ozone hole that are the lowest the g r o u p has observed a n y w h e r e in t h e w o r l d . But t h e Stony Brook group's microwave i n s t r u m e n t is measuring chlorine monoxide levels that are lower than those predicted. The JPL team's infrared measurements of nitric acid have yet to be analyzed. The Antarctic group pointed to the low levels of nitrogen dioxide as evidence against t h e theory that the hole is related to solar activity. That theory proposes the ozone des t r u c t i o n is b e i n g c a t a l y z e d by abnormally h i g h levels of active nitrogen species, w h i c h collectively are called odd nitrogen a n d include t h e nitrogen oxides. O d d n i t r o g e n species are p r o duced at the top of the atmosphere by blasts of energetic particles from the sun, according to the theory. Then d u r i n g the polar n i g h t they sink into the stratosphere, w h e r e they persist for three or four years. The solar theory links the current spectacular Antarctic ozone decrease to the very large solar maximum— the second largest in 250 years—that occurred in 1979. If the theory is correct, the ozone m i n i m u m should level out a n d start to build back u p again. "It's premature to t h r o w out any mechanism," says Linwood B. Callis of NASA Langley Research Center, one of the solar theory's proponents. "What is important is the sum of nitric oxide (NO) a n d nitrogen dioxide levels; you need to measure both species. A n d total ozone is n o worse than last year," he says in support of his ideas. Callis is concerned, however, that the Wyoming team's balloon data indicate the hole is occurring only between 12 and 20 km altitude. The solar theory predicts ozone losses at higher altitudes, because t h e odd n i t r o g e n w o u l d come d o w n from above. Dynamical theories essentially point to a change in weather as the culprit b e h i n d the ozone hole. Prop o n e n t s of a dynamical cause suggest that the d o w n w a r d airflow that normally carries ozone to Antarctica from the tropics w h e r e it is produced has decreased in the past several years. In addition, they suggest that as t h e sun comes u p in the Antarctic spring, ozone-poor air rises
from the surface to displace air parcels that w o u l d normally be ozonerich. However, the Antarctic teams claim their measurements show " n o evidence for the kind of u p w a r d motion n e e d e d to support t h e dynamical theory. We believe a chemical mechanism is fundamentally responsible."
Nevertheless, dynamical processes a n d chemical processes may each have a role in formation of the Antarctic o z o n e h o l d , says Jerry D. Mahlman, director of NOAA's Geophysical Fluid Dynamics Laboratory in Princeton, N.J. "I d o n ' t t h i n k the initial information is adequate to rule out a n y t h i n g , " h e says. "It just raises additional questions." •
Earnings up for most chemical companies Third-quarter e a r n i n g s are b e i n g reported by the major U.S. chemical companies, and the results are continuing a pattern b e g u n earlier this year. Many of the companies are s h o w i n g improved results, but the results vary widely. Also as in the past few quarters, some of t h e companies' earnings are improving, but their sales are d o w n , indicating a combination of a slow economy w i t h b e l t - t i g h t e n i n g , streamlined operations, a n d improved margins. As a result, sales changes at 15 large chemical companies that have reported t h u s far have ranged from an increase of 55% for International Minerals & Chemical, w h i c h n o w includes Mallinckrodt in its results, to a decline of 31% for B. F. Goodrich, w h i c h has placed its tire operations in a joint v e n t u r e w i t h those of Uniroyal a n d n o w reports t h e
results on an equity basis. IMC a n d Goodrich, which admittedly are special cases, also set the range in earnings with a deficit in the third quarter for IMC, in spite of t h e additional impact of Mallinckrodt, a n d a 1613% increase at Goodrich. Apart from these two anomalies, earnings from continuing operations and excluding nonrecurring and extraordinary items ranged from a 59% increase for both Dow Chemical and Hercules to an 84% decline for W. R. Grace. Sales, excluding IMC a n d Goodrich, ranged from a 10% increase for P e n n w a l t to an 18% decline for Freeport-McMoRan. Earnings for those companies that showed improvement practically all clustered in double-digit increases, with the exception of Celanese, with a 6% increase, a n d Rohm & Haas, w i t h a 7% increase. A n d two com-
Dow, Hercules lead earnings increases Sales Earnings* $ millions
Air Products American Cyanamid Celanese Dow Chemical Ethyl Corp.
