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PLAINTIFF'S EXHIBIT K-1768 MOODY'S INDUSTRIAL .MANUAL Lakewood ------------ dtlL24-1902-----------Dallas Public Library AMERICAN and FOREIGN JOHN SHERMAN PORTER, Editor-in-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 1962 D. F. Shea, Publisher Robert H. Messner, Assistant Publisher MOODY'S INVESTORS SERVICE, INC. 99. CHURCH STREET, NEW YORK 7, N. Y. PHILADELPHIA Suburban Station Bids. BOSTON CHICAGO LOS ANCELES WASHINGTON SAN FHANCISCO 75 Federal SL 135 So. La SaUe St. 606 So. Hill St. Woodward Bids. Bum Bids. LONDON: MOODY'S INVESTORS SERVICE, LTD. Arthur Street, London EX* 4 Copyright, 1962 by Moody's Investors Service, Inc., New York--All rights reserved ifiJjciu** (2) change terms adconsolidation affecting __In liquidation en11 involuntary and reg * ^voluntary: plus dividends. * 10 nlfiH TS--None. "`whale or in part at any "10 days' -n~ottiincne tton SSeapntt. 30 lessl*! " chare olus dividends): ' ESf S $53.--50 1973__._.._.. $53.0. }1|9SR73------"--- 555200...055000 1ff9l-7-9------------- 5501..5000 St>t- 30- arrears, company may 0arrer^cem less than aU pre- ***. Client of 66%% of preferred. '^vlwAnnuaUy. beginning Oct. 2 ^Of^ b^Purohase at not exceeding *-r rtli a`-S^Oct*2!h.1959` in exchange ' Capital Corp. stock under ^3Lk-<ufI^am_ nt -aret/faecrhreedd sIhnaorne-deistsaucehd- 2^% **.*" ii 1961) entitling holder ot jrior w.^huv *1 05 common shares at $60 -- in m Sept 30. 1963: S62 to Sept 1. 30 19CT; $66 to Sept. 30 V *W `-rants' expire: cash paid in Lieu V-J-J" A Warrant privilege pro- * York stock Exchange. ;,NUJn dmivviiDdEeNnDd DdiIsSbBuUrRsSiInNgG Guaranty Trust Co., New ^TKAB-Bankers Trust Co., New York. 2< Mack Trucks, Inc- commotv psr $5: AUTHORIZEI>--1,300,000 shares: outstanding, Dec. 31, 1961, 2,769,373 shares; reserved for de benture warrants (1956 issue), 254,819 shares; for 5!i% preferred warrants (1959 issue), 127,- 084 shares; for options, 68,722 shares par $5. Par changed from no par to $5 May 3, 191b, by 2-for-l split; ?5 shares split 4-for-3 Dec. 10, 1956. Dividend Record (No par shares after 100% stock dividend May 7.1920) ._ 1922____ $1.00 1923____$5.00 1924-25 $6.00 (After 50% stock dividend Dec. 31, 1925) 1926-29 6 00 1930__ 5.50 1931_____ 2.25 1932-35 1.00 1936__ 1.50 1937_____ 1.25 1938__ 0.25 1939__ 0.50 1940_____ 1.50 1341-45 3.00 1946__ 2.00 1947... 5.50 1948___1.00 (On $5 par shares) _ _ 1948___ 1.00 1949-50 nil 1951-52 LOO 1953 nil 1954-56 E~ ($5 par shares after 4-for-3 split) GO 1957-61 1.80 E1962. 0.45 EStock dividends paid: 1954, 5%; 1955. 10%: !956, 5% plus one additional share for each 3 shares held; 1959, 5%. 0To Mar. 31 . DIVIDEND RESTRICTIONS--See long term debt, above. PREEMPTIVE RIGHTS--None. listed--On New York Stock Exchange. TRANSFER AND DIVIDEND DISBURSING AGENT -- Morgan Guaranty Trust Co., New York. uEGISTRAR--Bankers Trust Co., New York OFFERED--(150,000 no par shares) at $51.25 per share (proceeds to company, $47.75 per share) on Dec. 8, 1947 by a syndicate headed by Hf.yden, Stone & Co. and Adamex Securi ties Corp., New York. Stock Options held by certain officers and key employees at Dec. 31, 1961 on 43,535 shares at prices from $24 37 to $44.18 per share expire from Sept 9, 1962 to July 19,1971. Warrants (1956 issue): Outstanding, Dec. 31, 1961, 182,013 warrants (to purchase 254,819 common shares), transferable by delivery, is sued with 5V2% subordinated debentures in Aug., 1956. Holders have right to purchase 1.4 par common shares at following prices to each Sept. 1, incl.; 1963, $45; 1965, $47.50; thereafter at $50 to Sept. 1, 1966 when privilege expires (as adjusted). Warrant privilege protected against dilution. Transfer Agent: Manufacturers Hanover Trust Co., New York. Warrants listed on American Stock Ex change. Warrants (1959 issue): Outstanding, Dec. 31, 1S61, 121,032 warants (to purchase 127,084 common shares) issued with 5VTL preferred; non-detachable prior to Oct. 1, 1961. For other details, see 5V4% preferred (No. 1), above. Warrant Agent: Morgan Guaranty Trust Co., New York. Warrants (1961 issue): Outstanding Dec. 31, 1961, 99,995 warrants (to purchase 99,995 com mon shares) issued with 5%% subordinated debentures in April 1961. For other details see SVe% subordinated debentures above. Warrant agent: Manufacturers Hanover Trust Co., New York. OWENS-CORN1NG FIBERGLAS CORPORATION ^rrL STRUCTURE fgfB TUOi DEBT "" - lane t Tvrm loans-------------------- STOCK Iwie | (C^wnvwnonn Rating E-- Par Value $1 mj Amount Outstanding Times Charges Earned 1961 1960 Interest Dates $40,000,000 20.50 25.86 ------------- Amount Earned per Sh. Divs. perSh. Outstanding 1961 I960 1961 1960 6,701,023 shs. $2.13 $2-19 $10 $1-0 1956 rang from 1952 and to the split in 1956, 147-38, Gall Price CaU Price Price Range 1961 1932-61 S~ E--------- Price Range 1961 1932-61 102%-76 0122%-35% v5TTrrttvvMjleljr held. SRange since ^ tadu;teial8fabrlcs> as reinforcements for E._ J. Detgen, Vice-Pres. (Home Bldg. under Delaware laws Oct. 31, m.1 wOweni-IUlnois Glass Co. ,an, works to continue development of ? ;b~i'it products. CM vr. 30. 1354, Fiberglas Contracting & _y co. a__r_i_da FL'ilbkenergollaoso ETJ*n-k rgtiinnaeerrIiTn3gft &Mr aup- r,,sro. former subsidiaries, were dissolved: afmralrrl ns divisions. *rt<lOI*RY o^io-ATrnlng Fiberglas International, S. 4 truensl Overseas sales. tff.tUiAsoTeIyO.UlNa sa.f.fli.l.liat.ed vwrittth ,,OOwweennss-tIJtllkUin-loa^iis, tmmT {(<>* *a"n<d1 Corning Glass Works, see gen- * mass, through stock ownership (see comfc* dark. blow). om* 13 v of common and 50% of preferred * Fiberglas Canada Limited; 40% of TM rujfaa S.A., of Mexico; 40% of corn ed tt Auhl Fiber Glass, Ltd., of Japan: ** uf common of Australian Fibre He* *s? . Ltd.: also interests in New Zealand naauiau Lid. In 1960 acquired 2ilA% equity i>outh Africa Pty. Limited. Corp. (Del.), wholly-owned, is --`'tM not significant. <**$$ A PR0DUCT8 -fipaay fa engaged in development and "g"*ure of fibrous glass products, disa. uSled..souwtens,sCalaetsedorlDgaCniitzieaStiotnhrwouhgichh' plastics, papers, twines and rubber goods and for other industrial purposes; (3) Fiberglas Aerocor, an extremely light weight wool product used as an Insulating and sound con trol material: (4) Fiberglas filter products used in heating, air conditioning and ventilat ing systems and In Industrial processes: and (5) Fiberglas mat products, consisting of por ous thin sheets used principally in manufac ture of storage batteries and as protective wrapping for underground pipes. , In 1958 a new type of roofing material was added. plants a properties Company owns plants at Newark, O., Kansaa clty_ Kan > ganta Clara, Cal- Barring- ton, N. J., Anderson and Aiken, S. C., Ashton. R. I., Huntingdon, Pa. and Berlin, N. J., with combined floor area of 5,380,000 sq. ft. includ ing 