment workshop, 68,200 sq. ft. Coming Fibre Box Corp.: 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. Off. Amory Houghton, Jr., President Charles D. LaFoIIette, Mn. Vice-Pres. William H. Armistead, Vice-President L. A. Amylon, Vice-President Paul T. Clark, Vice-President gUSINESS A PRODUCTS Welltboro, Pa* Plant: Machine-made bulbs; enraged In manufacture of glass products, winding fluorescent, electric light, teleffion and radio bulbs, electronic compo- uee ornaments, tumblers, lamp chfmSrs tubing, vacuum bottle liners, tableware ZA lighting ware, Steuben line of stemware ad art glass, cooking ware, laboratory ware, Ksolators. lantern globes, optical glass, rejnrtory products for chemical, metallurgical jai electronics Industries, etc. Most of comptnjr'a products are sold under trade marks, E-rex. Pyroceram and Vycor. gales offices at Corning, N. Y., New York, Chicago, San Francisco, Los Angeles, Dallas, Houston. Atlanta, Washington, D. C., Cleve land and Zurich. Switzerland. 01 1957 consolidated net sales, about 55% represented sales of electrical and electronic products; 14% sales of consumer products, and flK sales of technical and other products. Christmas tree ornaments. Floor space, 298,400 sq. ft central Falls, R. I, Plant: Machine-made tubing, bulbs and vacuum battle liners. Floor space, 441,400 sq. ft Charleroi, Pa. Plant: Housewares, table ware, lighting ware, miscellaneous products. Floor space, 612,100 sq. ft. Bradford, Pa* Plant: Electronic components. Floor space, 142,560 sq. ft. Parkersburg, W. Va. Plant: Machine-made tubing; chemical and apparatus ware; gauge glasses; miscellaneous industrial ware and piping. Floor mace, 272,600 sq. ft Muskogee, Okla* Plant: Laboratory and coffee making ware. Moor space 268,600 sq. ft. Albion, Mich, Plant: Manufactures tele vision bulbs. Floor space, 530,300 sq. ft. tubDinagn.viMlleo, oKrya. rPelaa,n2t:70M,4a0n0usfaq.ctfutres bulbs and Harrodsburg, Ky. plant: Manufacturers PLANT AND PR0PERTIB8 0o0p0tiscqa.l aftnd ophthalmic glass. Moor area, 103,- Main Plant: Coming, N. Y.: Railroad, ma Greenville, O.: Fyrex ware plant Moor nna and aviation signal ware; thermometer area, 265,000 sq. ft. and other tubing; coffee makers; piping, me Martinsburg, W, Va, Plant: Manufactures dal industrial glassware; optical ware; and Coming Ware skillets, percolators, teamak- technical glass filters, ovenware. top-of-stove ers. Floor Space, 244.000 sq. ft. John L. Hanigan, Vice-President John F. G. Hicks, Vice-President R. Lee Waterman, Vice-President Arthur W. Weber, Vice-President Frederick H. Knight. Secretary Thomas Waaland, Treasurer J. L. Ward, Controller Henry H. Sayles. Assistant Secretary William W. Sinclaire, Assistant Secretary C. H. Kruldenler. 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, Corning, N. Y. Amory Houghton, Jr.. Coming, N. Y. Arthur A. Houghton, Jr., New York Charles D. LaFoIIette, Coming, N. Y. George D. Macbeth, Corning, N. Y. George Mumane, New York R. D. Murphy Howard C. Sheperd, New York Walter Bedell Smith, Washington, D. C Eugene C. Sullivan, Corning, N. Y. tooklng utensils. Pilot Plant No. 1 Is located Greencasiley Pa. Plant: Final assembly and Auditors: Price Waterhouse & Co. la this plant Floor space. 1,021,800 sq. ft Pmsware Plant: Corning, N. Y.: Television bulbs Floor space, 331,200 sq. ft Fall Brook Plant: Coming, N. Y.: Machlne- gjde^ tubing and small bulbs. Floor space. distribution of all consumer items. Moor space, 600,000 sq. ft. New York Office: Office building and Steu ben retail shop. Company and associates occimj- about 33y3%, balance leased. Floor space. Annual Meeting: Second Tuesday in Apr. Number of Stockholders, Dec. 31,1960: Pfd.. 1945, 280; pfd. 1947, 150; common, 13,235. Number of Employees: Dec. 31, 1960, 14,000. Main Office: Coming. N. Y. INCOME ACCOUNT COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED gat sales ICent of sales ---- ItlSeUing, gen & adminis. exps.'ITM research & development expenses ,, Jan. 1/61 $214,871,286 148,931,976 25,538,706 9260,782 Jan. 3/60 $204,887,424 133,887,424 25,379,666 8,132,645 Dec. 28/58 $159,137,729 108,092,336 16,791,054 6,903224 Dec. 29/57 $159,069,721 111.329,776 15,893,734 5,630,697 Dec. 30/5B $163,053,554 109,015,676 14,638269 4,792272 Jan. 1/56 $157,663,837 102,830,612 13,409,574 5219,275 Jan. 2/55 $147,938,842 97,019,437 12236,938 4,493229 .Operating profit____ _____ _ Other income - - 31,039,822 10,159,769 37261,411 8,071,216 27,351,115 6,162,427 26215,514 5,541296 34,607237 3232,717 36,104,376 3274,689 34298.938 2298,466 ".Tteoretsat.leitncc. ome friers! income tax_ tste income tnv Net Income__ 73pedal charge 41,199,591 1,118,850 18,026,000 22,054,741 2,334,924 45,932,627 1,296,728 20,300,000 24,335,899 33,513,542 749,999 15,600,000 17,163,543 , 31,756,810 723,406 14,500,000 16.533,404 38,440,054 707,301 18,900,000 400,000 18,432,753 39,679,065 782294 19.900,000 370,000 18,626,671 36,497,404 506213 18200,000 301,000 17,490,191 .Net income less special charge___ Hjjjed surplus, Jan. 1_____________ ius