Document zQNnQLrN8E0ED5r9Nw6OoO6Rn

MOODY'S MANUAL OF INVESTMENTS AMERICAN AND FOREIGN INDUSTRIAL SECURITIES JOHN SHERMAN PORTER, Editor-in-Chief Editorial Board Joseph A. Dittrich Max F. Brupbacher Nelson Schaenen L. A. Griffin Walter F. Hahn Joseph M. Oliver Frank J. St. Clair 1941 Public Library JUN271941 comtGKT, 1941, it a. JJ nr) l/CLllUSy MQXCLSMoodt's Invkstoss Sunci, New Yoee ALL EIGHTS UIUTO MOODY'S INVESTORS SERVICE 65 BROADWAY, NEW YORK PHILADELPHIA BOSTON CHICAGO LOS ANGELES PITTSBURGH SAN FRANCISCO Stock Exchange Bldg. 75 Federal St. 105 W. Adams Sl Hollingsworth Bldg. Union Trust Bldg. Ross Bldg. i203 (PND0N: MOODY'S INVESTORS SERVICE, LTD. V KING WWIILL1LIAM STREET HOUSE, ARTHUR STREET, E.C.4 I 478 MOODY'S MANUAL OF INVESTMENTS Adjustments Earn, surp., 12-31. Times chgs. earn.: Before me. tax-- After inc. tax. . Earned per share No. of shares__ 1940 553,324 3.10 249 $040 323,000 0)1939 Additional bonds may be issued only to ex Transfer Agent: City National Bank dr 33.942 tent of 60% of capital expenditures made by Co. Chicago. * 487431 4.68 4.22 $0.40 company for acquisitions, additions, better ments dr improvements. The indenture also provides that trustees may release property subject to the lien of the indenture which the company shall not Registrar: Continental Illinois Bank 8c Trust Co. Chicago. Nation^ Listed on New York Curb Exchange Chicago Stock Exchange. **4 323,000 deem necessary to retain its business. Pro tDRevised. ceeds used to retire -ritiwg funded debt, in CORNING GLASS WORKS |2No provision for excess profits tax. DAs reported to the SEC. Sales and Earnings: Net Year Sales 1938 Hl$5,107.010 1937 0)5452.302 1936 Not ststed 1935 2.977,732 1934 2,474,680 Net Income $283,944 94,602 240,440 87415 107,609 Esrn. on Com. $0.88 049 0.74 0.87 1.08 Q)As reported to the SEC. Balance Sheet, as of Dec. 31: Assets: 1940 Cash _____ $420,210 Receivables, net. 253.93$ Inventories 385.902 1939 $447,317 230.145 301.011 debtedness due employees "<i for working capital. ADDITIONAL INDENTURE PROVISIONS-- The mortgage lien of the indenture, as supple mented by the supplemental indenture covers real property in Louisville, Ky,, consisting of the plant acquired from the Hampton Cracker Co. PURPOSE--Issued for redemption of $7 pre ferred stock held by Hampton Cracker Co. and balance to pay open accounts and discount bills. ____ TAX STATUS--Bonds contain covenant for payment of interest without deduction for Federal income tax up to 2%, but since bonds were issued after Jan. 1,1934, company is not required under present tax law to pay any History: Incorporated Dec. 24. 1936 u York, as a consolidation of a company same name, incorporated in 1311. ami **** beth-Evans Glass Co. Originally establish^ in 1868. Properties: Company has eight plants -- each located at Wellsboro. Pa.. CentrSsvi?* R. I. Charleroi. Pa. and five at Corning nv* having a combined floor area of overso Business: Manufactures glasses 'of chemical composition with unusual nrnSr ties, for special purposes, with brands as lows; "Pyrex," "Corning." "Steuben "rvIT mo." "Monax." and "Galax." iaet~ Subsidiaries: Controls Steuben Glass Inl and Corning Realty Corp. In Mar. 1937' Total current. Buildings Depreciation ___ Net bldgs............ Machy. & equip.. Depreciation ___ Net machy.___ Land i. Lshld. impnts. cost Goodwill, etc____ Misc. notes rec----Insur., cash value Other rec., etc. .. Sinking fund__ Debt disc. Sc exp.. $1,060,047 359.969 70.636 289,333 784.044 319.063 464.981 34405 46,436 1 14.850 17,773 7.684 12498 36.603 $978,474 354.441 61.162 Federal income tax with respect to interest paid to U. S. citizens or residents. No pro vision lor assumption or refund of state taxes. pany and Pittsburgh Plate Glass Co. (see zenl eral index) formed a new jointly owned com! pany, Pittsburgh-Coming Corp. 293479 729453 264473 464.980 OFFERED--($200,000) at 100 in March, 1936, by F. S. Yantis St Co. Inc. Chicago. 2. Consolidated Biscuit Co. first 5V4*, C, duo On Oct. 31. 