153,000 sq. ft. research center at Granville, O. Toledo office and sales offices in principal cities are leased. _ ... . . , Capital Expenditures: For 1962 will total $17,000,000 compared with $7,000,000 in 1961. Affiliate Plants: Canadian affiliate has plants at Sarnia, Guelph and Edmonton. Other plants located at Ligusaki near Tokyo, Japan; Mexico City, Sydney and Melbourne, Austra lia: Auckland. N. Z. and Springs, near Johan nesburg, South Africa. MANAGEMENT Officers: Proa.) J. H. Thomas, Vice-Pres. & Gen. Mgr., Pacific Coast Division W. J. Clark, Vice-Pres. (Fiberglas Rein forced Plastics) T. V. Fowler, Vice-Pres. (Sales to Mfrs.) J. A. McKay, Vice-Pres. (Nat. Acct. Rel.) S. J. Weinberg, Jr., Vice-Pres. (Fiberglas Textile Fabrics) W. W. Boeschenstein, Vice-Pres. (Sales) R. E. Brown. Vice-Pres. (Sales) R. K. Biggers. Vice-Pres. (Sales) G. O. Mabry, Vice-Pres. (Sales) F. L. Purtill, Vice-Pres. (Pacific Coast Div.) D. W. Ladd, Vice-Pres. (Ind. & Com. Const Mat.) C. G. Staelin, Secretary C. F. Scarbrough. Treasurer H. M. Cranston, Compt. & Asst. Treas. Frederick Kiel Assistant Treasurer A. C. Freligh, Assistant Treasurer J. W. Overman, Assistant Secretary T. R. Vogt, Assistant Secretary H. H. Keech, Asst. Treas. & Asst. Sec. Directors: Harold Boeschenstein J. E. Bierwirth L. W. Cabot F. M. Eaton J. M. Kemper D. W. Malott H. J. Morgens H. C. Nolen H. R. Winkle *SS22nl^PtiSluct* can be classified intc uma,', ---- (1). .rFiuibeeirKgilua uu2io *?fed for thermal lnsulatloi S2S11 aPp1`Mtions; (2) Fiberglas tex- ms K^naiit ng 01 strands, yarns and of t^fr companies in manu- ottrtcai insulation and decorative Harold Boeschensteln. President H. R. Winkle, Exec. Vice-Pres. (Finance) Games Slayter, Vice-Pres. (Research) B. S. Wright, Vice-Pres. (Purchases & Transportation) W." H. Curtiss. Jr., Vice-Pres. (Mktg.) B. E. Boyd, Vice-Pres. (Mfg.), Auditors: Arthur Andersen & Co. Annual Meeting: Third Thursday in Apr. No. of Stockholders: Dec. 31. 1961, 9.769. No. of Employees: 1S61 (average). 9.667. General Offices: National Bank Bldg., To ledo 1. O. New York Office: 717 Fifth Ave. ACCOUNTS COMPARATIVE INCOME ACCOUNT, YEARS ENDED DEC. 31 E1961 E1960 E1959 S1958 B1957 $2267940,262 $218,178,030 $211,335,854 $176,771,484 $163,327,463 165.643.964 156.747.513 149.688.870 128,915,397 122,435,933 5,827.158 5,382,477 4,186.720 3,866,474 3,544,759 8 * Mam: exiTn's'er:::::":: 16,954.9729,674,417 16,348.336 9.419.304 16.299.530 8,066,278 14,024,298 6,482,613 11,764,665 6,642,982 B1956 $173,064,737 127,225,796 3,740.356 12.483.219 6,867,828 3)1955 $161,293,931 115,990,989 3.314,293 11,559,411 6,146,106 I profit__________ 1 ------ - R tacotne * *B*kreit --------- --------------- 28,839,751 2,353.863 dr 1,372.694 29,820,920 1,455.GOO 14,087,000 30,279,300 2.432.248 dr 819.256 31,892 392 1,233030 16,025,900 33,094,356 1,991,366 dr 1,014,791 34.070.931 780,000 17,120.000 23,482,397 1,475,601 dr 800,875 24,157,123 780,000 12.350.U0O 18,339,124 1.404.881 dr 336,351 20,007.654 780,000 10,220.000 22,747,538 1,135,258 dr 483.666 23.399.130 830.507 fflll.952.000 168.613 24,283,132 845,100 64,289 25,192,521 831,750 013,390.000 25,825 ^52""* -------------- 1 *Wus, Dec. $l_______ 14.27a.920 75,619,149 6.696.612 $83,201,457 14.634.302 67,645 567 6,661,220 $75,619,149 16.170,931 ' 57,098,341 5,623,705 $67,645,567 11,027,123 51.328,288 5,257,070 $57,098,341 9,007,654 47,569,243 5,248,609 $51,328,288 10,4.no 39.945.171 4,525,919 $45,866,962 10,944,946 30,833.630 1,279,000 3,112.405 $39,945,171 984 MOODY'S INDUSTRIAL MANUAL DIVIDEND RIGHTS--Entitled to cumulative VOTING RIGHTS--Has no voting power ex 1929-30 6.00 1931-- 4.50 1932-35 dividends at the rate of 7% annually, payable cept on default of 6 quarterly dividends when 1936-- 4.00 1937-- 6.00 IMS quarterly January 1st, etc., to stock of record second preferred, voting as a class, is en 1939__ nil 1940-- 3.00 1*41^43 5'SS BUUUI L/CCCiilUCl CIU, titled to elect 2 directors. Consent of 66 2/3% ($25 par shares) ^ *A) DIVIDEND RESTRICTIONS -- See credit of second preferred, voting as a class, is re 1944__ 1.75 1945-- 1.20 1*46... agreement above. Dividend Record quired to change terms adversely. 1947__ 1.60 LIQUIDATION RIGHTS--In liquidation, en X1950. 7.80 _0_1_1_9_4_8. 2*00 1951... 2.25 W194529-- (Calendar Years) titled to $7 per share if involuntary and *7.33 ($12.50 par shares after 2-for-l eniiti 1918-23 $7.00 1924__ $1.75 1925___ nil per share if voluntary; plus dividends. 1952... 0.75 1953___ 2.00 1951*'a. 1926-- 21.00 1927-32 7.00 1933... $4.75 PREEMPTIVE RIGHTS--"No provision in 1955-61 nil 31-- -50 1934-35 4.00 1936__ 17.00 1937-60 7.00 Articles of Incorporation, but as a matter of OiPaid in liberty Bondi. 1961... nil law preemptive rights appear to exist." EPlus 42.9% in stock. Arrears Jan. 4. 1962, $3.75 a share. CALLABLE--As a whole or in part at any [I] Alio 10% in stock dividend* in tw VOTING RIGHTS--Eight votes per share. time on at least 30 days' notice at *7.35 per VOTING RIGHTS-One vote per uhZ LIQUIDATION RIGHTS--In any liquidation share and dividends. P'RT^TT,.MT'TT\7Tr PT/lUTC__i*v "r. entitled to par plus accrued dividends. LISTED--On New York Stock Exchange. PREEMPTIVE RIGHTS--"No provision in TRANSFER AGENT--Morgan Guaranty Trust Articles of Incorporation, but as a matter of Co.. New York. LlSTED_On New York Stock Exchi'Un law preemptive rights appear to exist. CALLABLE--Not callable. REGISTRAR--Bankers Trust Co., New York. DIVIDEND DISBURSING AGENT--Comany. listed tradmg change. on Pacific Coast Stock *2' ** LISTED--On New York Stock Exchange. TRANSFER AGENT--Morgan Guaranty Trust ISSUED--Under terms of merger with Ameri can Tractor Corp. on basis of )4 common TMANf^Yo4GENT_Mrgan Guaran`y Trust Co.. New York. REGISTRAR--Bankers Trust Co., New York. DIVIDEND DISBURSING AGENT -- Com share and one second preferred share for each ATC common share. 3. J. I. Case Co. common; par *1: REGISTRAR--Bankers Trust Co., New York DIVIDEND DISBURSING AGENT--Company pany. OFFERED--(80,000 shares) by J. P. Morgan A AUTHORIZED--1,000.000 shares; outstanding. 2.863,193 shares; reserved for options, 249.000 Subscription Rights: Common Stockholm.!, of record of April 24, 1952 had right to rS Co. in January, 1912. 2. J. I. Case Co. 6Vi% cumulative second preferred; par $7: shares; reserved for conversion of debentures. 884.839 shares; par $12.50. Par changed from $100 to $25 Dec. 14, 1943, scribe for 377,058 common shares (Ji2 5o -.ST at *24.50 per share on basis of each 5 shares held; rights expired Idi, is AUTHORIZED--1.300,000 shares; outstanding. 1.198.895 shares; par $7. PREFERENCES--Has second preference for assets and dividends. DIVIDEND RIGHTS--Entitled to cumulative dividends of 45)4 cents per share annually payable quarterly, Jan. l, etc., to stock of rec ord about Dec. 12, etc. DIVIDEND RESTRICTIONS -- See credit agreement above. DIVIDEND RECORD--Initial dividend of 9.858 cents paid Apr. 1, 1957. Regular dividends paid auarterly thereafter to Oct. 1, 1960, incl. None tereafter. Arrears Oct. 31, 1961, 45)4 cents per share. bv 4-for-l split; from $25 to $12.50 Apr. 17. 