The WALL According to the Wall Street Journal, the sharp upturn in the chemical industry that started with the outbreak of war has turned into a boom. Volume of orders gained progressively in momentum in the last two weeks of September and continued unabated in October. If the demand continues at its present rate record earnings for the industry as a whole seem indicated for the December quarter. Most of the demand is domestic, responding to the increased activity in basic industries, which began in August. There have also been many inquiries and orders from export markets that used to be supplied by the warring powers. War orders nave played no visible part in the upswing. Abbott Laboratories and subsidiaries for the nine months ended September 30, 1939, show net profit of $1,756,578 after charges and federal income taxes, equal after preferred dividend requirements to $2.51 a share on common. This compares with $1,404,944 or $2.07 a share in the first nine months of 1938. For the quarter ended September 30, 1939, net profit was $744,371. Air Reduction Co. and subsidiaries for the quarter ended September 30, 1939, show net profit of $1,291,816 after depreciation, federal income taxes, etc., equal to 50 cents a share on common. This compares with $962,273 or 37 cents in the September, 1938, quarter, and $1,205,340 or 47 cents a share for the quarter ended June 30, 1939. American Agricultural Chemical Co. and subsidiaries for the quarter ended September 30. 1939· show net loss of $94,633 after depreciation, depletion, taxes, etc. This compares with net loss of $162,339 for the quarter ended September 29,1938. Atlantic Refining Co. and subsidiaries report net earnings of $3,124,448 for the nine months ended September 30, 1939, compared with $3,930,407 for the first nine months of 1938. Atlas Powder Co. for the quarter ended September 30, 1939, shows net profit of $381,929, equal after dividends on preferred stock to $1.19 a share on common. This compares with net profit of $278,086 or 77 cents a share on common for the three months ended September 30, 1938. For the nine months ended September 30, 1939, net profit was $831,842, compared with $745,737 for the first nine months of 1938. Bausch & Lomb Optical Co. and subsidiaries for nine months ended September 30, 1939, show net profit of $1,133,899 after depreciation, interest, federal and Canadian income taxes, minority interest, etc., equivalent to $2.31 a share on common after dividends on 5 per cent •cumulative convertible preferred stock. This compares with $337,013 or 36 cents a share in the first nine months of 1938. Colgate-Palmolive-Peet Co. and subsidiaries for the six months ended June 30, 1939, show net profit of $2,427,093 after depreciation, federal and foreign income taxes, etc., equal, after preferred dividends, to 88 cents a share on no-par common. This compares with $1,646,421 or 47 cents a share in the first half of 1938. The company called for retirement
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August 1, 50,000 shares of preferred at $102.50 a share, plus accrued dividends of 51.67 cents a share, as voted by the directors May 11. This will result in a reduction of preferred stock dividends totaling $300,000 a year, or approximately 15 cents a share of common. In all Europe, including England, total net assets as of June 30, 1939, amounted to $2,458,000 or 4.6 per cent of the total net assets of the company and its subsidiaries. Of the total. 3.6 per cent represented assets in England, Trance, Germany, Italy, and Poland. Cash receipts since June 20 exceeded profits earned plus net charges made to them. Commercial Solvents Corp. reports for nine months ended September 30, 1939, consolidated net profit of $911,620 after federal income taxes, equal to 34.6 cents a share. This compares with net loss of $218,144 for the nine months ended September 30, 1938. For the quarter ended September 30, 1939, net profit was $473,520 or 18 cents a share· compared with $163,359 or 6 cents a share in the September quarter of 1938. Consolidated Chemical Industries, Inc., and subsidiaries report for the quarter ended September 30, 1939, net profit of $195,891 after depreciation, federal income taxes, etc., equal to 70 cents a share on $1.50 Class A stock on which dividends are in arrears. This compares with $47,440 or 20 cents a share in the September quarter of 1938 and $113,432 in the quarter ended June 30,1939. For nine months ended September 30. 