1938, company and Owens-mi. nois Glass Co. (see general index) formed new Jointly owned company, Owens-Cornins* Fiberglas Corporation. 34405 1946: 48.033 Bating--Ba 1 16.650 AUTHORIZED--All series. $2,000,000; out standing, series C, $276,000; in treasury. $31.- 15.760 8.423 18450 000 retired to Dec. 31, 1940, $33,000. DATED--June 1. 1936. 45402 MATURITY--June 1. 1946. Officers: A D. Falck. Chairman. Elmirs N. Y.; Amory Houghton, Pres.: A. A. Bought ton, Jr., G. D. Macbeth, G. W. Cole, J?u Peden. P. W. Jenkins. Vice-Pres.; W. H. Curtiss, Vice-Pres. and Sec.; C. D. La Follette Trees.; C. H. R. Young. Asst. Sec. and Asst Tress. Corning, N. Y. Deferred charges. Total _______ Liabilities: Accounts pay.__ Sinking fund___ Fed. inc. taxes__ Accruals Bond interest__ 8.156 $1.992466 $82,080 12474 21,000 45.654 6456 9458 INTEREST PAID--J&D 1. at City National $1,933,415 Bank 8c Trust Co. Chicago. DENOMINATION--Coupon, $1,000; register- $56414 18.444 19.000 able as to principal. TRUSTEES--City National Bank 8c Trust Co. Chicago and A. T. Leonard, Chicago- 46,737 6,499 REGISTRAR--Continental Illinois Bank & Trust Co. Chicago. National Directors: A. B. Houghton. E. C. Sullivan. Amory Houghton, A A. Houghton. Jr., G. W. Cole. J. L. Peden, W. H. Curtiss. G. D. Mac beth, Corning. N. Y. A. D. Falck. Elmira. N. Y. Annual Meeting: 2nd Tuesday in Feb. No. of Employees, Dec. 31, 1940, about 6.800, General Office: Corning, N. Y. New York Office: 718 Fifth Avenue. Total current. First 5fts, 1946 .. Conting. res.___ Capital stock ($1) Paid-in surplus__ Earned surplus .. $167465 588,000 323.000 360,777 553424 $146494 607.000 8.412 323.000 360,777 487431 CALLABLE--At any time as a whole or in part at 103ft to June 1, 1940, ind.; at 103 to June 1,1941. incl.; at 102ft to June 1,1942, ind.; at 102 to June 1. 1943, ind.; at 101ft to June 1, 1944, ind.; at 101 to June 1, 1945, ind. and at 100ft before June 1, 1946. Bonds may also be purchased or called for the sinking fund Chicago Office: Merchandise Mart. Capital Stock: 1. Corning Class Work* 1% preferred; par $100: Authorized. 50.000 shares; outstanding. Dee. 31, 1939, 23,774 shares; par $100. Closely held. Dividends payable quarterly March 31. etc. Total _______ Net curr. assets.. $1,992,366 $892,782 $1,933,415 $831,480 Accounts certified by George Rossetter & Co. Bonded Debt: 1. Consolidated Biscuit Co. first SVis, B, due 1946: (which see). OTHER PROVISIONS--Sinking fund pro vision. security, tax status, etc., identical with series B bonds. ADDITIONAL INDENTURE PROVISIONS-- The mortgage lien of the Indenture, as supple 2. Corning Class Works common; par $10: Authorized, 750,000 shares; outstanding. 642,768 shares; par $10. Closely held. Transfer Agent: Preferred, Union Trust Co. Pittsburgh. Rating--Ba mented by a second supplemental indenture, Registrar: Preferred, Fidelity Trust Co. AUTHORIZED--All series, $2,000,000; out covers real property in Chicago, HL, consist Pittsburgh. standing. series B. $153,000; in treasury. $18,- ing of plant of Thfnahell Products, Inc., ac Transfer Agent and Registrar: Common 000; retired to Dec. 31, 1940. $29,000. quired by company in 1936. transferred and registered at company* DATED--Mar. 1, 1936. PURPOSE--Proceeds of sale of bonds used office. MATURITY--Mar. 1, 1946. INTEREST PAID--MAS 1 at Bank Sc Trust Co., Chicago. City National toward payment of outstanding preferred and common stock of Thinshell Products, Inc. OFFERED--($340,000) at 100 in June, 1936, by a syndicate beaded by F. S. Yantis 8c Co. Inc. CORONET PHOSPHATE CO. History: Incorporated April 28, 1908, und** DENOMINATION--Coupon, able as to principal. $1,000; register- Chicago, and Bond Sc Goodwin, Inc., New York. the laws of New York. Business: Company mines and sells pebbi* TRUSTEES--City National Bank Sc Trust Co., PRICE RANGE-- 1940 1939 1938 1937 phosphate. , Chicago, and A. T. Leonard, Chicago. High__________ 102 102 100 101 Property: Properties and plants locates * REGISTRAR--Continental Illinois National Low--------------- 98ft 96 84ft 85ft Coronet and Pembroke, Fla. Bank & Trust Co., Chicago. Bonds Retired: Entire issue of Davidson Bis Officers: J. R. Sheffield, Pres.: A. B. Grafl"J CALLABLE--At any time as a whole or in cuit Co. (now Consolidated Biscuit Co.), first Vice-Pres. and Treas.; Geo. H. Burt. Sec., n part at 103ft to Mar. 1,1940. incl.; at 103 to Mar. 1. 