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MOODY'S INDUSTRIAL MANUAL PLAINTIFF'S EXHIBIT K-1763 l AMERICAN and FOREIGN JOHN SHERMAN PORTER, Editor-in-Chief Editorial Board Charles N. Berents Arthur W. Herrmann David M. Day Frank J. Prendercast Frank J. St. Clair George I. Blair David M. Ellinwood George H. Parsons 19 5 7 Public Library AUG 6 1963 D. F. Shea, Publisher DaUas> Jexas MOODY'S INVESTORS SERVICE 99 CHURCH STREET, NEW YORK 7, N. Y. PHILADELPHIA Suburb. Stat. Bldg:. BOSTON 75 Federal St. CHICAGO LOS ANGELES 105 W. Adams St. 606 So. Hill St. WASHINGTON SAN FRANCISCO Woodward Bldg. Russ Bldg. LONDON: MOODY'S INVESTORS SERVICE LTD. Copyright, 1957 by Moody's Investors Service, New York--All rights reserved I ----- , rro"1 uu w> par no Oct. 24, 1924, (hare for share: changed from par S10 to par tl Mar. M 1933, share, for share). Dividend Record (In tl 1916-- SS 1921-24 Nil (Pat 5Rft ohnrm) 1917-19 3.00 1920... 3.S0 > r m snares | 1933-35 Nil 1936___ 0.75 1937-- 1.00 1938__ 0.25 1939___ 0.50 1940... 1.00 1941-45 2.00 1946-47 2.50 1948-49 2.00 1950... 2.50 1951-52 3.00 1953-.- 3.50 1954--55 4.00 1956-- 5.00 (331957---- 0.50 To Feb. 28. Dividends payable quarterly, about Feb. 23. etc., to stock of record about Feb. 8. etc. VOTING RIGHTS--One vote per share. TRANSFER AGENTS -- Bankers Trust Co., New York, and Cleveland Trust Co.. Cleve land __ , REGISTRARS--Chemical Corn Exchange Bank, New York, and National City Bank of Cleveland. DIVIDEND DISBURSING AGENT--Cleveland Trust Co., Cleveland. ISSUED--500.000 shares (par JSO) to prede cessor company. OWENS-CORNING FIBERGLAS CORPORATION CAPITAL structure Times long TERM DEBT Issue Rating Amount Outstanding Charges Earned 1956. 1955 Interest Dates CaU Price Price Range 1956 1932-56 1, Term loans____________ $26,150,000 27.96 30.26 m~ m......... CAPITAL STOCK Par Amount Earned per Sh. Divs. per Sh. Call Price Range Issue Value Outstanding 1956 1955 1956 1955 Price 1956 1932-56 1. common $1 ls]6,596,358 sha. $1.66 $3.48 (5$0.90 $1.00 @191-59 __ (391-59 Privately held. Range since 2-for-l split in 1956; range from 1952 and to the split in 1956, 147-38. On consolidated basis. Includes 50.50 paid on $ par stock prior to 2-for-l split. iTAfter stock split; before, 147-8814. Outstanding Mar. 12, 1957. HI8TORV ing svstems and in industrial processes: and Incorporated under Delaware laws Oct. 31, 1938. by Owens-Illinois Glass Co. and Corn ice Glass Works to continue development of fibrous glass products. (51 Fiberglas mat products, consisting of por ous thin sheets used principally in manufac ture of storage batteries and as protective wrapping for underground pipes. On Nov. 30, 1954, Fiberglas Contracting & S-ipply Co. and Fiberglas Engineering & Sup ply Co., former subsidiaries, were dissolved; Sow operated as divisions. SUBSIDIARIES PLANTS <6 PROPERTIES Company owns plants at Newark, O., Kan sas City, Kan., Santa Clara, Cal., Barring ton, N. J., Anderson, S. C., Ashton, R. I. and Huntington, Pa. with combined floor As of Dec. 31. 1956, owned 100% voting area of 3,978,000 sq, ft. control of the following (except as other Toledo office and sales offices in principal wise noted): cities are leased. Name and place of incorporation: Fiberglas Canada Limited (Canada) (51%) Fiberglas Corp (Del.) Canadian subsidiary has plants with an aggregate floor space of 370.000 sq. ft. at Sarnia and Guelph. Ont. Ontario Acoustics Ltd. (Del.) EXPANSION PROGRAM H. R. Winkle, Vice-Pres. (Finance) B. S. Wright. Vice-Pres. (Purchases 8t Trade Relations) J. M. Briley. Vice-Pres., Gen. Counsel B. E, Boyd. Vice-Pres. (Mfg,), General Products Division F,. J. Detgen. Vice-Pres. It Sales Mgr.. E. W. Smith. Vice-Pres. and Central Sales Mgr.. General Products Division J. H. Thomas. Vice-Pres. Xc Gen. Mgr., Textile Products Division W. M. Keller, Vice-Pres. & Sales Mgr., Textile Products Division L. R. Kessler. Vice-Pres. & Gen. Mgr., General Products Division W. H. Curtiss, Jr., Vice-Pres. & Gen. Mgr., Pacific Coast Division C. G. Staelin, Secretary C. F. Scarbrough, Treasurer AFFILIATION Company is affiliated with Owens-Illinois Glass Co. and Corning Glass Works, see gen eral index. through stock ownership (see com mon stock, below). BUSINESS & PRODUCTS Company is encaged in development and manufacture of fibrous glass products, dis tributed by its own sales organization which has 60 sales offices located in cities through out the United States. Company's products can be classified into the following five groups: (1) Fiberglas "wool" products, used for thermal insulation and acoustical applications; (2) Fiberglas tex tile products, consisting of strands, yarns and Major capital expenditures for projects completed in 1956 or to be completed in 1957 include $22,750,000 for new facilities for the production of general products. Including a new plant at Barrington, N. J., major addi tions of plant and equipment at Kansas City, Kan., and a new niter process facility at Newark, O.: $12,500,000 for new facilities for the production of textile products, including 50% expansion of plant facilities at Ander son, S. C., and: installation of glass furnace and forming facilities at Ashton, R. I. plant: $5,400,000 for process improvements at several plants: $2,700,000 for plant modernization; and expenditures for plant rebuilding and re placements, acquisitions of precious metals and a number of minor capital items. Com H. M. Cranston, Compt. & Asst. Treas. Frederick Kiel. Assistant Treasurer A. C. Freiigh. Assistant Treasurer J. D. Black. Assistant Secretary ,T W Overman. Assistant Secretary H. H. Keech. Asst. Treas. & Asst. Sec., Pacifia Coast Division Directors: Harold Boeschenstein J. E. Bierwirth F. M, Eaton J. M. Kemper D. W. Malott H. J. Morgens W. ,T. Murray. Jr. R. T. Stevens cords. used by other companies In manu- pany expects that funds required will be Auditors: Arthur Andersen & Co. 