1952 bv 2-for-l split; from $12.50 to $1 Apr. 19, 1962, share for share. DIVIDEND RESTRICTION -- Amended ar ticles provide that no common dividends may be paid in excess of 6% per annum, if assets applicable to payment, would be reduced to less than $2,000,000. See also long term debt and credit agreement above. Dividend Record (Calendar Years) ($100 par shares) 1909__ $2.00 1910-- $22.00 1911____ *65.00 1912-18 nil 1919___ 217.00 1920___ CH10.00 1921-26 nil 1927___ 4.50 1928___ 6.00 1952. Stockholders subscribed for 97 87% offering. TM 01 Common stockholders of record Oct u 1958, had right to subscribe at par to S'o'wi 400 subordinated debenture 5',2S, due Oct n 1983, on basis of *100 debentures for each li common shares held. Rights expired Oct. 30 Stock Options: Held by certain officers and employees at Oct. 31, 1961, on 107,000 shares at prices from 812.50 to $24.25 per share ex. pire Feb. 10. 1971. ex On Apr. 19. 1962, options granted to presi dent on 120,000 shares at $7.19 per share. J. 1. CASE CREDIT CORPORATION (Controlled by J. I. Case Co.) History: Incorporated in Wisconsin in March 19, 1957. Although incorporated in Mar., 1957, com pany did not commence active operation un til later in the year, and then only through gradual introduction to branch offices of Case. Company purchases acceptable dealer and retail paper offered to it in all states of U. S. and in Canada except W. Va. and La., where it only purchases retail receivables. Prior to formation of company, J. I. Case Co. engaged in a similar function using its own general financing resources. Financing by Case is now confined to its repair parts sales and to dealer receivables in two states above mentioned, and foreign markets other than Canada. Case may in future acquire and re tain additional receivables for its own ac count. Business: General business of company is to finance distribution of new products manu factured by J. I. Case Co. to dealers for resale and to finance such dealers' retail time sales of new products manufactured by Case and allied equipment of other manufacturers attached to or sold and used with Case prod ucts. Used units of any make acquired by dealers in connection with the sale of new Case products are also financed. Branch Man agers and Credit Managers of J. I. Case Co. branches throughout U. S. and Canada have been appointed agents of Case Credit for ad ministrative purposes. Company has its own central staff and traveling representatives, who have their headquarters at Racine, Wise. Officers: L. T. Newman, Pres., and Treas.; C. E. McCumsey, Vice-Pres.; H. J. Gefke, Sec. Directors: W. S. Davis, C. E. McCumsey, L. T. Newman, M. D. Hill, J. L. Ketelsen. Auditors: Price Waterhouse & Co. Annual Meeting: Second Thursday in Apr. General Office: 700 State St., Racine, Wise. Income Account, years ended Oct. 31: Fin. chgs. to par- 1961 1960 end co................... $8,777,298 $10,256,203 Other earned fin. chgs., etc________ 7,033,611 7,556,670 Total ........................ 15,810,909 17,812,873 Interest expenses. 8,398,779 10,546,774 Prov. for losses__ 4,444,427 1,986,935 Other expenses__ 360,321 446,059 Balance___________ 2,607.382 4,833.105 Income taxes_____ 1,400,000 2,600.000 Net income_______ 1,207,382 2,233,105 Balance Sheet, as of Oct. 31: Assets: 1961 1960 Cash ______ $8,685,660 $19,698,381 Due from parent-- 3.716,549 ________ Notes receivable-- 162,219,744 186.351.431 Unearn. fin. chgs-- cr 9,658,152 cr 11,895,921 Allow, for losses.. cr 4,400,000 cr 2,250,000 Other assets______ 905,555 1,508,472 Total - ... Liabilities: Notes payable-----Accounts payable. Due J. I. Case Co.. Taxes on income-. Held fr. dealers .. 55.a% notes pay. -- 5)4% notes pay. -- 6)4% notes pay. -- 5)4% notes pay. -- $161,469,356 $33,714,160 298,146 146,287 3,941,813 25.000.000 25.000.000 20.000.000 22,000,000 *193,412,363 $62,364,992 207,183 4,731,429 315,740 3,631,451 25.000.000 25.000.000 ,20.000. 000 22 000,000 Capital stock ___ Retained earnings. 25.000.000 6.36S.S30 23,000.000 5.161.304 Total ............ -- S161.469.356 S1S3.4I2.3E; Note: At Oct. 31. 1931. no retained earning: were available for dividends. Term Loans: (l) Outstanding, Oct. 31, 1961. S25.000.000 (privately placed) 5)4% noU-s payable $1,000,000 annually. May 1, 1964-72 and balance, May 1, 1973. Company agrees not to pay cash dividends or reacquire stock If thereafter senior debt would exceed 3U0'i of the capital base, as defined. (2) Outstanding, Oct. 31, 1961, S25.O0n.IMO (privately placed) 5)s% notes payable $1,000- 000 annually, May 1. 1963-73 and balance. May 1, 1974. Proceeds' for working capital. Com pany may not pay dividends if thereafter senior debt would exceed 300% of sum of subordinated debt, capital debt plus capital stock and surplus. ... (3) Outstanding, Oct. 31, 1961, S2O.OO0.OM 63,i% notes payable SI,000.000 annually Fvb }> 1966-74 and 511,000.000. Feb. 1, 1975. Proceeds for working capital. Company may not pa> cash dividends unless immediately thereafter senior debt would not exceed 300% of cap ital base. _. ,, Subordinated Debt: Outstanding, Oct an 1961, $22,000,000 5)4% notes due May 1. payable to J. I. Case Co., subordinated to company notes payable to banks and out investors. ,, ,,. Credit Agreement: See J. I. Case Co. Prf^ ceding statement. Capital Stock: J. I. Case Credit Corp. Authorized and outstanding. 4,100 shares, no par. AU owned by J. I. Case Co. CAPITAL 8TRUCTURH CORNING GLASS WORKS Times LONG TERM DEBT Issue 1. Income debenture 3)4s, due 2002 -- Rating Ill- Amount Outstanding $8,900,000 Charges Earned 1961 1960 62.82 36.82 Interest Dates A&O 1 Call Price See text Price Rhf*j. 1951 0T_. A....... CAPITAL STOCK Issue 1. *14% cumulative pfd., 1945 series-- 2. 3)4% cumulative pfd., 1947 series.. 3. Common__ Par Value $100 100 5 Amount Outstanding 22,815 shs.T 31,300 shs.f 6,785,662 shs. Earned per Sh. 1961 1960 $479.09 $386,86 3.79 3.2* Divs. per Sh. 1961 1960 S3.50 $3.50 3.50 8.50 2.09 2.09 Cali Price 101 102)4 Price * *!