B U S I N E S S & F I N A N C E
Where the Chemical Industry Stands v*,nt ; r i !
EliSGuit bakinef.. Leavening
gypsum removal., Neutralizing
each uses a different property of
SOLVAY AMMONIUM BICARBONATE - y33
- ' ? ^ \ ^ ^ . Ji ^sifc^ r s ^ i ^ V : * * * W H I C H O F T H E S E P R O P E R T I E S C A N Y O U U S E ? Physical and Chemical Properties Molecular Weight: 79.06
Solubility in Water: 14% at 10C, 17-4% at 20C, and 21.3% at 30C.-Insoluble in alcohol.
Negative heat of solution
Stability: Relatively stable at room tempratures.
Volatility increases sharply above 14O0F.
Decomposition product ratios are as follows:
Ammonia gas (NHa) 21.5%
Carbon dioxide gas (CO*) 55.7%
Water vapor (HaO) 22.8%
pH of 1/10 solution at 25 C: 7.8 Appearance: White Crystals Quality: Exceptionally pure. Food grade. Very low metal content.
. ' -i ivX"- _ J i f f - , _ ^S2&Z:Z 1 ~:Jt22 "1"
Aluminum Chloride Vinyl Chloride Calcium Chloride Potassium Carbonate Sodium Nitrite Caustic Potash Snowflake Crystals Sodium Bicarbonate Caustic Soda Ammonium Chloride Methylene Chloride Methyl Chloride Ammonium Bicarbonate Ortho-dichlorobenzene Chloroform Soda Ash Monochlorobenzene Carbon Tetrachloride Para-dichlorobenzene Chlorine Cleaning Compounds Hydrogen Peroxide
The leavening of thin-baked goods, the neutralization of strong leather-making acids and the removal of gypsum from processing equipment are typical of the many and diverse processes that have adopted properties of SOLVAY Ammonium Bicarbonate. These properties include the economical and complete volatilization to a nontoxic gas at low temperatures and without residue. Its solu-tions have lower pH and yet greater neutralizing ability than certain competitive alkalies. It also provides a dry, crystalline source of ammonia for packaged cleaning compounds.
Whether your need ranges from a material to create voids, to mild neutralization of acids, or to a dry source of ammonia for household cleaning compoundscheck the properties of SOLVAY Ammonia Bicarbonate.
Check This CouponMail Today
SOLVAY PROCESS DIVISION ALLIED CHEMICAL & DYE CORPORATION1
61 Broadway, New York 6, . .
Please send m e without cost: Test Samples of SOLVAY Ammonium Bicarbonate. Specific information requested in my attached letter.
N a m e
C i ty . _Zone_ State- DL-1C
OCT. 2 2. I956 C&EN 5 1 7 9
"The Versatile Des /ccan t "
DRY GASES f o r the
DRIER1TE LABORATORY GAS DRYING
Constructed glass and metal
employing indicating DRIERITE
Literature on request
W. A. HAMMOND DRIERITE COMPANY
XENIA O H I O
SXE CAN BE CONTROLLED!
Through use of the correct aromatic
compound, objectionable industrial or
product by-odors can be made inoffen
sive easily, effectively and economi
cally. As pioneers in the field of indus
trial odor control, we can give you
helpful assistance toward the elimina
tion of almost any unpleasant or sales-
retarding odor with which you may now
have to contend. What is your odor
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FRITXjCHE tart 9
PORT AUTHORITY BUILDING 76 NINTH AVENUE, NEW YORK 11 , N.Y.
BUSINESS & FINANCE
to sales dropped from 2 to a s low as 1.5 in early 1955, but now appears to b e climbing. Over-all, inventories appear to be i n good balance, not a t all so overbalanced as to preclude upward price adjustment for most chemicals. Inventories could expand 109fe before bringing on. a statistically weak position.
Profit Squeeze. The tbird quarter produced a squeeze on profit margins for many chemical firms, as t h e steei strike and some curtailments in aluminum and glass industries reduced sales of coke, soda ash, and sulfuric acid. The fertilizer picture was -weaker than expected, and overcapacity, particularly in nitrogen, caused price cuts. Automobile output was way down, thereby contracting demand for plastics and such chemical staples as phthalic anhydride. Textile business
has been depressed, though signs point to a slight pick-up in dyestuff prices and sales.
All in all, chemical industry business hit the bottom in the third quarter, and lasting effects in the form of higher steel prices and higher wage scales will be felt.
More or less a constant factor in chemical profits i s start-up expense, which has burdened earnings for a number of companies this year and may continue to drag earnings for the next several years in view of growing construction expenditures. However, future profits flow from current capital projects.
Lately a rash of price increases has broken out for such basic chemicals as alkalies, chlorine, nitrogen products, and acrylonitrile. Upward price ad-
5 1 8 0 C&EN OCT. 2 2. 19 56
For Permanently Plasticized Copolymers . . . Rohm & Haas Acrylate Monomers
When you copolymerize R o h m & Haas acrylate monomers with vinyl chloride, vinyl acetate, vinylidene chloride, acrylonitrile, or styrene you get pe rmanen t plasticization. T h e p r imary chemical bonds which are formed m e a n that the acrylates cannot be extracted by even the strongest solvents and cannot migra te or volatilize.
As a result, films and coatings remain flexible
longer aad withstand attack b y heat and ultraviolet light.
Acrylate copolymers generally requi re lower processing temperatures, too, forming films readily because of increased flow. Often, copolymerization with acrylate monomers may be t h e only plasticization necessary. External plasticizers can still be a d d e d if desired. Wri te for your detailed booklet.
