Owens-Illinois Glass Company, section on Hemingray purchase

The Owens-Illinois Glass Co.

Through secretary of the Owens-Illinois Glass Co., John W. McNering, there was announced in May the retirement of its entire outstanding issues of $3,774,000 of 5% debentures and $8,000,000 of Preferred Stock, as well as the 6% First Mortgage Bonds of Root Glass Company assumed by this Company. This is being accomplished through the issuance of 200,000 shares of the Company's Common Stock and by the use of part of the surplus funds, in the Company's treasury.

The company on May 4, through President Wm. E. Levis, announced that contracts had been entered into for the purchase of the entire assets and business of Hemingray Glass Company of Muncie, Indiana, manufacturers of glass insulators, and of substantially all the assets of The O'Neill Machine Company of Toledo, Ohio, manufacturers of glass bottle blowing machines of the vacuum type.

This business will become a part of the Industrial Materials Division of Owens-Illinois Glass Company which has recently developed a number of new glass products, among them glass wool for building insulation and for air filtering installations. A glass building, now under construction at the Century of Progress Exposition at Chicago, will introduce glass block as a structural and decorative material to the public.

The O'Neill Machine Company has been engaged in the experimental development of an automatic bottle blowing machine using the vacuum or suction process of drawing glass into the molds. The acquisition settles patent litigation between Owens-Illinois and O'Neill, and is expected to strengthen the present patent position of Owens-Illinois Glass Company, and be the forerunner of further developments in automatic bottle blowing machines.

(To be continued)