OWENS ILLINOIS INC /DE/
SC 13G, 1997-02-04
GLASS CONTAINERS
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<PAGE>
                              UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                                SCHEDULE 13G

                 Under the Securities Exchange Act of 1934
                          (Amendment No.       )*
                                         ------


                             OWENS-ILLINOIS INC.
                     ----------------------------------
                              (Name of Issuer)


                               COMMON STOCK
                     ----------------------------------
                       (Title of Class of Securities)


                                690768403
                     ----------------------------------
                              (CUSIP Number)

   Check the  following box if a fee is being paid with this statement / /.  (A
fee is not required only if the filing person:  (1) has a previous statement on
file reporting  beneficial  ownership of more than five percent of the class of
securities  described in Item 1;  and (2)  has  filed no  amendment  subsequent
thereto reporting  beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)

   *The remainder of  this cover  page  shall  be  filled  out  for a reporting
person's  initial  filing on this  form with  respect to the  subject  class of
securities,  and for any  subsequent  amendment  containing  information  which
would alter the disclosures provided in a prior page.

   The information  required in the  remainder of this  cover page shall not be
deemed to be "filed"  for the purpose of  Section 18 of the Securities Exchange
Act of 1934  ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other  provisions of the Act  (however, see
the Notes).


                        (Continued on following page(s))


                               Page 1 of 2 Pages
                                         

<PAGE>

CUSIP No. 690768403                   13G                    Page 2 of 2 Pages

- -------------------------------------------------------------------------------
 (1) Names of Reporting Persons.  S.S. or I.R.S. Identification Nos. of Above
     Persons

     U.S. Trust Company of California, N.A.
     Owens-Illinois Co. Stock Investment Salaried Retirement Trust
     TAX ID #22-2781933
- -------------------------------------------------------------------------------
 (2) Check the Appropriate Box if a Member     (a)  / /
     of a Group*                               (b)  / /
- -------------------------------------------------------------------------------
 (3) SEC Use Only

- -------------------------------------------------------------------------------
 (4) Citizenship or Place of Organization

     515 S. Flower Street, Suite 2800
     Los Angeles, CA 90071
- -------------------------------------------------------------------------------
Number of Shares              (5) Sole Voting Power
 Beneficially                     8,303,839
 Owned by                    --------------------------------------------------
 Each Reporting               (6) Shared Voting Power
 Person With                      
                             --------------------------------------------------
                              (7) Sole Dispositive Power
                                  8,303,839
                             --------------------------------------------------
                              (8) Shared Dispositive Power
                                                   
- -------------------------------------------------------------------------------
 (9) Aggregate Amount Beneficially Owned by Each Reporting Person

     8,303,839
- -------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*

- -------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)

     6.9%
- -------------------------------------------------------------------------------
(12) Type of Reporting Person*

     E.P.
- -------------------------------------------------------------------------------
                    *SEE INSTRUCTION BEFORE FILLING OUT!

                            Page 2 of 2 Pages



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