*tt . HJRange since 1945. [3Range since 1947. [DPrivatdly held. HRange since 2)4-for-l split In 1955; range from 1945 and to the split In 156)4-18. HI8TORY Incorporated in New York Dec. 24, 1936, as a consolidation of a New York company of same name originally incorporated in 1875 and Macbeth-Evans Glass Co. incorporated in Pennsylvania in 1899. Business established In 1851 and 1869. ,, , _ .. On Sept. 12, 1945. merged Coming Realty Co., a wholly-owned subsidiary owning Com ing Building at Fifth Ave. and 56th St., New York and certain realty at Coming, N. Y. In Aug. 1956 purchased remaining 50% in terest in Corning Fibre Box Corp. On Nov. 28,1958, merged Steuben Glass Inc., a subsidiary, now a division. SUB8IDIARIE8 A AFFILIATES Corhart Refractories Co., Inc. (wholly- owned): Organized in Delaware in 1927. Owns and operates refractories plant at Louisville, Ky. and Buckhannon. W. Va. On Dec. 27, 1958, acquired refractories business of parent. Corning Giass Works of Canada. Ltd. (wholly-owned): Organized in 1945. Owns 105,800 sq. ft. plant at Leaside, Ont. Corning ware for the Canadian market is processed at Leaside; and plant is used as a warehouse and distributing point for Canadian market. Corning Glass International, SJL (wholly owned by Coming Glass Works of Canada, Ltd.): Incorporated in Panama in 1959 with offices at Panama, R.P., Zurich. Swlt?*v*y. 717 Fifth Ave., New York and Corning. to coordinate export of all Corning an p* hart products in all countries outsid* U. S. and Canada. . . /CrtF Corning Glass Works of So. *m,. c *- talerias Coming de Sud America. (wholly-owned): Incorporated under , tine laws in 1942 Owns Argentina ^ Chilean patents of company ana -w .j0 Cristalerias Rigolleau. Latter opera'" Diant near Buenos Aires. Argentina -p* 22.84% of Cristalerias de Chile, whicngd ff ates a glass plant at Santiago, exclusive licensee of company I P1 Chile. * 1 I O iiV -UU lHAMUAJLi 985 ------- rnmfrir Brazil. S. A. (wholly-owned): and electronics industries, etc. Most of com Martinsburg, W. Va. Plant: Manufactures _VwW--*r*i***_d5mu* Brazil in 1944. Owns 31% of and i8% of preferred shares pany's products are sold under trade marks. Corning, Pyrex, Pyroceram and Vycor. Coming Ware skillets, percolators, ers. Floor space, 244,000 sq. ft. teamak- !UoarrtiS"*A'*ia eSawn*tao MMaanrinnaa, iwrhhiinchh nopne(*rraatte#si Sales offices at Coming, N. Y., New York, Greencastle, Pa. Plant: Final assembly and So* Vfint at Sao Paulo. Brazil. Chicago, San Francisco, Los Angeles. Balias, distribution of all consumer items. Floor *,!** P`*h corning Corp. (50% owned): Or- Pittsburgh, Houston, Atlanta, Washington, space, 600,000 sq. ft. * pitt0"I*pennsylvarLla In 1937 in association D. C., Cleveland and Zurich, Switzerland. New York Office: Office building and Steu *5^,,`f.burgh Plate Glass Co. Owns and Sb Pltt*Vint at Port Allegheny. Pa., and S*ra,e* iSf for manufacture of hollow glass SJdsiis- hiArks also cellular glass products aSS^.r' trade name of Foamglas used In ^Igerstion chambers and as a flotation ^":corning Fi.bergla* Corp. (31-81% *"? see general index. 0^5 >irning Corp. (50% owned): Incorpo- r*Plr*dw,m6MMi^eshJl gCaon. in 1943 In association with 0pCrates plant at Midland. V* manufacture of electrical insulating filrh f0L5aes fluids and elastomers re- r***^lo/natural or artlflcial rubber. aU gen- "JIPt1known.as silicones^,, _____ -__________ I'1' Aearning AC (50% owned): Incor- Switzerland in 1960 in associate ponsHu'Jd .'."rKemical Co., to finance and man- PLANT AND PROPERTIES Main Plant: Corning, N. Y.: Railroad, ma rine and aviation signal ware; thermometer and other tubing: coflee makers: piping, spe cial industrial glassware; optical ware; and technical glass alters, ovenware. top-of-stove cooking utensils. Pilot Plant No. 1 1s located in this plant. Floor space, 1,021400 sq. it Pressware Plant: Coming, N. Y.: Television bulbs. Floor space. 331.200 sq. ft. Pall Brook Plant: Corning, N. Y.: Machine- made tubing and small bulbs. Floor space. 253,500 sq. It. ' VYCOR Plant: Corning, N. Y.: VYCOR ware and special products. Floor space, 81,400 sq. ft. Pilot Plant No. 2: Coming, N. Y.: To study new manufacturing methods under produc ben retail shop. Company and associates oc cupy about 33(3%, balance leased. Floor space, 345,000 sq. ft. Danville, Va, Plant: Manufactures Vycor brand glass and other high quality specialty glasses. Corning Glass Works of Canada, Ltd.: Leaside. Ont.: Housewares; warehouse and dis tributing point. Floor space, 105.800 sq. ft. Corhart Refractories Co., Louisville, Ky.: Re fractories. Floor 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 nounced plans to construct an electronics plant at Raleigh, N. C. MANAGEMENT mcr0,ain interests outside U. S, tion conditions. Floor space, 55,800 sq. ft Officers: Reactor Laboratories. Inc.: Glass Center: Coming, N. Y.: Employee's Amory Houghton, Chmn. of Exec. Com. """T Jointly with nine ither companies rrrn'^.Je facilities for atomic energy re- recreation center and Hall of Science and Industry. Floor space. 57,500 sq. ft William C. Decker. Chmn. & Chief Exec. Off. to Pr 'rnprai.is of constituent companies, Mechanical Engineering Building: Corning, Amory Houghton, Jr., President warth Pr*rtion early in 1959. N. Y.: Central machine shop and machine de Charles D. LaFollette, Fin. Vice-Pres. eornms Mm eMxieexalneao Sin. 1A9.51 i w(inhaoclltyiveo)w. ned): velopment sq. It. departments. Floor space, 57,700 William H. Armistead, Vice-President * L. A. Amylon, Vice-President Fibre Box Corp. (100% owned): --KHratS substantial part of paper packing ...rial used by company in shipping prodSiLm customers and distributors. A. jobiing Co. Ltd. (England) (40% stock interest acquired by company from pilkington Brothers, Ltd. Manu I,ires Pyrex brand ovenware, tableware. . -Viral ware, and industrial specialties in a S1Car Sunderland, England. Houghton Park: Corning, 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 velopment workshop, 68,200 sq. ft. Corning Fibre Box Corp.: Coming, 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. --Welltboro, pa^ Plant: Machine-made bulbs; Paul T. Clark, Vice-President John L. Hanigan, Vice-President H.Lee Waterman, Vice-President Arthur W. Weber, Vice-President Thomas S. Wood, Jr,, Vice-President Frederick H. Knight, Secretary Thomas Waaland, Treasurer Robert W. Foster, Controller Henry H. Sayles, Assistant Secretary William W. Sinclaire, Assistant Secretary C. H. Kruidenier. Assistant Treasurer 9 saciete des Vorreries Industriellos Rounies du Loing "Sovirel" (France) (formerly La Christmas tree ornaments. Floor space, 298,400 sq. ft Charles S. Lafollette Assistant Controller Honorary Officers Pvrcx S A) (32% owned): Manufactures . central Palls, R, I, Plant: Machine-made Eugene C. Sullivan. Hon. Chairman Pytcx brand ovenware, television bulbs, tubing, bulbs and vacuum bottle liners. Floor caht eBmaicganl ewaaurxe-suarn-dLoiontghearnpdroAdnuiccthse,atFrpalanncets. space, 441,400 sq. ft. Charleroi, Pa. Plant: Housewares, table Harry M. Hosier. Honorary Vice-Prea. Jesse T. Littleton, Honorary Vice-Pres, G. D. Macbeth, Honorary Vice-Pres. Corning Glass International S. A.: Conducts le of company products outside U. S. and Canada. ware. lighting ware, miscellaneous products. Floor space, 612.100 sq. ft. Bradford, Pa., Plant: Electronic components. Floor space, 142,560 sq. ft. Other associated companies are