F I N A N C E

W A L L STREET OF CHEMISTRY Steel strike reduces Union Carbide's sales by about

$5.5 million . . . Diamond Alkali also feels effect of strikes in sales and earnings Τ T N I O N Carbide & Carbon reports sales KJ for the first six months of 1952 of $452,875,394 compared with $458,307,-745 during the first half of 1951. Sales for 1952 through the month of May ex­ceeded sales for the same period of 1951. The decline in sales for the first six months of 1952, as compared with the first six months of 1951, was due entirely to the steel strike which existed throughout the month of June and resulted in a lower volume of sales of alloys, industrial gases, and electrodes, said Morse G. Dial, presi­dent.

N e t income for the first half of 1952 amounted to $46,440,458 equivalent to $1.61 a share on the 28,806,344 shares of capital stock outstanding. This compares with net income of $58,227,904 for the first six months of 1951 equivalent to $2.02 a share. Earnings were affected by the slight decrease in sales, the increased cost " of labor and materials which it was not possible to offset by higher prices, and the increase in Federal income and excess profits tax rates. Higher charges for de­preciation and amortization o n the ex­panded production facilities also contrib­uted t o the reduction i n net income.

N e t income for the second quarter of 1952 amounted to $23,059,977 equivalent to 8 0 cents a share. This compares with net income of $29,049,219 for the second quarter of 1951 equivalent to $1.01 a share and net income of $23,380,481 for the first quarter of 1952 equivalent to 81 cents a share.

T h e board of directors has declared a cash dividend of 50 cents per share on the outstanding capital stock, payable Sept. 2, 1952 to stockholders of record Aug. 1, 1952.

Pennsalt Reports Six Months' Earnings of $1.634,392

Pennsylvania Salt reports consolidated net earnings for the first six months of 1952 were $1,634,391, and for the second quarter, ended June 30 , were $710,356.

Profits for the first six months of 1951 were $2,485,914, and for the second quar­ter i n 1951 , $1,185,181.

Earnings per share for the first six months were $1.32, and for the second quarter, 57 cents on the 1,242,795 shares outstanding on June 30. These include 155,349 additional shares of stock issued in May.

In 1951, on the basis of 999,035 shares outstanding on June 3 0 , earnings per share were $2.49 for the first six months and $1.19 for the second quarter.

Pennsalt's consolidated sales of $29,-280 ,512 for the first six months of 1952

were the highest for any comparable period in the company's history. Sales of $14,515,588 for the second quarter also set a new record for a three-month period. Sales for the first six months of 1951 were $25,190,755, and for the second quarter of 1951, $12,757,888.

Diamond Alkali 's Results Suffer From O i l , Steel Strikes

Net sales of Diamond Alkali for the six-month period ended June 30 were $38,-738,466 as compared to $38,959,467 for the same period in 1951.

Net income for the first six months of 1952 after provision for federal income and excess profits taxes, President Ray­mond F. Evans said, was $2,948,195, which, after payment of the preferred dividend, is equivalent to $1.19 per share.

This compares with net earnings of $3,412,134 or $1.51 per share for the first six months of 1951.

"Sales and earnings," Mr. Evans con­cluded, "were adversely affected by strikes in the oil and steel industries, and w e have continued to experience advancing costs while selling prices are limited by government regulations."

Cyanamid's Sales Drop $17 Mill ion in First Ha l f

Net sales of American Cyanamid and its wholly owned subsidiaries were ap­proximately $183,259,000 for the first half of 1952, as compared with $200,915,000 for the first half of 1951.

After provision for taxes of $14 million in 1952 consolidated net earnings for the half year were $12,056,000, compared with $22,755,000 for the first half of 1951.

Earnings for 1951 included a nonrecur­ring dividend of $5,880,000 from Southern Alkali Corp. (investment in which w a s sold during 1951) , equivalent, after federal taxes, to $1.30 per share of com­mon stock.

Consolidated net earnings for the first half of 1952 amounted to $2.79, compared with $5.28 (including the $1.30 dividend from Southern Alkali) per share for the 1951 half.

Closing M a r k e t Prices At the close of business on July 2 8 ,

the stocks mentioned above were quoted as follows: Union Carbide β β ν * Pennsalt 54Va Diamond Alkali 35V4 American Cyanamid 547/e

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