credits___ erred dividends '"Plus cdhiavrigdeesnds____ _______-_-_--- 19,719,817 79,627,130 201,252 13228,470 24,335,899 66,470,956 216,582 10,963,143 17,163,543 59,612267 228,351 10,076,503 16,533,404 53,362,886 231270 10,052,653 18,432,753 44,728,683 429,735 236,755 9291,530 18,626,671 54220269 264247 9280,655 11)18,473255 17,490,191 45277287 269285 7,977,024 Itarned surplus. Dec. 31________ $85,617,225 $79,627430 $66,470,956 $59.612267 $53,362286 $44,728,683 $54,820,569 ELEMENTARY P. Sc L. DATA S"?tenance & repairs appreciation, dePh & amort______ j^aates, other than Income -- 8oyaltIes~II"I----------------------------------- Not stated $9,478,793 Not stated $17,052,335 8,427,873 5,396,080 1,550,156 $12,611,204 7,984,072 4,183,082 851,851 $11,642,565 5,936,242 3,453,004 950.000 12,944,160 6,659,124 4.066,298 1206,675 11,079,784 5,899,031 3,798,631 945,467 40,648 9,413,891 5,842,254 3246,790 719,387 139,878 Be fj, --i-"wuue cuuinuuuons to me >-oru- ISLoss on disposition of investments in do ings of its wholly owned foreign associates 53Mmis 'iprks Foundation (a charitable cor- mestic associated companies. and subsidiary companies not consolidated established during 1952): 1956, 5900.- EIncludes payroll taxes. was: 1960, $1,028,099; 1959, $1,436,319; 1958, $314.- ."id 1954. $1,794,000. General: (a) Company's equity in undis 580; 1957, $631,086; 1956, $359,928; 1955, $43,964; ea related portions of items shown tributed earnings of its major domestic 1954. $143,712. Cow -supplementary p. & L data" shown affiliated companies (Dow Coming corp., (c) Commencing Jan. L 1954, parent com Owens-Coming Mbreglas Corp., Pittsburgh pany adopted the sum-of-the-years-dlgits er to capital in connection with t R--espresents undistribute_d__e_a__rn_e__d_s_u_r- Coming Corp. and from 1957, Sylvania-Corning Nuclear Corp.) was: I960, $3,310209; 1959, $2272,730; 1958, $2,227,736; 1957, $2,509,732; 1956, method of computing depreciation of fixed assets as permitted by the Internal Revenue Code of 1954. The effect of this change on in ' ywehaor.lly-owned subsidiary consolidated $4,412,688; 1955, $5,323,607; 1954, $2,973,661. (b) Company's share in undistributed earn come for 1954 was not material. **cord of Earnings, years endsd Dec. 31 (In 5): Net Sales 43,277,815 51.000281 52298,020 48202201 55,851,710 61295,727 67.866,101 73,197,782 116,473,981 111M5,.715-"0,71R742 Costand Expenses 33,887232 42,689218 44,190,437 44,141289 50272,664 57,145.718 60,609294 61,618,194 81,573,689 93,052,059 98.811.014 perati . Profit 9290.483 9211.063 8207283 4,060,912 5279.046 4250,009 7256.807 11279,588 34,900292 22,698,113 27,644,770 Oth. Inc. & Ded. (Net) d 354.000 d 350.566 d 1255273 d 383,885 817,701 d 549200 d 1,101264 236,848 770,495 1264,551 871,386 Ino. Bef. Taxes 9,036,483 8,960,497 6,952.410 3,677,027 4,461245 3,600,909 6,095243 11,816,436 35,670,787 23,862,664 2n8* 2A1o6n,1o5n6e Income Taxes 6,417.708 6266,130 4,959,718 1292.080 1,660,700 1282200 2,447290 4,738,052 18,058,432 13,721200 18293,000 n ssr nno Net Income 2,618,775 2294267 1,992,692 2284247 2,800,645 2218.409 3248253 7,078,384 17,612255 10,141,164 10,323,156 12.681295 Common Dividends 1285.538 1285.536 1285.536 1,317,654 1217254 1217254 1217,154 2.634208 5267,366 5,318,016 5.318.016 5.318.016 Com. Shs. Earn. Per Outstand. Com. Sh. 642,768 325 642,768 323 650,777 3.05 2,634,708 026 2,634,308 1.00 2,634,308 0.73 2,634208 125 2,634208 2.56 2,649,533 6.53 2,659,008 3.70 2,659,008 3.77 2,659,008 4.66 MOODY'S INDUSTRIAL MANUAL 675 ETS (cont;d) deferred Items---------- 1960 6,942368 498,856 1959 6,789,961 560,988 1958 6,754.042 628085 1957 7,640323 847598 1956 6,733,406 578,955 1955 4598,644 568,498 1994 3,999349 591,755 I current assets.-------jVwholly-owned subsidiary.. StiaSami wmcaSatloh* uildings, etc.----------------t cost...-------- XllS, b*t- ------------------------- Bunns jLysble ts payable i wages. vacations, etc. Led taxes ---------- -------ovisions & accruals _ M billings----------------- $55,983,610 100,000 55,648332 27,824,526 27523.706 1.478.078 1.111.079 $86,496,473 $87214394 9,075,650 1,343,134 1,709,92a 87U1 $51,197,983 100,000 52,918,024 25,515,827 27,402197 1,450,129 1,020563 $81,170,676 $47779,708 8,742538 2,774,916 2,714577 1,082,052 $60373,907 100.000 49,960.839 23,882,702 26,078.137 1,441,872 1,068,631 $88,962,547 $5,000,000 7500569 7,916,462 6,744.509 1358,921 3,729.086 $62,062,345 100,000 44546559 22553,614 21592,945 1598,011 760569 $86513570 $3,500,000 7,483,763 7,193,469 8592.468 970502 5,484.100 $49,495596 100,000 41,164311 21,105,338 20,059,473 1523,970 466327 $71,445366 $5354506 5322,064 3,603592 1586,795 6,099,171 $39,473,829 38591551 19,835,483 18.655,768 1582.850 675594 $60,087,841 $3583545 A1437188,542719 1506,170 1.121517 $42,657,785 36,656,988 18,800,488 17,856,500 1358,175 922500 $62,095,060 $3,754356 *5323595 6378,6311 1335582 48531' at current liabilities non stock---------------al surplus------------surplus. $21314,641 21,062,340 383,096 43536,398 $20,094,091 20,996,910 284,041 39,796,634 $31,949547 20,926.490 181.722 35,904.488 $33,124,402 20,805500 6332 32577536 $21,465,928 20,000.000 29579538 $11508,232 20,000,000 28,579509 $16538,641 20,000,000 26.156425 $86,496,473 $81,170,676 ,962.547 rrent assets $34,768,969 $31,103,897 324.060 . General Notes under Income Account, average cost. s treasury tax anticipation certificates SJExcess consideration received lor com mon stock purchased by employees under re stricted option plan over stated value of $13 eiest thereon: 1960, $4,966,666; 1959, $6,1958-57, none; 1956, $1,768,715; 1955, $6,1954, $5,020333. vne[-3-r-B-s-hi-l-al-inreg.