'acture of electrical insulation and decorative provided from depreciation and retained industrial fabrics, as reinforcements for earnings. Annual Meeting: Fourth Wednesday In Aor. tics, papers, twines and rubber goods and other industrial purposes: (3) Fiberglas MANAGEMENT Aerocor. an extremely light weight wool Officers: Mo. of Stockholders: Dec. 31, 1956, 7,502. No. of Employees: 1956 (average), 9,433. product used as an insulating and sound con trol material: (4) Fiberglas filter products, used in heating, air conditioning and ventilat- Harold Hoeschenstein, President Games Slavter. Vice-Pres. (Research, and Development) General Offices: National Bank Bldg., To ledo 1, O. INCOME AOCOUNT8 COMPARATIVE INCOME ACCOUNT. YEARS ENDED DEC. 31 1956 1955 1954 1953 1952 MCDoeestltisvoaelferyssae_lx_ep_s_e_Zn_.sZ_eZ_~_sZ__ZZ_".1_Z_Z_Z_Z_Z_Z--...f ____ $173,064,737 127,225,7961 f $161,293,931 115,990,989 $136,469,522 100,597,388 $131,744,657 98,109,422 $113,400,920 84.957,826 Laboratory & devel. expenses _ 3,740,356 3,314.293 2.653.134 2,857.901 2,761.201 Selling expenses 12,483,219 11,559.411" 10.058,598 9.727.406 8.230,591 Central & admin, expenses 6,867,828 6.146,106 5.343,945 5.219,251 4.536.808 1952 $I0L730.483 (63,589.584 111,393.608 2,736,592 7,296,327 3,866,432 1951 $97,449,452 54.431,833 10,337,407 2,316,089 6,024,709 4,024.596 IBOperating profit ........................... engineering fees ____ Royalties _____________ 1- J Oiher Income (net)___ ________ "___ T 22,747,538 1,135,258 dr 483,666 24,283,132 845.100 64.289 17,816,457 691.595 tr 249,591 15B30.677 524.501 dr 352.162 12.914,494 324.569 dr 4.891 12,847,940 324.569 14.214 20,314,818 1.450.000 65,970 352.469 Total income __________ interest on long-term debt ...IZ federal income tax federal excess profits tax.................... Minority Interest ixansas City flood loss (net) .......... 23,399,130 830,807 11,952,000 168,613 25.192,521 831,750 13,390,000 25,825 18,256,461 831.221 8.928,000 87,010 16,003.016 833,649 8.503,100 1,100.000 210,333 13,234,172 838.339 6,672.725 500,000 140.336 13,186,723 780.000 6,700,000 500.000 22,183.257 612.500 11,200,000 3.800.000 'S06Z007 ..Net Income ______________ ?IsS?.,surpIus" Jan- 1........................... TA?Zntnon dividendsZ.ZZZI-- --- ivther surplus deductions 10,447,710 39,945,171 4,525,919 10,944,946 30.833.630 1,279,000 3,112.405 8,412.230 25,522,034 3.100.634 5,355,934 22,022,123 1.856,023 5.082,772 18,791,506 1,852.155 5,206,723 18.982.723 1,852.155 6,064,750 20,332,218 826.471 6,587.774 $45,866,962 $39,945,171 $30,833,630 $25,522,034 $22,022,123 $22,337,291 $18,982,723 -1.After depreciation and amortization habiiltatlon costs), less $1,075,000 applicable Consolidated accounts including subsidi Amort, of reduction in Federal Income taxes. aries. >, 154 ........................ i ji/c-ZoZnZZsZ.Z)Z. ..Z. .Z.Z. Z. Ik] only) .... Depreciation Emerg Fac $3,749,836 $1,655,822 3,477,617 1,727,779 2,577,397 1,728,403 3.575.910 1.628.938 3.213,142 1.836.875 2.826,370 1.836.875 1951: Represents amount transferred to common stock account in connection with re classification in 1951 of 899.788 shared of old no par value common stock into 2,699,364 shares of new $5 par value common stock. 1951: Represents 33 1/3 cents per share In 1951 (after giving effect to 3-for-l split in Company only. Also includes Canadian Income taxes. 1955: Representing recovery of Federal excess profits taxes for years 1941-45, inch, in amount of $1,356,000, less portion previously accrued. 2.225.548 .............. Dec., 1951). fuCAt Dec. 31, 1956, $13,744,444 was restricted T, ];:%>-.............. 1.995.771 .............. Includes S343 913 adjustments of provi as to payment of dividends under note ire-, , Kanas City flood loss (representing sions for Federal income taxes applicable to agreement. inventory and property losses and re- .1946 to 1950, lncl. eeord of Earnings, years ended Dec. 31 (In $): b -----......... ......... ,, NetSales 3,878,791 6,574.333 12,375,949 Costand Expenses 3,825,830 5.875,981 10,204,737 Operating Profit 52,961 698,352 2,171,212 Oth. Inc. & Ded. (Net) d 64,314 d 42,713 d57,109 Inc. Bel. Taxes d 11,353 655,639 Z,114,103 Income Taxes 202 178,826 1,295,732 Net Income d 11,555 476,813 818,371 Common Dividends Com. Shs Era. Per Outstand. Com. Sh. .............. d 0.07 ............... 0.20 .............. 0.36 wnninu VLMdd WUffflS long TERM DEBT Issue 1. Income debenture 3%s, due 2002... CAPITAL STOCK Issue 1. 2. 331144%% cumulative cumulative pfd., 1945series.. pfd.,1947 series.. 3. Common _________ ______ __________ __ Hating ___ Par Value $100 100 5 Amount Outstanding $9,900,000 Amount Outstanding 31,125 shs.) 35,290 shs.i 6,681,202 shs. Times Charges Earned 1956 1955 54.35 . 