244
I N D U S T R I A L A N D E N G I N E E R I N G CHEMISTRY
The Wall Street of Chemistry T h e ALUMINUM C O . O F A M E R I C A a n d
wholly owned subsidiaries show n e t in come of $27,622,749 for t h e year ended December 3 1 , 1937, after federal taxes, depreciation, depletion, a n d deducting loss from purchase and retirement of pre ferred stock. After dividend requirements on 6 per cent preferred, this is equal t o $13.26 a share on no-par common, a n d compares with n e t income of $20,866,936 o r £ 8 . 6 5 a share in 1936. C u r r e n t assets a s of December 31, 1937, a m o u n t e d t o $48,354,687 a n d current liabilities t o $25,854,286, compared with $50,287,819 and $30,141,382, respectively, a t t h e end of the preceding year. Production of new aluminum in 1937 was the largest in the company's history, a n increase of 30 per cent over 1936. A program of new construction a n d better ments estimated to cost 326,000,000 was in progress during the year, of which $22,000,000 was expended i n 1937. Taxes paid by the company were $10,757,000 in 1937, compared with $7,338,000 in 1936, $4,454,000 in 1929, and $3,399,000 in 1926. Direct taxes paid in 1937, including Social Security, were equivalent to $7.30 a com mon share. ALUMINIUM, LTD., a n d wholly owned subsidiaries report for t h e year ended December 31, 1937, n e t profit of $8,482,046, including $854,318 income from in vestments and after deducting deprecia tion, amortization, a n d income taxes. This is equal after 6 p e r cent preferred dividends t o $11.83 a share on no-par common, and compares with $2,320,912 or $2.50 a share in 1936. During 1937 the Aluminium Co. of Canada, Ltd., a subsidiary, paid off all arrears on preferred shares, amounting t o $27.75, in addition t o paying regular dividends. T h e current expansion pro gram is expected to a d d a b o u t 60 per cent t o productive facilities. AMERICAN COMMERCIAL ALCOHOL C O R P .
and subsidiaries for t h e year ended D e cember 3 1 , 1937, report n e t profit of $1,043,117, including $200,000 proceeds from sale of good will of industrial alcohol business, and after depreciation, interest, federal income taxes, a n d $31,133 surtax on undistributed profits. T h i s is equal to $4.00 a share (par $20) on common, and compares with net profit of $1,187,233 or $4.55 a share in 1936. AMERICAN Z I N C , L E A D A SMELTING C O .
and subsidiaries for the year ended Decem ber 31, 1937, show n e t profit; of $184,930 after depreciation, depletion, taxes, etc., equivalent t o $2.78 a share o n $5.00 prior preferred stock. This compares with $52,336 or 75 cents a share Ln 1936. F o r the quarter ended December 31, 1937, net loss was $108,322, compared with n e t profit of $119,647 in t h e preceding quarter. CONSOLIDATED CHEMICAL INDUSTRIES,
INC., has filed a registration statement with the S E C covering 40,000 shares of class A participating preference stock, $1.50 cumulative, without p a r value. T h e shares are offered for subscription a t $20 each pro r a t a t o stockholders a t t h e rate of one share for eight shares of present class A participating preference or class Β common. Of t h e proceeds, $200,000 will be used t o repay b a n k loans a n d $600,000 t o replenish working capital. GENEBAL· ELECTRIC C O . shows a
net
income for 1937 of $63,546,762, compared with $43,947,166 in 1936, o r a n increase of 45 per cent. Earnings in 1937 were a t t h e rate of $2.21 a share on common, com pared with $1.52 in t h e preceding year. Orders received in 1937 gained 28 per cent over 1936, while n e t sales rose 30 per cent. Provision for taxes amounted t o $23,266,000 compared with $15,072,000 in 1936 o r a n increase of 54 per cent. Cur rent assets on December 3 1 , 1937, amounted t o $167,753,722, a n d current and accrued liabilities t o $37,943,805. In t h e last three months of 1937, for t h e first time during t h e year, incoming orders fell below those received in a like period of 1937. In t h e first t w o months of 1938 orders booked were 36 per cent less than in 1937, and in March, 1938, t h e decrease was approximately 50 per cent from March, 1937. W i t h work decreasing, many employees have been laid off or are working less than 40 hours a week, a n d salaries of all employees earning over $2000 a year were reduced o n April 11 on a sliding scale.