ROHM & HAAS ACRYLATE MONOMERS
Methyl acrylate Ethyl acrylate Butyl acrylate 2-Ethylhexy! acrylate Methyl methacrylate Butyl methacrylate
Ethyl methacrylate Hexyl methacrylate Decyl-octyI methacrylate Lauryi meinacrylate Stearyl methacrylate Glacial methacrylic acid
Chemicals for Industry
ROHM HAAS C O M P A N Y
WASHINGTON SQUARE, PHILADELPHIA 5 , PA.
Representatives in principal foreign countries
O C T . 22, 1 9 5 6 C & E N 5 1 8 1
Pohttemlcals ' / \DIVISIONU
West Virginia Pulp and Paper Company
CHARLESTON A. SOUTH CAROLINA
mm mm '-' ' m ' m* " ' "1
Remove proteins more easily w i th
MBUME! INDULIN precipitates proteins from industrial process waters. Precipitates are rapid filtering, eitsUy dried, usable in animal feeds. Purified liquors give better major products or more thoroughly decontaminated waste waters.
Egg and blood albumin, casein, hemoglobin, gluten wheat, keratin are precipitated almost quantitatively. Good protein removal is achieved also with pulp press water from sugar beets, thin stillage, grain syrup, antibiotic broths, vegetable-derived beverages, wool scouring solutions.
Send for sample and bulletin No. 105.
R A D I A T I O N MEASURING INSTRUMENTS including complete nuclear counting systems, portable count rate instruments, scaling units, all types of radiation detectors, health monitoring instruments for personnel protection, accessories for the nuclear laboratory. Write for your copy of Catalog today.
C'4 LABELLED COMPOUNDS for tracer applications
Nuclear-Chicago offers the most complete list o f carbon-14 compounds available from an> source, including ring labelled aromatics, alcohols and fatty acids, carbohydrates, organic and inorganic intermediates, miscellaneous compoundsover 144 carbon-14 compounds in all. Price list available on request.
nuclear Nuclear Instrument and Chemical Corporation
BUSINESS & F I N A N C E
justments will probably continue over the balance of the year. The erosion in profit margins is one of the chemical industry's facts of life. Nevertheless Chemstrand i s netting pretax earnings of 40% on sales of nylon, Titanium Metals Corp. of America has turned in a 46% profit margin, and Montrose of California shows a 35% margin on D D T . Conversely* the rush to get into isocyanate production may have produced losses for Du Pont, National Aniline, and Mobay, losses which should turn into profits when the market for polyurethanes develops as expected.
The profit squeeze so far this year has dropped operating earnings for Du Pont, Allied Chemical, Hercules Powder, and Rohm & Haas. But most other chemical companies should produce modest to good gains. In a manner of speaking, chemical companies will have to run harder in order to inch ahead.
CHART CREDITS: Inventories and Sales (Chemical), Vinyl Resins, Phenolic Plastics, Cellulose Acetate Plastics Department of Commerce.
Profits in Oils For petroleum stocks, long-term price trend been upward
OENCE EARLY AUGUST the performance of common stocks of most leading petroleum companies has reflected sharply unsettled conditions in the Middle East. As a result, C&EN's index of oil shares (see page 5180) has dropped considerably below its midsummer high.
Looking at the long-term picture, however, petroleum investments have
done very well by stockholders. Despite recent weakness, C&EN's index is still over 10% above its level at the start of the year and has more than doubled since early 1954.
And if you go back still further* the record looks very good indeed, as data recently published by Stanford Research Institute show. Last summer SRI issued data covering the investment record of chemical stocks over the past 20 years as part of its "Chemical Economics Handbook" (C&EN, Sept. 3, page 4294) . Now the institute has published similar information for over a score of companies in the petroleum industry.
Leading the Pack. Best record among the group on SRI's list belongs to Lion Oil (now a part of Monsanto). A $1000 investment in Lion stock at the end of 1935, when it was selling for $7.50 a share, bought shares worth $38,352 (after subsequent stock splits) as 1955 closedfigured in terms of Monsanto stock received when the two firms merged last year. In addition, cash dividends totaling $9893 were paid on the shares over the 20-year period.
Of the larger firms, Texas Co.'s record is the brightest. At the end of 1935 Texaco shares were selling at $29.75 each. After being split two-for-one in 1951, they were worth $121.50 on Dec. 31, 1955. Thus a 1935 investment increased, with dividends, at an annual rate of better than 12% over the two-decade span.
None of the oil industry stocks checked by Stanford decreased in value between 1935 and 1955. In fact, all of stocks grew at an average annual rate of about 7% or better. Moreover, in most cases the rate of increase has been greatest in the last five or 10 years.
cAfcago ^^ 227 West Erie Street, Chicago 10, Illinois
Return on a
1 Texaco Shell Oil Standard ( N. J. ) Gulf Oil
1 Sinclair Oil 1 Standard of 1 California 1 Socony Mobil 1 Sun Oil 1 Atlantic Refining I Phillips 1 Petroleum Standard (Ind.) 1 Union Oil of
20-Year Investment in Petroleum Stocks |
1000 1000 lOOO IOOO
IOOO IOOO IOOO IOOO
Dividends 12/31/55 12/31/55
$8371 8272 6416 5938 4823
5495 4617 5277 4000
$2538 2464 1783 1426 2391
1269 1 Note: Cash dividends are not assumed to be reinvested
10,736 8,199 7,364 7,214
7,172 6,172 5,873 5,834
Com- 1 pound I
Interest j Rate 1
12.7% 12.6 11.1 10.5 10.4
10.4 9.5 9.3 9.2
5 1 8 2 C & E N O C T . 2 2, 1956
BUSINESS & FINANCEWhere the Chemical Industry Stands