JAS. H. OLIPHANT & CO. 
earlier when a dollar was a dollar. With this understanding the 
plants were given a net value of $93,261,000 in 1920. Today the 
plants, increased by $23,759,000 additions in the past six years, are 
carried net at $71,524,000, actually $21,737,000 less than the figure 
of 1920. This speaks well for the integrity of the plant book 
values. It is thus evident the asset value of $69.50 a share for 
Allied Chemical common stock may be taken as most conservative. 
Miscellaneous reserves ficure $9 a share on the common stock. 
Those interested in Allied Chemical believe that the industries this 
company represents are capable of important expansion in coming 
years and this lends the speculative feature to its common stock. 
The constituent companies are as follows: General Chemical Co., 
heavy acids; Barrett Co., coal tar products; Solvay Process Co., 
alkalis; Semet-Solvay Co., coke and by-products; and National 
Aniline & Chemical Co., dyestuffs. The trite phrase, ‘‘the surface 
has been barely seratched,’’ is believed to apply to the various fields 
of industry here represented; as witness the company’s recently 
announced plan for construction of a large plant for the fixation of 
atmospheric nitrogen. 
The constituent companies in the first half of 1920 (admittedly a 
boom period) earned $22,382,000 before depreciation and taxes, 
and this shows the possibilities of earning power inherent in 
the properties under favorable trade conditions. The next phase 
of Allied Chemical’s development could well be a ‘‘blossoming 
forth’” of earning power, which with its already impregnable 
treasury position would inevitably mean larger disbursements to 
stockholders, the $6 basis (increased from $4 which had prevailed 
since 1921) merely fulfilling the expectation of the original terms 
of merger. The common stock of Allied Chemical & Dye Corpora- 
tion represents a sound equity in a permanent basie industry. 
Allis Chalmers Manufacturing Co. 
Allis Chalmers Manufacturing Co. since reorganization in 1913 
has shown steady progress financially and commercially until 
today its common stock is a sound $6 dividend payer with $9-$10 
a share annual earning power, in 1927 improved by the retire- 
ment of $16,500,000 7% preferred stock through issue of $15,- 
000,000 5% debenture bonds (saving amounting to $1.66 a share 
on the common). 
With a complete line of sawmill and flour-mill equipment (flour 
milling business of Nordyke & Marmon, its chief competitor, 
absorbed last year), erushing and compressing machinery, electrical 
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