1941, incl.; at 102ft to Mar. 1. 1942, incL; at 102 to Mar. 1, 1943, incl.; at 101ft to Mar. 1, 1944, incl.; at 101 to Mar. 1, 1945, ind., and at 100ft to Mar. 1, 1946, incl. Bonds may also be purchased or called for the linking fund (which see). 5fts, series A, Oct. 1, 1945 formerly outstand ing, was retired at 102ft Apr. 1, 1941 at City National Bank Sc Trust Co.. Chicago. Capital Stock: Consolidated Biscuit Co. com mon; par $1: AUTHORIZED--1,000.000 shares; outstanding, YorkDirectors: R. A. Cowles, W. N. E. P. Earle, E. H. Green. B. A. Tompkins. Grafius, J. R. Sheffield, New York; E. C. sum* Bartow, Fla. Annual Meeting: First Monday in Feb. SINKING FUND--Annual sinking fund be 323,000 shares; par $L No. of Employees: Dec. 31, 1940, 157. ginning Apr. 1, 1936 of 10% of consolidated net VOTING RIGHTS--Has one vote per share No. of Stockholders: Dec. 31. 1940, 100. earnings for the prior fiscal year (provided that such payment may be reduced to the ex tent of the aggregate principal face value of such bonds of any series that the company shall on or before such sinking fund payment date deliver to trustee for canceiintinn for purchases or redemption of bonds at not ex ceeding current redemption price. Bonds purchased for or delivered to the sinking fund shall be cancelled. SECURED--By b first mortgage lien on company's plant at Mt. Vernon, BL. and on all s"er, real estate belonging to company on `SS^ct.^1^1935 or which company may thereafter and has no preemptive rights. DIVIDEND RESTRICTIONS--Cash dividends may not be declared or paid which would re duce net current assets below 60% of out* standing bonds. DIVIDENDS--Initial dividend of 15 cents paid Dec: 23.1935; 1936, 60 cents; 1937, 40 cents; 1938, 60 cents; 1939, 30 cents; 1940, none; Mar. 24. 1941,10 cents. Dividends payable quarterly. Mar. 23, etc. to stock of record about Mar. 1, etc. OFFERED--(40.000 shares) at $7.50 per share in Oct. 1935. by F. S. Yantis 8c Co., Oiicago! HI. and (68.000 shares) at JlO per share in Mar.. Office: 19 Rector St. New York. Income Account, years ended Dec. 1940 Gross revenue__ $396,381 Oper. exp., etc-- 315.804 Deprec. 8c depl__ 56.540 Operating income 24.037 Other income___ 1,243 Total income___ 25.279 Fed. income tax_ 3.495 Conting. reserve-- 10.000 Net income_____ 11,784 Dividends ______ Surplus for year. Earn. surp. 1-1__ 11.784 34.541 31: 1*3* $430 {*J 293JS 60 2* OTHER PROVISIONS--Additional bonds may *"ued to provide funds for capital expenmade after Oct. 1, 1935. for purpose of 5"!!TM* property or additions, betterments J* "hproyements to property, provided net 1936, by F. S. Yantis 8c Co., Inc. Rawson Lizaris 6c Co. Webber. Darch 8c Co. and Dempsey-Delma & Co. Chicago, and Bond 8c Goodwin, Boston. Latter offering did not rep resent new financing. r consolidated earnings, including net earnings of property proposed to be acquired by aa2TMlnA,u*ue' uuai have been equal to at ^i^nJsTyS^0: least 4 times annual Interest charges of com pany and its subsidiaries on funded debt then including interest on additional- bonds tp be IssueA , .. :-l . ',aji*.nui3 LowwJ 11% Conting. reserve . Earn. surp. 12-31. Earn, per share_ No. of shares__ Earnings: Year 1938 1937______ 1936______ 1935______ 1934_____ Gross Revenue $623,638 563.765 448.621 563.256 K4AX53 20.000 26.325 $0.47 25,000 Net Income $55,497 113.793 54,589 84,390 1IU 90S uJS XL*** -isr $Jj 2118 MOODY'S MANUAL OF INVESTMENTS OW NS-CORNING FIBERGLAS CORPORATION (Controlled jointly by. Owens-Illinois Class Co. and Corning Glass Works) History: Organized Oct. 31, 1938 and ac products for electrical insulating purposes in Offices: Nicholas Bldg., Toledo, O. New quired all the assets of Owens-Illinois Glass wires, cables and power equipment; retainer York OSice: 718-5th Ave. Co. and Coming Glass Works which had mats for storage batteries; decorative and been devoted to production and development service fabrics for draperies, table cloths, Financial Statements: None.