1939, net profit was $412,108, compared with $214,195 in the first nine months of 1938. Com Products Refining Co. and subsidiaries for the nine months ended September 30, 1939, report net profit of $7,072,838 after depreciation, federal and state income taxes, etc., equivalent after dividend requirements on 7 per cent preferred stock to $2.28 a ehare on common (par $25). This compares with $7,113,111 or $2.30 a share in the first nine months of 1938. The Dow Chemical Co. consolidated unaudited earning statement shows earnings of $1,449,523 for the quarter ended August 31, 1939, after interest, depreciation, and estimated income tax. The net income after preferred stock dividend requirements was equivalent to $1.33 per share of common stock. Stockholders of E. L du Pont de Nemours & Co., Inc., at a special meeting approved the proposed amendment to the certificate of incorporation calling for an increase in the authorized number of shares of preferred, $4.50 cumulative, to 3.000,000 from 500,000 and an increase in the redemption price of the stock to $120 per share from $115 plus accumulated dividends to date of redemption. Holders of more than 90 per cent of the debenture stock have surrendered their shares in acceptance of the exchange offer and the New York Stock Exchange has been notified that the plan has been declared effective. The debenture stock is to be redeemed on January 25, 1940, at $125 per share plus accumulated dividends. For the quarter ended September 30, 694
1939, the company and subsidiaries report net profit of $22,926,709 after dei>reciation, obsolescence, interest, and ederal income taxes. This compares with $12,350,713 for the September quarter of 1938 and $20,796,159 for the quarter ended June 30, 1939. After deducting debenture dividends and dividends on $4.50 preferred stock, balance available for common stock was equivalent to $1.91 a share on common. For nine months ended September 30, 1939, net profit was $62.798,244, compared with $31,288,318 in the first nine months of 1938. Freeport Sulphur Co. reports for the quarter ended September 30, 1939, net profit of $383,216 after depreciation, depletion, and federal income taxes, equal to 48 cents a share. This compares with $393,505 or 49 cents a share in the September quarter of 1938 and $338,530 or 42 cents a share for the quarter ended June 30, 1939. For the nine months ended September 30,1939, net profit was $1,038,211, compared with $1,258,804 for the first nine months of 1938. The company recently placed privately with a group of insurance companies $3,000,000 3 per cent debentures. Part of this represents new money to cany on expanding business and part reimburses the company for cash outlays to redeem preferred stock. Hercules Powder Co. for nine months ended September 30, 1939, reports net earnings of $3,646,561, after providing for depreciation and federal taxes. This is equal, after payment of preferred dividends, to $2.47 a share on common. Figures for the first nine months of 1938 showed net earnings of $1,968,635, equal to $1.20 a share on common after preferred dividends. Net earnings for the third quarter of 1939 were $1,377,091, equal to 95 cents a share after preferred dividends. Industrial Rayon Corp. and subsidiaries for nine months ended September 30,1939, show net profit of $569,956 after depreciation, federal income taxes, etc., equal to 75 cents a share on no-par common. This compares with $180,686 or 24 cents a share in the first nine months of 1938. For the quarter ended September 30.1939, net profit was $515,189, compared with $301,136 in the September quarter of 1938. Interchemical Corp. and subsidiaries for nine months ended September 30, 1939, show net profit of $1,022,020 after depreciation, federal income taxes, etc., equal after dividend requirements on 6 per cent preferred stock to $2.51 a share on common. This compares with $272,898 or $4.15 a share on 6 per cent preferred stock in the first nine months of 1938. For the quarter ended September 30,1939, net income was $382,736, compared with $201,645 in the quarter ended September 30,1938. Volume of business was good in each month of the third quarter. Masonite Corp. for the fiscal year ended August 31, 1939, shows net profit of $1,163,050 after depreciation, amortisation of patents, federal and state income taxes, etc., equal after dividend requirements on 5 per cent preferred stock to $1.99 a share on no-par common. This compares with $1,144,274 or $1.95 a share in the preceding year.
