FINANCE
SEC Pleins to Assure information N e w program calls for adoption of "ground rules** for better dissémination of information on securities J N A STATEMENT of "New Year's Reso•*· lutions," the Securities and Exchange Commission has revealed its general plans for this year. These will be extensions of the program it has been, following since the 83rd Congress enacted amendments to the securities laws» designed t o facilitate dissemination of information about public offerings of securities. SEC has engaged in a program of tightening u p on enforcement and inspection procedures» formulating statements of its administrative standards so as to promote better public understanding of its policies, and clarifying and consolidating forms and rules. During this year SEC intends to direct its attention to the following: {1 ) Adoption of "ground rules** for better dissemination of information about securities. ( 2 ) Completion of a survey of the operation of Regulation A, which provides a conditional exemption from registration for offerings not exceeding $300,000 in amount, to determine its efficacy in facilitating public financing by small business and its adequacy for protection of investors. ( 3 ) Study the related Regulation D exemption for Canadian securities. ( 4 ) Revision and consolidation of forms. ( 5 ) Consideration of possible reinstatement of a requirement for the filing of quarterly reports of gross sales, and consideration of a possible alternative requirement of interim reports of net operating results. ( 6 ) Consideration of additional measures designed to protect customers of broker-dealer firms, including a possible requirement for filing of certified financial statements and possibility of making more frequent broker-dealer inspections. ( 7 ) Clarification of the "insider trading** rules. ( 8 ) Clarification of standards governing selling literature used by investment companies in the sale of their securities and by sponsors of periodic payment plans for purchases of securities. ( 9 ) Possible tightening of r d e s under the Holding Company Act applicable to service companies. ( 1 0 ) Further studies authorized by the Investment Company Act of 1940 374
having to d o principally with the size of investment companies. ( I I ) Consideration of further rules to expedite the conduct of administrative hearings by establishing procedures for **pretriaF conferences and stipulations of facts. SEC also plans to g o ahead with proposals to codify administrative rulings governing underwriters* stabilizing transactions in connection with distribution of securities; revision of rules governing allocation of income taxes among companies in registered public utility holding company systems; publication of a statement of policy on bond indenture provisions and charter provisions applicable to preferred stocks, both under the Jfïolding Company Act.
Snyder Chemical Receives Approval of Stock Issue
and subordination has been made of $50,000 face amount notes of Snyder held by persons other than American Research. Snyder proposes to use the additional funds obtained from the new offering of securities for the purchase of additional equipment to increase its productive capacity of phenolic resins. Because of the holding of stock of Snyder by American Research, they are affiliated persons of each other. Accordingly SEC approval had to be received before the debentures could b e issued.
• Duquesne Light (Pittsburgh) has received SEC authorization to issue and sell at competitive bidding, 450,000 shares of its $10 par common stock and 160,000 shares of a new series of preferred stock, $50 par. Proceeds will be used to finance, in part, Duquesne's* 1955-57 construction program, including payment of bank loans to be incurred in connection therewith. • A x e Science & Electronics, N e w York investment company, has filed a registration statement with SEC seeking registration of 2.5 million shares of it» capital stock, one cent par value» Company was formed late last October. Its shares are to be underwritten by W. E. Hutton & Co., Hemphill, Noyes & Co., and Kidder, Peabody & Co., who will receive commissions equal to 8.5% of the offering price of $10 a share.
