INDUSTRIAL AND ENGINEERING CHEMISTRY
no
Meeting Calendar A m e r i c a n C h e m i c a l Society 90TH
MEETING.
S a n Francisco, Calif.,
August 19 to 23, 1935. 91ST M E E T I N G . Kansas Citv, Mo., April 13 to 17, 1936. 92ND M E E T I N G .
Pittsburgh,
showed an increase of 25 per cent over t h e same period of 1934.
Menzel to Lecture
D • servatory, will lecture on "Cosmic Chemistry," before local sections of t h e
1I. MKNZEL, of the H a r v a r d 0 b -
AMERICAN CHEMICAL SOCIETY as follows:
September September September September
17 Akron IS Dayton 19 Detroit 120 Midland
Pa., fall of
1936. 93RD
MEETING.
Chapel
Hill,
1ST. C ,
spring of 1937. MIDWEST
REGIONAL
MEETING.
Louis-
ville, Ky., October 31 to Nfovember 2, 1935. SIXTH
NATIONAL
ORGANIC
CHEMISTRY
SYMPOSIUM. Rochester, N. Y., December 30, 1935, t o J a n u a r y 1, 1936. TWELFTH
REGIONAL. MEETINTG.
Toledo,
Ohio, October 18 and 19, 1935.
O t h e r Scientific Societies AMERICAN ASSOCIATION" O F C H E M I S T S AXD C O L O R I S T S .
TEXTILE Read
House, Chattanooga, Tenn. ; December 6 and 7, 1935. AMERICAN
BOTTLERS
or
CARBONATED
BEVERACJES. Convention und Imposition, Baltimore, Md., November IS to 22, 1935. AMERICAN I N S T I T U T E OF CHEMICAL E N G I -
NEERS. Doshler-Wallick Hotel, Columbus, Ohio, November 1 3 to 15, 1935. AMERICAN
OIL
CHE: MISTS
SOCIETY.
Nethcrland P l a z a Hotel, Cincinnati, Ohio, October 17 and IS, 1935. AMERICAN PETROLEUM INSTITUTE.
LOR
Angeles, Calif., November 11 t o 14, 1935. Annual meeting.
VOL. 13, N O . 16
Financial News
B.
F.
GOODRICH
C O . Stockholders
holding more t h a n three-fourths of each class of stock have approved t h e proposed financing plan which authorizes S45,000,000 first mortgage 4 . 5 p e r cent bonds, of which $28,000,000 are to b e issued immediately to retire outstanding Goodrich 0.5 per cent bonds and the 5.5 and 7 per cent notes of t h e Hood Rubber Co., a subsidiary. Considerable opposition has been expressed t o this plan. HAZEL-ATLAS
GLASS
CO.
and
sub-
sidiaries for t h e quarter ended J u n e 29, 1935, report a net profit of $810,070 after depreciation, taxes, etc., equivalent t o AMERICAN CYANAMID Co. and subsidiaries for six months ended June 30, 1935, S1.8G a share on capital stock (par $25). This compares with $575,100 in t h e prereport a net income of $l,493,0SO after depreciation, taxes, etc., equal to 5 9 cents ceding quarter a n d $557,334 in t h e June a share (par $10) on Class A and H com- quarter of 1934. For t h e first six months mon stocks. This compares with SI,066,- of 1935 t h e n e t profit was SI,385,230. 146 or 42 cents a share in t h e first six H E R C U L E S P O W D E R C o . , I N C . , for t h e months of June, 1034. For the quarter six months ended June 30, 1935, shows n e t ended J u n e 30, 1935, net income was earnings of $1,543,680, equivalent, after §855,375, compared t o §038,305 in t h e dividends on preferred stock, to S2.01 a preceding quarter, a n d $587,076 in t h e share of common stock. J u n e , 1934, quarter. AMERICAN R O L L I N G M I L L Co. for t h e
quarter ended June 30, 1935, is estimated to have a net profit of between SI,000,000 and $1,100,000 after charges, taxes, etc. In the first three months of 1935 t h e company had a net profit of $1,342,425. COLGATE-PA L M O L I V E - P E E T
CO.
re-
ported for the six months ended J u n e 30, 1935, a net income of $1,924,810 after charges, depreciation, taxes, and a reserve of S900.OOO for possible future decline in the market value of inventories. This is equal after preferred dividend requirements to 54 cents a share on common, and compares with $2,410,887 or 84 cents a share in t h e same period last year.