-s---o--n shipbu.i.ld..i--ng ce:ssss of expenditures ana pccrooonnfttirtrasacctrsecIonrdeexd- $71,445366 $60,087,841 $62,695,066 _ $28,029,669 $27,965,597 $26,119,144 thereon. See General Notes under Income Ac- C[i]Represented by $1 par shares: 1960. 1,620,180; 1959,1,615,070; 1968,1,609,730; 1957,1,600,400, 1956 and prior years, 800,000. Stated value per share, $13. STIOAL RECORD I960 per share--common_________ $4.89 ads per share--common_____ Tinge--common___ ,,... , .. $2.40 47%-33)& nSble assets per share--cam-- $4039 it of shares-common ___ -- 1,620380 ncludes $150 prior to 100% stock dividend, 1959 $451 $2.40 49)(r-35 $37.82 1,615,070 1958 $4.19 $2.00 50%-36)4 $35.42 1.609,730 1957 $4.00 02.75 33 1,400 1956 87V4-50 $62.47 800,000 liter 100% stock dividend; before, 84)4-67)4. rAU 8TOCK iwport New* Shlpubildlng & Dry Dock nmon; par $1: ORIZED--3,000.000 shares; outstanding. (0 shares; reserved lor options, 136,690 ; par $1 (changed from $100 par Aug. ). 0.65 preferred share and eight $1 jn shares issued for each $100 share). 1938-- 850 1937-38 1940-- A00 . On $1 par shares: 1940__ LOO 1941-45 1947____ 335 1948-49 1951___ 3 00 1952-- 1954__ 4.00 1955-- LOO 250 450 250 330. 1939. 1030 1948__ 1950__ 1953__ 1956__ 4.00 U0 330 250 On7$i par shares (after 100% stock div.): VOTING BIGHTS--Has one vote per share. PREEMPTIVE RIGHTS--None. LISTED--On New York 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* 'ENDS (payments since 1904 follow): i $100 par shares: . $15.00 1907-18 Nil 1919-- $55.00 . 100.00 1921___ Nil 1922-- ED ) NU 1931____ $1.00 1932____ 450 . 6.00 1934--_ 6.00 011935 12.00 1957--. 135 001961 050 OlStock dividends: 1957, 100%. _ 0To Mar. 2. Dividends payable 1958-- 230 1059-602.D40IVIDEND DISBURSING AGENT -- Morgan 1922, 400%; 1935, 483%; Guaranty Trust Co., New York. Stock Options held by officers and employ ees at Dec. 31, 1960 on 36570 shares at prices quarterly about Mar. 2. from $29.43 to $4058 per share. etc., to stock of record about Feb. 15. etc. OWENS-CORNING FIBERGLAS CORPORATION TAL STRUCTURE i TERM DEBT Issue erm loans_____ ____ TAL STOCK Issue ommon__ Rating mPar Value $1 Amount Outstanding $40,000,000 Amount Outstanding 6,674,336 shs. Times Charges Earned I960 1959 2536 43.68 Earned per Sh. 1960 1959 $2.19 $2.43 Interest Dates ___________ Diva, per Sh. 1960 1959 $1.00 $0.80 Can Price -- Can Price -- Price Range 1960 1932-60 HI.. ffl------Price Range I960 1932-60 122)4-75 0122)4-35)4 Privately held. 0Range since 2-for-l split in 1956; range from 1952 and to the split In 1956, 147-38. DRY nporated under Delaware laws Oct 31, by Owens-Illinois Glass Co. and Corn;laas Works to continue development Of is glass products. Nov. 30, 1954, FIberglas Contracting & and industrial fabrics, as reinforcements for plastics, papers, twines and rubber roods and for other industrial purposes: (3) FIberglas Aerocor, an extremely light weight wool product used as an iranfiating and sound con trol material; (4) FIberglas filter products, used In heating, air conditioning and ventilat ly Co. and Ftberglaa Englnearlng Sc Sup- ing systems and In Industrial processes: and lo., former subsidiaries, were dissolved: (5) FIberglas mat products, consisting of por operated as divisions. ous thin sheets used principally in manufac 3IDIARY eas-Coming FIberglas International, S. Janama). Overseas sales. IUAT10N npany la affiliated with Owens-Illinois ' Co. and Corning Glass Works, see genndex, through stock ownership (see cornstock, below)7 as 49% of common and 50% of preferred ' of FIberglas Canada limited; 40% of 1 Fibras, SA., of Mexico; 40% of com- ture of storage batteries and as protective wrapping for underground pipes. m 1958 a new type of roofing material was added. PLANTS A PROPERTIES Company owns plants at Newark, O.. Kan sas CityTKan., Santa Clara, Cal- Barring ton. N. J,, Anderson and Aiken, S. C., Ashton, R. t, Huntingdon, Pa. and Berlin, N. J., with combined floor area of 5,177,000 sq. ft. includ ing 153,000 sq. ft. research center at Granville, of Asanl fiber Glass, Ltd., of Japan; 40% of common of Australian fibre ' Pty., Ltd.; also interests In New Zealand : Glass Ltd. In 1960 acquired 2418% equity weglass South Africa Pty. Limited, frgias Corp. ODeU, wholly-owned, is Toledo office and sales offices In principal cities are leased. Capital Expenditures: For 1961 will be be tween $12 to 15 million compared with $42 million in 1960. __ Affiliate Plants: Canadian affiliate has dered not significant plants at Sarnia, Guelph and Edmonton. Other 'NE88 A PRODUCTS BPany Is engaged in development and uacture of fibrous glass products, (lis ted by its own sales organization which ? sales offices located In cities througfa- plants located at Ugusakl near Tokyo, Japan; Mexico City, Sydney and Melbourne, Austra lia; Auckland, N. Z. and Springs* near Johan nesburg, South Africa. MANAGEMENT ~BE.. E~J.. Boyd, Vice-Pres. (Mfg.), Detgen, Vice-Pres. (Home Bldg. Prod.) J. H. Thomas, Vice-Pres. & Gen. Mgr., Pacific Coast Division , _, W. M. Keller, Vice-Pres. (FIberglas Rein forced Plastics) T. V. Fowler, Vice-Pres. (Sales to SHrs.) J. A. McKay, Vice-Pres. (Nat. Acct. Rel.) S. J. Weinberg, Jr., Vice-Pres. (FIberglas Textile Fabrics)__ W. J. dark, Vice-Pres. (Advt.) J. W. Trimble, Vice-Pres. (Sales) W W. Boeschenstein, Vice-Pres. (Sales) R. E. Brown, Vice-Pres. (Sales) R. K. Biggers, Vice-Pros. (Sales) D. W. Ladd, Vice-Pros. (Ind. Sc Com. Const. Mat.) C. G. Staelin, Secretary C. F. Scarbrough, Treasurer H. M. Cranston, Compt. &Asst Treas. Frederick Kiel, Assistant Treasurer A. C. Frellgh, Assistant Treasurer J. W. Overman, Assistant Secretary T. R. Vogt, Assistant Secretary H. H. Keech. Asst. Treas. Sc Asst Sec. Directors: Harold Boeschenstein J. E. Bierwirth F. M. Eaton X M. Kemper D. W. Malott H. J. Morgens W. J. Murray, Jr. R. T. Stevens Auditors: Arthur Andersen Sc Co. United States. bpanys products can be classified into following five groups: (1) FIberglas 1 products, used for thermal Insulation coustlcal applications; (2) FIberglas texToducts, consisting of strands, yarns and used by other companies m manuto of electrical insulation and decorative O. Hffiacerorsld: Boeschenstein, _P_res.id.en.t Games Slayter, Vice-Pres. (Research) Annual Meeting: Third Thursday in Apr. No. of Stockholders: Dec. 31, 1960, 9,962. H. R. Winkle, Vice-Pres. (finance) No. of Employees: 1960 (average), 9,978. B. S. Wright, Vice-Pres. (Purchases & Transportation) __ J. M. Briley, Vice-Pres., Gen. Connsel W. H. Curtiss, Jr., Vice-Pres. (Mktg.) General Offices: National Bank Bldg.. To ledo L O. New York Office: 717 Fifth Ave. 2698 MOODY'S INDUSTRIAL MANUAL or not shipments are actually made. Republic Income Account, years ended Dec. 31: VOTING RIGHTS--Has sole voting power will pay to Witherbee for the quarterly period I960 1959 LIQUIDATION RIGHTS--Has preference h, ending June 30. 1838, minimum royalties of Royalty income_ 858,3331 for each quarterly period thereafter Adm. & gen. exp-- $605,094 64.384 $712,965 any liquidation to $50 per share. TM 59,842 CALLABLE--As a whole or in part on n, up to Dee. 31,1939, minimum royalties of $87.- General taxes___ 7,154 4,958 dividend date at par. 500, and for each quarterly period thereafter, Operating profit ,, 533,555 648.166 OTHER PROVISIONS--The company shall minimum royalties of $68,750, subject to cer Other income___ 19.925 12,972 not purchase or redeem any shares of clasi. tain provisos. Commencing Jan. 1, 1948, to ex tent that total shipments In any year exceed 1,000.000 tons royalty rate for iron ore pro duced and shipped from Clinton County prop erties shall be 17 cents per ton instead of 25 cents per ton. Lease further provides that If at end of any year average price of basic Valley Furnace pig iron for preceding three years, including year so terminating, equals 830 per ton. there shall be added to royalty rate for 12 months beginning following April 1, 7ft cents per ton Total income____ 553,480 Fed. income tax -- 220,000 Met profit 333,480 Deficit, 1-1__ ___ 943,338 Preferred divs.__ 109,026 Prem. pfd. purch.. 77,189 Deficit, 12-31 706,074 Balance Sheet, as of Dec. 31: Assets: 1960 Cash........... . $582,096 Receivables for each $2 and any part thereof that such average price exceeds 829-99. On Sept. 23, 1941 Defense Plant Corp. and Republic Steel Corp. entered into a "Facilities Agreement" which provided, among othethings, for establishment of a new mine and additional facilities upon property known as "Witherbee Sherman Property" at or near MinevUle, N. Y. In consideration of execution of Facilities Agreement. Wltherbee entered Total current _ Ore land, etc.___ Depletion Net land, etc. Bldgs. & equip.__ Depreciation_____ Net bldgs., etc-- reinvest, in subs__ Deferred charges - $582,096 17,570,155 11.135,700 6.434,455 3.651.616 3,651,615 1 304,971 1,233 Into an "Assignment Agreement" dated Sept 23, 1941 with Defense Plant Corp. and Repub lic, amending the mining lease so as to pro vide that the term of mining lease be extended for 15 years, to expire Mar. 31.1978, to permit, Total Liabilities: Accruals, etc. __ Fed. income tax $7,322,818 $11,445 180,499 661,131 A, class B or class C so long as any of tho 260,000 preferred shall remain outstanding. ^ 401.137 TRANSFER AGENT--First National Citv 1,099,796 Trust Co.. New York. ^ 112,789 ISSUED--In 1932. pursuant to reorganiza 131891 943838 tion plan (see "History"). 