[Newspaper]
Publication: The Muncie Evening Press
Muncie, IN, United States
vol. 44, no. 89, p. 2, col. 5-6
Muncie Plant Discussed in
Report of Owens-Illinois
Steady Growth Announced in the Use of Insulex Blocks;
Hemingray Insulators Described.
The Muncie plant of the Owens-Illinois Glass Company is mentioned prominently in the company’s annual report.
It is explained that Insulux glass blocks, manufactured here, "are used for exterior walls, panels and store fronts, as well as for interior partitions in office buildings, homes and factories. Insulux glass blocks are marketed in most sections of the country through an extensive dealer organization consisting of builders' material supply houses and flag glass jobbers. There has been a steady growth in the use of Insulux glass blocks and producing capacity has been more than doubled during 1936. Plans are being made to further increase producing capacity during 1937."
A descriptive paragraph also is given to Hemingray glass insulators, manufactured in the local plant. "This is the only old established line in the industrial and structural products division, having been manufactured by Hemingray Glass Company for many years prior to its acquisition by the company," the report states. "Principal uses of glass insulators are for telephone, telegraph and electric light power lines. While the volume is not large, steady progress in improving the quality of Hemingray insulators is broadening their market as they meet more rigid requirements."
Net Earnings Increase.
The report gives the net earnings of Owens-Illinois Glass Company and its subsidiaries for 1936 as [dollar:$10,099,131.35], as compared with [dollar:$7,883,496.31] for 1935. Earnings for 1936 are equivalent to [dollar:$7.59] per share, as compared with [dollar:$6.57] per share earned for 1935. These earnings are based on 1,330,602 common shares outstanding on December 31, 1936, as compared with 1,200,000 shares outstanding throughout the year 1935 until December 31.
The company’s surplus at the close of 1936 consisted of paid-in surplus of [dollar:$10,698,150] and earned surplus of [dollar:$18,430,943.24]. Paid-in surplus was increased by [dollar:$373,000], arising from the issuance of 20,400 common shares having a par value of [dollar:$510,000] in exchange for the stock of the Enterprise Can Company valued at [dollar:$883,000], and by [dollar:$4,725,150] arising from the issuance of 63,002 shares having a par value of [dollar:$1,575,050] for which the company received [dollar:$6,300,200] in cash. Earned surplus was increased by net earnings of [dollar:$10,099,131.35] and reduced by cash dividend payments of [dollar:$7,771,161.75].
Total cash dividends at the yearly rate of [dollar:$6] per share were paid on the common shares during 1936. These dividends were paid quarterly at the rate of [dollar:$1.25] per share on the 15th days of February, May and August and at the rate of [dollar:$2.25] per share on November 15. The company’s dividend policy has been consistently liberal and shareholders have received in dividends a very large portion of earnings each year.