Document 0ad32Opz3V0QKyaQ7Dg83rJ

Annual Report NATIONAL LEAD COMPANY For Fiscal Year Ending Dec ember 30, 1893 il Principal Office: 1 Exchange Place, Jersey City, N. J. Executive Offices: 111 Broadway, Sew York City 0000-NLI-000017829 NATIONAL LEAD COMPANY 1 Exchange Place, Jersey City, 5. J r Report Presented to the Stockholders of National wd Company at their Second Annual Meeting, February X5, 1534, for the Fiscal Year Ending December 30,1893 to the Stockholders of National Lead Company: The last Annual P.sport presented details of the or- ganization of the Company ana it 3 operations for the fiscal year of 1892. The Balance Sheet showing condit ion of the Company on December 30, 1893, is as follows: ASSETS * Plant Investment, 1/1/1893. 23,241,920.58 ^Additions to Plant and Con- -------- -- 1-- * 425,334.15 23,668,144.73 417,557.16 ii Total Assets 94,600.00 96,000.00 4,203,043.28 190*SCO. CO 1,232,003.04 388,321.54 1,100,802.90 j. I 31,200,472.65 at .1 ^Pi ta 1 S t oofc-C ocr.on.............. 15,000,000.00 1 -Preferredd_._._._. 15,000,000.00 30,000,000.00 fttplus, December 30, 1393.............................. .. 950,355.81 37,603.25 212,513.53 Total Liabilities 31,200,472.65 tea, ed together with a statement or surplus Account. -1 0000-NLI-000017830 AS9ET3 * ^ to . OJ OJ * * GO o * 35 CO to g J CD tfl <u ^ TJ CO *<J* to ^n o to s> i-t ao to o cq 01 H * r- iH *O *o * a tO o cc W to cJ r-t tO G) * , CD ri o r-t tO ri Q o # # * fi- * H * %f CO * *j* . CQ Cl CQ CD C- in CO H % CD if +m lO <% O CO t- to c ci co an a M ** c- -t to ri <CG * to * * B OT ci > CD f* * O C CO M Kfi to tO <0 00 O O X) CD P-HCIOO to CO r-i tfc-notnHw CO '< m o o o 0- * rt tO O CD O n 00 1* o %% A * to CD C- to O C3 CD O o CD H OGtO CO C o CO ** C3 r- to f-i OI o * * * l<) H HH M # \ to CO coo^or-raw CD in < in o d <-1 f OS rl O CO Oi O O 03 * H t'2 lO Ci O * tr CO O to CO rH CD CO w ^ ^ 4 % % A * to H H O ^ Ci (y <-t ti* to '3* O ea xj i-t j> O ** * - 4 a to (O > r-< Q Cs* to Oi * * * o * H ) a < ^ ^ * <23 (t 4 C C t H {> O <S) ,* J2-H fcc 13 ri o d +> +3 G O M > O t) tit d p C c Q 43 O K cl (X >> o C C O >, O cn S HH O h C (S +> s 3 H C 4- X CD W 3 t~* C o rtfl o o 3 c c o <) c f> o 4; -> d o 6 o*3 o<onhO!5< t- to O "* tO O GO CO tO a O to to to OIGOH * o to o %^ H to o or- O CO to ri cr> O D' o * M Oo C"* Q to MM y~* ca o to GO < OtO o M * * r-t O CD CD *<# OO % o e- r- g o H 4^ to O to to to ocfitot- o -t o% oo Q to * #*#* * o * H * - 40 X 3 o Ss o d -p * ft. 03 n CD ri m es-p 3 33C +> f-t ri c.p o t- 4 O 3Oo oma< o a; H r< *-3 rH ca 6o- -2- 0000-NLI-000017831 co Otom too- C*- C^ tCoO 0C5O CD ft 00 *0 fr* H COCl c\* * o CtoM* <HO*A> oo oo oo oc o00 o03 oCO CoM CDn CO* CO^CO o oO o<D o 0o3 O cq 05 oo r-t CO CD CCOO ntn to* ft t>o* oin * fot co cm oo orto*f o<n* OOA r*t r--ttf OM i3 to co r- co O ft CM to Tl w a l-l OOOO O +> tO tn O O CO a S3 S3 ft u TJ 0s t~l <U `dts K 9 0 tJ % aa c 0 0 to 0 tie rl a. t* ^4 0 -r* > Tt u c 33 c 0 Q ** O O 4 H ** * O * o & ** * * * *** * * * * ** * * * * m ft a. u S3 co <J> m to <n n rtrldrt i i11*CS03 0oC3. 0O >* bD -3 - r 0000-NLI-000017832 RECAPITULATION Assets Increased.............. Liabilities Decreased.... Assets Decreased.................. Surplus adds! durinm 1393 ) Si,399,558.98 177,475*49 *1,577,034.47 1,490>385.03 86,649.45 , ! It will be observed that there has been a diminu- i, tion of stock on hand of Si,289,356.26. This is ! occasioned mainly by the fact that preceding the year <i 1893 we haa been very extensively engaged in the smelt- [. ing business for the purpose of aiding in securing our ii supplies of pig lead, and, incident to thia the araelt- | ing, refining and parting of 3ilvsr ores. It became |I evident to the Board of Directors that, in operation, ' ; the Sherman Silver Purchase law had failed of its pur- ! pose, and that it was the desire of the English govern- ; Kent to bring India to a vole. basis, to escape from the threatened disaster of the over-production of silver. It was deemed wisest uni best tc curtail our operations in silver smelting aa rapidly as possible and, after i mo9t careful consideration, it was determined that our smelters at Leadville should be closed in March, 1693, and, as scon as the various oontracts we had for bullion1 and ores had expired, to also close our smelters at St. Louis, which was practically done in June, and the refining and parting plant soon thereafter. In doing this, the 3tock of silver in ores at Leadville and St. Louis vas converted into oash, which is now m the treasury of the company. The extraordin- ' ! ary depression in the prise of silver ha3 continued into the present year, and it is not the purpose of the Board to resume smelting operations on the former large aoake until some substantial and reasonably fixed value for silver has been reached, and the business placed upon 3ush stable foundations as will make it practicable to realise fair profits on the investment. It will further be seen that the profits in the business were not so large as in the preceding year, Mainly arising from the operations of the smelting ! 