- callable. of glass in fibrous forms, including a plant of shades, dress accessories and other applica Capital Stack: 1. Owens- . rning Fiberglas Owens at Newark, Ohio, and a plant of tions. Carp, preferred: Corning at Coming, N. Y. Properties: Company's two plants are lo Authorized and outstanding amounts, not Business: Company is engaged in the de cated in Newark, Ohio and Corning, N. Y. stated. Non-voting. velopment, production and sales of "Fiberglas" materials for a wide variety of applica tions, including: Thermal insulation of houses, railroad and motor vehicles, airplanes and ships: low and high temperature insulation for industrial and process applications, and for equipment including, refrigerators, ranges, water heaters, boilers, etc.; dust-stop air fil ters (replaceable type) for air conditioning Officers: Amory Houghton, Chairman; Har old Boeschenstein. Pres.: Games Slayter, W. P. Zimmerman, Vice-Pres.; A. C. Freligh, Sec.; H. R. Winkle, Trees.; G. E. Gregory, Gen. Sales Mgr. Directors: C. B. Belknap, Harold Boeschenstein. U. E. Bowes. G. W. Cole, Amory Hough ton. W. E. Levis and G. D. Macbeth. All owned by Owens-Illinois Glass Co. and Corning Glass Works. 2. Owens-Coming Fibergias Corp. common: Authorized and outstanding amounts, not stated. All, except that owned by or available to active management of company, owned by Owens-Illinois Glass Co. and Coming Glass and ventilating systems; electrical textile No. of Employees: Dec. 31, 1940, 1,579. Works. THE QUAKER OATS COMPANY CAPITAL STRUCTURE CAPITAL STOCK Issue 1. 6% cum. preferred___ 2. Common____________ Par Value $100 no par Amount Outstanding 180.000 shs. 702.000 shs. Earned per Sh. 1940 1939 $23.01 $30.13 436 0.19 Divs. per sh. 1940 1939 $6.00. $6.00 5.00 5.00 Call Price N.C. Price Range 1940 1932-40 15934-141 15934-95 125 - 94 145 -50>4 HISTORY Anderson Puffed Rice Co. (N. J.) (66 2/3%)-- stopped. Loss of this business, which is small, Incorporated under New Jersey laws Sept. 21. 1901, acquiring at formation over 90% of the stock of American Cereal Co., an Ohio cor poration organized in 1891. On Aug. 23. 1906, properties of American Cereal Co. were trans ferred to Quaker Oats Co., which thereupon became an active operating company. Char ter is perpetual. In 1905 formed Anderson Puffed Rice Co. to acquire patents relating to manufacture of puffed rice and puffed wheat. In July. 1911 purchased the Great Western Cereal Co.'s plants at Ft. Dodge, la. and Joliet, 111., also trade rights in Mother's Oats, consideration being $1,000,000. In 1912 acquired plant and business of Saskatoon (Sask.) Milling Co. In 1917 acquired properties Patent licensor Plews Processes, Inc., Chicago, HI. (51%)-- Product exoerimentation Akron Canal & Hydraulic Co. (50.59%)-- --Inactive Early in 1941, together with American Dairies, Inc. organized Cerophyl Laboratories, Inc. (Del.) to engage in research, manufacture and sale of grass products. BUSINESS A PRODUCT8 Company and subsidiaries buy, sell, deal in and manufacture cereals and cereal products, flour and commercial mixed feeds, on an international scale. Best known branded products include Quaker Oats. Mother's Oats, means a loss of output for the Peterborough and Rotterdam mills. British business con sists of ready-to-eat cereals and feeds manu factured in the English plant and Quaker Oats, other oat products, and flour made in the Ca nadian plant located in Peterborough. Dur ing first ten months of 1940 company was mak ing regular shipments of Quaker Oats in pack ages to Britain under permits issued by the British government. Since .Oct., 1940 company had not been able to secure any permits and present evidence indicated no permits would be issued in the immediate future. Loss of this volume will reduce earnings of the Peter borough mill and earnings of the British com pany. of Uncle Sam Macaroni Co. at Tecumseh, Mich. In Nov., 1925 purchased business and Puffed Wheat. Puffed Rice. Aunt Jemima pan cake flour and Muffets. Line includes fiour. MANAGEMENT properties of Aunt Jemima Mills Co. for $4.