Ν E W S E D ΙΤ ΙΟ N
474
theWALL STREETS of CHEMISTRY ACCORDING to the Wall Street Journal, improved business conditions in the first quarter of 1940, compared with those prevailing in the corresponding period of 1939, have been reflected in larger earnings for all industries. Quarterly reports of 324 firms show only 20 deficits, compared with 57 deficits last year. The best showing on a comparative basis was made by the machinery and tool industry. Re ports from 17 chemical companies show an increase of 43.8 per cent over 1939.
compared with $1,455,302 or $1.09 per share in 1938. Sales amounted to $53,847,177, or 15 per cent over 1938. Koppers Co. and subsidiaries for 12 months ended March 31, 1940, report net profit of $2,239,001, equal to $11.19 a share on 6 per cent cumulative preferred stock, compared with $1,078,745 or $5.39 a share on preferred in the preceding vear. All the company's common stock is owned by Koppers United Co.
First Quarter Earnings of Chemical Companies P E R COMMON SHARE
N E T PROFIT
19S9
1940
76.345 41.396 861.233 228.205 80.801
$0 09 0 10 0.40 0.76
$0.19 0 17 1 08 0 45
1.642.037 .1.765,112 150.860 55.110 303.687 3,270,469 495.184
0.82 0 55 0 11
1.23 0 90 0.26 0.13 0.13 1.87 1 24
19*9 American Commercial Alcohol Atlantic Rayon Corp. Freeport Sulphur Co. Interchemical Corp. Liquid Carbonic Corp. (loss) Monsanto Chemical Co. (American companies) New Jersey Zinc Co. Newport Industries Oliver-United Filter» Sharp 6 Dohme Sterling Products, Inc. United Carbon Co.
$
1940
49,305 23,919 316.464 318.714 * 9.032
1.142.264 1.076.266 68,986 32,02? (loss) 182.026 2,927,884 459.202
Allied Chemical & Dye Corp. reports that in the first quarter of 1940 volume of business showed a gain of 15 to 20 per cent over a year ago, and that business in April followed the same trend. Brown Co. has filed with the U. S. Dis trict Court. Portland, Maine, a reorganizi.tion plan that differs but little from previ ous proposals. After reorganisation the company would have the following capi talization: up to $10,000,000 of senior lien indebtedness to the RFC or securities to refund that obligation; $12,849,300 of general mortgage bonds; a maximum of 157,525 shares of preferred stock and 1,999,634 shares of common stock. Fixed interest and sinking fund charges, which amounted to $1,877,000 in 1939, would be reduced to $559,000 during the first year of the RFC loan and to an average of $848,000 for the years from 1940 to 1954. The Celanese Corp. of America is con templating α major refunding operation, designed to replace present debentures, long-term bank loans, and prior preferred stock by a new debenture issue. For the quarter ended March 31, 1940, the com pany reported net profit of $2,419,414 after depreciation, interest, etc., equal after dividend requirements on 7 per cent cumulative prior preferred stock and under participating provisions of the shares to $3.01 a share on 7 per cent participating preferred stock and $1.64 a snare on com mon. This compares with $1,336,714 or $2.28 a share on participating preferred and 71 cents on common in the first quar ter of 1939. Johns-Manville Corp. for the year ended December 31, 1939, reports net profit of $4,164,119 or $4.28 per common share,
$
1.71 1.15
Vol. 18, No. 10 facilities at the plant are almost com pleted and shipments are being accepted. An investment of about $1,500,000 is being put into the development. The plant will include buildings and equipment for manufacturing, warehousing, offices, laboratory, power plant, restaurant, and maintenance. About six years ago, The Drackett Co. began to consider expanding operations and sought a basic industry where there was an opportunity for continued growth and development. Three years of labo ratory experiment and research preceded the opening of the company's present smaall single processing unit. In January. 1937, the first carload of soybeans arrived at the plant. Since then, the laboratory research has been continued. Initial operations of the new plant will be confined to extracting oil and making soybean meal. The other steps in the proc essing will depend upon research under way on products derived from the oil and meal. The yellow soybean—highest in oil content and superior for processing— will be the only type of bean processed in the new plant. County farm agent estimates indicate a total soybean production of 109,720 bush els in Hamilton, Butler, Preble, Warren, and Clemont counties of Ohio last year, an increase of about 38,000 bushels over the yield in 1938.
Food Research Laboratories M o v e to N e w Building HE Food Research Laboratories, Inc.. T New York, N. Y., have announced their removal to the newly constructed
Soybean Processing Plant
laboratory building at 48-14 33rd St., Long Island City, Ν. Υ. This is the second major expansion of the organiza tion since its inception in 1922. Every consideration was given to the specialized needs of the laboratories in de signing and constructing this new building. The main chemical laboratory room is sur rounded by a balance room, a dark room, a bacteriology laboratory, a laboratory de voted to heavier mechanical equipment for semiplant-scale work, and storage rooms. The animal quarters are located in a sepa rate section of the building where tempera ture conditions are controlled. In addi tion to a large stock colony room, six indi vidual rooms are assigned to rats on vita min A, D, Bi, B2, and riboflavin assays, to chicks on vitamin D, K, G, and filtrate fac tor (pantothenic acid) assays, and to toxicological and miscellaneous investigations requiring other animal species. Special facilities have been installed for large-scale cleaning and sterilisation of animal equip ment, as well as for disposal of waste by incineration. Equipment for storing and compounding of experimental diets is centered around a spacious diet prepara tion room. A lunch room is provided for the personnel. The library and conference room occu pies a prominent position in the front of the building. Private offices for members of the administrative staff and a general office and reception room are included.
SOYBEAN processing plant, which will A provide a substantial new market for farmers in southwestern Ohio, is under
Varno-Cement
McKenson & Robbins, Inc., report net earnings of $4,281,417 for the year ended December 31, 1939, more than twice 1938 profit». Greatly decreased operating ex penses were responsible for a large part of the gain. The trustee reported that sub stantial progress had been made toward formulation of reorganisation plans. The securities have been restored to listing on the New York Stock Exchange. Court orders have directed payment in cash of approximately 6700 creditors whose claims are lea·, than $1000 each but total more than $600,000. The Pennsylvania Salt Manufacturing Co. for the 12 months ended March 31, 1939, reports net profit of $1,766,127 afu depreciation, depletion, federal and sta'e income taxes, etc., equivalent to $11.77 a share on common. This compares with $1,113,918 or $7.43 a share for the preced ing year. A. O. Smith Corp. for the quarter ended January 31, 1940, reports net profit of $472,016 or 94 cents a common share, com pared with $343,708 or 69 cents a share in the preceding year. ev%e
construction and is expected to be put into operation next September by The Drackett Co., Cincinnati, Ohio. The plant is being built on a 75-acre tract, south of Sharon ville, 16 miles from Cincinnati. About 200 men have been employed for the past several months in constructing the plant so that it may be ready to handle this year's soybean crop. Storage
VARNO-CEMENT is a light-colored, syn
thetic, adhesive cement for the laboratory and shop, developed by The Varniton Co., Box 1541, Station D, Los Angeles, Calif. It is said to be resistant to dilute acids, alkalies, water, grease, oils, and embrittlement on aging.
