Document JNmXmVNoa0nXrMnXox91YmDOZ

V"-. . -^.r:V.^;-:. .-T,'-- ..'-^ \ : *.- '".:v:>v ' :'.v-. -.^k--'- : --'-' .<,, >Y' *' V^V.-vT^ " ; .'jt'f-'it*y~< - .^.- ~> ,i ;.' -' - `i'>'-' .>'*'-'-'"a.-``.v.'V(-''. ` '-^ '"---'.-1 *.M>*.--'->';'A'**.C--.lw'TOr? fN1--- -v% '. ` s c.\: JIAUL STREET JOURMAL". > l?39 i, ... . ,.. T^-fiS,.... W' nopprottal,/. oitio'`-;BerJ &>- rfrt i _ ^^pajiswi:___ .. -. . . isanto ChemlcaT & *t44 ita-r^)l'; .ptrnched position plastics, ffrug, rulkjer, tactile, .,papej^lj|p^|i apd ptlierhasic industries During ffecfenit years / only'"about one-sixth of aggregate revenue*-- ; and a smaller percentage of net returns--bu been obtained from- the English subsidiary. '-%,.y :'5"`v'; ' * -v'u; Aided by benefits arising from expansion policies pursued, the enterprise In 1937 had lifted net incline to a record peak at nearly $5,000,000, or $4.40 a common share. "This represented nearly three times the profit Which had been obtained back in the boom year, 1929. -And while depression conditions prevailing in most of 1938 spelled a return V'eqtla!' to' but $2.35 a; share," resumptipn df the uptrend has "been witnessed thus far ' this year. Attainment of new record earning power seemingly, could'be looked for colnci- dent with sustained broadening of prosperity. : / ,. ' V * f* * : . ..': ' - :-v t - : ;j:,. There is .somewhat less than $12,000,000 , par amount - of subsidiary and parent com pany preferred stocks preceding in .the capi tal structure the 1,241,712 "MTC"' common shares. - Financial condition is strong, cash items of more than $5,700,000 at latest act count alone exceeding in amount all near term indebtedness. .Bulwarking the .rising level of earnings,' this suggests that directors poky see their .way'.clear over the period ahead for supplementing, or increasing, the current regular $2 per share annual dividend rate.. A.S .true j of common shares at practi' cally all enterprises engaged in the chemical Industry,' the junior stock, at 109%, capitalizes with seeming extravagance Indicated current returns. Yet, among equities in this classi fication, it is generally regarded as one of the soundest. ' '- y\- DSlv 331220