2. Withcrbee Sherman Corp. class A: ear $10: _____ 1959 $452,679 181,733 AUTHORIZED--And Issued, 155.405 share*- outstanding, 254975.1 shares; In treasury. Ml shares^par $10. , DIVIDEND RIGHTS--Class A and B shares $634,412 have preference, in order named, over -i-~ 17,539,555 C shares, to non-cumulative dividends oft? 11.135.700 per share per annum, after which any further 6,403,855 3.651.616 3,651,615 I 304.972 1,143 distributions will be divided sharefor share between all three classes. . DIVIDEND RECORD--No dividends paid. VOTING RIGHTS--None until redemption ot' 6% preferred. In which event all rights to vote shall thereupon become vested in tha class A. B and C stocks, each share entitled ' $7,344883 to a vote. ) TRANSFER AGENT -- First National Cltv $10,354 244,024 Trust Co.. New York. .1 ISSUED--In^l932.^pursuant to reorganization ] under certain conditions, assignment by Re public of Its Interest In mining lease to De fense Plant Corp., and assignment by Defense Plant Corp. of its Interest In mining lease to others, and to provide for other minor rhng, modifications and amendments. Total current _ Deferred income _ 6% pfd. stk. ($50). CL A stk. ($10) _ Cl. B stk. ($10)__ By agreement of lease dated as of Jan. L 1942, between Wltherbee, Cubltas and Repub lic. additional properties, on certain of which ECL C stock____ Capital surplus__ Deficit the new facilities were to be Installed or erected, were leased to Republic, such lease Total________ terminating ipso facto in event of termination Net current assets $191,944 10802 1.211,465 1,549,751 445,950 30.000 4,679,579 796,074 $7,322,818 $,3_9_0, 452 $254878 3. Wltherbee Sherman Corp. clan B; par ' 10,749 1,317.315 AUTHORIZED--44495 shares; Issued and out- ?: 1849.751 standing. 44.595 shares; par $10. V 445,950 DIVIDEND RIGHTS. ETC.--See description 30,000 of class A stock (No. 2). - 4,679.579 DIVIDEND RECORD--No dividends paid. I 943.338 TRANSFER AGENT -- First National City 3 Trust Co.. New York. f $7,344,383 ISSUED--In 1932, pursuant to reorganization < $380,034 plan (see "History*). .a of mining Jews E30,000 no par shs. @Lake Champ. & Mo 4. Wltherbee Sherman Corp. class C: ne a Under provisions of lease, the "B" credit riah R-R. unconsoL sub. aft. res. par: .* balance accrued to Dec. 31. 1960, amounted to 52.283,400. Balance represents payments made by Republic Steel Corp. in excess of minimum guarantee payments, and may be applied by Republic solely for payment of such part of Notes: (a) Corp. and non-cons. sub. have leased practically all prop, to Republic Steel Corp. Aver, royalty rates I960, $1,859 (1959. $1,797) per ton. (b) Pfd. arrears $1,308,400 ($54 a sh.) Nov. 1, I960. AUTHORIZED--30,000 shares; issued and out-1 standing, 30,000 shares; no par. i DIVIDEND RIGHTS. ETC--See description ,, of class A stock (No. 2). -J the minimum royalty for any subsequent period as may be In excess of the royalties payable on shipments made during that period. _ Offieerst Q. A. Barclay, Pres, mid Ureas.; G. C. Seward. Vice-Pres. and Sec. Capital Stock: L Wltherbee Sherman Carp. 6% cumulative preferred; par $50: AUTHORIZED--And issued, 24,230 shares: outstanding 24,229.3 shares; in treasury, .7 shares; par $50. DIVIDEND RECORD--No dividends paid. ' TRANSFER AGENT -- First National City-3 Trust Co.. New York. .m ISSUED--In 1932, pursuant to reorganization* plan (see "History1*). " Directors: G. A. Barclay, W. S. Lamble, J. C. DIVIDEND RIGHTS--Has preference as to Acquisition phi chase Offer: On May Ul Heriihy, G. S. Armstrong, G. C. Seward. F. G. assets and cumulative dividends (from May 1946, Republic Steel Corp. announced that it Pardee, A. S. Borst. 1, 1932) of 83 per share per annum payable bad purchased all shares of company owned General Counsel: Meyer, Kissel. Matz & M4N 1. by National City Bank of New York at (75 a 8 Seward, New York. DIVIDEND RECORD--Initial dividend 8L50 share, and would purchase all class A. B and C i Auditors: S. D. Leidesdorf & Co. paid Apr. 30. 1953, Regular semi-annual pay shares In hands of other owners at same pries. Annual (Meeting: Third Tuesday in April ments thereafter, phis 75 cents on arrears In Letters have been addressed to Wltherbee f General Office: Port Henry. N. Y. 1954 and $140 from 1955 to 1957. inch; 1958, $3; Sherman stockholders making this offer. Be- . Ore Shipments (tons)- 1960 1959 1959, $3.75; 1960, $440. public Steel purchased over 83% of the total; Years to Dec. SL. 325,514 396,666 Arrears at Dec. 31. 3960. $54 a share. class A. B and C shares. CAPITAL STRUCTURE OWENS-ILLINOIS GLASS COMPANY Times LONG TERM DEBT Amount ChargesEarned Interest Call Price Range Issue Rating Outstanding 1969 1959 Dates Price 1960 1932-60 1. Promissory notes --_______ 2. Debenture 3%s, due 1988 .. E~ $49,000,000] 18.64 23.34 Aa 49909,0007 {j&d! ______ E10540 E__ 94-84 E______ 100ft-84| CAPITAL STOCK Issue Par Value Amount Earned per Sh. Divs. per Sh. Outstanding 1960 1959 1960 1959 Call Price Price Range 1960 1932-60 1. 