JOHNS M A N V I L L E C O R P . for the q u a r t e r
ended June 30, 1935, shows n e t profit of 8551,434 after taxes, depreciation, etc., equivalent, after dividend requirements on 7 per cent preferred stock t o 56 cents a share on no-par common stock. This compares with 15 cents a share in t h e preceding quarter and 10 cents in t h e June, 1934, quarter. For six m o n t h s ended June 30, 1935, n e t profit w a s $798,012 after taxes and charges. L E H N & F I N K PRODUCTS C o . a n d s u b -
sidiaries report for six months ended June 30, 1935, net profit of $94,496 after ASSOCIATION O F DAIRY, F O O D AND D R T G depreciation, federal taxes, etc., equivalent O F F I C I A L S O F T H E I'KITED STATES. t o 23 cents a share (par $5) on 400,000 New Pfister Hotel, Milwaukee, Wis., shares of stock, compared with $290,884 October 8 t o 11, 1935. Thirty-n.nth or 74 cents a share in the first half of 1934. CORN PRODUCTS R E F I N I N G Co. for t h e annual conference. three months ended June 30, 1935, r e - For t h e quarter ended June 3 0 , 1935, ELECTROCHEMICAL SOCIETY, INC. Wilindicated net loss was $78,005. ported a net profit of $1,747,122, equal lard Hotel, Washington, D . C , October to 52 cents a share on common stock, L I B B E Y - O W E N S - F O R D G L A S S C o . for 10 t o 12, 1935. compared with $2,103,754 in t h e same six months ended June 30, 1935, shows n e t F I F T E E N T H E X P O S I T I O N O F CHEMICAL quarter of 1934. Hand-to-mouth buying profit of $4,284,316 after depreciation, INDUSTRIES. Grand Central Palace, on the part of buyers of refined corn federal taxes, etc., equivalent t o $1.69 New York, N . Y., December 2 to 7, products sharply reduced t h e volume of a share on no-par common stock. This 1935. business done by t h e company. Another compares with $2,532,319 or 99 cents a INTERNATIONAL ACETYLENE ASSOCIATION. factor is the uncertainty regarding t h e share in the first half of 1934. For t h e Cleveland, Ohio, November 12 t o 15, future of the processing taxes. Importaquarter ended June 30, 1935, n e t profit 1935. Annual meeting. tion of starches which compete with corn was S2,064,549 after charges a n d taxes. OPTICAL SOCIETY OK AMKRICA. The products has been unusually heavy so far The president reports a substantial inFranklin Institute, Philadelphia, Pa., this year. For t h e six months ended crease in sales during t h e first half of 1935, October 21 to 20, 1935. Twentieth June 30, 1935, the company showed a n e t with an improvement in residential buildannual meeting;. profit of $3,881,504, equivalent, after ing a n d a great gain in the use of safety S E V E N T E E N T H NATIONAL METAL C O N dividend requirements on 7 per cent, preglass in the automotive industry. GRESS AND E X P O S I T I O N . Chicago, 111., ferred stock, t o $1.19 a share, compared the week of September 30, 1935. with $4,402,105 in t h e first half of 1934. LIQUID CARBONIC C O R P . a n d subsidiaSOCIETY O F RHEOLOGY. Bell Telephone ries for t h e quarter ended June 3 0 , 1935, F I S K R U B B E R C O R P . a n d subsidiaries Labs., New York, N. Y., October 11 a n d show a net profit of $438,975 after d e report for the six months ended J u n e 30, 12, 1935. preciation and federal taxes, equivalent t o 1935, a net profit of $5514 after charges T E C H N I C A L ASSOCIATION O F THE P U L P $1.25 a share on no-par common stock. and federal taxes, equivalent to 1 5 cents AND P A P E R INDUSTRY. Ambassador This compares with a n e t loss of $74,521 a share on 6 per cent preferred stock. Hotel, Atlantic City, IN. J . , September in the preceding quarter and a net profit of This compares with $372,768 in t h e first 18 t o 2 1 , 1935. $370,934 in the June, 1934, q u a r t e r . F o r half of 1934. F o r the quarter ended nine months ended June 30, 1935, the n e t June 30, 1935, t h e n e t loss was §37,231. profit was $296,307, compared with $108,607 in the corresponding period of FREEPORT T E X A S C O . and wholly owned M e e t i n g of O p t i c a l Society 1934. subsidiaries report for six months ended June 30, 1935, a n e t income of S550,836 