Business: Ice Stones

The Pennsylvania Salt Manufacturing Co. was founded in 1850 near the salt deposits of Natrona, Pa., to manufacture alkaline salts of soda. Its process was a failure. Oil found on its land helped to keep it alive for a few years—it became the first company to export refined petroleum from the U. S.—500 bbl. to London at 5¢ a gal. But “Salt” has paid dividends every year since 1863, and last week was able to announce the most profitable year in its history: earnings of $11.79 a share on 150,000 shares of stock.

The reason for “Salt’s” prosperity is that around 1860 when it was struggling to keep alive, Danish geologists learned of a white stone in Greenland which the Eskimos called “ice-that-will-not-melt.” The Danes called it Kryolith, and five years later they gave “Salt” exclusive U. S. rights to their product.

In 1865 Cryolite was used only in making caustic soda, sodium bicarbonate and alum. But “Salt” presently learned that it formed an excellent flux for manufacturing opaque glass and for coating enamelware, tile and porcelain. Best of all it turned out to be a valuable ingredient for aluminum. Rocketing aluminum sales and war scares lately have boomed the cryolite trade. ‘”Salt” maintains its monopoly with ease since the mines discovered by the Eskimos at Ivigtut, Greenland, remain the only ones in the world. Because the mining season is necessarily short, “Salt” usually gets but two shipments annually on little Scandinavian freighters. Last week, however, the good ship Einvik docked at South Philadelphia for the third time this year, plans still another trip, which will be a record.

By no means as big as many another U. S. chemical company. “Salt” has plants at Natrona, Philadelphia, Wyandotte, Mich., and Tacoma, Wash., owns a controlling interest in Taylor Chemical Corp. of Penn Yan, N. Y. “Salt” sells germicides, liquid chlorine, acidproof cement, bleaching powders, lyes, numerous other chemicals, but makes no table salt.

Dominant figure in the company for its first 50 years was George T. Lewis, a bewhiskered gentleman who has been called the “first great chemical enterpriser” of the U. S. Present president of “Salt” is Leonard Tillinghast Beale, great-nephew of George. Extremely conservative and retiring. President Beale. 56, has headed “Salt” since 1928. In “Salt’s” annual report last week he announced a net of $1,769,407 for the year ended June 30. as against $1,285,645 for the previous twelve months. Dividends totaled $1,200,000.