Muncie made glass blocks at New York and San Francisco World Fairs

Muncie Glass Blocks at

New York, San Francisco

Insulux Sales Gain Greater Percentage of Total Building

Material Sales, Report Shows.

Although adverse conditions in the building materials market during 1938 materially retarded sales of In­sulux glass blocks, manufactured by the Owens-Illinois factory here, the percentage of glass block sales to to­tal building materials sales was greater than in 1937, according to the Owens-Illinois Glass Company's annual report to its stockholders.

The company is featuring the glass blocks prominently in its exhibits at the New York and San Francisco world fairs. Various sizes, a number of designs and interesting lighting effects are employed. It is expected the displays will acquaint millions of persons with the beauty, versatil­ity and convenience of the unique building material. A resultant in­crease in sales is anticipated.

Last November the company sold assets formerly used in the develop­ment and production of glass fiber products to the Owens-Corning Fiberglas Corporation. As a result, the division formerly known as the Industrial and Structural Products Di­vision has been reorganized and now is designated as the Insulux Prod­ucts Division. It comprises the com­pany’s business in the development, manufacture and sale of Insulux glass blocks and Hemingray insula­tors, both of which will continue to be produced in the Muncie plant.

Has 13,901 Employes.

At the close of 1938, the company and its subsidiaries had 13,901 em­ployes on their payrolls, as compared to 16,836 employes at the close of 1937. Employment reached its peak in April, with 16,681 persons em­ployed. There were no general wage decreases during the year and hourly wage rates were at the highest level in the company’s history. Despite the fact that the working day gen­erally is six instead of eight hours, the average weekly earnings per em­ploye have been greater than when the eight-hour working day was in effect.

Net earnings of Owens-Illinois Glass Company and its subsidiaries for 1938 were $5,383,804.72, as com­pared with $9,351,627.38 for the year 1937. The net earnings are the residue after provisions for depreciation, depletion, repairs, federal taxes (including tax on undistributed earnings) and doubtful ac­counts. Earnings for 1938 were equivalent to $2.02 a share, as compared with $3.51 per share earned for the year 1937, on the 2,661,204 shares outstanding at the close of both years. Total cash dividends paid during the year 1938 were equivalent to $1.50 a share. These were paid quarterly at the rate of 25 cents a share on Feb. 15 and May 15, and 50 cents a share on Aug. 15 and Nov. 15.