This can be easily decoded.  Note:  A welding rod that does not have an "E" on it is classified as oxy-fuel welding rod; not for use with a "stick" or arc welder.

"E" stands for "Electrode"

The first two digits (or first 3 if it's a 5-digit number) are an abbreviation of the weld's strength. To determine the strength of the weld, take the 2 digits, in this case 60, and multiply by 1000 to get the weld strength in PSI.

So, if you had welded two plates together, with the weld covering one square inch (or even 1/4" x 4", that's still one square inch) that weld could take 60,000 pounds of pulling force.

Typical vales are 60, 70, 80, 90, 100, 110.

The 3rd digit tells you what position the rod is recommended for.
1 : Flat, Horizontal, Vertical, Overhead.
2 : Flat and Horizontal only.
3 : Flat, Horizontal, Vertical Down, Overhead.

The last digit tells you about welding current and the coating.
1 : DC:ROD+ ................... cellulose sodium
2 : AC or DC:ROD+ or DC:ROD- .. cellulose potassium
3 : AC or DC:ROD- ............. titania sodium
4 : AC or DC:ROD- or DC:ROD+ .. iron powder titania
5 : DC:ROD+ ................... low hydrogen sodium
6 : AC or DC:ROD+ ............. low hydrogen potassium
7 : AC or DC:ROD+ or DC:ROD- .. iron powder iron oxide
8 : AC or DC:ROD+ ............. iron powder low hydrogen

You probably don't need to worry much about the coating.

If there is a "+" or "-", that having the rod "+" will give deeper penetration and the rod "-" will give faster deposition.

If there is a letter and number combination next, it relates to the chemical composition of the weld deposit.

A1                         0.5%Mo
B1              0.5%Cr     0.5%Mo
B2             1.25%Cr     0.5%Mo
B3             2.25%Cr       1%Mo
C1    2.5%Ni
C2   3.25%Ni
C3      1%Ni   0.15%Cr    0.35%Mo
D1                        0.25-0.45%Mo    1.25-2%Mn
D2                        0.25-0.45%Mo    1.25-2%Mn
G*    0.5%Ni   >0.3%Cr   >0.2%Mo                      >0.1%V

* (G only needs one of the elements listed)

Next part is a H#. This relates to the maximum amount of hydrogen that will be diffused from the rod.

A trailing R means that the rod is moisture resistant.

If you need more definitive information about type of welding rods to be used with special types of metal, there are more definitive sources. For more information about arc welding, see: https://en.wikipedia.org/wiki/Arc_welding