An order granting exemption to a part of the Investment Company Act has been issued by Securities and Exchange Commission. This will permit certain transactions between Snyder Chemical and American Research & Development. Snyder proposes to offer to its common stockholders, on a pro rata basis, 6250 units of additional securities. Each unit consists of $8.00 face-amount -^> Textron Inc. (Providence) has filed of debentures and 10 shares of common an application with SEC for qualificastock. It is proposed that the deben- tion of a trust indenture so that $21,tures will be sold at a discount of 20%, 392,595 of 15-year 5% subordinated or at $6.40 per unit, and the common sinking fund debentures due Feb. 1,. stock at 16 cents per share, or $1.60 1970 can be issued to stockholders of per unit. Debentures are dated Dec. American Woolen, in a statutory mer31, 1954, will mature 10 years from ger of American Woolen and Robbins that date, and will be subordinate to Mills into Textron. bank loans and trade creditors. Com• Riegel Textiles had a net income of mon stockholders will be given the $1.3 million in the 52 weeks ended Oct. right to purchase one unit of the new 2, 1954; this compares with $2.4 miloffering for each 10 shares of common lion for the preceding 53 weeks and stock now held. $1.0 million for the 52 weeks ending American Research & Development Sept. 27, 1952. Total billings were owns 10,800 shares, or 16.9%, of the $71.0 million compared with $78.8 milcommon stock of Snyder, and 50,000 lion for the preceding year. The largshares, or 32.4% of the 5% cumulative est part of this decline was the result of preferred stock (par value $1.00 per lower selling prices. Income before share). American Research also holds taxes dropped from 6.6% of sales in a 5% note of Snyder, in the principal 1953 to 3.8% in 1954. Riegel looks sum of $50,000 due Aug. 26, 1956. for a better year in 1955, however it American Research has agreed to ex- does expect profit margins to be modest tend maturity date of the note until this year, but total profits should be D e c 31, 1964, the maturity date of the substantially improved over 1954 due n e w debentures. A similar extension to increased volume. CHEMICAL
AND
ENGINEERING
NEWS
Cuanamids
No. 12 of α series of advertisements
ACRYLO-NEWS AERO* Acrylonitrile, a highly stable bi-functionai chemical, is finding increasing use as a reactive inter mediate. Its versatility is indicated by its use in the preparation of pharmaceuticals, insecticides, surface active agents» and many other useful products as well as by direct application in the broad fields of rubber,
plastics and textiles. Its polymers and copolymers can be formulated to add many desirable properties fo today's products and to create interesting new products for the future. The following items and ab stracts* gathered from many sources, indicate a few facets of current research with this versatile chemical.
ft ft ft ft ft ft
CYANOETHYLATED CELLULOSE CAN BE USED AS BONDING FIBERS IN NON-WOVEN TEXTILE FABRICS. Depending upon the extent of reaction with acrylonitrile, the chemically modified cellulose will become adhesive under the influence of either alkali solutions or organic solvents. Thus a mixture of cyanoethylated cellulose fibers and unmodified cellulose or other fibers are treated with solvating spray, then pressed and dried to form a bonded, non—woven fabric. STEEL OR CONCRETE TANKS, USED FOR THE STORAGE OF PETROLEUM FUELS, CAN BE PROTECTED AGAINST CONTAMINATION by lining the inside with an acrylonitrile copolymer. This coating is applied as an emulsion containing both vinylidene chloride—acrylonitrile copolymer and polysulfide-type rubber. THE EFFECTIVENESS OF DEHYDROGENATED ROSIN AMINE IN THE PREPARATION OF SYNTHETIC RUBBER LATICES is improved by reaction with acrylonitrile. Superior emulsification and soma plasticization of styrene-butadiene rubbers may be achieved as compared with the use of dehydroabietylamine itself. SYNTHETIC FIBER PROPERTIES MAY BE CONTROLLED to some extent by blending polymer molecules. A mixture of hydrophobic polyacrylonitrile and hydrophillic cellulose acetate may be spun from dimethyl formamide solution. The resulting fabrics have a soft, cotton hand, are easily dyed with acetate dyes, exhibit controlled moisture absorption and improved electrical conductivity. ACRYLONITRILE IMPROVES ACRYLATE ESTER POLYMERS used as cosmetic coverings for prostheses. The strength properties of the final products, cast from latices, were significantly improved by copolymerizing acrylonitrile with the ester. (Some or ai! of the above items are covered by U.S. or foreign patents)
ft ft ft ft ft ft Should you wish a more complete bibliography of current literature and new developments concerning acrylonitrile, we shall be glad to place your name on our mailing list. As the pioneer producer of this vinyl monomer, American Cyanamid has expanded its production facilities to assure users adequate supplies at low price. Write for technical assistance in your acrylonitrile research. *Trade-mark
c AMER/CAN
Cyanamid
PETROCHEMICALS
COMPANY
DEPARTMENT
3 0 Rockefeller Plaxo, New York 20, N.Y.
