î FINANCE
W A L L STREET OF
CHEMISTRY
N e w c o m m o n stock issue of D e w e y & A l m y w i l l p a y off debt, provide e x p a n sion capital, a n d g i v e the c o m p a n y a broader, more substantial equity base
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FLORIDIN PRODUCTS F l o r i d i n p r o d u c t s have b e e n adapted by continuous research for t h e most a d v a n c e d technical uses. On any problem of ad' sorption—dehydration—catalysis—decoloration, y o u may find a n answer in tttese prepared forms o f Fullers Earth a n d Bauxitebased Adsorbents. Your inquiry w i l l B e given careful attention.
FLORIDIN COMPANY *
^ADSORBENTS
Dept.B. 220 LIBERTY ST., WARREtf, PA.
Ghiemical Fuiid lue. A
DIVERSIFIED
INVESTMENT
I N CHEMICAL COMPANIES
F. EBERSTADT & CO. INC. 3 9 Broadway
N e w York 6. Ν . Υ.
Send me a Prospectus describing the Company and its Shares !MAME_ ADDRESS _ _ CITY
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"pnoposED financing by Dewey & Almy *· with an issue of 200,000 shares of common stock to the public will reduce the relatively large amount of debt car ried by the company. Proceeds of the issue to the company will amount to $4,155,000, of which approximately $1,121,000 will be used for the redemption and retirement of its 3.75% serial notes, while the remainder will be spent for capital additions. Dewey & Almy planned the expenditure of $4,075,000 in additions to plant and equipment during the current year. These additions are divided as follows: cry-o-rap bags, $2,175,000; copolymers, special syn thetic rubbers, and plasticizers $600,000; battery separators, $825,000; and other products, $475,000. Cry-o-rap bags provide a tight moistureand gasproof package which improves the shelf life and reduces the weight loss of poultry and meats. Demand for this bag has exceded the capacity of the Lockport, Ν. Υ., plant, and the company has decided to constmct another plant at Cedar Rapids, Iowa, a location which was chosen for its proximity to the midwestern meat packers. The bag is made from a vinyl chloridevinylidene chloride film produced by Dow Chemical Co. The second largest expenditure, for battery separators, will provide for an an nual capacity of 250 million automotive size separators to be made at the new plant at Acton, Mass. Improvements on the separator, originally offered to the com pany by an English company, have been made by Dewey & Almy. T h e separator is nonrubber, and probably of plastic composition. Patents on the improvements are being applied for by the company. N e w copolymer facilities are being built at Acton, Mass., for the production of copolymers, special synthetic rubbers, resins, and plasticizers. In the past, D&A has purchased small quantities of special synthetics for the government copolymer plants. With the Acton expansion, pro duction of similar synthetics which are raw materials for container sealing compounds could be accomplished if desired. The company also has produced fair quantities of high styrene resins at its Cambridge plant, and numbers butadiene styrene and vinyl resins among its products. These, too, could presumably be produced at Acton. Dewey & Almy is running exhaustive tests on a "side seal" gasket used in great quantities in sealing glass jars with the type of metal cover employed in packag ing baby foods, jams, and jellies. A com pound has been developed which does not run off surfaces which are not in a hori zontal position, and n e w machinery re CHEMICAL
quired for use with these compounds has also been developed. Research expenses of $792,812 in 1950 amounted to about 3.6% of sales and support this very aggressive chemical com pany. The common stock was split two for one in March, and the sale of new com mon stock will provide a broader and more substantial equity base.
Minnesota Mining Plans N e w Financing for Foreign Subsidiaries Stockholders of Minnesota Mining & Mfg. Co. have been asked to approve amendments to the firm's certificate of in corporation. Debenture holders have also been asked to consider amendments to the indenture pursuant to which the company issued $10 million in debenture bonds. The two sets of amendments have the same general purpose. The 3M manage ment is attempting to give the firm's foreign subsidiaries greater freedom in self-financing by permitting use of local currencies rather than American dollars. 3M's foreign investments to date total $3.4 million and another $5 million invest ment may be required. The proxy state ment said the amendments are necessi tated by recent changes in the manner in which 3M conducts its foreign business. Prior to April 30, 1951, 3M engaged in foreign trade through its minority interest in two corporations, Durex Abrasives Corp., an exporting organization, and the Durex Corp. which operated manufactur ing plants in Germany, England, Canada, Australia, and Brazil, and a merchandising plant in Argentina. Minnesota Mining has since acquired 84% of the stock of Durex's British sub sidiary and all of the stock of the Argen tine and Brazilian subsidiaries. Il has also acquired control of the nonabrasive assets of Durex's Canadian and German sub sidiaries. In addition, 3M has acquired control of Durex Abrasive's Mexican subsidiary and has agreed to purchase Durex Abrasive's French subsidiary.