50.71 Earned per Sh. 1956 1955 $277.54 $250.86 2.72 2.76 Interest Dates A&O 1 Divs. per Sh. 1956 1955 /$3.50 $3.50 ] 3.50 3.50 1.50 [21.50 Call Price See text Call Price 101 1021/a __ Price Range 1956 1932-56 SI- IS------- Price Range 1956 1932-56 99 -89 E 1093,4-88 99 -94% [51105)4-86 87)4-60',4 087)5-54 (HAlso 114 additional shares for each share held to effect a 214-for-l split. [HRange since 1945. CDRange since 1947. [^Privately held. (TjRange ince 214-for-l split in 1955; range from 1945 and to the split in 1955, 156)4-18. HI8TORY factures Pyrex ovenware, tableware, chem Bradford, Pa., Plant (leased): New prod Incorporated in New York Dec. 24, 1926, as a consolidation of a New York company ical ware, and industrial specialties In a plant at Sunderland, England. ucts operations. Floor space, 18,500 sq. ft. Parkersburg, W. Va. plant: Machine-made of same name originally incorporated in 1875 Societe des Verreries Industrielles Reunies tubing; chemical and apparatus ware; gauge und Macbeth-tvans Glass Co. Incorporated In du Loing "Sovirel" (France) (formerly La glasses; miscellaneous industrial ware and Pennsylvania in 1899. Business established in 1851 and 1869. Pyrex, S. A.) (32% owned): Manufactures Pyrex ovenware, television bulbs, chemical piplng..Floor space. 272,600 sq. ft, Muskogee, Okla., Plant: Laboratory and On Sept. 12. 1945. merged Corning Realty Co., a wholly-owned subsidiary owning Corn ing Building at Fifth Ave. and 56th St.. New York and certain realty at Corning, N. Y. ware and other products at plants at Bagneaux-sur-Loing and Aniche, France. coffee making ware. Floor space, 135,600 sq. ft. Albion, Mich. Plant: Manufactures tele Other associated companies are Christale- vision bulbs. Floor space, 338,300 sq. ft. rias Rigollean, S. A. (Buenos Aires), Cia. Vi Danville, Ky. Plant: Manufactures bulbs and draria Santa Marina, S. A. (Sao Paulo), tubing. Floor area, 270,400 sq. ft. SUBSIDIARIES A AFFILIATE8 Steuben Glass, Inc. (wholly-owned): Incor- Dorated in New York In 1933. Designs and distributes fine glass tableware and art glase. Christalerias de Chile, S. A, (Santiago), Christales Mexicanos (Monterrey), and L'Electro Reiractaire (Paris). BUSINESS & PRODUCTS Harrodsburg, Ky. Plant: Manufacturers optical and ophthalmic glass. Floor area, 103,000 sq. ft. New York Office: Office building and retail store (leased). Floor space, 29,200 sq. ft. Corhart Refractories Co. (wholly-owned): Engaged in manufacture of glass products, Corning Glass Works of Canada, Ltd,: Lea- Organized in Delaware in 1927. Owns and op including fluorescent, electric light, tele side, Ont.: Housewares; warehouse and dis erates refractories plant at Louisville, Ky. vision and radio bulbs, electronic compo tributing point. Floor space, 105,800 sq. ft. Corning Glass Works of Canada, Ltd. nents; tree ornaments, tumblers, lamp chim Corhart Refractories Co., Loulaviue. Ky.: Re (wholly-owned): Organized in 1946 to operate a plant, purchased from Canadian govern neys, tubing, vacuum bottle liners, tableware and lighting ware, Steuben line of stemware fractories. Floor space. 142,500 sq, ft. Total floor space, all plants, 5,122,800 sq. ft., ment. at Leaside. Ont.. for . manufacture nf heat-resistant glassware and other special products for Canadian and certain export markets. Manufacturing operations at this plant were temporarily curtailed in Jan., 1955, and facilities, which are being held In standby and art glass, cooking ware, laboratory ware, insulators, lantern globes, optical glass, re fractory products for chemical, metallurgical and electronics industries, etc. Most of com pany's products.are sold under trade marks, Corning, Pyrex and Vycor. including 2,355,000 sq. ft. at Corning, N. Y. New Construction: New plant for produc tion of Pyrex glassware is under construction at Greenville, Ohio, with 265,000 sq. ft. of floor space. Completion expected in 1957. At Corning, N. Y., a new laboratory apparatus condition, are used as a warehouse and dis tributing . point for the Canadian market: Corning Gleet Works of So. America (Crietalerias Corning de Sud America, S. A.) (wholly-owned): incorporated under Argen Sales offices at Corning, N. Y., New York, Chicago, San Francisco, Los Angeles, Dallas, Atlanta and Washington, D. C. Of 1954 consolidated net sales, about 63% represented sales of electrical and electronic factory with 176,000 sq. ft. of floor space is planned for 1957. In New York City, a new 28-story "Tower of Glass" office building is planned on property purchased in 1956 at Fifth Avenue and 56th St. tine laws In 1942. Owns Argentinian and products; 12% sales of consumer products, and MANAGEMENT Chilean patents of company and 26.04% of 25% sales of technical and other products. Cristalerias Rigolleau. Latter operates glass plant near Buenos Aires, Argentina. Also owns PLANT AND PROPERTIES Officers: Amory Houghton, Chairman William C. Decker, President & Chief 22.84% of Cristalerias de chile, which oper Main Plant: Corning, N. Y.: Chemical la ates a glass plant at Santiago, Chile. boratory and pharmaceutical ware; railroad, Executive Officer George D. Macbeth, Vice-Pres. Sc Cont. Vidros Corning Brasil, S. A. (wholly-owned): marine and aviation signal ware; thermometer Charles D. LaFollette, Vice-Pres. Sc Trial. Organized In Brazil in 1944. Owns 31% of and other tubing; coffee makers; piping, spe John L. Hanlgan, Vice-President ordinary shares and 24% of preferred shares cial industrial glassware; optical ware; and John Carter, Vice-President of Cja Vidraria Santa Marina, which operates technical glass filters, ovenware, top-of-stove Thomas Waaland, Vice-President a glass plant at Sao Paulo, Brazil. cooking utensils. Pilot Plant No. 1 is located William H. Armistead, Vice-President Pittsburgh Corning Corp. (50% owned): Ormzed in Pennsylvania in 1937 In association th Pittsburgh Plate Glass Co. Owns and perates plant at Port Allegheny, Pa., and Sedalia, Mo. for manufacture of hollow glass building blocks.