CHEMICALS EXCHANGE
CargiUe's I m m e r s i o n Oil for M i c r o s c o p y is Non-Drying
Heavy and Kne Qiemkals; Natural and Synthetic Resins; Gums, W a x e s , Oils; Pharmaceuticals; Solvents; Dyes, Pigments; for the Chemical and Process Industries
é%fé%&l
Mark
117 l i b e r t y S t r e e t , N e w Y o r k « , Ν . Υ .
SOLIDS-LIQUIDS GASES SOLIDS-CiQUIOSGASES-JOLIO 3
Now Available
IIÎDRIERITEfel
PURINE 6-CHL0R0PUR1NE 4,5-DIAMINOPYRIMIDINE
• · · chelates iron in caustic solutions • . . stays stable a t high temperatures Versene-T is the powerful iron com* plexing agent developed for use in concentrated caustic solutions. lOcc of Versene-T will complex at least 0.80 grams of iron (calculated as FetOs) in 3 0 % caustic. Versene-T is completely stable in caustic solutions, even at elevated temperatures. It has the unique property of being able to dissolve iron compounds in strong caustic solutions. Its efficiency toward iron is not decreased until less than Wz% caustic is present. Versene-T prevents a n d / o r removes iron stains in materials processed in caustic. It is made only under patents originated, developed and operated by F. C. Berswortb. Quality and uniformity of complexing power are guaranteed. W r i t e Dept. A for Technical Bulletin N o . 2 and sample. •Trade
Write for leaflet IM-CEN
t . P. CARGILLE LABORATORIES, INC.
Please write
for
9ioss 3SVî>-samor>SQnos -sJSvosQinonsano "The Versatile Deslccanf*
For Drying SOLIDS—LIQUIDS—GASES
specifications,
Efficient—'Dries all organic liquids in· «tantly in liquid or vapor phase. Gases retain only 0.005 my. HiO per liter. Versatile—An all-purpose desiccani. Non-Wetting-—Does not become wet on saturation, nor crystallize to walls of tubes, towers or desiccators. Neutral-—Dries without reacting with either acid or alkaline materials. Inert—Except toward water. Does not decompose, polymerize, or catalyze organic substances by contact. Insoluble in or· ganic liquids. Regenerative—Repeatedly after any normal use. by dehydration at 23S to 250° C. Economical—Lowest priced high grade desiccant Available in quantity for Induis· trial Processes. Granule Sizes: 2, 4, 6, 8, 10-20 and minus 20 meek.
FRANCIS EARLE LABS., INC. 1 0 5 7 Lower South St.
PeektkiU, Ν . Υ .
CHIPS VASTES
Registered
Write for literature and quotations
W. A. Hammond Drierite Company
VERSEES INCORPORATED
120 Dayton Avenue, Xenia,
(Formerly Β en worth Chemicot Co.) FRAMLNCHAM. MASSACHUSETTS
ΟΊΒΦΪΚΒΦ
ASYMMETRICAL DIMETHYL HYDRAZINE
FREE GBI CATALOG
DECAMETHYLENE DIBROMIDE DECAMETHYLENE GLYCOL DIKETOHYDRINDENE
Write tor your copy ot the new 1955 edition for reference use. It lists many ready-touse, prepared test diets and media to save you time and tedious work.
(Anhydrous)
A n d Some of Its Salts Available in COMMERCIAL QuonMics METALECTRO CORPORATION laurel» M a r y l a n d
GENERAL BIOCHEMICALS, I N C
CHEMICAL CO.
7 6 Laboratory Park
J O * 117 · ROCKFORD, ILL,
Ohio
Chagrin Falls, Ohio
Ε Λ Λ III MPI» Ml^MmïïïïmmmmzÊmmïM^MmProcess, Maintenance^
EOUirMtN It |viAKl
€#MiMa#mi*Mç€to^S^^
Kia-MWluliftfiM I TANK>METER fife) ^ S S S S B ^ H ^ ^ ^ ^ ^ T ^ V H
I 111
* ° * MtASutiNG TANK
• • • • • • • • • • ^ • • • • • • • • I S ^ ^ ^ ^ I I ^ H !
