FINANCE
W A L L STREET OF
CHEMISTRY
International M i n e r a l s c o m p l e t e s fiscal y e a r w i t h 1 3 % i n c r e a s e in s a l e s . . . P r e s i d e n t s a y s c o m p a n y in s t r o n g e s t p o s i t i o n in its h i s t o r y T^TET earnings of International Minerals - ^ ^ & Chemical Corp. f o r the fiscal year ended June 30, 1951, w e r e $6,514,130, an increase of 1 3 % over $5,776,660 for the previous year, according to t h e corporation's annual report made public this week. Earnings before income taxes were $9,639,130 as compared w i t h $7,901,660 for the previous year. I n c o m e taxes increased from $2,125,000 to $3,125,000. Earnings per common share amounted to $3.06 on the 2 million shares outstanding at June 30, 1951. T h i s compares with $3.40 per share on t h e 791,870 shares outstanding at June 30, 1950, adjusted for a 100% stock distribution m a d e on Dec. 29, 1950. Net sales for the year ended J u n e 30 w e r e $66,257,884, an increase of 1 3 % over $58,402,180 for the fiscal year ended J u n e 30, 1950, and an increase of 24% over $53,394,760 for the vear ended June 30, 1949. I n his letter to stockholders accompanying the report Louis W a r e , president, pointed out that while b o t h sales and earnings continue to show satisfactory increases over previous years, sufficient time h a s not elapsed since the sale of additional shares of common stock to realize earnings on the investment o f the proceeds. "The working capital a t J u n e 30, 1951, w a s $30,618,768, an increase of $10,941,9 8 5 during the year/' h e said. Cash balances were $14,525,651 compared with $8,304,003 a year ago. The corporation also had $1,100,000 in U. S. Treasury savings notes on June 3 0 , 1951. T h e increased volume of sales has resulted in accounts and notes receivable being higher t h a n a year ago. The increased inventories reflect higher costs and a larger volume of business. Additions to fixed assets aggregating $5,227,061 included a n e w acidulating and mixing plant at Texarkana, Ark., to replace t h e one destroyed by fire last year, a sulfuric acid plant at Mason City, Iowa, and additional superphosphate a n d fertilizer storage facilities at Lockland, Ohio; Hartsville, S. C ; Greeneville, Tenn.; Tupelo, Miss.; a n d Somerset, Ky., as well as a new building for the manufacture of superp h o s p h a t e at Spartanburg, S. C. Newshops a n d automotive service center for t h e Florida phosphate division were completed, and work has been started on a n e w phosphate chemical plant in Florida. T h i s n e w phosphate cbemical plant, together with other constmc'.ion n o w in progress, requires the expenditure of substantial amounts of money, a n d the corporation is currently committed on purchase orders and contracts for construction work to the extent of approximately $13 million. 3904
Sales of plant food during the year were slightly above t h e previous year and earnings of t h e plant food division were improved. W i t h the continued high demand for food products and large crops in this country, sales of fertilizers are expected to continue at a high level. T h e shortage of sulfur a n d sulfuric acid will he a limiting factor for the production of fertilizers. During the past fiscal year, the potash mine a n d refinery at Carlsbad operated at capacity, producing a total of 644,000 tons of all grades of potash. This compares with approximately 479,000 tons produced during t h e previous fiscal year. T h e demand for potash for both agriculture and industry continues strong. While t h e use of potash by industry is relatively small compared to consumption by agriculture, it is continuing to grow a n d t h e production of t h e Carlsbad chemical plant lias b e e n increased by some 3 0 % recently. Further expansion of this unit is planned. T h r o u g h t h e acquisition of Innis, Speiden & Co., a considerable portion of this production of chemical grade potassium chloride m a y b e used as t h e raw material for the Niagara Falls plant. T h e amino products division showed continued progress during t h e year in sales a n d substantial improvement in profit after allowing for sizable expenditures for the development of n e w pharmaceutical products. Principal improvement came in sales of Ac'cent (pure monosodium glutamate) to all three main markets, food processors, institutional users, and housewives. Activities of the research division have been expanded during the year and this growth will b e continued, Mr. Ware said. A n e w central research laboratory, now under construction near Chicago, will b e completed this fall. T h e division is engaged in important research for the Atomic Energy Commission. Special emphasis will he giA'en, also, to amino products, fine chemicals, a n d pharmaceuticals. " W i t h the accquisition of Innis. Speiden \ Co. and Thomson Phosphate Co. the completion of the n e w plant food factory at Fort Worth, and other expansion, it is expected that total sales will increase. The corporation is in the strongest condition in its history," Mr. Ware's letter concluded.
Diamond Holders Approve Split and Purchase of Kolker Stockholders of Diamond Alkali Co. have authorized a split of t h e company's common capital stock on the basis of two shares for one and also authorized t h e board of directors to exercise an option to CHEMICAL
acquire Kolker Chemical Works, Inc., with -33,500 shares of Diamond stock. Company officials said that after the necessary details for making t h e split are worked out, stockholders will b e advised in writing within t h e next 30 days on exchanging their present shares for the new shares. Both the stock split a n d the Kolker acquisition h a d been previously recommended b y the board.
N a t ' l Lead's Sales, Earnings Show G r o w t h National L e a d Co. earnings for t h e first half of t h e year amounted to $12,961,777, as compared with $12,578,051 for t h e first six months of 1950, according to the semiannual report released b y Joseph A. Martine, president. After payment of preferred dividends, these earnings were equal to S3.51 p e r share on t h e common stock. T h e corresponding period of 1950 showed earnings of $3.43 on t h e common. Sales w e r e $204,891,292 against $138,446,358 in the first half of 1950, and earnings before federal income taxes rose from $21,843,216 to $32,645,554. Provision for federal income taxes in t h e first six months increased from $9,265,165 in 1950 to $19,683,777 in 1951.
Dividends Declared Minnesota Mining & Mfg. C o . has declared a $1.00 per share dividend on preferred stock a n d a 25 cents per share dividend on common stock for t h e second quarter of 1951. T h e dividends are payable on Sept. 12 to stockholders of record on Aug. 22. A dividend of 25 cents per share has been declared on the outstanding common stock of Commercial Solvent Corp., payable on Sept. 28, to stockholders of record a t the close of business on Sept. 6. Celanese C o r p . of America has d e clared a dividend of 75 cents per share on the common stock, payable Sept. 22, to stockholders of record Sept. 7. At the same time t h e board also declared a regular quarterly dividend of $1.125 p e r share on the 4.5 r / ' preferred stock, series A, and a regular quarterly dividend of $1.75 per share on the 7 % second preferred stock, both payable Oct. 1 to stockholders of record Sept. 7. Hercules P o w d e r Co. has declared a dividend of 5 5 cents a share on common stock, payable Sept. 2 5 to stockholders of record at the close of business Sept. 10.
Closing M a r k e t Prices At t h e close of business on Sept. 10, the stocks mentioned above were q u o t e d as follows: Int'l Minerals Diamond Alkali N a t l Lead Minnesota Mining Commercial Solvents Celanese. 5.59c Pfd 7% Pfd Hercules Powder
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35V* ( bid ) 76 92V* 44 _ 29"/s 113 149V* 77V2
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