- also cellular glass products sold under trade name of Foamglas used in .refrigeration chambers and as a flotation material. in this plant. Floor space, 1,021,800 sq. ft. Pressware Plant: Corning, N. Y.: Television bulbs. Floor space, 331,200 sq. ft. Fall Brook Plant: Corning, N. Y.: Machine- made tubing and small bulbs. Floor space, 253,500 sq. ft. Refractories Plant: Coming, N. Y.: Refrac tories. Floor space, 71,000 sq. ft. VYCOR Plant: Corning, N. Y-: VYCOR John F. G. Hicks, Vice-President R. Lee Waterman, Vice-President Paul T. Clark, Vice-President Amory Houghton, Jr.. Vice-President Arthur W. Weber, Vice-President Frederick H. Knight, Secretary Henry H. Sayles, Assistant Secretary William W. Sinciaire, Assistant Secretary C. H. Kruidenier. Assistant Treasurer Owens-Corning Flberglas Corp. (33.4% owned): See general index. Dow Corning Corp. (50% owned): Incorpo rated in Michigan In 1913 In association with Dow Chemical Co. Operates plant at Midland, ware and special products. Floor space, 81,400 sq, ft. Steuben Plant: Corning, N. Y.: Steuben art glass. Floor space, 35,100 sq. ft. Pilot Plant No. 2: Corning, N. Y.: To study new manufacturing methods under produc Robert W. Foster, Assistant Treasurer Honorary Officers Eugene C. Sullivan, Hon. Chairman Arthur L. Day. Honorary Vice-President William H. Curtiss, Honorary Vice-Pres. Harry M. Hosier. Honorary Vice-Pres. Mich, for manufacture of electrical Insulating tion conditions. Floor space. 55.800 sq. ft. Jesse T. Littleton, Honorary Vice-Pres. resins, greases, fluids and elastomers re Glass Center: Coming, N. Y.: Employee's sembling natural or artificial rubber, all gen recreation center and Hall of Science and erally known as silicones. Industry. Floor space. 57,500 sq. ft. Sylvania-Corning Nuclear Corp. (50% own Mechanical Engineering Building: Corning. ed): Formed jointly by company and Syl- N. Y.: Central machine shop and machine de vania Electric Products, Inc. (see general in velopment departments. Floor space, 57,700 dex) in 1956 for research, development and sq. ft. production activities in atomic energy field. Office Building: Coming, N. Y.: Office Plant at Bayside, N. Y. building and research center. Floor space, Corning Mexicans S. A. (wholly owned): 220,000 sq. ft. Organized in Mexico in 1951. Owns 25.6% of Corning Fibre Box Corp.: Corning, N. Y.: William C. Taylor, Honorary Vice-Pres. Directors: William H. Curtiss. Corning, N. Y. W. C. Decker, Corning, N. Y. Amory Houghton, Corning, N. Y. Amory Houghton, Jr., Corning, N. Y. Arthur A. Houghton, Jr., New York Charles D. LaFollette, Corning, N. Y. George D. Macbeth. Corning. N. Y. George Murnane, Sr,, New York Halsey Sayles, Elmira, N. Y. Howard C. Sheperd, New York ordinary shares of Cristales Mexicanos, S. A. Fibre boves. Floor space, 170,000 sq. ft. Waiter Bedell Smith, Washington, D. C. which operates a glass plant at Monterey. Wellsboro, Pa- Plant: Machine-made bulbs: Eugene C. Sullivan, Corning, N. Y. Mexico. Christmas tree ornaments. Floor space, 298.- Corning Fibre Box Corp. (100% owned): 400 sq. ft. Fabricates substantial part of paper packing Central Fails, R. I. Plant: . Machine-made Auditors: Price Waterhouse Sc Co. Annual Meeting: Second Tuesday in Apr. material used by company in shipping prod tubing, bulbs and vacuum bottle liners. Floor Number of Stockholders, Dec. 31, 1955: Pre ucts to customers and distributors. space, 441,400 sq. ft. ferred, series 1945, 395; preferred series 1947, James A. Jobling Co. Ltd. (England) (40% Charleroi, Pa. Plant: Housewares, table 208; common 8,783. owned): Stock Interest acquired by company ware, lighting ware.- miscellaneous products. Number of Employees: Dec. 31, 1956, 13,500. in 1954 from Pilkington Brothers. Ltd. Manu Floor space, 612,100 sq. ft. i Main Office: Corning, N. Y. INCOME ACCOUNT COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YRS. ENDED Dec. 30/56 Jan. 1/56 Jan. 2/55 Dec. 31/53 Dec. 31/52 Net sales ......... $163,053,554 $157,663,837 $147,938,842 $149,294,036 $126,455,784 Cost of sales _ . 109.015.67fi 102,830,612 97.019,437 99,731,973 86,224,234 SSelling, gen. & administrative exps. 14,638/269 13,409,574 12,326.938 11,826.845 9,297.029 Research Sc experimental expenses... 4,792,272 5,319,275 4,493,529 5,220,558 3,289,751 Dec. 31/51 $115,750,172 80,840.947 8.561,246 3.649.866 Dec. 31/50 $116,473.981 70,859.847 7,684.067 3,029,775 Operating profit _______ . Other income 34.607.337 3.832,717 36.104,376 3.574,689 34,098.938 -32.514.640 2,398.466 . 1.977,743 27.644.770 . 1421,897 22.698,113 1.646,002 34,900.292 1,146,293 Total Income ___ rnlereat. etc.____ ... ^^ieral income tax .. . . eral excess profits tax ................. e income tax ...... . felNet income ____ tSSoecial credit ........ 38.440,054 707.301 18.900,000 400,000 18,432,753 39.679.065 782.394 19,900,000 370,000 18.626,671 36,497,404 506.213 18,200,000 301,000 17,490,191 34.492.383 452.988 17.286.000 3,814,000 258,000 12,681,395 28,966.767 450.611 15,028.000 2.872.000 293.000 10,323,156 2.009,759 24.344,115 481.451 12.090.000 1,460.000 171.500 10.141.164 36,046.587 375.800 14.900.000 2,800,000 358,432 17.612,355 Balance to surplus 18,432,753 18,626,671 17,490,191 12,681,395 12.332.915 10.141,164 17,612,355 MOODY'S INDUSTRIAL MANUAL 281 'JTAL STRUCTURE OWENS-ILLINOIS ,ONG TERM DEBT Issue 1. Promissory notes 2. Nat. Container Corp. deb. 45/es, 196S Hating A Amount Outstanding $50,000,0001 18,000,000 V GLASS COMPANY Times Charges Earned 1956. 