$
THIRD-QUARTER 1986 Change from 1985 Sales Earnings
502.5 921.4 693.0 2787.0 404.9
$ 33.4 44.8 50.0 170.0 46.8
Freeport-McMoRan B. F. Goodrich W. R. Grace Hercules International Minerals
132.1 574.1 1321.2 638.7 340.3
7.6 13.7 4.3 53.1 -6.7
-18 -31 6 4 55
-58 1613 -84 59 def
5.7 2.4 0.3 8.3 def
Olin Pennwalt PPG Industries Reichhold Chemicals Rohm & Haas
407.5 272.2 1140.0 178.5 488.5
7.0 14.0 82.5 2.5 37.3
-5 10 5 -14 3
27 def 12 def 7
1.7 5.1 7.2 Ii4 7.6
5% 8 -9 -3 5
-12% 52 6 59 33
Profit Marglnr 1986 1985
6.6% 4.9 7.2 6.1 11.6
8.0% 3.5 6.2 3.7 9.1 11.0 0.1 2.2 5.4 0.1 1.3 def 6.8 defv ;•; '•: 7.3 ; "1
a Earnings from continuing operations excluding nonrecurring and extraordinary Hems where possible, b Earnings as a percentage of sales, def » defecK. •*• \ •' ' ;
October 27, 1986 C&EN
7
News of the Week panies, P e n n w a l t a n d R e i c h h o l d Chemicals, came out of deficit in last year's third quarter to post profits this period. Earnings increases were reported by Dow Chemical and Hercules with 59% improvements, American Cyanamid 52%, Ethyl 33%, Olin 27%, and PPG Industries 12%. Earnings declines, however, also have been big thus far, with a 12% d r o p for Air Products & Chemicals, 58% for Freeport-McMoRan, and 84% for Grace. Sales increases, besides those for IMC and Pennwalt, include 8% for American Cyanamid, 6% for Grace, 5% each for Air Products, Ethyl, and PPG, 4% for Hercules, a n d 3% for Rohm & Haas. Sales declines, in addition to those for Freeport a n d Goodrich, included 3% for Dow, 5% for Olin, and 9% for Celanese. •
Robert Brasted, ACS board member, dies Robert C. Brasted, a member of the American Chemical Society's Board of Directors, died Oct. 18 of cancer at age 71. He had been a candidate for 1987 ACS president-elect in the society's national election now being conducted, but he w i t h d r e w recently because of complications arising from cancer treatment (C&EN, Sept. 22, page 5). Brasted for the past 25 years was professor of chemistry and director of the general chemistry program at the University of Minnesota, but
8
October 27, 1986 C&EN
he was on leave this year to serve as guest professor at the U.S. Military Academy at West Point, N.Y. A m e m b e r of ACS since 1938, Brasted was elected last fall to a three-year term on the ACS Board representing Region V, w h i c h comprises m u c h of the Midwest. H e has been active on both the society's board and council for several years. A m o n g other positions, he served as vice chairman of the Council Pol-
icy Committee in 1985 and, at the time of his death, was a member of the Society Committee on Education, board committees on Grants & A w a r d s a n d on A u d i t s , a n d t h e Committee on Professional Training. H e also has been active in the society's international activities and publications programs. The family requests that memorial contributions be donated to cancer research. •
President reluctantly signs Superfund bill After repeated threats of a veto from President Reagan a n d his closest aides, the President reluctantly has signed into law a five-year, $8.5 billion S u p e r f u n d bill to c o n t i n u e cleaning u p the nation's most hazardous waste d u m p s (C&EN, Oct. 13, page 4). Reagan's objections arose from concern that the n e w broad-based tax on corporate earnings established to pay for some of t h e c l e a n u p would set a precedent for future use of this taxing measure. He also was u n h a p p y about the size of the fund—$3.2 billion more than he had requested. On the other hand, the Superfund bill had wide public support and, therefore, w i d e political support. The bill passed both houses of Congress by o v e r w h e l m i n g majorities: 88 to 8 in the Senate; 386 to 27 in the House. A Congressional override of a Presidential veto was virtually certain. A n d coming as it w o u l d just before e l e c t i o n s w a s probably e n o u g h to convince the pragmatic President to sign the bill into law. In signing the bill, the President said: "My overriding concern has been the continuation of our progress to clean up hazardous waste sites that e n d a n g e r the health and safety of our citizens/' This concern was the argument Environmental Protection Agency Administrator Lee M. Thomas had used repeatedly to w i n Reagan's support for the legislation. Thomas had feared that failure to r e n e w Superfund w o u l d e n d the nation's cleanup effort. Said Thomas: "[Reagan's] decision was not an easy one. The President has w a n t e d
to maintain a strong and effective cleanup effort, one financed largely by the polluters themselves." As Thomas pointed out, the bill voted out of Congress did not reflect the "polluter pays" principle. Also elated was Sen. Robert T. Stafford (R.-Vt.). As chairman of the Environment & Public Works Committee, Stafford labored for t w o years to get Superfund renewed. Industry has mixed feelings about the bill voted into law. The National Association of Manufacturers believes that EPA could p r u d e n t l y spend only $5.3 billion—the amount the Administration requested—over the next five years on site cleanups. A n d N A M opposes "raising n e w federal taxes on businesses." H o w ever, the Chemical Manufacturers Association, w h i c h represents businesses taxed u n d e r the old and n e w law, terms the legislation "a significant achievement." Major environmental groups agree with CMA. For instance, a spokesman for the National A u d u b o n Society, which pushed for renewal of Superfund, says EPA n o w has the m o n e y and the tools to get the job done. The renewed Superfund sets waste site cleanup standards a n d requires EPA to begin cleaning u p at least 375 sites w i t h i n five years. F u n d i n g for the various programs comes from these sources: $2.75 billion from a tax on crude oil; $2.5 billion from a broad-based tax on corporations; $1.4 billion from a tax on 42 chemical feedstocks; $1.25 billion from general Treasury revenues; $600 million in funds recovered from socalled responsible parties, and from interest on the fund; a n d $500 million from a motor-fuels tax. •
