FINANCE
W A L L STREET OF CHEMISTRY
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N e w record set by Minnesota Mining's sales of $126.8 million in first three quarters of year •. . Taxes t a k e over 60% of income
GLC Anodes for the electrolytic industry are uniform — they stand the test of comparison.
Mining & Mfg. Co.'s sales M INNESOTA reached a record of $ 1 2 6 , 8 1 0 , 6 6 6 for
M a n u f a c t u r e r s of g r a p h i t e an o d e s · graphiie and amorphous carbon electrodes · carbon and graphite specialties. M a i n Office: N i a g a r a Falls, N.Y. P l a n t s : N i a g a r a Falls, N.Y. a n d M o r g a n i o n , N. C. θ
Sales offices in principal cities
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the first nine months of 1 9 5 1 , but increased taxes reduced earnings to $11,127,754 compared with $ 1 4 , 8 2 0 , 5 9 0 for the same period last year. The firm's third quarter report showed higher normal and excess profits taxes took $19,586.000 of the record $ 3 1 , 0 1 3 , 754 net income. For the first three quar ters of 1950, the company paid $ 1 5 , 0 9 2 , 000 in taxes on $ 3 0 , 2 1 2 , 5 9 0 net income. T h e tax figure amounted to $2.45 per share of common stock compared with $1.91 per share for the same period last year. Earnings of $1.39 per common share for the first nine months this year c o m pare with $1.87 for the first nine months of 1950. The company also announced that $336,102 of third quarter earnings was set aside for the employee's profit sharing plan, bringing the total for the first three quar ters to $1,223,724. Employees have shared in company profits for 59 consecutive quarters. The company has declared a $1.00 pershare dividend o n preferred stock and a 25-cents-per-share dividend on common stock for the third quarter of 1951, pay able on Dec. 12 to stockholders of record on Nov. 23.
Diamond Stockholders A g r e e t o Issue o f C o n v e r t i b l e P r e f e r r e d
New Text Stud we a Pro\pntn.\ deuribni^ the Company anil its Shares
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Stockholders of Diamond Alkali Co. have agreed to the company's plan for financing a long-range program of ex pansion and diversification through the issuance of preferred stock. Stockholders approved the recommenda tion of the board of directors to increase the capital of the company from $30 mil lion to $55 million by authorizing $25 million of preferred stock. Diamond has not had preferred stock for a number of >ears. According to Raymond F. Evans, presi dent, there "will b e a public stock offering of not more than $ 1 2 million late this year or early in 1952 provided conditions of the money market are favorable. T h e stock will b e convertible into common shares and will have $ 1 0 0 par value. Diamond earlier had announced a n e w expansion program designed to broaden operations in organic chemicals, particu larly chlorine-based plastics, solvents, and insecticides. Plants at Painesville, Ohio, and Houston, Tex.—two of the 14 Dia mond operates throughout the country— will share in the expansion. It calls for construction of plants for the production
CHEMICAL
of vinyl resins and improved insecticides at Houston, and perchlorethylene at Painesville, together with necessary sup porting facilities for chlorine production.
Vick Chemical's Sales Rise t o $15 M i l l i o n in Third Q u a r t e r Vick Chemical Co. and subsidiaries' sales for the quarter ended Sept. 3 0 rose to $15,257,827, compared with $13,135,0 6 7 for the similar period in 1950, ac cording to the report to stockholders. Income before taxes was $3,843,855 contrasted with $3,436,197 for the third quarter of 1950. Income and excess profit taxes ab sorbed $2,431.839 against $1,590,222 for the similar period last year. Consolidated net income dropped to $1,412,016, Equal to $1.01 a common share, compared with $1,845.975, or $1.32 a share.
Earnings o f American Potash Down 54 Cents a Share American Potash & Chemical Corp. has reported net earnings for the nine months' period ended Sept. 30 of $1,512,163 com pared with $1,806,930 for the correspond ing period in 1950. After allowance for preferred dividend requirements, earnings on the Class A and Β stocks amounted to $2.50 per share for the first nine months of 1951 against $3.04 for the same period in 1950. Sales for the first nine months of 1951 were $13,555,011 against $12,316,247 in the same period in 1950. The company also reported net earnings for the third quarter of 1951 were $338,245 or 52 cents on the Class A and Β stocks against $771,023 or $1.34 a share for the same quarter of 1950. The board of directors declared a quar terly dividend of 50 cents per share on the Class A and Β stocks. T h e board also declared a quarterly dividend of $1.00 per share o n t h e $4.00 cumulative preferred stock, Series A. Both are payable on D e c . 15, 1951, to the holders of record on Nov. 3 0 .
Closing M a r k e t Prices At the close of business o n Nov. 26, the stocks mentioned above were quoted as follows: 3M Diamond Vick Chemical American Potash Class A Class Β
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ENGINEERING
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