0000-NLI-000017833 plants, the fact that for quite a period of the year j the prices for Linseed Oil asre quite lov, and the J diminished out-cut in all branches of the business the list half of the year. In July the finanoial panic j occurred, the cc-ct extraordinary and far-reaching this ! country has ever seen, producing stagnation of business ! in all directions, the effects of ahich sere severs ' upon title company* Added to the paralysing ex foots of ' | the panic, saa the knowledge thrift a ner tariff sac to i' be formed, *hich ^ould mors or less affect all ssrajfaat- \ : urlng and mercantile business, so that during the latter part of the year the relume of sales and deliveries iras vary greatly bisiaisbeb. Your Board of Directors, keenly alive to the con dition of trade and impending changes, and being able to purchase supplies oh a loar basis, gradually re duced the price of their cosuolitiaa, so that at the time this- report is being prepared our Load products arc being soli at a lo^er price than aver before hno-n in the history of the country. In liay, having a surplus earned ia the preceding year, and a reasonable prospect of continuous good business; at the sitsa, your Board thought it right to pay a dividend of 1% on the Common Stock, and, again, at their meeting in June, concluded to pay on August let, another dividend of V% on the Common Stock, Find ing that our trade continued on the beais of the pre ceding six sonthg in former years, we quite justly, and aith ax f sty, dii so. The dacaging affects of the panic commencing in July mere intensified in August, and your Board thought it finest and most prudent that they should not ray further dividends on the Coeron Stock until the extraordinary deprescion in business hal been overcome, the country again started on pros perous line,`and until tariff legislation then impend ing and nov ore-res sing should be fully determined'. It be further observed that the surplus fund is $920 ,355.81, ohich ia nos si3ely employed in the Conduct cf the business, but is applicable for the paykent of dividends whenever It nay be thought prudent. : It is al30 ahean that cur aortgago indebtedness "k been reduced tc *37,603*25, and I aa glad to say * that nroviaion ba.3 been made for the early payment and |Q&cogilotion of all mortgages, excepting soma small -5- 0000-NLI-000017834 annuities to which the oompany succeeded and which can not at present be paid off. | The additions to Plant and Construction represent investments and enlargements at New York, Philadelphia, Chicago and St. Louis, and expenditures made necessary by the extension of our lines of manufacture to pro- . ducts not heretofore made, and from which we have a reasonable expectation of added profit. !" \ j It affords me pleasure to a?.y that the Officers of this company> ana the entire managerial 3taff, have voluntarily consented to a reduction of their salaries lCfj for the coming year, and have addressed themselves to the introduction of every conceivable economy. ! ' ! ! 'jj if The stockholders will bs gratified to know that the month of January of this year shows the largest ? volume of business for the same month in the history of ! the company. We have so perfected our methods that we !.' can state without question that the goods manufactured hy the National Lead Company have no superior, and to '! such an extent have they succeeded in satisfying cus tomers that scarcely a complaint has been made within g the last year. I very strongly recommend to our large ;f, list of sfcareholaera to take an active interest in ex tending <s.nd increasing our lines of business. We have ; demonstrated beyond question that the use of White Lead, in connection with our Tinting Colors, is the beet, most durable and efficient covering of any paint; and the Knowledge of thin ought to very materially increase the volume of cur sales. Respectfully, W, P. Thompson, President. Sfe 6 * 0000-NLI-000017835