- macaroni and spaghetti, corzuneal and stock Officer* 202.077. In Oct.. 1927 purchased assets and and poultry feeds. trade name of Muffets Corp., Depew. N. Y.. H. P. Crowell, Chairman J. Stuart. President for $1,690,105. In Feb., 1930. acquired Ota Co., Copenhagen, Denmark. Early in 1941. pur chased a substantial interest in patents held by American Dairies. Inc. (see general index) for extraction of high vitamin products from young grasses, acquired an interest in Greenmelk Co., Ltd., Guelph. Ont., a subsidiary of that company, and together with American Dairies, Inc. organized Cerophyl Laboratories. Inc. to continue research, manufacture and sale of grass products. PRINCIPAL PLANTS A PROPERTIES General cereal manufacturing plants are located as follows: Akron. O.; Cedar Rapids, la.; St. Joseph. Mo.: Peterborough, Ont.; Sas katoon, Sask. Company's macaroni plant Is at Tecumseh, Mich. At Depew, N. Y. is oper ated a plant for Muffets (whole wheat bis cuits). At Memphis. Tenn. is a feed mill and at Pekin. HI. a paper mill. Fifty-five coun try grain elevators are owned and operated in Iowa, Illinois and South Dakota. Foreign plants for manufacture of cereal products are SUBSIDIARIES operated at Southall. Eng.. Rotterdam, Hol S Company Is an operating and holding comany. On Dec. 31, 1940 held 100% voting power i the following subsidiaries: land, Elsen, Ger., and Nakskov, Den. On May 9.1940, individual' plantcapacities were as follows: Elm- Name, place of incorporation and business: Rolled Com- tor Cpaelty R. Douglas Stuart. 1st Vice-President G. A. Macdonald. Vice-President D. B. Douglas. Vice-President H. E. Muzzy. Vice-President E. D. Shumway. Vice-President C. A. Lahey, Vice-President R. S. Laird, Vice-President W. D. McKenzie, Vice-President C. S. Gordon. Vice-President Walter L. Templeton. Treasurer H. E. Sheasby. Secretary L. F. Watermulder, Assistant Treasurer E. F. Terras, Assistant Treasurer R. E. Coon, Assistant Secretary Director* H. P. Crowell, Chicago D. B. Douglas. Chicago G. A. Macdonald. Chicago Quaker Oats, Ltd. (Eng.)--Mfg. & sales Oats Floor meal Peed bo. E. L. Ryerson, Chicago Quaker Oats Co., m. b. H. (Ger.)--Milling bbls. bbls. bbls. tons (000) F. H. Scott. Chicago Quaker Nahrmittel Gesellschaft m. b. H. Akron. 0.......... 4,200 ------ 1,800 1,200 2,580 J. Stuart, Chicago (Ger.)--Oatmeal mfg. & sales Cedar Rapids, R. D. Stuart Chicago Quaker Oats Co., A3. (Sweden)--Sales la. -------------- 9.500 2.000 2,000 2.000 8.000 W. L. Templeton. Chicago Peterborough Hydraulic Power Co.. Ltd. (Ont.)--Electricity Monona Farms Co. (Wis.) -- Experimental farm Lavena Corp., Chicago, 111.--Bath powder Aunt Jemima Mill & Elevator Co. (Del.)-- Inactive American Cereal Co. of Ohio--Inactive Subsidiaries in which voting power held was less than 100% were; A/S "Ota," Copenhagen, Denmark (99.88%)-- St. Joseph. Mo. 2,000 1,600 Peterborough, Ont. ------------ 2,500 4,000 Saskatoon, Sask.----------- 400 2.000 Memphis, Tenn. ___ ___ 1,500 700 300 500 ................... _____ 700 2.120 1.300 1,200 ___ Total --------- 18.600 9.600 5.600 5.100 15.200 Status of European Business and Plants (Feb. 10.1941); In Germany mill was operating under government regulation. No profits had been transferred for some years. Mill in Den J. P. Welling. Chicago P. A. Wells, Chicago General Counsel: W. D. McKenzie, Chicago Annual Meeting: Second Friday in March at 15 Exchange Place. Jersey City. N. J. Number of Stockholders, Apr. 30, 1941: Pre ferred. 