FINANCE
W A L L STREET OF CHEMISTRY Jefferson Lake Sulfur asks stockholders to a p p r o v e two-for-one stock split; com pany's su!fur production up 2 0 % over last year's EFFERSON Lake Sulphur has called a special meeting of stockholders to vote on a proposal for doubling the number of common shares in preparation for a twofor-one stock split. Shareholders voted also on the directors' proposal that all dividends or stocks unclaimed after a period of three years be returned to the company for ownership. The last proposal was prompted by a recently adopted New Jersey law which states that all money payable to others by New Jersey corporations and unclaimed by the owner for five years and all other property held by such corporations for other people, not claimed for 14 years, becomes the property of the state of New Jersey. Earnings of the Jefferson Lake for the first three quarters of this year amounted to $1,391,709 before taxes, compared to $1,185,748 for the comparable period of 1950. Net earnings were $987,209 or $2.63 a common share. In 1950, during the first nine months, earnings after taxes were $912,748 or $2.40 a common share. With the declaration of a 50-cent dividend to be payed on Dec. 21, common stock dividends totaled $1.55 a common share. The company's sulfur production during the first three quarters was 20r/c above the same period in 1950, but shipments were actually 10% less. This was attributed to delays in allocations from the National Production Authority.
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G l i d d e n Sales Highest In Company's H i s t o r y Record net sales of more than $228 million for the 1951 fiscal year ending Oct. 31 were announced by Dwight P. Joyce, president of the Glidden Co., following a recent meeting of the board of directors. Mr. Joyce also announced that directors of the company had declared the regular dividend of 50 cents a share on common stock and an extra of 25 cents per share, both payable Jan. 2 to stockholders of record Dec. 3. Payments on common stock during the 1951 fiscal year totaled $2.25 per share, including an extra of 25 cents paid last January. Mr. Joyce, in disclosing sales for 1951, ipointed out that a total of $228 million would be $40 million or 2 1 % above 1950 net sales of $188 million. "Indications are that Glidden profits will be very satisfactory for the 1951 fiscal year," Mr. Joyce said. He pointed out that final figures would not be available for several weeks. The cash position of the company at the end of the fiscal year was the best on VOLUME
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record Mr. Joyce said, and pointed out that inventories bave been carefully controlled and are low in relation to the sales volume.
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Eastman Kodak Reports Third Q u a r t e r Earnings Down Sales of Eastman Kodak were up for the three quarters of 1951 but net earnings were down. Increased taxes accounted for the drop, the company reported. Sales for the three quarters were $384,243,040, up 30% from t h e $295,364,390 reported in the 1950 period, Net earnings for the three quarters were $32,350,194 or $2.13 a share. This compares with $43,134,237 or $3.13 a share a year ago. Twenty-one cents of the per-share decrease is due to the rise in shares resulting from the stock dividend paid Jan. 20. The company's three-quarter earnings this year before taxes were $98,414,436, or 2Hr/o higher than the corresponding earnings of $76,818,132 in the first three quarters of 1950. Income and excess profits taxes required $66,064,242 for 1951—an amount almost double the $33,683,895 provided for the 1950 period. The board declared a cash dividend of 60 cents a share on t h e common stock and the regular dividend of $1.50 on preferred stock. Both dividends will be paid Jan. 2, 1952, to stockholders of record Dec. 5, 1951. In addition, t h e directors voted a stock dividend on the outstanding common stock of one share for each 10 now held, payable Jan. 26, 1952, to stockholders of record Dec. 28. Tennessee Eastman showed an increase in sales of practically all its products îoj the three quarters, reported Thomas J. Hargrove, president. In the third quarter, however, Koda cellulose acetate yarn reflected the general drop in the textile business and was slightly below the corresponding period of 1950. Sales of Teca staple fiber, h e said, held up well in the third quarter, and the company's Tenite plastics had good sales increases. TEC sales of industrial chemicals to the trade were a t a rate above last year's. Sales of acetate dyestuffs were weak in the third quarter.
Closing Market Prices At the close o>f business on Dec. 10, the stocks mentioned above were quoted as follows: Jefferson Lake Glidden Eastman Kodak
DECEMBER
17,
( bid ) 4 0 3 / 4 43Ve 49Ve
1951
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