MONSANTO CHEMICAL. C O . N e t earnHE twentieth a n n u a l meeting of t h e after depreciation, taxes, etc., equivalent, ings for t h e second quarter of 1935, inOptical Society of America will be after dividend requirements on 6 per cent cluding subsidiaries of The Swann Corp. held a t t h e Franklin Institute, Philastock, t o 04 cents a share on acquired during t h e period, amounted t o delphia, Pa., October 24 t o 2(5, 1935. preferred common stock (par $10). This compares $923,125 or 94.8 cents a share, compared I n addition t o contributed papers, t h e with a net income for t h e six months with $704,918 or 81.5 cents during t h e meeting will include a special program, of ended J u n e 30, 1934, of $S04,56S. corresponding period of 1934. N e t earninvited papers on the microscope a n d ings available for common stock for the six GENERAL REFRACTORIES Co. reports microscopy, and presentation of t h e months ended June 30, 1935, totaled 8 1 , net income of $225,200 for the six months Frederic Ives [Medal for 1935 at t h e an848,499, compared with $1,379,035 earned ended June 30, 1935, after depreciation, nual dinner. Abstracts of aLl papers t o be last year. interest, and federal taxes, equal to 51 presented must b e in the hands of the In order to retire preferred stocks of cents a share, compared with S1.27 a secretary, L. 13. Tuekerma-n, Bureau of newly acquired subsidiary companies a n d share in the first half of 1934. Orders reS t a n d a r d s , Washington, D. C., not later refund mortage bonds, an issue of $2,000,ceived during the first half of July, 1935, t h a n September 2 0 .
T
NEWS EDITION
A U G U S T 20, 1935 000, 2.5 per cent 10-year convertible notes, was sold early in April. By J u n e 30, 650,000 of these notes h a d been converted and t h e 5.5 mortgage bonds and a l l preferred stocks of newly acquired s u b sidiaries had been retired. The board of directors has declared a n extra dividend of 25 cents a share in addition to the usual dividend of 25 cents a share, t o be paid September 14. NATIONAL GYPSUM C o . for six m o n t h s
ended June 30, 1935, reports a net profit of S29(),045 after depreciation, taxes, etc., equivalent after 7 per cent cumulative first preferred dividend requirements t o $1.58 a share (par S5) on Class A common stock. This compares with §184,329 in the first six months of 1934. At a special meeting on June 25 stockholders a u t h o r ized 2(5,000 shares of 5 per cent second preferred stock of $20 par value. P E N I C K & F O R D , L T D . , and
subsidiaries
report for t h e quarter ended June 30, 1935, net profit of S207,134 after depreciation, federal taxes, etc., equivalent t o 56 cents on 370,000 no-par shares of stock. This compares with $271,31S or 73 cents a share in the preceding quarter and $211,193 or 54 cents in the June, 1934, quarter. PROCTER & G A M B L E C O . a n d
subsidia-
ries for the fiscal vear ended June 30, 1935, show a profit' of $19,120,324, after depreciation, federal taxes, etc. After setting aside $4,000,000 for materials a n d products price equalization, there was a net profit of $15,120,324, equal, after dividend requirements on 8 and 5 per cent preferred stocks, to $2.23 a share on no-par common stock. In the preceding year t h e net profit was $14,370,066. F o r t h e quarter ended June 30, 1935, t h e net profit was $3,525,858, compared with $4,050,443 in the preceding quarter. Gross sales for the year increased 34.5 per cent over 1934. UNITED STATES GYPSUM C O . and sub-
sidiaries for t h e six months ended June 30, 1935, report net income of $1,627,477 after depreciation, federal taxes, etc., equivalent, after dividend requirements on 7 per cent preferred stock, to $1.14 a share on common stock (par $20). This compares with $1,141,668 or 73 cents a share in t h e first half of 1934. I n view of increasing residential construction, profits for t h e second half-year m a y be expected to make an even better comparison with 1934. The company's operating costs have been scaled down, and t h e number and type of products m a d e have been increased. WESTERN
ELECTRO
CHEMICAL
CO.