Cristale- Parkersburg, W. Va, Plant: Machine-made rf.w fiigoJleau, S. A. (Buenos Aires), Cia. Vi- cubing; chemical and apparatus ware; gauge rtraria Santa Marina, S. A. (Sao Paulo), glasses; miscellaneous industrial ware and Crfstalerias de Chile, S. A. (Santiago), and piping. Floor space, 272.600 sq. ft. L EIcctro Refractaire (Paris). Muskogee, Okla, Plant: Laboratory and 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. LaFollette, Coming, N. Y. George D. Macbeth. Corning, N. Y. George Murnane, New-York R. D. Murphy, New York BUSINESS 4 PRODUCT8 Engaged in manufacture of glass products, Including fluorescent, electric light, tele vision and radio bulbs, electronic compo nents; tree ornaments, tumblers, lamp chim neys. tubing, vacuum bottle liners, tableware nd lighting ware. Steuben line of stemware snd art glass, cooking ware, laboratory ware, coffee making ware. Floor space 268,600 sq. ft. Albion, Mich. Plant: Manufactures tele vision bulbs. Floor space, 530,300 sq. ft. Danville, Ky. Plant: Manufactures bulbs and tubing. Floor area. Z70.400 sq. ft. Harrodsburg, Ky. Plant: Manufacturers optical and ophthalmic glass. Floor area, 103,000 sq. ft. Howard C. Sheperd, New York John R. Kimberly, Neenah, Wise. Eugene C. Sullivan, Coming, N. Y. Auditors: Price Waterhouse & Co. Annual Meeting: Second Tuesday in Apr. Number of Stockholders: Dec. 15, 1961; Pfd., 1945 , 264; pfd., 1947, 138; common, 14,292. insulators, lantern globes, optical glass, re Greenville, O.: Pyrex ware plant. Floor Number of Employees: Dec. 31, 1961, 14,800. fractory products for chemical, metallurgical area, 265,000 sq. ft. Main Office: Coming, N. Y. INCOME ACCOUNT COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED Dec. 31,'61 Jan. 1.'61 Jan. 3,'60 Dec. 28,'58 Dec. 29,'57 1 Cost of sales7~Z____________________ J..! Selling, gen & adminli. exps. research & development expenses_ $229,568,819 150.058.528 28.972,485 10,714,482 $214.871286 148.931,976 25,538,706 9,360,782 $204,887,424 133,887.424 25,379.666 8,132,645 $159,137,729 108.092.336 16,791,054 6,903,224 $159,069,721 111,329,776 15,893,734 5,630,697 Dec. 30,'58 $163,053,554 109,015,676 14,638469 4,792,272 Jan. 1,'56 $157,663,837 102,830,612 13,409,574 5419475 Operating profit__________________ other Income - - - - __________ 39,823.324 8,835,473 31,039,822 10,159,769 37,861,411 8,071,216 27,351,115 6,162,427 26415,514 5,541496 34,607,337 3,832,717 36,104,376 3474,689 , Total Income taterest, etc. ________ fMeral Income tax -State income tax _ 48,658,797 731.$97 21,490,000 511,000 41,199.591 710.850 18.026,000 408.000 45,932.627 875.728 20,300.000 421,000 33,513,542 749,999 15,600.000 31,756,810 723,406 14,500,000 38.440.054 707,301 18,900,000 400,000. 39,679,065 782,394 19,900,000 370,000 Net income __ ISpecial charge 25,925,900 22,054.741 2,334,924 24,335.899 17.163,543 16433,404 18,432,753 18,626.671 R?* income lets epeeial charge____ iiiirplui credit* referred dividends SsSuUrpfflu10s11 cdhiavrigdeesnds 25,925.900 85,617225 194,153 13,559,728 19,719,817 79,627,130 201.252 13228,470 24,335.899 66,470.956 216,582 10,963.143 17,163.543 59,612.267 228,351 10,076,503 16.533,404 53,362,886 231,370 10.052,653 18.432,753 44,728,683 429,735 236,755 9,991.530 18.626,671 54420.569 264,647 9,980,655 3118,473455 Earned surplus. Dee. 31_________ mJMENTARY P. & L. DATA $97,789,264 $85,(17225 $79,627430 $66,470,956 $59,612467 $53,362,886 $14,728,683 lW?ieWCe & repairs_________... TTa^?clation' depl. & amort.__ _ ^entseS' other than incom* $16,406,029 10,853.435 6,711.882 2,515.043 $19,703,401 9,478.793 6,515.625 3,401.836 $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 1,506,675 11,079,784 5,899,031 3,798,631 945,467 40,648 --?Cl'^irInFluSe contributions to the Com- 3! Jan. 1. 1961: Loss on disposition of invest rating "pries Foundation (a charitable cor- ments in domestic associated companies. 000: - established during 1952); 1956. $900,Sl.79i.000. A Included with interest, etc. in 1958 and 1957. 5li|ierC``c3es r^ated portions of items shown X Includes payroll taxes (1961, S3,621,455). amountementary P` & l' data'' *hown General: (a) Company's tributed earnings of its equity in undismajor domestic ,t0 eapital in connection with j19 " 'took split. tiaj 0. Represents undistributed earned sur- affiliated companies (Dow Corning Corp., Owens-Corning Fibreglas Corp., Pittsburgh Corning Corp. and from 1957, Sylvania-Corning Nuclear Corp.) was: 1961, $3243,105; 1960, Ins yTMhy-owned subsidiary consolidated $3,310,209; 1959. $2,372,730; 1958, $2227,736; 1957, $2209,732; 1356, $1,412,688; 1955, $5223,607. (b) Company's share in undistributed earn ings of its wholly owned foreign associates and subsidiary companies not consolidated was: 1961 SI,045.964; 1960, $1,028,099; 1959, SI.436.319; 1958. $314,580; 1957, $631,086; 1956, $359,928; 1955, S43.964. (c) Commencing Jan. L 1954. parent com pany adopted the sum-of-the-years-dlgits method of computing depreciation of fixed assets as permitted by the Internal Revenue Code of 1954. The effect of this change on in come for 1954 was not material. 2788 MOODY'S INDUSTRIAL MANUAL 1971102 1974_____ 101% 1972_____ 101% 1975_____ 101 1973_____ 101% 1976_____ 100% ferred voting as a class Is entitled to elect two directors. DMIiVdlIaDnEdNTDruDstISCBoU..RNSeINwGYoArGk.ENT -- TMae 1977100 Consent of 66 2/3% of preferred necessary $s* Colorado Fuel & iron corp. common; par Also callable for sinking fund (which tee) to increase authorized preferred, or change at 100. terms thereof. AUTHORIZED--10.000.000 shares; outstanding SINKING FUND--To retire *1,000,000 deben LIQUIDATION RIGHTS--In any liquidation Dec. 31, 1961, 3,892,630 shares; in treasury 8 ?// tures after Jan. 31. 1962 and on or before Jan entitled to $50 per share and dividends. shares; reserved for options, 150,640 shari? 31,1963 and $1,000,000 debentures annually PREEMPTIVE RIGHTS--None. reserved for conversion of debentures. 7J& ofi thereafter to Jan. 31. 1976. In the event any CALLABLE--As a whole or in part at $51.25 shares; par $5. debentures selected for redemption for the j^ei^ share and dividends, on any dividend No par shares split 2-for-l in Oct 1945 sinking fund are thereafter surrendered for ehangedfrom no par to $5 Dec. 17, 1959, hre conversion, company will not be required to Also callable for sinking fund at $59 per redeem other debentures in lieu thereof and share and dividends. Dividend Record (In $) any cash deposited for redemption of deben SINKING FUND--Annually at least 30 days (Calendar years) tures so surrendered shall be repaid to com prior to each Dec. 31, 2.500 shares series A 1937-- IDO 1938-39 Nil 1940 liSpany.