VOL. 16, NO. 8
nority interest, surtax on undistributed profits, etc., equal after dividends o n $6.00 and $5.50 preferred stocks t o $2.39 a share on no-par common. This compares with $955,020 in t h e previous year. Earnings for t h e last quarter and for t h e early months of 1938 were disappointing. Total taxes paid aggregated $873,205 in 1937, equivalent t o $1.40 a share on common stock. U N I O N C A R B I D E & CARBON C O R P . r e
ports n e t profit for 1937 of $42,782,128, equal t o $4.75 a share on common, com pared with $36,852,208 or $4.09 a share in 1936. During 1937, $34,124,182 w a s spent t o increase production facilities, compared with $20,416,000 in 1936. Taxes paid in 1937 amounted t o $12,971,680, compared with $10,856,364 i n 1936. Cur rent assets as of December 31,1937, were $89,404,833 a n d current liabilities were $25,692,998, compared with $97,040,109 and $24,398,670, respectively, a t t h e e n d of 1936. T h e obligations of subsidiary companies were reduced through retire ment a n d sinking fund provisions b y $1,256,000. U . S. I N D U S T R I A L ALCOHOL C o .
and
subsidiaries for t h e year ended December 31, 1937, show n e t profit of $484,813 b e fore recording decline in value of m a r k e t able securities b u t after taxes, deprecia tion, etc., equal t o $1.24 a share on n o G E N E R A L PLASTICS, I N C . , h a s filed a par stock. After deducting $941,070 registration statement with the S E C write-down, t h e difference on December covering $600,000 5 per cent first mortage 31, 1937, between t h e ledger and m a r k e t convertible bonds, d u e 1948, a n d 18,000 values of t h e c o m p a n y ^ holdings in shares of no-par common stock to be r e marketable securities, t h e net loss w a s served for conversion of the bonds. P r o $456,257. F o r t h e year ended December ceeds are to be used in constructing a 31, 1936, n e t loss was $77,581. I n t h e plant for manufacturing synthetic phenol. first half of 1937 n e t income was $302,048. Common stockholders are granted t h e Current assets a s of December 3 1 , 1937, right t o subscribe t o t h e bonds in t h e amounted t o $12,892,027 and current ratio of one $100 bond for each 18.44 liabilities t o $2,852,702, compared with shares of common. T h e bonds a r e r e $13,283,481 a n d $2,710,104, respectively, deemable a t p a r plus a premium of 2.5 a t t h e end of t h e preceding year. per cent on o r before April 1, 1947, a n d thereafter without premium. For t h e 12 months ended December 3 1 , 1937, t h e company reported a net income Carbide a n d Carbon Chemicals of $338,507 after all charges a n d pro t o H a v e P l a n t i n Texas vision for taxes, compared with $348,692 in 1936 a n d $240,743 in 1935. ARBIDE AND CARBON CHEMICALS CORP., a unit of Union Carbide and Carbon K O P P E R S C o . a n d subsidiaries for t h e Corp., h a s announced the purchase of a year ended December 3 1 , 1937, show n e t profit of $3,374,589 after depreciation, tract of land for t h e construction of a interest, amortization, federal income chemical plant in Texas City. T h e site is taxes, etc. This is equivalent after 6 per located between t h e properties of P a n American Refining Corp. a n d the Southern cent preferred dividends t o $21.74 a share Pacific Railroad. N o date has been s e t on no-par common, a n d compares with $3,065,630 or $18.65 a share in 1936. All for the s t a r t of construction, and all busi common stock is owned b y Koppers ness pertaining t o t h e project is being handled through t h e general office a t 3 0 Associated, I n c . Current assets as of E a s t 42nd St., N e w York, Ν . Y. December 31, 1937, amounted t o $15,341,470 and current liabilities were $4,304,496, Inasmuch as a large