Stockholders have approved a change in articles of incorporation providing for exchange of five new $20-par preferred shares for each SlOO-par preferred share now outstanding a n d issuance of five new no-par common shares in exchange for each n o par common share now outstanding. D i rectors voted a dividend of SO cents a share on n e w common stock, payable August 15. This is equivalent to $4 a share on old common, and brings total p a y ments for 1935 to $12 a share on old stock. WESTINGHOUSE
ELECTRIC
&
MANU-
FACTURING C O . earned $1.49 a share on its common stock in t h e three months ended June 30, 1935, against 87 cents in the p r e ceding quarter, a n d 65 cents in t h e J u n e , 1934, quarter. N e t profit for t h e three months ended June 30. 1935, was $3,938,692 after depreciation, taxes, etc., compared with $2,326,496 in t h e precedingquarter a n d $1,744,427 in t h e June, 1934, quarter. WESTVACO C H L O R I N E PRODUCTS C O R P .
has called a s of September 1, 1935, all its outstanding $623,000 5.5 per cent gold debentures a t p a r plus 0.5 p e r cent a n d accrued interest.
311
Industrial New S e a l i n g T e c h n i o for C o l d Storage Insulation
News
Plasticizing a n d Solvent Oil N E W coal by-product oil, known as . Xovinol, has recently been added to the line of the Neville Co., Pittsburgh, Pa. This is a polymer having a viscous liquid consistency ana! ranking as an intermediate high-boding product between refined coal naphtha and paraooumaroneindene resin. Its characteristics suggest its use as a plasticizor in pyroxylin lacquers, chlorinated rubber coatings, plastic compounds, fly paper, adhesives, nondrying inks, caulking compounds, waterproofing compositions, rubber resin finishes, aluminum paint vehicles, a n d pastes. It is an inert liquid of light straw color, compatible with most n a t u r a l a n d synthetic gums and resins, a n d miscible with coal naphthas, petroleum solvents and diluents, alcohols, ester solvents, etc. I t has a solvent action on rubber, is noncorrosive, a n d has a n exceptionally low saponification number.