________ CONVERTIBLE--Into common on or before Jan. 30, 1977 (if called, on or before 10th day preferred. In lieu of cash, company may ten' der preferred at par. PURPOSE--Issued in 1951 in connection with 1941-- 1945_(N_ o 1.25 1942____ p0a.7r5shares--after * for 1943-44 l^>lit) 025 1.00 prior to redemption date) at $27 per share to acquisition of E. A G. Brooke Iron Co. 1945___ Jan. 30, 1967 incl. and $32 thereafter to Jan. TRANSFER AGENT--Marine Midland Trust 1948-- 30, 1977 incl., with an adjustment for accrued Co., New York. 1951-53 interest and dividends; scrip or cash paid in REGISTRAR--First National City Bank, New 1956-57 0.15 1.25 1.50 2.00 1946_____ 0.60 1949_____ 2.00 HI 19501954'... m.. 1955___ [111958. 0.50 001959. 1.05 2.12% SC* lieu of fractional shares. Conversion privilege York 1960... protected against dilution. DIVIDEND DISBURSING AGENT--Marine (On $5 par shares) SECURITY--Not secured. ADDITIONAL SERIES--May be issued sub Midland Trust Co., New York. 2. Colorado Fuel & Iron Corp. S'/1% cumula I960... CD.. 1961... Nil EStock dividends paid: 1950, 25% ($13714 ject to certain restrictions, but total amount at any one time outstanding shall not exceed tive preferred; series B, par $50: AUTHORIZED--All series, 179,996 shares; out 6%-hl&0ld6?rlr): 1954' 7'<`%: 195S' 2^: 1959 $30,000,000. Indenture does not restrict issu standing, series B, Dec. 31,1961,119,996 shares; DIVIDEND "RESTRICTIONS--See long term ance of additional securities ranking equal or prior to series A debentures. par $50. PREFERENCES--Has equal preference with debt and preferred above. VOTING RIGHTS--One vote per share. Bee RIGHTS ON DEFAULT--In event of default series A for assets and dividends. (30 days' grace period for payment of Interest DIVIDEND RIGHTS--Entitled to cumulative b&ras* *tock or sinking fund installment), majority of dividends of $2.75 per share annually, payable LISTED--On New York, Midwest and Pacific debentures may declare principal due and quarterly. Coast Stock Exchanges. Unlisted trading on payable. DIVIDEND RECORD -- Regular dividends Phlladelphia-Baltimore Stock Exchange. INDENTURE MODIFICATION -- Indenture may be modified, except as provided, with consent of 66 2/3% of debentures. LISTED--New York Stock Exchange. PURPOSE--Proceeds to retire *12,000,000 bank loans and $6,000,000 current debt and for BlVIDEND RESTRICTIONS--See long term debt above. ____ VOTING RIGHTS--Has no voting power ex cept on default of six quarterly dividends when preferred, voting as a class, is entitled TRANSFER AGENTS--Marine Midland Trust Co.. New York. Continental Illinois National Bank A Trust Co., Chicago and Bank of America N.T.SA., san Francisco and Los An geles. working capital. _ _______ __ to elect 2 directors. Cumulative voting is not REGISTRARS--First National City Bank, OFFERED--($19,903,300) on Feb. 6, 1957 to permitted. New York; Wells Fargo Bank, San Francisco, common stockholders for subscription at par Consent of 66 2/3% of preferred required American National Bank & Trust Co., Chi on basis of $100 of debentures for each 17 to increase or decrease authorized preferred cago and Security-First National Bank, Los common shares held. Rights expired Feb. 20. or par value thereof or to change terms Angeles. 1957. Unsubscribed debentures underwritten thereof. DIVIDEND DISBURSING AGENT -- Marine by Allen & Co., New York, and associates. LIQUIDATION RIGHTS--In any liquidation, Midland Trust Co., New York. CAPITAL 8TOCK L Colorado Fuel & Iron Corn. 5% cumula tive preferred; series A, par S50; AUTHORIZED--All series, 179.996 shares; out standing, series A, Dec. 31. 1961. 12,521 shares; par $50. PREFERENCE--Has equal preference with series B for assets and dividends. DIVIDEND RIGHTS--Entitled to cumulative dividends of $2.50 per share annually, payable quarterly. DIVIDEND RECORD--Regular dividends paid. DIVIDEND RESTRICTION--See long term entitled to $50 per share and dividends. PREEMPTIVE RIGHTS--None. CALLABLE--At any time at $51.25 per share and dividends. SINKING FUND--Annually beginning 1956, sufficient to redeem at par l/15th of total series B preferred shares issued. Series B preferred may be tendered in lieu of cash. PURPOSE--Issued in Dec., 1952 in connection with acquisition of John A Roebling's Sons. OFFERED--(115,000 shares) at $42.50 a share Mar. 25. 1954. by Allen & Co.. New York. LISTED--New York Stock Exchange. ISSUED--In July. 1936, pursuant to reorgani zation plan together with former income 5s. OFFERED--(275,000 shares, formerly held by Rockefeller Interests) at $17 per share May 1, 1946, by Hlrsch A Co., New York. (320,000 shares) at $18.75 in Dec. 1952 by a syndicate headed by Allen A Co., New York. Proceeds with other funds used to acquire John A. Roebling's Sous Co. Subscription Rights: Common stockholders of record Feb. 5, 1957 had right to subscribe at 100 to $19,903200 4%s convertible sinking debt above. TRANSFER AGENT--Marine Midland Trust fund debentures, series A, due 1977 on basis VOTING RIGHTS--Has one vote per share. Co.. New York. of $100 debentures for each 17 common If six quarterly dividends are in arrears, pre REGISTRAR--First National City Bank, N. Y. shares held. Bights expired Feb. 20, 1957. OAPITAL STRUCTURE OWENS-ILLINOIS GLASS COMPANY Times LONG TERM DEBT Issue 1. Promissory notes__________ 2. Debenture 3%s, due 1988 -- 3. Foreign subs, debt, 1962-71 Rating AEa~ Amount Outstanding $48,000,0001 48,000,000) 3,302,402) Charges Earned 1961 1960 17.57 18.61 Interest Dates f-----------jJ&D 1 Can Price E 105.00 Price Range 1961 1932-61 51___ 94-91 1ElO--O-`,-2--8-4: CAPITAL STOCK Issue 1. 4% cum. preferred________ 2. Common Par Value $100 6.25 Amount Outstanding 822.921 shs. [37,307,785 shs. Earned per Sh. 1961 1960 $41.75 $40.32 4.26 4.10 Divs. per Sh. 1961 1960 $4.00 $4.00 2.50 2.50 Can Price B104.25 Price Range 1961 12(Ri-106 1932-61 |2J130V2-86 104 - 82% 1Sll6 -50% HRange since 2-for-l split in 1955; range from 2-for-l split In 1937 and to the 2-for-l split in 1955, 131%-38%; range from 1932 and to the split in 1937, 200-12. HJPrivately held. ^Outstanding Mar. 31, 1962. fflBange since 1956. ESubject to change--see text. fflRange since issu ance. HISTORY Incorporated in Ohio, Dee. 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 1949 Industrial Manuals. In 1951 company purchased Samerlc, Inc., Riverdale, N. J., manufacturer of thermo plastic caps and closures for glass and metal containers and plastic articles. On Apr. 1. 