variety of synthetic compared with $14,469,137 a n d $4,628,- organic chemicals are manufactured b y 731, respectively, a t t h e end of the preced Carbide a n d Carbon Chemicals Corp., ing year. the abundance of natural resources in this section of Texas was a determining factor L E H N & F I N K PRODUCTS C O R P . a n d in the selection of Texas City for this plant. domestic subsidiaries for t h e year ended December 3 1 , 1937, show profits of $532,623, including $21,880 profit from operations of foreign subsidiary com New Agricultural Association panies a n d after depreciation, federal in come taxes, provision of $2000 for surtax MITH W. BROOKHART, former United on undistributed profits, e t c . This is States Senator from Iowa, h a s a n equal t o $1.33 a share (par $5.00) o n nounced t h a t a new organization to b e stock a n d compares with n e t profit of $685,086 or $1.71 a share in 1936. Cur known as t h e Agricultural Chemical Asso rent assets a s of December 3 1 , 1937, ciation is t o be formed a n d that i t s first efforts will be devoted t o promotion of t h e amounted to $2,007,648 a n d current liabilities to $486,005, compared with growing of castor plants, for the produc $2,090,197 a n d $682,239, respectively, a t tion of insecticides from t h e leaves, paper Eulp from t h e stalks, and oils from t h e the end of the preceding year. ean. I t is stated t h a t t h e present effort M E A D C O R P . for t h e year ended Decem has been made possible by A. G. H . Ret ber 3 1 , 1937, shows n e t income of $1,841,- inoid, a New Jersey manufacturer whose 111 after depreciation, interest, amortiza chemists have been working in this special tion, federal a n d state income taxes, m i field.
C
S
NEWS EDITION
APRIL 20,1938
245
ANALYTICAL REAGENTS
Needle Valves Hoke valves are sensitive, reliable and safe. T h e V-point valve illustrated permits very fine adjustment of small flows. This valve is made of forged brass with stainless steel needle. There are many types of Hoke needle valves made of a variety of materials. Valves for special pur poses can be made to your specifications. Your dealer or
Coleman & Bell Analytical Reagents are manufac tured t o meet definite standards of purity, including the specifica tions of the Committee on Ana lytical Reagents of the American Chemical Society. Our list in cludes all of the common items and m a n y rare and unusual com pounds suitable for special ana lytical procedures.
Bulletin N24 describes Hoke Valves 122 Fifth Avenue N e w York, Ν. Υ .
Hoke, Inc.
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—15 days prior to date*
Catalog
ÏM
A
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GOLEM AN C BEtL C(fc " ,
MAN U FACTU RING CHE MISTS Ν 0 R W 0 0 Dè 0 Η10 ;, U. S.A.
P h o s p h o r i c Acids* {Food Grade. Technical, Commercial.)
Calcium P h o s p h a t e s Sodium P h o s p h a t é e Special P h o s p h a t e S a l t s a n d Compounds
VIRGINIA-CAROLINA CHEMICAL CORPORATION
For Rapid Qualitative and Quantitative Analyses of minor metallic constituents in chemicals, nonferrous metals, biological tissues and similar ma terials, Adam Hilger, Ltd., offer a new Flat Field Medium Quartz Spectrograph. Aspheric lenses provide exceptional definition and minimum re flection losses. Loading of plates, manipulation of slit and plateholder is particularly convenient. The optical bench accurately aligns a wide range of accessories covering quantitative analysis, ab sorption spectrophotometry, ultra-violet photome try, and allied fields. RepresentattOes for All Products of Adam Hilger^ Ltd.
Jarrell-Ash Company Optical Instrument Specialists 165 Newbury Street Boston, Mass.
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Sale* Office ana Pianl'--!-. Ο
Κ "l