4% cum. preferred-__________________________________________ $100 822441 shi $40-32 $49-61 $4.00 $4.00 104.50 130ft-104ft _ " 2. Common ,________________________ 6:25 >,410 shs. 440 549 240 240 116 - 82ft BDll6 -50: 8_]Rang_e since 2-_fo__r-_l_s_p_l_it__in___1_9_5_5:__ra__ng,,_e__fr_o_m_________split in 1937 and to the 2-for-l split In 1955, 131ft-38ft; range from 1932 and the split in 1937, 209-12. BJPrivately held. EOutstanding Mar. 31, I36L g]Range since 1956. g]Subject to change--see text. ERange since issu ance. HISTORY Company's Kaylo Division, manufacturing Owens-Illinois Silica Co. (Midi.) Incorporated In Ohio, Dec. 16, 1907 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's 1948 and 1919 Industrial Manuals. In 1951 company purchased Samerie, Inc.. Riverdale, N. J., manufacturer of thermo plastic caps and closure* for glass snd metal containers and plastic articles. a fireproof insulating hydrous calcium sili cate material, was sold to Owens-Coming Fibergias Corp. in May. 1958. In Sept., 1959,_properties and inventories of Owens-Illinois Plywood, Inc. (VL) were sold to Roddis Plywood Corp. and subsidiary liquidated. Also in 1959, company liquidated Glasco Products Co. (Ill), National Container Carp- 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.), as whoHy-owned subsidiaries. On Nov. Owens-Illinois Thinlite, Inc. (Ohio) Marinette, Tomahawk & Western EUR. Co. (Wise)--(see Moody's Transportation Man ual). Forest Products Corp. (formerly Northe era Container Corp.) (Pa.) 0-1 Services. Inc. (Ohio) O-I Timber Corp. (Wise.) ,% National Container Corp. of California (Cakjl Valdosta Southern R.R. Co. (Fla.) , Owens-Illinois de Venezuela, CA- (Venezuela)1 Owens-HLinois of Canada Ltd. (Canada) Owens-Illinois of the Bahamas, Ltd. (Bk On Apr. 1, 1952 company sold American Coating Mills division to Robert Galr Co.. Inc., for $6,170,190 and 400.000 shares of Galr common stock. Transaction Involved paperboard mills at Elkhart, Ind., and Middletown. O., aad carton plants at Elkhart, Chicago mH Grand Rapids. Mich. On Dec. 16. 1952, formed Owens-Illinois lntar-Amerlca Corp- wholly-owned. On Sept. 16, 1953, acquired 50% Interest In Ptax Corporation (DeL), from Emhart Manu facturing Co. at a cost of $8,000,000 (sold In 1957). 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 share of $100 4% preferred and one-fourth common share end each preferred share for 352/1000 of a preferred share and 44/100 of a common share. Exchange required 822491 pre ferred shares and 1,028,739 common shares. 2. 1959. acquired entire capital stock of Key stone Brass Works (1*3.) for 19.459 common shares; renamed Libbey Plastics, Inc., a wholly-owned snbsidiary. SUBSIDIARIES Company Is primarily an operating com pany. On Dec. 3L1960, held 100% voting power in (he following subsidiaries: Name, place of incorporation and business: Bristol Paper Products Corp- (Ri.) Closing Machines. Inc. (Ohio) Libbey Plastics, Inc. (Pa.) [DLauterhach Carp. CDeL)--Plastic molding machinery Kimble Glass Co. (Ohio)--Television bulb*, glass tolling md rod, laboratory appara tus, glam uock, tastfiator* and wrtsrwhnk smMMt .glBB mrUdm. Owens-jninoia Inter-America Carp. (Ohio)-- Sells company products in Western Hemis phere outside of the U. S. llamas) ECompania de Vidrios Owens-Illinois d* Cuba. S.A. (Cuba) Owens-Illinois International S.A. (Switzer land. Panama and Colombia) HDissolved Feb. 27, 1961. gjExpropriated Oct. 24, 1969. . Other investments: As of Dec. A.J Owens-Illinois Glass Co. owned '. common shares (about 331/3%) of Corning Fibergias Corp. (see general -- ,, Amount includes 864,068 shares reserved exchange--see 4% preferred, below. Also owned 334413 common shard) bf i tinental Can Co. held in voting trust. Also owned 160,000 shares of CO Corp. of America (see general index), shares of Monsanto Chemical Co. (see ge index) and 74,428 shares of Pennsyn Glass Sand Corp. (see general index). .. Company also has majority interest.TM^ tien-Gesellschaft der Gerresheinier irx vy v/ xy x nwerke vorm. Ferd, Here (German?) and for special electronic devices, glass-metal seal MANAGEMENT iropagnte Internationale de Gobeletene Inirechabie. S. A. "Dumber" (Belgium); and inority Interest In Companhia Industrial io Paulo Rio "Cisper" (Brazil). USINE8S AND PRODUCTS The general organization Is composed of an Iministrative division and several operating visions and subsidiaries. Glass Container Division--Comprises largest irt of company's business, with manufacturg plants located to serve all sections of the iuntry. Operates container factories and ties offices east of the Rocky Mountains, roducts include glass containers sold under te trade-mark Duraglas. These are used for ickagiag prepared and processed food, mecinal, health, dairy, household, toiletry and ismetlc products, beer, carbonated bevagea, liquor and wine. Major plants of this .vision also produce corrugated shipping ises for their own use. pacific Coast Division--Bidependent oprating division with glass. container factries, sand plants, closure plant, and sales tlces. located west of the Rocks Mountains. Derations In the West parallel those of Glass ontainer Division