4,000; common, 4,300. Number of Empolyees, Apr. 30, 1941, 4.300General Office: Board of Trade Bldg., 141 W. Jackson Blvd.. Chicago. Mfg. & sales mark and mill in Holland were operating. Management Profit-Sharing: Company sets Quaker Oats-Graanproducten, Rotterdam. The Plants had not been damaged. Company was aside 2 1/3% of annual profits before income Netherlands (99.20%)--Mfg. & sales, rolled getting its grain under a quota system con taxes but after preferred dividends and 6% oats trolled by the governments. Volume was good the aggregate of common stock, surplus and Quaker Oats (France), Paris, France (96%)-- but no profits could be transferred under ex appropriated surplus reserves, for additional Sales isting conditions. Business in France bad compensation to major officers. INCOME ACCOUNT8 COMPARATIVE CONSOLIDATED INCOME ACCOUNT. YEARS ENDED DEC 31 (Taken from reports to Securities and Exchange Commission) Net sales ,, (HCost of goods sold________ S1940 $58,987,394 44.473.859 31939 $60,500,522 43,301,696 1938 $70,052,672 49.553.629 1937 $72,524,771 55.691322 1936 Not stated -- Gross operating profit___________ [DSelling, general & admin, expenses {^Depreciation_______________________ 14,513,535 9.198,583 17.198.826 9.069,447 20.499.043 10321.896 954.727 16.832349 9.939.859 952388 $18355.699 10.569.997 1304.168 Balance ________________________ Cash discounts allowed__ __ Wage, staff & executive bonuses Miscellaneous charges _ . Balance 5,314.952 53.390 209,656 8,129379 571.071 1.114362 697368 9322,420 661.989 1.275.498 270.173 5340202 625.030 714.116 182.192 6.681334 Not stated Cfl ' 1935 Not stated -- $15,009,751 9.049338 1.070.110 4390.403 Not stated 1934 Not stated ----------- $16.013311 9.051.379 1.073.752 5.888.080 Not stated OWENS-ILLINOIS GLASS COMPANY u, ithucture debt ^JS'End deb. 2%s. 1952------------- Rating Amount Outstanding $10,000,000 HlTiinea Charges Earned 1940 1939 32.10 24.87 Interest Sates Call Price F&A 1 Not stated - ' *K!<.' 1st s"; . _ - -to hit w. Price Rai 1940 19..: ^ AtSTOOC Issue Par Value *1230 Amount Outstanding 2.661.204 sha. Earned per Sh. 1940 1939 *2.71 *3.17 Dlvs. per Sh. 1940 1939 *2.00 *2.00 Call Price Price Range 1940 1932-40 64%~42 H]103%-40 - 'common--after 2 for 1 spUt-up in 1937. EBefore income taxes and alter depreciation, depletion and amortization. jjUJO P" SUBSIDIARIES Insulux Division. Plant of the Libbey Glass Co. is located at Toledo, O., where company jn Ohio Dec. 16, 1907 as The Company is primarily an operating com- also manufactures caps and closures for glass <vr?r*.iTMachine Corp., successor to a pany. containers. Metal bottle cap manufacture is BtU-nrooration of the same name, in- On Dee. 31, 1940. held 100% voting power in conducted at the Glassboro plant. Jcr*ef,c`r 3 1903. Charter is perpetual, the following___s_ubsidiaries: Owens-Illinois Can Co. has plants at Balti- -tted : -phe Owens Bottle Co. May Name. place of incorporation and business: more, Md., Clearing, 111. and McKees Rocks, Owens-Illinois Glass Co. Apr. 17, 319*" -- ... acauired assets of The Owens Bottle Co. and Northwestern Ct Virginia d on Jan J 1915 assets of Owcief-incsC-Iolliansotissa-lPesacific Coast Co. (Dpi.)--PaOwens-Illinois Can. Co. (Del.)--Metal con- tainers, etc. Libbey Glass Co. (Ohio)--Glass tumblers, etc. PaM. adison Warehouse Co. operates war_e_house in Boston. Mass. Branch warehouses are lo cated in Cincinnati and St. Paul. Lauterback Corp. operates plant at Toledo, O. BottJe pattern Bottle Co., wholly-owned C**"5. in 1916 acquired control of Amer- Madison Warehouse Co. (Mass.)--Warehouse Owens-Illinois Distributors, Inc. (Ohio)-- Jointly with libbey-Owens-Ford Glass Co. (see general index), company owns gas prop aX"sd-1*niVivi and Graham Glass Co. In 1917 ICanawha Manufacturers Gas Co. assets of subsidiary '19,S In 1919 acquired con- Warehousing and sales Lacuhteinrebraych Corp- . ( Del.)