1955 27.55 35.80 Interest Dates [.............. (M&S 1 Call Price ............ 102.90 Price Range 1956 BB--- 1..9.3.2..-5..6. 101-99 106 -90 3. Nat. Container Corp. deb. 4l/2S, 1970 A 7,000,000J . [MScS 1 0103.86 101-09 102^-99 :apital stock Issue Par Value Amount Outstanding Earned per Sh. 1956 1956 Divs. per Sh. 1956 1955 Call Price Price Range 1936 1932-56 1. 4% cum. preferred ............................. $100 822,991 shs. $42.95 ...... ....................... Text 106-98^ 106-981/2 2. Common ... . .. 6.25 7,143,287 shs. 4.49 $4.42 $2.50 $3.62 Va ........ 81-60 Qj 81--57 [TRange 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 he split in 1937, 200-12. Privately held. Includes $3.00 paid on old stock prior to 2-for-l split. 1956 range. Subject to change--see ext. ii-Range since issuance. tISTORY for Robert Gair Co., Inc. holdings), held in Hancock. Vt. Princeville, Que. incorporated in Ohio. Dec. 16, 1907 as The >wena Bottle Machine Coin., successor u> a iew Jersey corporation of tnc same name, in* orporated Sept. 3. 1903. Charter is perpetual, tfame changed to The Owens Bottle Co Apr. i, 1919 and to Owens-Illinois Glass Co. Apr. 17, 929. r or subsequent acquisitions, see Moody'i 948 and 1949 Industrial Manuals In 1951 company purchased Sameric, Inc., Uverdale, N. J., manufacturer of thermomastic caps and closures for glass and metal :ontainers and plastic articles. On Apr. 1. 1952 company sold American boating Mills division to Robert Gair Co voting trust. Also owned entire outstanding common class B shares (non-voting) of Plax Corpora tion (Del.), representing 50% of capital stock; 270,000 shares of Container Corp. of America (see general index). 37,214 shares of Pennsyl vania Glass Sand Corp. (see general index) and 77,000 sliares common stock Alton Box Board Co. (less than 9%). BUSINESS AND PRODUCTS The general organization is composed of an administrative division and several operating divisions and subsidiaries. Glass Container Division--Comprises largest part of company s business, with manufactur Huniinvton, W. Va. lone. Cal. Jacksonville, Fla. Jaite. O. Lg. Island, City, N. Y. Lot Angeles Cal. Madison, 111. Memphis, Tenn. Miami, Fla. Milwaukee, Wise. Muncte, Ind Newark, N. J. North Troy, Vt. Oakland. Cal. Pacific Grove. Cal. Portland, Ore. Reading, Pa. Riverdale, N. J. St Charies HI. St. Paul, Minn. Salisbury, N. C. San .lose. Cal. San Jose de las Lajas, Cuba ni. Toledo, O. Tomahawk, Wise. Valdosta, Ga. Vineland, N. J. Waco. Tex. Warsaw, Ind. ne.. for $6,170,190 and 400.000 shares of Gair ing plants located to serve all sections of the Company has, in West Virginia, an un .ommon stock. Transaction involved paper country. Operates container factories and divided half interest in 155,783 acres of gas board mills at Elkhart, Ind., and Middletown, sales offices east of the Rocky Mountains rights, on which there are 699 producing wells and carton plants at Elkhart, Chicago and Products include glass containers sold under supplying gas requirements of Charleston 3rand Rapids, Mich. the trade-mark Duraglas. These are used for plant. On Dec. 16, 1952, formed Owens-Illinois Lnter-America Corp., wholly-owned. On Sept. 16, 1953, acquired 50% interest in Plax Corporation (Del.), from Emhart Manu facturing Co. at a cost of $8,000,000. packaging prepared and processed food, me dicinal, health, dairy, household, toiletry and cosmetic products, beer, carbonated bev erages, liquor and wine. Major plants of this division also produce corrugated shipping cases for their own use. National Container Corp. (subsidiary) owns, leases or controls timberlands aggregating about 925,000 acres in Wise., Mich., Vt., Ga., Fla., Canada and the Bahamas. Capital Expenditures: In 1956 companies spent S31,891,254 for additions and replace On Oct. 4, 1956, merged National Container Pacific Coast Division--Independent op ments of manufacturing facilities (1955, $16,- -orp. (Del.); reincorporated in Ohio and op erating division with glass container fac 243,154). At year-end a substantial amount of erated as a subsidiary. Under the plan each tories, sand plants, closure plant, and sales construction was in progress, with further common share was exchanged for one-fifth offices, located west of the Rocky Mountains. projects contemplated for 1957. ihare of S100 4% preferred and one-fourth nion share and each preferred share for Operations in the West parallel those of Glass Container Division in the East. MANAGEMENT '00 of a preferred share and 44/100 of a Closure and plastics Division--Independent Officers mn share. Exchange required 882,997 pre- operating division. Manufactures metal and J. P. Levis. Chairman of Board and Ex <_ ,,-d shares and-1,028,739 common shares. plastic closures and other plastic products ecutive Committee iUBSIDIARIEB Company is primarily an operating comany On Dec.*31, 1956. held 100% voting power in he following subsidiaries: Name. p>ace nf incorporation and business: hvens-Illinois Plywood Co. (Vt.)