in the East. Closure and Plastics Division--Independent Derating division. Manufactures metal and lastic closures and other plastic products hlch are sold by company's other divisions ad subsidiaries. Libbey Glass Division--Produces Libbey afedge glass tumblers, stemware, and taIeware for the retail trade and for hotels, -staurants, cafes, clubs, bars and soda founllns; cut and engraved glassware. Also makes unbiers used ss Jars for packing food prodcts. '`melamine" plastic dlnnerware. Mill Division--Operates paper mills and Is nportant part of company's paper products usiness which also comprises National Conilner Corp. of CaL, Forest Products Coro, nd Bristol Paper Products Corp. (subsidiries) and Multiwall Bag Division and the aper Products Division, processes pine and ardwood from company-owned and other ources. into pulp, containerboard and semihemical corrugated medium. Sells to comany and to others. Multiwall Bag Division--Makes wide line of taper bags for sale to others, paper Products Division--Produces and ells corrugated and solid fibre shipping oxes used by virtually all industry. Corugated converting plants are strategically seated throughout nation. Blown and Tubular Products Division-- Manufactures glass tubing and rod and prodicta made from them, including ampuls, vials, yringe cartridges, etc. assemblies, sintered glass products, glass block, and communication insulators. Officers J. P. Levis. Chmn. Of Bd. & Exec. Com. International Division--The division handles all company business outside the Continental United States, Including sales, manufacturing, investments, licensing, and sale or lease of machinery and equipment. Is also responsible for operations of Owens-Illinois Inter-Amer ica Corp. which sells company's products in Western Hemisphere outside of the United States, and for Owens-Illinois of Panama 8A. which has responsibility for investments in Central and South American countries. & Chief Exec. Off. C. H. Rc.. Megowen, Pres., & Chief Oper. Laughlln, Exec. Vice-President Off. C. G. Benslnger, Exec. Vice-President R. H. Mulford, Exec. Vice-President S. L. Rairdon, Exec. Vice-President G. S. Babcock, Vice-President O. G. Burch, Vice-President E. D. Dodd. Vice-President H. S. Wade, Vice-President W. J. Stewart, Vice-President A. M. Turner. Vice-President PRINCIPAL PLANT8 A PROPERTIES P. W. Hancock, Vice-President Factories are located Alton, HI. Atlanta, Ga. Aurora, Ind. Big Island, Va. Bradford, Pa. Bridgeton, N. J. Bristol, Pa. Buffalo. N. T. Charleston. W. Va. Chicago, BL __ Chicago Heights, BL Clarion. Pa. Columbus, O. Corona, Cal. Dallas. Tex. Detroit, Mich. Durham, N. C. Fairmont W. Va. Flint Mich. Gas City, Ind. Glassboro. N. J. Godfrey, 111. Huntington, W. Va. lone. Cal Jacksonville, Fla. Jaite, O. Jersey City, N. J. Kansas City, Mo. Lake City, Pa. as follows; Lg. island. City. N. Y. Los Angeles. CaL Madison, HI. Memphis, Term, Mercedes. Tex. Miami, Fla. Milwaukee, Wise. Minneapolis, Minn. Muncle. ind. New Orleans, La. Newark, N. J. Oakland. Cal Pacific Grove, Cal Portland, Ore. Riverdale. N. J. St CharlL 111 Salisbury, N. C. San Jose, Cal [DSan Jose de las Lajas, Cuba Streator, 111 Toledo, O. Tomahawk, Wise. Toronto. Can. Valdosta, Ga. Valencia, Venezuela Vineland. N. J. Waco, Tex. Warsaw, Ind. C. G. McLaren, Vice-President R. E. Graham, Vice-President G. B. Sklnta, Vice-President M. G. Beishline, Vice-President F. M. Canter. Vice-President S. F. Davis, Vice-President W. B. Owen, Vice-President E. R. Owens, Vice-President E. E. Smith, Treasurer C. F. Babbs, Secretary W. F. Spengler, Comptroller Directors C. G. Benslnger, Toledo EH. E. Collin, Toledo A. J. Hettinger, Jr., New York Fritz Heye, Dusseldorf, Gcr. J. A. mil. Hartford, Conn. C. E. Janssen, Brussels, Belgium H. H. kc.. Kimble. Ocean dity. Ijnighlin, Toledo N. J. EJ. P. Levis, Toledo EW. E. Levis, Toledo G. P. MacNichol, Jr., Toledo EC. R. Megowen, Toledo EJ. T. Rohr, Toledo C. S. Root, Daytona Beach, Fla. R. L. Snldeman, Chicago EMember of Executive Committee. Directors Emeritus W. H. Boshart W. W. Auditors: Arthur Young & Co. Knight COExpropriated Oct. 24, 1960. General Counsel: Fred E. Fuller. Fourteen factories of foreign companies, in which company holds a majority interest, are located as follows; Germany (8), Belgium (2), and one each in Switzerland, Republic of Panama and Columbia. Company has. In West Virginia, an un divided half Interest In 155,783 acres of gas rights, on which there are 699 producing wells supplying gas requireihents of Charleston plant National Container Corp. (subsidiary) owns, leases or controls tlmberlands aggregating about 925,000 acres In Wise., Mich., Vt, Ga., Fla., Canada and the Bahamas. Annual Meeting: Third Wednesday in April at Toledo, O. No. of Stockholders: Dec. 31, 1960: Pre ferred, 7,619; common, 26,377. No. of Employees: Dec. 31, I960, 34,371. General Office: Owens-Illinois Bldg., Madi son Ave., Toledo 1, O, Management Profit-Sharing: Executives and department heads receive additional compen sation under plan adopted