--Plastic molding Company pwns 5rn0o%r of capit^ ko^: of the erties in West Virginia supplying fuel to the Charleston plants of both companies. On Dec. 1940 total territory so owned or held under wleeasree c4o7m0 pprrisoedduc1i5n0g,50w4 ealclsres(,booonkwvhaicluhethweares pai shares nfOweni- *797,382). Company has other natural gas fields ritltement M- Clarion, Pa. and Fairmont. W. Va.. supply- 4 assets* ancT controT"ofCharles Boldt ^dedl Vn May.1929 merged assets of mi- p '- cSon.'e(lIuUd-in1g87s3t)oacnk doCfchaicrafgyoleHePiagphetsr istaiemenc ap fuel as a service to bottle manufacturing Slants at those points. Clarion field comprises {,350 acres and 119 wells; Fairmont field com BUSINESS AND PRODUCTS pprirsiseess33,4,45566aaccreressaanndd8787wwelelsl;ls;bobokok value of ^r.vern Rock Sand Co. and Madison Ware- Directly and through subsidiaries znanufac- "*e *wo on Oec. 31,1940was *291,078. C*-i co In Apr., 1929 absorbed assets of tures, warehouses and sells a general line of HINflflrMFNT *sSriiries, American Bottle Co. and Graham bottles and other containers for medicinal, MAIAUEWIElT riti^*0 tnoilpet., npharmapceputtt^ipcafll annrdt npmronprietarvy nprepoa- Officers ,.n 1 1930 acquired assets except cern.iural gas properties of Bemey-Bond In Nov.. 1930 acquired principal asSJ oi"Atlantic Bottle Co. ,, wov. 30, 1931 purchased assets of Dllpacific Coast Co.; properties were trans- Sitd June 1, 1932, Owens-Illinois Pacific rations; for products of manufacturing chem ists; and for foods, condiments and beverages (including "Stubby" and "Steinie" bottles): also for other purposes. Company shipments in 1937 were 38.03% of U. S glass container in dustry shipments. Also manufactures and sells glass insulators used in electrical and tele phone wiring, and Insulux glass blocks for Co. being organized to operate them. industrial and residential construction. A sub tT Oct 1932 purchased, as of July 31, 1932, sidiary manufactures, warehouses and sells w Class Co. of Terre Haute. Ind. In 1932 t_h__in___b__lo__w_n___(_p_a_s_t_e___m__o_l_d.) t_u__m_b__le__r_s (. Libbe.y W. E. Levis. Chairman J. P. Levis, President C. B. Belknap. Vice-Chairman of Board R. H. Barnard, Executive Vice-President E. J. Solon. Vice-President F. T. Nesbitt, Vice-President C. R. Megowen, Vice-President 8c Compt. C. G. Bensinger, Vice-President G. Lufkin. Vlce-Pres. & Gen. Mgr., Glass Container Division S. L. Rairdon, Vice-Pres. & Gen. Sales abaorbed business of subsidiary Carlyle Paper Safedge and Libbey No-Nik), used as drinking Mgr., Glass Container Div. p' Cft Ai of Jan. 31, 1933 acquired substantially en- mn aiwts and business of O'Neill Machine Co., rreloping automatic bottle blowing maaincry. using the vacuum process. As of Mar. n 1933 acquired Hemingray Glass Co. special ising in glass insulators. In Apr., 1933 exer ted option on 16,000 shares of Container irv. of America (see general index) 7% iwr.ulniive preferred, subsequently receiving through recapitalization 50,000 common shares fog part of this holding. In May, 1933 purituud entire assets of Illinois Glass Co. Dureg 1933 organized in Ohio Owens-Illinois Diseibutors. Inc., engaged in warehousing and MU of certain products. On Dec. 31, 1935 purchased entire assets of Libbey Glass Mfg. Co.. Toledo (founded in *mi. transferring properties to new subsid tgflleaeseseecs aannWd aass 4jaarNs /foawr npnanclkrlimng(* ffAoAordl npVroAdHultchttas*; stemware; glassware for hotels, restaurants, cafes, clubs, bars and soda fountains; and cut and engraved glassware. Two subsidiaries manufacture, warehouse and sell tin cans and related metal products. Another subsidiary manufactures caps and closures for glass con tainers. Company engages in fabrication of strawboard into corrugated cartons for ship ping glass articles, and also makes wood pack ages. Company also manufactures plastics. Owns interests in natural gas properties which supply some of the plants with fuel. Glass sand requirements are purchased from outside interests. Company owns a substan tial interest (book value $3,358,796 on Dec. 31. 