1 Iff
CONTÎNÎS ANT DIStANCÏ AWAY
•BWWfllH^ •••βΕΓΛίΐϊΚτΜΒΒΒΒΒΪΙΙ^^
HA INSTRUMENT CO. ' nïïàST ^™ 4»aotm AVENUE · PATHSO*. M.J. L —* J
Exclusive roller de sign keeps jars cen- j tered. Sturdy all-steel frame occupies min ^ H H B ^ ^ ^ ^ S I ^ ^ ^ » imum floor space. Handles from 1 pint to 3 gallon jarsOverall d i m e n s i o n s ' are WVz" l o n g , \2Ys" wide, 30" high. Weight is 85 lbs. Powered by VA h.p., 110/220 v., 60 cycle, single phase, open type motor. Variable speed optional. Write, today, for more information Dept. EM! 376
THE U. S . , • STONEWARE CO. ) É. 42ndi St; " York :
I!
C&EN
q^àLiauiiy -»-^
YOUR ANNOUNCEMENT of Equipment For Sale a n d / o r Wanted can carry YOUR MESSAGE to the readers of the leading publication in the chemical process industries. Rates on request. CHEMICAL & ENGINEERING NEWS
DIRECTORIES
^*
CHEMICALS EXCHANGE EQUIPMENT M A R T TECHNICAL SERVICES
•
advertising
rates
Maximum space—4" per Directory per publication issue Inches used within o n e year 208 104 52 26 13 1 Agency commission: days, net 30 days.
Advertising O f f i c e : 4 3 0 Park A v e n u e N e w York 2 2 , Ν . Y .
15%.
per inch $22.00 23.00 24.00 25.00 26.00 27.00 Cash discount, 2%—10»
Chemical and Engineering News Advertising Department 430 Park Avenue, New York 22, Ν. Υ.
CHEMICAL
AND
ENGINEERING
NEWS
wmmmmmëmm
Confiants, Enàîneerîna Services* TesHno ï laboratories. -Ραίβηί^ΑΗοΓηβγί,,ΟίΗβΡ Professional Servicer and IndosÎftrîa!.Fa«-ima^
. «RSC0HS1N
LAB6RAT0RY SERVICES'
*BJA*CM I Proiecf research and consulta' IfWNOATWNJ j . e n | n g/oc^en,;,!ry.Ch*mhfty 0 Socferiofosy a n d Enfomofosry M i n e r a l determinations including sodi um a n d fluorine · Proximate analyses • V i t a m i n a n d amino acid assays · Food chemistry a n d microbiology · Enzyme investigations
ι*».!* .&&,. [P.O.
WISC8NSIN ALUMNI RESEARCH FOUNDATION
BOX 2059-E
*
MADISON 1 . W I S .
SCHWARZKOPF MICROANALYTICAL LABORATORY Routine Analysis Within One Week
ANALYSIS OF FLUORO-COMPOIJNBS B Y N E W METHODS, ALSO OTHER ANALYSES
56-19 37 Ave., Woodside 77, Ν . Y.
pressure dual seals, and low-loss suction bells. Units are available in 10, 12, and 14 in. sizes, covering the range from 400 through 2100 g.p.m. 1 17 • Heat exchanger, bayonet type, by Carl Buck & Associates, eliminates heavy flanges which minimize the area required for installation. Condensate is removed by a small steel pipe riser and the joint between header and Karbate tube is heavily Fiberglas reinforced for greater strength. Ε 18 • Vacuum g a g e tube, by Hasting In strument, is designed to retain perma nent calibration while withstanding vibration, shock, and temperature change. The tubes are for use with the Hasting vacuum gage and the Hast ing vacuum indicator-controller in the 1 to 1000 micron range. Ε 19
LEBERCO LABORATORIES Industrial Toxicity Cosmetic Toxicity Pharmaceutical Toxicity Hormone Assays * Research Send for information concerning our services 127 H A W T H O R N E ST., ROSELLE P A R K , N . J .
'CHEMICAL
MARKET
ABSTRACTS'
Unique, invaluable compendium of what's new in Chemical Trade Literature; coher ing all the latest national and inter national developments. S 15.00 per issue. A Monthly Publication of
FOSTER D. SHIM., Inc. 29 W. 15th St., N. Y. 11 Inquiries Invited
WA 4-880C
Robinette Research Laboratories, Ins. Industrial Research :: Consultation Technical a n d Economic Surveys :: Product Development :: Chemical M a r k e t Research 16 East Lancaster A v e n u e , A r d m o r e , P a .
