FINANCE
W A L L STREET O F
CHEMISTRY
Three fertilizer companies suffer slightly reduced earnings w h i l e another registers gains; export sales o f superphosphates declined, accounting in part for reductions . . . Diversification o f fertilizer manufacturers goes into silicofluorides, phosphate chemicals, synthetic fibers, cracking catalysts
Long-Life FILTER CLOTH Seals Easily, Without Rim Cutting on Filter Presses Dynel—FEON's newest chemical-resistant, synthetic filter fabric—is w o v e n of spun s t a p l e V i n y o n - N r a t h e r t h a n continuous filaments. Its f u l l - b o d i e d , resilient texture seals easily without excessive rim pressure. Remarkably acid resistant, it is recommended for hot acids. Superior resistance to a l k a lies, bacterial a c t i o n , and variety of organic solvents. Easy to clean, relatively non-blinding.
QUICK DELIVERY Expert seamstresses, at Filtration Fabrics, tailor the FEON cloth f o r a perfect fit on your filter—no matter w h a t its size, type or make—vacuum or pressure equipment. The cloth is in. stock—prompt delivery is assured.
P
FILTRATION FABRICS DIVISION Filtration Engineers, Inc. 155 Oraton Street Newark 4, N. J.
We'd like more facts on FEGN dynel doth for.· T y p e of Filter Size Chemical Conditions Temperature
,
NAME TITLE . . . . . . . COMPANY . ADDRESS ,
L
3262
"il
npiiHEE major fertilizer companies, Vir-*- ginia-Curolina Chemical Corp., Americ a n Agricultural Chemical Co., and Davison Chemical Corp., reported lower earnings in t h e 1950 fiscal year. For t h e most part, income was only slightly reduced, a n d earnings prospects for the current fiscal year are regarded as improved, pending changes in tax laws. On the other side of t h e picture, International Minerals & Chemical Corp., the fourth major company, registered a small gain in earnings. These four companies have developed chemical products to the point that sales of fertilizers and chemicals are approximately equal. One t y p e of diversification, into silicofluorides, silica gel, and cracking catalysts, is based o n the evolution of silicon tetrafluoride gas from the reaction of phosp h a t e rock with sulfuric acid. Another h a s been the production of phosphorus a n d p h o s p h a t e derivatives, starting with p h o s p h a t e rock. American Agricultural a n d Davison have both become producers of silicofluorides; American and VirginiaCarolina h a v e p u r s u e d the phosphate chemicals line; while International Minerals has a stake in potash mining a n d has turned the corner with t h e glutamate food additive, w h i c h is based on the protein gluten. Virginia-Carolina also has made strides w i t h Vicara fiber, a corn protein ( zein ) . Davison reported net income of $2,159,536, e q u a l to $4.20 per common share, for t h e fiscal year ended June 30, a decline of 5% by comparison with the prior fiscal year. Net sales of $34,974,856 w e r e reduced by 6.3% but w e r e second highest in the history of the corporation. Reduced sales of superphosphates for export a n d the potash strike accounted for the lower earnings, but sales of superp h o s p h a t e s in domestic markets a n d of industrial chemicals w e r e increased. Property additions involved an expenditure of $1,561,042, primarily for expansion of the capacity of the Cincinnati catalyst plant. A program currently in progress w i l l add further capacity to this plant but w i l l also bring in an improved fluid cracking catalyst in microspheroidal form for the petroleum industry. Diversification has been the keynote of Davison's recent history. From predominantly a fertilizer company, Davison has now diversified to the extent that industrial chemicals represent 40% of sales, of which silica gels and cracking catalysts amounted to about 7 0 % . Research and development expenditures of $622,369 for t h e year were directed toward enlarged catalyst programs, as well as toward improvement of granulated fertilizer manuCHEMICAL
facture and has been largely responsible in t h e past for commercialization of silica gels a n d silicofluorides. T h e company indicated that a new development planning department h a d been created to broaden and supplement activities of the corporation. Earnings of Virginia-Carolina were red u c e d by 2 3 % to $3,110,629 for the fiscal year ended J u n e 30. T h e lower profits were attributed to lower fertilizer prices, h i g h e r costs in t h e mining division, a n d a s h a r p decline in the use of nicotine insecticides. Net sales amounted to $55,205,295, a decrease of 7%. Capital expenditures of $3,623,600 for the year w e r e apportioned as follows: $600,000 for a new dragline excavator at the Homeland, Fla., mine; slightly over $1 million for an electric furnace at Charleston, S. C , for production of elem e n t a l phosphorus, rounding out t h e expansion program begun in 1946-47; enlargement of the fertilizer plant at Dub u q u e , Iowa; and a new phosphate washing a n d recovery unit for the mining division. T h e company reported that Vicara, a corn protein fiber, has passed to the commercial stage and found application in upholstery, sweater, and hosiery branches of t h e textile industry. This fiber has interesting possibilities in that potential v o l u m e markets exist if they can b e exploited. T h e Vicara fiber has good wet strength, good h a n d and draping qualities, a n d when used with other fibers such as rayon, imparts a feeling of w a r m t h to the cloth. T h e company stated, however, "It -will b e some time before this division contributes substantially to the earnings of the corporation." Chemical production of Virginia-Carolina includes phosphoric acid, sodium and calcium phosphates, and sodium silicates.