Dresser Industries Reports Rise in Sales, Earnings For Second Q u a r t e r Sales, earnings and unfilled orders of Dresser Industries, Inc., showed substan tial gains during the second quarter of the 1951 fiscal year, it is announced by H. N. Mallon, president, in the quarterly letter sent to shareholders. Earnings of $2.03 per share were reported for the first half of Dresser's current fiscal year. This com pares with earnings of 39 cents per share for the corresponding period of the previ ous year. Sales during the first six months were AND
ENGINEERING
NEWS
at a rate "which indicated that Dresser volume for the year as a whole might ap proach the company's peak record of 1948. For the six months ended April 30, 1951, sales totaled $50,165,506 as compared with $31,466,014 in the like period of 1950. Net income for the first six months amounted to $2,365,908 compared with net income of $543,511 in the first half of 1950.
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Maybe it all does look pretty much the same at first glance. But when a firm has been mak ing wire mesh for 70 years man and boy, there's bound to be a little more to it than meets the eye — a little more know-how in engineering and weaving, a little more quality in the product, a little more service and satisfaction for the user. JELLIFF WIRE MESH is woven in all ductile metals JELLIFF WIRE MESH is woven in all commercial weaves JELLIFF WIRE MESH is woven in widths up to 12 inches JELLIFF WIRE MESH is economical. Every foot runs true to the specifications.
B. L. Lemke Increased Sales 4 1 % Last Y e a r B. L. Lemke & Co. Inc., manufacturers of pharmaceutical chemicals, announces that its net sales increased approximately 4 1 % to $1,205,246 during its fiscal year ended March 3 1 , 1951. Earnings after taxes amounted to $40,988 as compared with a loss of $9667 for the preceding year. Quick assets in creased to $220,371, and the company's net worth as of March 3 1 , 1951, was re ported to b e in excess of $400,000. Practically all resale products have been discontinued so that the company's pro gram of conversion from a jobbing to a manufacturing concern is now considered completed. Current production is well contracted for and with expanding pro duction facilities, further improvement in the company's sales and earnings may be expected, said the report.
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JELLIFF WIRE MESH is a quality product and has been for 70 years. You can depend on it.
Write today for full details about JELLIFF WIRE MESH, JELLIFF WIRE MESH PRODUCTS, and JELLIFFS CONSULTATION SERVICE on wire-mesh engineering. Address Department 19.
U. S. Rubber's First-Quarter Sales 6 0 % Above Last Year's Sales of United States Rubber Co. in the first three months of this year totaled approximately $209 million, an all-time quarterly record and 6 0 % above the cor responding period of 1950, Herbert E. Smith, chairman, reported at the annual meeting of stockholders in Passaic, N. J. The previous quarterly record was set in the last quarter of 1950 when sales totaled $208,619,007. Defense orders accounted for about 1 1 % of the company's business in Feb ruary and March, compared with 5% in December and 7% in January. H e said defense orders are expected to hold to the 1 1 % level until midsummer and then rise further in the second half. In addition, the company is reactivating a T N T plant in Kankakee, 111., which it operated for the Government in World War II. He told the stockholders that govern ment controls have forced the company to curtail production of essential civilian products. These controls, he said, have helped the Government to build a rubber stockpile, but that t h e stockpile is now large enough for a five-year war and therefore controls should be relaxed.
Closing M a r k e t Prices
Precision
VACUUM OVEN This "Precision" Vacuum Oven has many features which are not found in many high priced ovens. Particularly useful for drying, conditioning, annealing, and numerous utility chores, this oven finds its best applications in food processing and metallurgical plants. Oven has a working chamber measuring 8 ' wide χ 12" deep x 5 K * high, and is furnished with two shelves, ther mostat, pilot light, safety latch, cord and plug and an adjustable ventilator. The overall dimensions of the "Precision**— Thelco Vacuum Oven are: 12* wide χ 16" deep χ 12" high. A reliable thermostat provides automatic temperature control from room tem perature to 12S°C.
FEATURES 1. 2. 3. 4. 5. 6. 7. 8.
Complete visibility of oven interior Operates at black heat Employs radiant heat, safe and effective Dries twice as fast as ordinary ovens Door hinge designed to seal perfectly Rectangular shape increases operating capacity Insulated with blanket of glass wool Extremely quick rise to working temperature
At the close of business on June 11, the stocks mentioned above were quoted as follows: Dewey & Almy 3M Dresser Industries B. L. Lemke U. S. Rubber
VOLUME
29,
25
No. 8108-1 V a c u u m Oven for use o n 115 volte, 60 cycle A . C draws 500 w a t t s . Each $135.00 No. 8108-2 V a c u u m Oven d e signed for use o n 230 volts, 60 cycle A.C. Each $135.00
S T A N D A R D $C Ι ΕNTI FIC 3 4 West 4th Street ^
23V4 433/4 23Ve 2»/e 64
NO.
ThehCO
JUNE
18,
1951
SU Ρ Ρ LY C O R P . New York 1 2 , N . Y.
2519