TELEPHONE: HAvemeyer g l e l l i
Tel. M i d w a y 2 - 6 4 5 7 • Valve, pressure reducing and regu lating, with low pressure drop and • MICRO-ELEMENTARY ANALYSES lockup has been added to the product the automatic features removed for • MICRO-INORGANIC A S S A Y S line of A. W. Cash Co. Known as the economy. Also, only 11 elements of • MICRO-CHEMICAL RESEARCH • TOXICOLOGICAL INVESTIGATIONS Cash standard type 1260, the self-con the user's choice can be analyzed as tained, single seat unit operates within against 35 in the larger instrument. DR. CARL TiEDCKE a range of 3 0 0 p.s.i. inlet pressure and However, the manufacturer claims that 705 George St. Tea neck, N. J. three to 250 p.s.i. delivered pressure. the equipment has the same accuracy Unit is available in aluminum, bronze, and is much faster than making analy Ε 23 iron, steel or other specified materials. sis by chemical methods. Interior of the valve is readily acces • Potentiometer, by Technique Asso EQUIPMENT sible for easy servicing without removal ciates, is designed for checking and (Continued from page S65) from the pipeline. Ε 2 0 calibrating all types of industrial tem Every instru • Recorder-controller, by Robertshaw- perature instruments. • Valve, vent-drain-bleeder, by Gray Fulton Controls, is designed primarily ment is calibrated for five ranges, Tool, has been designed for 20,000 for the measurement and control of which makes it possible for all types p.s.i. safe working pressure or tempera levels of liquids, granular solids, inter of thermocouples to be employed. A tures up to 1200° F. A pressure-aided face, and other conducting or noncon millivolt range is included and special seat makes it leakproof for oil, water, ducting substances. Instrument con scales can be supplied for use with any gas or steam service. Unit is fabricated sists essentially of a capacitance bridge, suitable transducers. Unit has accu from a combination of types 4 1 0 and one leg of the bridge is the capacity racy within V e oî 1% of scale spans. Ε 24 416 stainless. Ε 14 under measurement. An opposing leg is the motor driven rebalance capacitor. • Carbon residue apparatus, by Pre • Gas sampling unit, portable, has been added to Arnold O. Beckman's An unbalance signal is fed to a phase- cision Scientific, is designed for the de line of instruments. Unit consists of a sensitive demodulator and converted termination of the amount of carbon motor-driven pump, filter, flow indica into a 60-cycle unbalance signal. The residue left after evaporation and pytor, valves, and a 20-foot power cord, signal is amplified and used to drive a rolysis of an oil. Test temperature of mounted and interconnected in an alu- servo motor in such a direction as to the redesigned apparatus can be held Ε 21 to within 5° F. by a stainless control minum case. Unit may be attached to reduce the unbalance to zero. a Beckman model C2P oxygen analyzer • Mixers, laboratory or chemical, are bulb and a pyrometric temperature or can be supplied with a handle for being produced by Southern Electric controller. A solid cast-iron block with independent operation, Ε 15 Products, Units are tailored for special accommodations for five Ramsbottom bulbs forms the heating chamber and • Cooling tower fan, by Hartzell Pro applications. Capacities of units are is imbedded in a heavy blanket of from one through 10 gal. Ε 2 2 peller Fan, has new blade design. The thermal insulation. Ε 25 blade is tapered and is considerably • Quantometer, by Applied Research thicker at the shank than at the tip. Labs, is simplified for production con • Valves, by Grinnell, employ two Fans are available in 14 to 2 2 foot trol. The instrument is a modification types of Teflon diaphragms. The new diameters. Ε 16 from the regular production control diaphragms cover the range from E26 quantometer specially for those com - 4 0 ° to + 3 7 5 ° F. V»rtïcaS pump line of A. O. Smith r l • Tube fittings, / in., for capillary has a new hydraulic and mechanical panies that have need for regular, but l6 design. It incorporates a new impeller limited spectrochemical analysis, or tubes have been developed by Craw type that company says produces those that wish to start minimum labo ford Fitting. Units are available in higher head and efficiency, renewable ratories and expand them later as brass, aluminum, steel, stainless, and Ε 27 wear rings of aluminum-bronze, high needed. The new unit has many of Monel.
L
V O L U M E
3 3.
N O .
4
·
J A N U A R Y
2 4,
1955
377