B. F. Goodrich Sales Up 20.5% in First Half Consolidated net sales of t h e B. F . Goodrich C o . for the first half of 1950 amounted to $231,612,854 compared with $192,149,550 for the corresponding 1949 period, an increase of 20.5%, t h e company rep o r t e d in its semiannual statement. N e t income for the six months ended J u n e 30 was $12,427,793 after providing for estimated income taxes and reserves of $ 2 million for increased replacement cost of facilities and $1 million for possible inventory price declines. Net income for t h e corresponding period in 1949 was $8,909,635 after providing for a reduction of r a w material inventory from cost to A N D
ENGINEERING
NEWS
market a n d a reserve of $ 2 million for in creased replacement cost of facilities. T h e 1950 n e t income w a s equivalent to $8.76 p e r share of common stock out standing after d e d u c t i n g t h e regular divi d e n d on preferred shares as compared with $6.02 per share for t h e first six months of 1949. Consolidated balance sheet as of June 80, 1950, shows current assets of $195,030,847 a n d current liabilities of $32,407,178, a ratio of 6.0 to 1. O n March 3 , 1950, t h e company retired 100,000 shares of $5.00 preferred stock for $10 million. Declaration of the dividend of $1.25 on t h e $5.00 cumulative preferred stock for t h e third quarter w a s announced. T h e dividend is payable Sept. 3 0 t o stock holders of record at t h e close of business on Sept. 8. T h e company also announced that directors declared a dividend of $1.00 a share on t h e common stock, payable Sept. 30 to stockholders of record at t h e close of business Sept. 8.
Vulcan Detinning Making N e w Offering of Common Shares Vulcan Detinning Co. h a s registered 120,000 shares of common stock with the Securities a n d Exchange Commission. T h e y a r e being offered b y t h e under writers G o l d m a n , Sachs & C o . a n d Leh m a n Bros. Vulcan Detinning is engaged in the separation a n d recovery of steel scrap a n d tin from tin plate scrap. F o r several years t h e company h a s been engaged in t h e d e velopment of a m e t h o d for t h e recovery of tin from l o w grade tin concentrates, a n d a plant for this purpose is now in operation.
for colorimefric absorption analysis THE
ROUY
INDUSTRIAL
Photrometer
accurate
— Inherent func tional error cut t o less than 0.1%. Optical system eliminates stray light with attendant error. Parts a r e locked in place t o pre vent misalignment.
simple r
—All adjustments made with a single control. You get instantaneous readings with amazing ease. Routine chemi c a l analyses m a d e in three simple steps.
rugged
-Stays accurate under hardest usage. Compensated microammeter assures an unwavering r e a d i n g a t all times regardless o f vibrations or other unfavorable conditions.
highly selective
—Ten narrow pass band filters cover the spectrum from 415 t o 6 4 0 millimicrons. T w o blank spaces p r o v i d e d f o r special filters. A l l parts tested for conformity to exacting specifications. For details,
write Dept. C N
E . L E I T Z , I n c . , 3 0 4 H u d s o n Street, N e w York 1 3 , N . Y . LEITZ SCIENTIFIC INSTRUMENTS
·
LEITZ MICROSCOPES ·
LEICA CAMERAS AND ACCESSORIES
McKesson Declares 2 5 - C e n t Special Dividend William J. Murray, Jr., chairman of t h e b o a r d of McKesson & Robbins, Inc., a n nounced that t h e directors declared a spe cial dividend of 2 5 cents p e r share on t h e common stock, i n addition t o a quarterly dividend of 60 cents both payable Sept. 15 to stockholders of record Sept. 1. M u r r a y stated that preliminary u n audited figures of McKesson & Robbins for t h e fiscal year e n d e d June 3 0 , 1950, showed consolidated net profit of $8,197,106 after all charges, including provision of $5,075,000 for F e d e r a l income taxes. After provision for preferred stock divi dends, this net profit w a s equivalent t o $4.53 p e r share on t h e common stock. I n t h e previous fiscal year t h e company reported consolidated n e t profit of $8,812,5 9 3 after income taxes, equivalent to $4.90 p e r share on t h e common stock. Preliminary net sales for t h e fiscal year just e n d e d w e r e $367,581,792, a n in crease of $10,945,737 over t h e previous fiscal year. T h e regular dividend of $1.00 per share o n t h e $4.00 cumulative preferred stock was also declared, payable Oct. 15 to stockholders of record Oct. 2 . V O L U M E
2 8,
w i t h HAWS Eyewash Fountains! T h e d a m a g e i n f l i c t e d b y accidents i n volving chemicals and other materiaIsin the eyes can be greatly minimized with HAWS Eye-Wash Fountains installed in your p l a n t for instant first-aid. Without them p e r m a n ent d a m a g e or complete loss of sight m a y occur while w a i t i n g for treatment. This unit is also available w i t h instantaneous drenchshower. Priceless protection al a cost o f a few cents per worker. • Designed Ask your
plumbing
Writs
N O . 3 8 » SEPTEMBER
18, 1 9 5 0
in cooperation contractor
with, and approved
or write
for complete
by, leading
Safety
Engineers.
details.
HAWS D R I N K I N G FAUCET CO. 14 3 ? F Ο U R ΤΗ ST R Ε ET "( S i n (C * Ί 9 Ο ? ) Β Ε R KE LE Y 10 ,JC A t l FO R N I A Agents
and Sales
Repress
3263