Jan. 20,1930, as de termined by the company's president oat of a 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 Die participating salaries shall not exceed 10% of fixe excess Industrial and Electronics Products Divi Capital Expenditures in 1961 are expected earnings for each year. Total bonus to any sion--Manufactures and sells glass television to be reduced from $12,000,000 to $15,000,000 participant in any year shall not exceed his lulbs, bulbs for power and X-ray tubes and less than $41,900,000 expended in 1960. salary for that year. VSBINeSECteCOsloiaiMnslegtEs,ofg&AesCanoCleethOrsae,UlrroNAoyTpaa8eltdriaemtsi.npegaxCiprdOee,vnMe.s_tPe_c(TAs_--.aRkAeTn$I4V5fr456Eo7611,,,m5090C11644802Or,,,e203N831p197SoOrtsLIfD$i4l5eA52530d2T1,,,499E6w2157D5996i,,,t489hI373N183SCeOcMu$r3E5i49t0i958eA1,,,28s94C7855a8489C,.,n029Od143291UENxTch,$aY354n91E760g1,A,,69e4465R487C006S,,,628o654mE605NmDisEs$iD3o4749n865D)1,,,6391E9977C59048.,,.92537336751 1959 $370,347,668 287,810,152 29,539,134 1954 $336,708,809 267211,730 27,655,642 Operating profit Dividends received Interest received Miscellaneous other Income _-- 57,510,001 3,663,415 2,166,035 1,672,971 78,331,624 2,938,575 1,974,545 1214,553 63,297,670 9,073,383 767,392 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 2,171,570 503,118 56,554 41,841,439 1,836,921 148,670 56,120 Total Provision for bad debts______ ______ Interest expense__________ Sundry expenses & losses (net)____ 65,012,422 81,754 3,474,236 169,327 84,759,297 42208 3281,940 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 2,717,113 258203 55,729,620 1254248 53,064 43,883,147 68,178 1264,777 11228 Total Income before taxes_____ __ IProvision for Federal income taxestate & foreign income taxes_____ 61287,105 28,100,000 80,031,354 39,200,000 62,540,595 29200,000 67,487,317 32200,000 600,000 72,139218 35240,000 950,000 54,122210 26,900.000 200.000 42,438,965 20200,000 100,000 Net Income_-- Especial item ______________ _ 33,187,105 3,747,122 40231,354 32,740,595 er 5,031,410 34,087,317 cr 1,722,700 35249,218 __________ - 27,022.310 21238,965 Net income to surplus_______ ---- BEarned surplus beginning of year-- pSurpIus credits______ ____ __ ____ gPreferred dividends liCommon dividends _ Bstock dividends_________________ Bother surplus debits_________ -- 29,439,983 176,577,590 3.291264 18,208,462 40,831,354 156,936,517 3,291,964 17,898,317 -- 37,772,005 140,322,819 3,291,964 17,866,343 35,810,017 125,662,983 3291.964 17258,217 -- 35249218 138,871,613 1226.674 1,001,946 17281,671 1,041,614 28,459,291 ' 27,022,310 86,064,518 12,991,714 21238,965 76,753,049 12227296 Earned' surplus, end of year__ 184,517,247 $176,577,590 $156,936,517 $140,322,819 $125,6622*3 $100,095,114 $88.064218 SUPPLEMENTARY P. & L. DATA Deprec., depL & amortization-____ $19,490,367 $17,689,498 $18,196,439 $17,319,473 $15,255,826 $9,444,679 $8,045,007 EMolds charged to expense---- ----Maintenance & repairs_____ ______ 3]Taxes (other than income) -- -- Rents __ Royalties 11,402,208 31,463,059 14,409,221 3,682,040 1221,046 8,244,310 27,477,988 12,691,098 3,528,139 1.148283 8,686220 23,813,041 9,716294 3252201 928,710 9,514,725 23282485 9,161,625 3244,491 1.035289 8,073.506 22249.107 8,365256 3279,745 1.128,471 7,003252 14,448.883 5216.995 2215,414 1298231 . 6277,142 13,666,061 4,711270 2238248 1012,160 EIncludes payroll taxes (1960, $7,604,490) HIncludes, for entire year, operations of entirety. All other new molds or mold re iDCost of sales and other operating expenses National Container Corp., merged Oct 4,1956. placements are charged to expense. (including depreciation, depletion and amor- (51957: Includes $1,040,000 deferred income 31956: $100,095,114 Owens-Illinois Glass Co. U"t on: i960, $18,213,882; 1959, $16,941,544; 1958, taxes provided in amounts equal to reduction and $36,776,499 National Container Corp.; to iiL611,,'936; 1*7, $16,915,723; 1956, $15,120,935; In current taxes due to excess of accelerated tal, $136271,613. 1355, $9,198,637; 1954, $7,833,694: and research engineering expenses; 1960, $13,165,747; J*9, S12,321,631: 1958, $11,747,430; 1957, $12,700,2 5ir,195.6i 811250,433). ,, IBincludes related portions of items shown under Supplementary P. Sc L. Data" below statement EAt Dec. 31, I960, $73,978,107 of earned sur- amortization over book depredation. (UNO depreciation is provided on molds. The amount at which molds are carried in the company's accounts represents die value thereof at Dec. 31, 1930 as determined by in dependent appraisal plus (a) certain additions for molds acquired from companies whose as sets were purchased and (b) additions for 5311956; Transfer from equity in surplus of non-consolldated on acquisition of minority interest by National Container Corp. (31956: 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. was restricted as to cash dividends on common stock. molds for new products, minus (c) molds specifically allocated to plants sold In their 31956: Includes $1,653,660 paid on National Container Corp. common prior to Oct. 5, 1956.