1952 company sold American a fireproof insulating hydrous calcium sili cate material, was sold to Owens-Coming Fiberglas Com. In May, 1958. In Sept., 1959, properties and Inventories of Owens-Illinois Plywood, Inc. (Vt.) were sold to Roddis Plywood Corp. and subsidiary liquidated. Also in 1959, company liquidated Glasco Products Co. (HI.), National Container Corp. of Mich. (Mich.), and Toledo Automatic Brush Machine Co. (Ohio), former subsidi aries. Also formed Bristol Paper Products Corp- (Fa ) and Northeastern Container Corp. (Pa.), as wholly-owned subsidiaries. On Nov. 2, 1959, acquired entire capital stock of Key stone Brass Works (Pa.) for 19,459 common On Dec. 31, 1961, held 100% voting power In the following subsidiaries: Name, place of incorporation and business: Closing Machines, Inc. (Ohio) Libbey Plastics, Inc. (Pa.) _ Kimble Glass Co. (Ohio)--Television bulbs, glass tubing and rad, laboratory appara tus, glass block, Insulators and mlscellan- eous pressed gleiis Articles. Owens-Illinois Inter-America Corp. (Ohio)-- Bella company products in Western Henna- phere outside of the U. S. Owens-Illinois Silica Co. (Mich.) Owens-Illinois Thinlite, Inc. (Ohio) Marinette, Tomahawk A Western RR Co. Coating Mills division to Robert Galr Co.. Inc., for $6,170,190 and 400.000 shares of Galr common stock. Transaction involved paper- shares; renamed Liboey Plastics, Inc., a wholly-owned subsidiary. In 1961 company jointly with National Dis (Wise)--(see Moody's Transportation Man ual). Forest Products Com. (formerly NrUea*tr board mills at Elkhart, Ind., and Middletown. O-, and carton plants at Elkhart, Chicago and Grand Rapids, Mich. On Dec. 16, 1952, formed Owens-Illinois Inter-America Corp., wholly-owned. tillers and Chemical Corp. formed National Petra Chemicals Com. New company is build ing plant at Houston for manufacture of high-density polyethylene. In Nov. 1961 acquired plant in Newfouryport, Mass, for manufacture of blown high-density era Container Cere.) (Pa.) O-I Services. Inc. (Ohio) O-I Timber C5rp. (Wlac.) . National Container Corp, of California (C> Valdosta Southern R.R. Co. (Fla.) ,. Owens-Illinois de Venezuela, C_A. (Venezuela) On Sept. 16, 1953, acquired 50% Interest in polyethylene bottles. Owens-Illinois of Canada Ltd. (Canada) Plax 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 Expansion Program in 1962 Includes con struction of glass tableware plant at City of I"nd`ustry near L" os Angel`es1;; doubling of Los Angeles corrugated awppirnr box plant; ex pansion of metal and plastic operations and Owens-Illinois of the Bahamas, Ltd. (Ba hamas) 8-A- (Swttssrland, Panama and Colombia) erated as a subsidiary. Under the plan each common share was exchanged for one-fifth Bhare of $100 4% preferred and one-fourth common share and each preferred share for 352/1000 of a preferred share and 44/100 of a common share. Exchange required 822.991 pre a new blown plastic facility at San Jose plant; addition of a blown plasic bottle plant fn Los Angeles, and new furnace at Portland glass container plant SUBSIDIARIES Other Investments As of Dee. Owens-Illinois Glass Co. owned 2D99.q common shares (about 331/3%) of Owen*Coming Fiberglas Corp. (see general lndexi; Amount includes 864,067 shares reserved to> exchange--see 4% preferred, below. rnar ferred shares and 1,028,739 common shares. Company la primarily an operating com SffcXrxW Company's Kaylo Division, manufacturing pany. muujjx S INDUSTRIAL MANUAL 2789 Also owned 140,000 shares of Container bulbs, bulbs for power and X-ray tubes and Company owns or leases 1,200,000 acres of Cots- of America (see general index), 351,790 for special electronic devices, glass-metal seal tlmberlands in Fla., Ga., Mich., Va., Wis. and .hares of Monsanto Chemical Co. (see general assemblies, sintered glass products, glass Bahamas. index) and 74,428 shares of Pennsylvania Hlass Sand Corp. (see general index). Company also has majority interest in Aclien-Gesellschaft der Gerresheimer Glashutienwerke vorm. Ferd_ Heye (Germany) and /vimpagnie Internationale de Gobeleterie InIbrechabla, S. A. "Durober" (Belgium); and Minority Interest in Companhia Industrial So Paulo S Rio "Cisper" (BrazU). BU8INE88 AND PRODUOT8 The general organization is composed of an administrative division and several operating divisions and subsidiaries. block, and communication insulators. 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 S_A., which has responsibility for investments in Central and South American countries. PRINCIPAL PLANTS A PROPERTIES MANAGEMENT Officers J. P. Levis, Chmn. of Bd. 8c Exec. Com. & Chief Exec. Off. C. R. Megowen, Vice-Chmn. 8c Chmn. Exec. Committee EL C. Laughlln, Exec. Vice-President R. H. Mulford, Pres. & Chief Oper. Off. S. L. Rairdon, Exec. Vice-President C. G. Bensinger, Vice-President G. S. Babcock, Vice-President O. G. Burch. Vice-President E. D. Dodd. Vice-President Class Container Division--Comprises largest Operating facilities are located as follows: H. S. Wade, Vice-President Dftrt of company's business, with manufactur Alton. HI. Lg. Island, City, N. Y. W. J. Stewart, Vice-President ing plants located to serve all sections of the Atlanta, Ga. Los Angeles. CaL , A. M. Turner. Vice-President country. Operates container factories and Aurora, Ind. Madison, HI. P. W. Hancock. Vice-President -ales offices east of the Rocky Mountains, Big Island. Va. Memphis. Tenn. R. E. Graham, Vice-President products include glass containers sold under Bradford, Pa. Mercedes, Tex. G. B. Skinta, Vice-President the trade-mark Duraglas. These are used for Bridgeton, N. J. Miami. Fla. M. G. Beishline, Vice-President packaging prepared and processed food, me Bristol. Pa. Milwaukee, Wise. F. M. Canter. Vice-President dicinal, health, dairy, household, toiletry and Brockport, N. Y. Minneapolis, Minn. S. F. Davis, Vice-President cosmetic products, beer, carbonated bev charleston W Va. Muncle. Ind. W. B. Owen, Vice-President erages, liquor and wine. Major plants of this Charlotte, N. C. New Orleans La. E. R. Owens, Vice-President division also produce corrugated shipping Chicago, HI. Newark, N. J. E. E. Smith, Treasurer cases for their own use. Chicago Heights, 111. Newburyport, Mass. C. F. Babbs, Secretary Pacific Coast Division--Independent op Cincinnati, O. North Bergen. N. J. W. F. Spengler, Jr,, Comptroller erating division with glass container fac City of Industry, Cal. Oakland, Cal. Directors tories, sand plants, closure plant, and sales offices, located west of the Rocky Mountains. Clarion. Pa. Columbus. O. Pacific Grove, CaL Portland, Ore. C. G. Bensinger, Toledo EH. E. Collin, Toledo Operations in the West parallel those of Glass Corona, CaL Riverdale, N. J. A. J. Hettinger, Jr., New York Container Division In the East. Dallas, Tex. St. Charles. 