1940) in Owens-Coming Fiberglas Corp. (see appended statement), interested in glass fibers for air filters. Insulation and other purposes. J. H. McNemey, Secretary & Treasurer E. F. Martin. Asst Sec. Sc Asst Treasurer F. G. Morfoot. Asst Sec. Sc Asst Treasurer A. J. Rledmayer, Asst. Sec. 8c Asst. Treas. C. B. Rairdon, Assistant Treasurer. Directors R. H. Barnard, Toledo C. B. Belknap, Toledo Harold Boeschenstein, Toledo W. H. Boshart. Toledo H. E. Collin. Toledo G. P. Greenhalgh, Berryville, Va. W. W. Knight. Toledo J. P. Levis, Toledo W. E. Levis, Toledo F. H. McAdoo, New York C. J. Root, Terre Haute, Ind. F. W. Schwenck, Cincinnati C. J. Wilcox, Toledo iary. Libbey Glass Co. (Ohio 1935). In Feb.. 1936 acquired Enterprise Can Co., MeKees Rocks. Pa., through exchange of stock. *ad assets of Tin Decorating Co. of Baltimore uubildiary of American Tobacco Co.) for osh. ffoorrmmiinngg,, t*o operate these properties. "en**lllinis Can Co., which bought for cash Business is handled through 5 operating units, consisting of 2 divisions of OwensIllinois Glass Co.--Glass Container Division and Insulux Products Division--and 3 whollyowned subsidiaries, Owens-Illinois Pacific CoasVt Cx0o., Libbey Glass Co. and Owens-Illinois '~- General Counsel: Williams, Eversman 8c Morgan. Annual Meeting: Third Wednesday In April at Toledo, O. Number of Stockholders: Dec. 31, 1939, 9,891. Number of Employees: Dec. 31, 1940, 16,135. la Aug 'ITM'1**,?*115' . ,, - _ PRINCIPAL PLANTS A PROPERTIES General Office: Ohio Bldg., Toledo. O. " 7936 sold entire stock of Tavern mck Sand Co. for 15,309 common shares of Glass factories are located as follows: "nnylvama Glass Sand Corp.. etc. Subse- Alton. 111. (DBrackenridge, Pa. / 5mpany bought sand requirements Bridgeton. N. J. Charleston. W. Va. outside interests. Clarion. Pa. HI Clarksburg. W. Va. duSiiSf f*1 1name of Closure Service Co. was "^bfed to Owens-Illinois Closure Co. "Apr., 1937 acquired Lauterbach Corp. Columbus, O. Fairmont. W. Va. Glassboro. N. J. Los Angeles, Cal. (STerre Haute, Ind. Gas City. Ind. Huntington. W. Va. Muncie. Ind. t2tiai]0v',ii' l9,?8 C0TnPany transferred sub- Oakland, Cal. Toledo, O. WoducUni?11 i4* a"ets for development and San Francisco, Cal. Streator, IU. Management Profit-Sharing: Executives and department heads receive additional compen sation under plan adopted Jan. 20, 1930, as de termined by the company's president out of a fund representing up to 10% of earnings in ex cess of 10% of capital and surplus at the be ginning of the year. Total of the participating salaries shall not exceed 10% of the excess earnings for each year. Total bonus to any participant in any year shall not exceed his salary for that year. CondneFih sl?ss a^.er Products to Owens- H) Inactive during 1939 and 1940. Payments' made under the plan follow: Pndedi for 49 7?%0f utter's commorfanrt rP" ** Preferred* shares Iatter 3 coramon and 17,- During tflso ..u . __ tary to KImKi^Soid Chicago Heights, UL fac- nunoie Glass Co. for cash. AU of ^ above active plants except Muncie are used for manufacture of glass containers. and contain automatic machinery and other equipment for this purpose. The Muncie plant is used for products of the 1932_____ 1934_____ .. 1936_____ 1938_____ 1940 ____ Nil *223,000 526.958 Nil 48,644 1933_______ 1935_____ 1937_____ 1939_____ *220,220 348.910 342.192 188,750 hcoihe accounts comparative consolidated income account, years ended dec. 31 ? I& other op. revgeneral & adoi. expenses.. Operating profit________________ S^t^ijecelved kheeujjneouacomthmeIsr silnocnosme Total_ (Taken from reports to Securities and Exchange Commission) 1940 *89.297.206 70.629.458 8,282,790 0)1939 *82,025.093 62.915.967 7,525.988 1938 *75.106,756 59.655.604 6374.536 1937 $91,581,004 72390.682 7.613353 1936 *78,714.828 60.409.065 6341,782. 10,384.958 212.175 81.249 300.039 dr 40,328 11,583,137 50.576 81,348 253.864 66.673 8376.616 22352 81358 187.867 64396 11,677369 89341 79363 382.068 31590349 11363.981 138.025 85.749 254.163 387317 10.938.093 12,035.598 8333.689 12318.790 12329.835 1935 $57,901,781 44335.752 4,791.722 8,774,307 350374 52.981 *167.416 263305 9.608383 1934 *51363372 39343,464 3,927307 8,092,701 53.812 66,967 173.726 149356 8337,062