--Manufac tures veneer and plywood panels, which are sold by company's other divisions and subsidiaries. Libbey Glass Division-Produces Libbey Safedge glass tumblers, stemware, and ta bleware for the retail trade and for hotels, restaurants, cafes, clubs, bars and soda foun tains; cut and engraved glassware. Also makes tumblers used as jars for packing food prod ucts. C. R. Megowen, President H. C. Laughlin, Exec. Vice-President C. G. Bensinger, Exec. Vice-President G. S. Babcock, Vice-President O. G. Burch, Vice-President H. S. Wade, Vice-President R. A. Cosh. Vice-President J. L. Gushman, Vice-President R. H. Mulford, Vice-President .auteroach Corp. <Dei. J '-Plastic molding ma chinery limhle Glass Co. (Ohio)--Television bulbs, glass tubing and rod, laboratory appara tus, glass block. Insulators and miscellan eous pressed glass articles, oirti*' Auiuu.m Stum. Machine Co. 'Ohio) --Brush machine patent lights; lease or sells sealing machine. lasco Products Co. (111.)--Distributes scien tific glass products of Kimble Glass Co. Mill Division--Operates paper mills and is important part of company's paper products business which also comprises National Con tainer Corp. (subsidiary) and Multiwall Bag Division. Processes pine and hardwood, from company owned and other sources, into pulp, containerboard and semi-chemical corrugated medium. Sells to company and to others. Multiwall Baf? Division--Makes wide line of panel* bags for sale to others. Kaylo Division--Manufactures Kaylo, a fire S. L. Rairdon, Vice-President T J. Solon. Vice-President W. J. Stewart, Vice-President A. M. Turner. Vice-President P. W. Hancock, Vice-President C. G. McLaren, Vice-President J H McNernev. Secretary & Treasurer F. M. Canter. Comptroller Directors C. G. Bensinger, Toledo W H Boshart. Toledo wens-lUmois lmer-America Corp. (.Ohio)-- Sells company products in Western Hemis phere outside of the U. S. ational Container Corp. (Ohio)--Fabricates containerboard, from parent company mills proof insulating hydrous calcium silicate ma terial. International Division--The division handles all company business outside the Continental United States. Including sales, manufacturing, H. E. Collin, Toledo H. K. Kimble, Ocean City, N. J. W. W. Knight. Toledo H. C. Laughlin. Toledo and other sources into wide variety of cor rugated shipping containers. Following are wholly-owned subsidiaries; 7 companies titled National Container Corp., incorporated in Cal., Ind., 111., Minn., Tex., Term, and Ga. Miami National Container Corp. (Fla.) Northeastern Container Corp. (N. Y.) :dford Timber & Land Corp. (Va.) ;honpl Container Corp. of the Carolinas 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 resnonsibility for investments in Central and South American countries. First glass container factory to be operated by this division is under construction near Havana, J. P. Levis, Toledo HW. E. Levis, Toledo C. R. Megowen. Toledo S. T. Olin, East Alton, 111. J. T. Rohr, Toledo C. S. Root, Daytona Beach, Fla. R. L. Snldeman. Chicago C J. Wilcox Toledo Member of Executive Committee. Auditors: Arthur Young 8c Co. nional Container Corp. of Michigan (Mich.) Cuba. Completion scheduled early 1958. General Counsel: Fred E. Fuller. ttonai Container Delivery Service, Inc. Subsidiaries--Company's principal subsid iaries, Kimble Glass Co.. Glasco Products Co.. Annual Meeting; Third Wednesday in April at Toledo. O. tional Container Corp. of Wisconsin (Wise.) --99 99% Marinette, Tomahawk & Western R.R. Co. (Wise.)--100% (see Moody's Transporta tion. Manual) J-I Timber Corp! (Wise.)--100% honai Container Development Co., Inc. Owens-Illinois Inter-America Corp.. OwensIllinois Plywood Co. and National Container Corp. (Ohio) operate as stated above (see subsidiaries). PRINCIPAL PLANTS & PROPERTIES Factories are located as follows: Alton HI Chicago. III. No, of Stockholders: Dec. 31, 1956: Preferred 8,458; common, 27,324. No. of Employees: Dec. 31, 1956, 34,000. General Office: Owens-Illinois Bldg., Madi* son Ave., Toledo 1, O. Management Profit-Sharing: Executives and department beads receive additional compen Del.) Atlanta, Ga. Chicago Heights. m sation under plan adopted Jan. 20, 19.10, aa de Taldosta Southern R.R. Co. (Ga.)--100% Aurora, Ind, Clarion. Fa. termined by the company's president out of a *s-of Dec. 31. 1956 company owned 2.100.000 Berlin. N J. Columbus. O. fund representing up to 8% of earnings in ex in shares (about 331/3%) of Owens- Big Island, Va. Corona. Cal, cess of 10% of capita) and surplus at the be g Flberglas Corp. (see general index), Bradford, Pa. Dallas, Tex. ginning of the year. Total of the participating it includes 864.141 shares reserved for Bridgeton, N. J. Detroit. Mich. salaries shall not exceed 10% of the excess -*idnge--see 4% par preferred (No. 2 below), Bristol, Pa. Fairmont. W. Va. earnings for each year. Total bonus to any -iso owned 417.886 common shares (3.6%) Buffalo. N. Y. Gas City. Ind. participant in any year shall not exceed his ttmental Can Co. (received in exchange Charleston, W. Va. Glassboro, N. J. salary for that year. -OWE ACCOUNT8 COMPARATIVE CONSOLIDATED INCOME ACCOUNT. YEARS ENDED DEC. 31 (Taken frnrr* reports filed with Securities and Exchange Commission) 01956 1955 1954 1953 1952 sales & other operating rev..... $495,974,236 $370 347.666 $336,708,809 $333,024,055 $293,381,523 Cost of sales, royalties paid, etc- 378,699 937 287.810,152 267.211.730 268,523.903 238,272.357 filing, general 8c adm. expenses. 46,370,575 29.539.134 27.655,642 26.240.558 24,939,411 Operating profit................ ........ . rfeiesntds received .......__________ 70,903,724 2,533,272 52,998.380 2 17T sta 41.841.439 38,259^594 29.969.755 1951 $309,774,611 237,415.227 23.722,520 48.63fi.9R4 1950 $282,942,898 213,973.579 21.215.708 MOODY'S INDUSTRIAL MANUAL 281; rAL STRUCTURE OWENS-ILLINOIS GLASS COMPANY TERM DEBT Issue missory notes........ ........................ Container Corp. deb. 4%s, 1966 .. Container Corp. deb. 4!'ss, 1970 Rating @1 A A Amount Outstanding $50,000,0001 18,000,0001 7,000,000J Times Charges Earned 1956 1955 27.55 35.80 Interest Dates I.............. fM&S 1 IM&S 1 Call Price ............ @1102.90 1103.86 Price Range 1956 1932-56 HI----101-99 HI.............. 1J106 -93 101-99 102=4-99 PAL STOCK Par Amount Earned per Sh. Divs. perSh. Call Price Range Issue Value Outstanding 1956 T956 1956 1955 Price 1956 1932-56 4 cum. preferred $100 822,991 shs. $42.95 ...... ..................... .. Text 106-98 >/s 0106-9814 ommon 6.25 7,143,287 shs. 4.49 $4.42 $2.50 !B$3.62i/a ____ 8. 1-6.0. E81-57 Range since 2-for-l split in 1955; range from 2-for-l split in 1937 and to the 2-for-l split in 1955, 131V2-38%; range from 1932 and to lit in 1937, 200-12. OPrivately held. Includes $3.00 paid on old stock prior to 2-for-l split. 01956 range. Subject to change--see DRange since issuance. 3RV for Robert Gair Co., Inc. holdings), held in Hancock, Vt. Princeville, Que. rporated in Ohio, Dec. 16, 1907 as The ; Bottle Machine Corp., successor to a ersey corporation af the same name. In'ated Sept. 3. 1903. Charter is perpetual, changed to The Owens Bottle Co Apr. and to Owens-Illinois Glass Co. Apr. 17, voting trust. Huniimrion, W. Va. Also owned entire outstanding common lone. Cal. class B shares (non-voting) of Plax Corpora Jacksonville, Fla. tion (Del.), representing 50% of capital stock; Jaite. O, 270,000 shares of Container Corp. of America Lg. Island, City, N. Y. (see general index), 37,214 shares of Pennsyl Lo* Angeles, Cal. vania Glass Sand Corp. (see general Index) Madison, IU. Reading, Pa. Rlverdale, N. J. St. Charles IU. St. Paul, Minn. Salisbury, N. C. San Jose, Cal San Jose de las Lajas, subsequent acquisitions, see Moody's nd 1949 Industrial Manuals 951 company purchased Samerlc, Inc., iale, 14. 3., manufacturer of thermo: caps and closures for glasB and metal ners and plastic articles. Apr. 1, 1952 company sold American ig Mills division to Robert Galr Co., and 77,000 sliares common stock Alton Box Board Co. (less than 9%). BUSINESS AND PRODUCTS The general organization is composed of an administrative division and several operating divisions and subsidiaries. Glass Container Division--Comprises largest part of company's business, with manufactur Memphis, Tenn. Miami, Fla. Milwaukee, Wise. Muncie, Ind. Newark, N. J. North Troy, Vt. Oakland, Cal. Pacific Grove, Cal. Portland, Ore. Cuba nn-.-*>or HI. Toledo, O. Tomahawk, Wise. Valdosta, Ga. Vineland, N. J. Waco. Tex. Warsaw, Ind. or $6,170,190 and 400,000 shares of Galr ing plants located to serve all sections of the Company has. in West Virginia, an un on stock. Transaction involved paper- country. Operates container factories and divided half interest in 155,783 acres of gas mills at Elkhart, Ind., and Middletown, sales offices east of the Rocky Mountains. rights, on which there are 699 producing wells d carton plants at Elkhart, Chicago and Products include glass containers sold under supplying gas requirements of Charleston Rapids, Mich. Dec. 16, 1952, formed Owens-Illinois America Corp., wholly-owned. Sept. 16, 1953, acquired 50% interest In Corporation (Del.), from Emhart Manuing Co. at a cost of $8,000,000, the trade-mark Duraglas. These are used for packaging prepared and processed food, me dicinal, health, dairy, household, toiletry and cosmetic products, beer, carbonated bev erages, liquor and wine. Major plants of this division also produce corrugated shipping cases for their own use. plant. National Container Corp. (subsidiary) owns, leases or controls timberlands aggregating about 925,006 acres in Wise., Mich., Vt., Ga., Fla., Canada and the Bahamas. Capital Expenditures: In 1956 companies spent $31,891,254 for additions and replace Oct. 4, 1956, merged National Container Pacific Coast Division--Independent op ments of manufacturing facilities (1955, $16,- (Del.); reincorporated in Ohio and op- erating division with glass container fac 243,154). At year-end a substantial amount of i as a subsidiary. Under the plan each tories, sand plants, closure plant, and sales construction was in progress, with further on share was exchanged for one-fifth offices, located west of the Rocky Mountains. projects contemplated for 1957. of $100 4% preferred and one-fourth on share and each preferred share for Operations In the West parallel those of Glass Container Division In the East. MANAGEMENT 30 of a preferred share and 44/100 of a Closure and Plastics Division--Independent Officers on share. Exchange required 882,997 pre operating division. Manufactures metal and J. P. Levis, Chairman of Board and Ex shares and 1,028,739 common shares. plastic closures and other plastic products ecutive Committee IOIARIE8 - is primarily an operating com- which are sold by company's other divisions and subsidiaries. Libbey Glass Division--Produces Llbbey C. R. Megowen. President H. C. Laughlin, Exec. Vice-President C. G. Bensinger, Exec. Vice-President cm.)31, 1956. held 100% voting power in luring subsidiaries; e. place nf Incorporation and business. -Illinois Plywood Co. (Vt.)