111. Fritz Heye, Dusseldorf, Ger. Closure Division--Manufactures metal and Detroit, Mich. Salisbury, N. C. J. A. Hill, Hartford, Conn. plastic closures and plastic fitments for glass containers. Durham, N. C. Fairmont. W. Va. San Jose. Cal. St. Louis, Mo. C. E. Janssen, Brussels, Belgium H. C. Laughlln. Toledo Plastic Products Division--Manufactures Flint, Mich. So. Rockwood, Mich. EJ. P. Levis, Toledo blown and pressed plastic containers and Gas City, Ind. Streator, 111. EW. E. Levis, Toledo other plastic products. Glassboro. N. J. Toledo, O. G. P. MacNichol, Jr., Toledo Libbey Class Division--Produces Ubbey Godfrey, HI. Tomahawk, Wise. EC. R. Megowen, Toledo Safedge glass tumblers, stemware, and ta Huntineton, W. Va. Toronto. Can. EJ- T. Rohr, Toledo bleware for the retail trade and for hotels, lone, Cal. Tracy, CaL C. S. Root, Daytona Beach, Fla. restaurants, cafes, clubs, bars and soda foun Jacksonville, Fla. Valdosta, Ga. R. L. Snideman. Chicago tains; cut and engraved glassware. Also makes Jaite, O. Valencia, Venezuela EMember of Executive Committee. tumblers used as jars for packing food prod Jersey City, N. J. Vineland, N. J. Directors Emeritus ucts, "melamine" plastic dinnerware. Kansas City, Mo. Waco, Tex. W. H. Boshart, H. K. Kimble, W. W. Knight Forest Products Division--Makes wide line of corrugated and solid shipping boxes and paper bags for sale to others. Blown and Tubular Products Division-- Lake City, Pa. Warsaw. Ind. Fourteen factories of foreign companies, in which company holds a majority interest, are located as follows; Germany (9). Belgium (2), and one each in Switzerland and Columbia. Auditors: Arthur Young 8c Co. General Counsel: Fred E. Fuller. Annual Meeting: Third Wednesday In April at Toledo, O. Manufactures glass tubing and rod and prod Company has. in West Virginia, an un No. of Stockholders: Dec. 31, 1961: Pre ucts made from them, including ampuls, vials, divided half interest in 155,783 acres of gas ferred, 7,994; common, 25,996. syringe cartridges, etc. rights, on which there are 699 producing wells No. of Employees: Dec. 31, 1961, 37,491. Industrial and Electronics Products Divi supplying gas requirements of Charleston General Office: Owens-Illinois Bldg., Madi sion--Manufactures and sells glass television plant. son Ave,, Toledo 1, O. INCOME ACCOUNT8 COMPARATIVE CONSOLIDATED INCOME ACCOUNT. YEARS ENDED DEC. 31 (Taken from report* filed with Securities and Exchange Commission) Net sales 8c other operating rev nirgcost of sales, royalties paid. etc.. (OSelling. general 8c adm. expenses. E1961 $596,424,616 480,474.567 58,892,022 El960 $561,042,319 447,018,037 56.514,281 1959 $552,676,933 420,919,431 53,425,878 1958 $508,459,931 395,884,012 49,278,249 1957 $510,486,850 396,440,245 47,660,666 01956 $495,974,236 378,699,937 46,370,575 1955 $370,347,666 287,810,152 29,539,134 Operating profit . .......... Dividends received _________________ Interest received_____________________ Miscellaneous other income 57.058.027 3,641.048 1,895,775 3.697,073 57,510,001 3,663.415 2,166,035 1,672,971 78.331,624 2,938,575 1,974,545 1314,553 63,297,670 3,073,383 767,392 1,005,729 66,385,939 2,942,313 434,240 998.195 70.903,724 2,533,272 767,653 1,339,706 52,998,380 2,171,570 503,116 56,554 Total...................................... .. Provision for bad debts______________ Interest expense Sundry expenses & losses (net) 66,291.923 278,126 3,733,975 420.911 65,012.422 81,754 3,474,236 169,327 84,759,297 42,508 3,581.940 1,103,495 68,144,174 280.643 3,350,070 1,972.866 70,760,687 150,175 2,723,433 399.762 75,544.355 429,523 2,717,112 258,502 55,729.620 1,554,246 53,064 Total Income before taxes EProvision for Federal Income tax., estate 8c foreign income taxes 61.858.911 27,500.000 61,287,105 28,100,000 80,031,354 39,200,000 62,540,595 29,800,000 67,487,317 32,800.000 600,000 72,139,218 35.840,000 950.000 54,122,310 26,900,000 200,000 Net income____________ _________ __.... UjSpecial item _________ _________ _____ - 34,358,911 33,187,105 3,747,122 40,831,354 32,740,595 cr 5,031,410 34,087,317 cr 1,722,700 35,349,218 27,022,310 Net income to surplus_________ (^Earned surplus beginning of year.. @Preferred dividends... HCommon dividends Bother surplus debits_______ ____... 34,358,911 184,517,247 1,047,088 3,291,724 18,244,088 29,439,983 176,577,590 3,291,864 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 3,291,964 17,858,217 35,349,218 136,871,613 1,526,674 1,001,946 17,581,671 1,041,614 28.459,291 27,022,310 86,064,518 12,991,714 " EEarned surplus, end of year... $ 198,387,434 184,517,247 $176,577,590 $156,936,517 $140,322,819 $125,662,983 $100,095,114 SUPPLEMENTARY P. 8c L. DATA Deprec., depl. & amortization______ (E Molds charged to expense________ Maintenance & repairs____________ _ OTTaxes (other than Income) -- -- Royalties____________________________ $22,725,692 10,297.399 31.092.212 5.498.155 3386.325 592,473 $19,490,367 11,402,208 31,463,059 14,409,221 3,682,040 1*221,046 $17,689,496 8,244,310 27,477,988 12,691,098 3,528.139 1.148383 $18,196,439 8,686,520 23.813.041 9,716,294 3,252,501 928,710 $17,319,473 9,514.725 23.882.185 9,161.625 3,344.491 1,035,289 $15,255,826 8,073,506 22,349.107 8,365,556 3,379,745 1,128,471 $9,444,679 7,003,852 14,448.883 5,516.995 2.515,414 1.298,331 ffllncludes foreign subsidiaries not previ ously consolidated. , (SAdlusted to include foreign subsidiaries; Net sales, $569,395,656; net Income, $33,793,411; retained earnings. $185,564,335. |jgchides payroll taxes, (1961, $8,271,339). t of sales and other operating expenses (lneli 01961: Includes $1,290,000 prior years ad justments. 1957: Includes $1,040,000 deferred income taxes provided in amounts equal to reduction In current taxes due to excess of accelerated amortization over book depreciation. ENo depreciation is provided on molds. The amount at which molds are carried in 3311956: Transfer from equity in surplus of non-consolidated on acquisition of minority interest by National Container Corp. 521956: 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. *16,941,544; 1938, *17,611,938; 195 . J956, $15426835; lS&5, $9,198,637; and researoh fad engineering expenses: 1961, $13,915,270; }?60, S13.165.747; 1959, $12,321,631: 1958, $11,747.*30: 1957, $12,700,246; 1956, $11,356,433). ftIncludes related portions of items shown under "Supplementary P. & L. Data" below statement At Dec. 31, 1961, $73,375,000 of earned sur plus was restricted as to cash dividends on common stock. the company's accounts represents the value thereof at Deo. 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 molds for new products, minus (c) molds specifically allocated to plants sold in their entirety. All other new molds or mold re placements are charged to expense. 01956: $100,095,114 Owens-Illinois Glass Co. and $36,776,499 National Container Corp.; to tal. $136,871,613. 531956: Includes $1,653,660 paid on National Container Corp. common prior to Oct. 5, 1956. 01956: 1% stock dividend paid June 8, 1956 on National Container Corp. common. 631956: Charges arising from merger with National Container Corp. 531961-58: Included in costs and expenses above. 531960: Loss on Cuban Investment, receiv ables and inventories, less related reduction ,,Sj Includes, for entire year, operations of 5311961: Retained earnings of foreign sub in provision for federal income taxes ($4,031,- National Container Corp., merged Oct. 4, 1956. sidiaries not previously consolidated. 423).