A condensation of moisture within A the voids of cold storage insulating mateNEW
M E T H O D of
preventing
the
rials has been developed by T h e Celotex Co., 919 North Michigan Ave., Chicago, Ill. Previous methods of sealing sections of insulating material by coating with asphalt or cement piaster were frequently unsatisfactory on account of the development of pinholes through t h e asphalt and cracks in the plaster. T h e solution of this problem has been obtained by sealing t h e insulation at the factory. Low-density, high-eflicie-ncy insulation blocks are edge-dipped in asphalt and a vapor-proofing duplex membrane cemented on with asphalt. T h u s the protection consists of layers of asphalt separated by membranes. The blocks are sealed in envelope fashion and all flaps and laps are sealed with asphalt. T h u s a fool-proof insulation for cold storages is obtained, which should last the life of the structure. Additional protection is afforded b y t h e asphaltic coatings used for applying this product. In addition to the factory seal, another advantage of this type of insulation is t h a t every unit is isolated from every other unit and even if damage should occur a t some point, moisture cannot be communicated throughout the structure. A d j u s t a b l e Orifice N adjustable orifice which automatically shifts i t s position in accordance with major changes i n rate of flow, is a new development of t h e Bailey Meter Co., Cleveland, Ohio. This device, when installed in a pipe line a n d connected t o a standard recording a n d integrating fluid meter, greatly widens t h e flow range winch m a y be accurately covered b y the meter. I t is similar in appearance t o a hydraulically operated gate valve. T h e gate, however, is a sharp-edged orifice segment, coefficients for which have been accurately determined. I t s position varies the size of t h e orifice opening through which the fluid measured must pass. Under a n increasing flow condition, the orifice shifts position a t a higher r a t e of flow t h a n i t does under a decreasing flow condition. This overlap prevents constant shifting when conditions are such t h a t t h e flow holds closely t o the changeover point.
A
New N o n - B l e e d i n g Material OLDED plastic parts exposed to acetone and other strong solvents or acids sometimes are subject to bleeding of the dye, and t o overcome this General Plastics, Inc., North Tonawanda, NT. Y., has recently brought out a non-bleeding material called "3973 Black." Although originally developed to overcome the bleeding troubles in molded bottle caps in contact with strong solutions, the new material has found many industrial applications. Combined with a loW-moisture absorption rate of 0.7 per cent (A. S. T . M.) Durez 3973 h a s a rich, high gloss finish and high torsional strength, and is recommended for textile machinery parts where any bleeding of the dye under the action of solvents would prove troublesome. I t h a s a compressive strength of 30,000 pounds per square inch (A. S. T . M.).
L a r g e r IVIolded P l a s t i c P r o d u c t s AVING t h e way for wide a n d diverse utilization of molded plastic parts, a giant new press recently installed by the General Electric Co. is being used t o produce t h e largest plastic molding ever made in commercial quantities. T h e molding is used a s the housing for a radically n e w type of weighing scale for retail merchants, which h a s just been a n nounced by t h e Toledo Scale Co., Toledo, Ohio. T h e new product, n a m e d t h e Toledo Plaskon duplex scale, is t h e new model of t h e Toledo duplex scale. I t s case is m a d e of Plaskon, a urea-formaldehyde plastic produced by Toledo Synthetic Products, Inc., a n d it is unusually light and durable.
P
Ideal T e l - T e m p IG machines have built-in t e m p e r a t u r e recorders, b u t t h e need for a similar device for small machines h a s been m e t by a spot device, called " I d e a l T e l Temp, " developed b y t h e Ideal C o m m u tator Dresser Co., Sycamore, 111. This is a small industrial thermometer t h a t can be attached easily a n d quickly to motors, generators, and other machines, a n d indicates operating temperatures a t a glance. It consists of a dial plate m o u n t e d in a dustproof aluminum case, protected b y a non-breakable crystal and chromiumplated cap. I t gives t e m p e r a t u r e readings from 0 ° t o 100° C , and can be installed as a permanent heat indicator or used for portable testing.
B
M
" H P H E March of Chemistry," a colorful JL exhibit depicting t h e progress of the chemical industry and dramatizing t h e part i t plays in everyday life, h a d its first showing during July and early August at Marshall Field & Co.'s store in Chicago. T h e exhibit, prepared by E . I. du P o n t de Nemours &, Co., Inc., occupied more t h a n 350 r u n n i n g feet of space in t h e display room a n d covered a wide range of chemical products, showing how they are made, how they a r e used, and how they serve the ultimate consumer. The exhibit is to be shown at the E a s t e r n States Exposition in Springfield, Mass., from September 15 t o 21, where it will be t h e largest single display ever presented a t an a n n u a l exhibition.