--Manufac- i veneer and plywood panels, bach Corp. (Del.)--Plastic molding ma- sry i Gloss Co. (Ohio)--Television bulbs, tubing and rod, laboratory appara- glasa block. Insulators and mlscellan- pressed glass articles. Aulou.alu IAiuu. Machine Co. iOhio) tsh machine patent rights; lease or sealing machine. Products Co. --Distributes scien- llass products of Kimble Glass Co. Illinois imer-Amenca Corp. (Ohio)-- company products in Western Hemis- ' outside of the U. S. 1 Container Corp. (Ohio)--Fabricates Inerboard, from parent company mills ther sources into wide variety of cor- ;d shipping containers. Following are y-owned subsidiaries: ompanies titled National Container irp., incorporated in Cal., Ind., 111., inn., Tex.. Tenn. and Ga. mi National Container Corp. (Fla.) heastern Container Corp. (N. Y.) Timber Sc Land Corp. (Va.) I Container Corp. of the Carolinas Safedge glass tumblers, stemware, and ta bleware for the retail trade and for hotels, restaurants, cafes, clubs, bars and soda foun tains; cut and engraved glassware. Also makes tumblers used as jars for packing food prod ucts. - Mill Division--Operates paper mills and is important part of company's paper products business which also comprises National Con tainer Corp. (subsidiary) and Multiwall Bag Division. Processes pine and hardwood, from company owned and other sources, into pulp, containerboard and semi-chemical corrugated medium. Sells to company and to others. Multiwall Bag Division--Makes wide line of pane-- bags for sale to others. Kaylo Division--Manufactures Kaylo, a fire proof Insulating hydrous calcium silicate ma terial. 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 resDonsibility for investments in Central and South American countries. First glass container factory to be operated by this division is under construction near Havana, G. S. Babcock, Vice-President O. G. Burch, Vice-President H. S. Wade, Vice-President R. A. Cosh. Vice-President J. L. Gushman, Vice-President R. H. Muiford. Vice-President S. L. Rairdon, Vice-President T- J. Solon, Vice-President W. J. Stewart, Vice-President A. M. Turner. Vice-President P. W. Hancock, Vice-President C. G. McLaren, Vice-President .1. H McNernev. Secretary & Treasurer F. M. Canter. Comptroller Directors C. G. Bensinger, Toledo W H Boshart, Toledo (T)H. E. Collin, Toledo H. K. Kimble. Ocean City, N. J. W. W. Knight, Toledo H. C. Laughlin, Toledo SJ. P. Levis, Toledo SW. E. Levis, Toledo C. R. Megowen. Toledo S. T. Olin, East Alton, 111. EJ. T. Rohr, Toledo C. S. Root, Daytona Beach, Fla. R. L. Snldeman. Chicago C J. Wilcox Toledo Member of Executive Committee. Auditors: Arthur Young & Co. 1 Container Corp. of Michigan (Mich.) ' Container Delivery Service, Inc. Cuba. Completion scheduled early 1958. Subsidiaries--Company's principal subsid iaries, Kimble Glass Co., Glasco Products Co., General Counsel: Fred E. Fuller. Annual Meeting: Third Wednesday In April at Toledo. O Container Corp. of Wisconsin (Wise.) % itte. Tomahawk & Western R.R. Co. c.)--100% (see Moody's TransportaManual) Owens-Illinois Inter-America Corp.. OwensIllinois Plywood Co. and National Container Corp. (Ohio) operate as stated above (see subsidiaries). PRINCIPAL PLANTS & PROPERTIES No. of Stockholders: Dec. 31,1956: Preferred 8,458; common, 27,324. No. of Employees: Dec. 31, 1956, 34,000. General Office: Owens-Illinois Bldg., Madi son Ave., Toledo 1, O. mber Corp. (Wise.)--100% Factories are located as follows: Management Profit-Sharing: Executives and Container Development Co., Inc. Alton Tl) Chicago. HI. department heads receive additional compen Atlanta, Ga, Chicago Heights, 111 sation under plan adopted Jan. 20, 1930. as de ta Southern R.R. Co. (Ga.)--100% Aurora, Ind. 3ec. 31. 1956 company owned 2,100.000 Berlin. N J. Clarion, Pa. Columbus. O. termined by the company's president out of a fund representing up to 8% of earnings In ex shares (about 331/3%) of Owens- Big Island, Va. Fiberglas Corp. (see general Index), Bradford, Pa, Corona, Cal. Dallas, Tex. cess of 10% of capital and surplus at the be ginning of the year. Total of the participating includes 864,141 shares reserved for Bridgeton. N. J. Detroit, Mich. salaries shall not exceed 10% of the excess --see 4% par preferred (No. 2 below), Bristol, Pa. Fairmont. W. Va. earnings for each year. Total bonus to any vned 417.886 common shares (3.6%) Buffalo. N. Y. Gas City. Ind. participant in any year shall not exceed his Can Co. (received in exchange Charleston, W. Va. Glassboro, N. J. salary for that year. JCOUNT8 COMPARATIVE CONSOLIDATED INCOME ACCOUNT. YEARS ENDED DEC. 31 (Taken from reports filed with Securities and Exchange Commission) 01956 1955 1954 1953 1952 & other operating rev.____ $495,974,236 $370,347,666 $336,708,809 $333,024,055 $293,181,523 f sales, royalties paid. etc.. 378,699.937 287.810,152 267.211.730 268.523.903 238.272,357 general Sc admi expenses. 46,370.575 29.539.134 27.655.642 26.240.558 24.939.411 ting profit____ received___________ scelved _____________ aeous other income 70,903,724 2,533,272 767,653 1,339,706 52,998,380 2,171.570 503.116 56,554 41.841.439 1,836.921 148.670 56,120 38,259.594 1,702,401 87.181 48,308 29,969.755 1.432.724 121.331 2.724.877 1951 $309,774,611 237.415.127 23,722,520 48.636.964 692,833 238,364 302,102 1950 $282,942,898 213,973,579 21,215,708 47.753,611 688.000 112.805 145,348 75,544,355 55,729,020 43,883,147 40.007 AM