Document 65eyD2QNN77ENjxgzEaOj9NbR

NATIONAL LEAD COMPANY 15 Exchange Place, Jersey City, N. J. Report to be Presented to the Stockholders at their Forty-sixth Annual Meeting, April 21, 1938, for the Fiscal Year Ended December 31, 1937 To the Stockholders of National Lead Company: The following is a Consolidated Balance Sheet and Earnings Statement of National Lead Company and all of its domestic subsidiary companies in which it owns all of the capital stock, for the twelve months ended December 31, 1937. The dividends received from foreign corporations owned in part or in whole, domestic corporations not wholly owned, interest on bonds and miscellaneous items not directly connected with current operations, are included in the item "Other Income". Dividends on National Lead Company Preferred and Common Stocks owned by the Company itself are not included in this statement, either as disbursements or as income. Current Assets: Cfsh ................................................................................................................................................................... U. S. Government Securities (Market Value $1,215,921.81).............................................. Other Marketable Securities, Domestic (Market Value $ 816,013.50).................. $ 608,012.68 Other Marketable Securities, Foreign (Market Value $1,819,693.92).................. 1,416,953.08 $ 6,900,065.89 1,147,88829 2,024,965.76 Accounts and Notes Receivable.......................................................................................... $ 7,045,131 04 Less Bad Debt Reserve.................................................................................................... 693,132.47 6,351,998.57 Notes Receivable from Employees................................................................................................................ 167,344.95 Inventories (at Normal Prices, Excess at cost or market)................................................ !!!..!!!! 22,085738.14 Total Current Assets.................................................................................................................................................. Investments: Securities of Affiliated Companies (at book value in no case exceeding cost) Domestic .............................................................................................................................. $ 5,064,469.09 Foreign ................................................................................................................................ 8,838,820.81 $13,903289.90 National Lead Company Capital Stock (29,883 shares Preferred A; 25,815 shares Preferred B; 3210 shares Common). (Market Value $8275,499.63).......................................... Miscellaneous Investments (not listed on any exchange) 6,950229.77 Domestic .............................................................................................................................. $ 352,606.33 Foreign ................................................................................................................................ 124,45275 477,059.08 Total Investments........................................................................................................................................................ Fixed Assets: Plant Properties and Equipment--Gross Property.............................................................................. $74,063,169.69 Less: Depreciation and Depletion Reserve.................. ........................................................................... 28212242.60 Deferred Charges ............................................................................................................................................................................. $ 38,678,001.60 21,330,578.75 45,850,927.09 125,137.16 $105,984,644.60 I i - Current Liabilities: Accounts Payable, audited but not due................................................ Tax Reserve .............................................................................................. Dividend Payable February 1, 1938 on Class B Preferred Stock Total Current Liabilities...................................................... Reserves: Fire Insurance Reserve.............................................................................. Employers Liability Reserve.................................................................... Pension Reserve ........................................................................................ Foreign Exchange and Miscellaneous.................................................. Capital Stock and Surplus: Capital Stock: Preferred Class A--Par Value $100 Preferred Class B--Par Value $100, Common --Par Value $ 10, Earned Surplus .................................................. Capital Surplus .................................................. Total Capital Stock and Surplus. $ 3,680,36621 1,981,422.33 116,193.00 $ 5,777,981.54 $ 4,797284.02 426,664.30 3,7%,880.41 166,542.67 9,187,371.40 Authorized $ 25,000,000.00 25.000.000.00 50.000.000.00 Issued $24,367,600.00 10.327.700.00 30.983.100.00 $100,000,000.00 $65,678,400.00 $25220,172.46 120,71920 91,019291.66 $105,984,644.60 DETAILS OF PLANT INVESTMENT Gross Property ...................... .................... Less Depreciation and Depletion Reserve Net Property Dec. 31,1937 Dec. 31,1936 Increase $74,063,169.69 $72,604732.57 $ 1,458,437.12 28212242.60 27,304,012.53 908230.07 $45,850,927.09 $45,300,720.04 $ 550207.05 The present Normal Stocks of the Company are as follows: L-ad ............................................................................................... T:n ................... . .... ............................................................. Antimony ............................................... 49,687'/ short tons valued at $0.03 per pound. 1,124/ short tons valued at .21 per pound. 259 short tons valued at .05 per pound. Stocks in excess of these normals are valued at cost or market whichever is lower. 0000-NLI-000018199 r CONSOLIDATED EARNINGS STATEMENT 1937 Sales ............................................................................................................................................. $91,947,302.89 Cost of Goods Sold..................................................................................................................... 75,968,165,83 Gross Profit on Sales............................................................................................................. $15,979,137.06 Other Income ............................................................................................................................. 2,240,127.43 Total Gross Income............................................................................................................... $18,219,264.49 Administrative, Selling and Other Expenses...................................................................... 9,497,639.12 Depreciation and Depletion..................................................................................................... 1,682,818.56 Taxes ......................................................................................................................................... 2,151,855.38 Total Net Income................................................................................................................... $ 4,886,951.43 Dividends on Preferred Stock Outstanding--Gass A.......................... $1,496,551.00 Gass B.......................... 464,772.00 1,961,323.00 Amount Earned on Common Stock...................................................................................... $ 2,925,628.43 Amount Earned Per Share of Common Stock Outstanding.......................................... $.945 $ 1,461,551.00 464,772.00 1936 $ 78,764,589.87 59,947,920.53 $ 18,816,669.34 1,779,350.75 $ 20,596,020.09 9,888,18928 1,445,76427 2,029,535.96 $ 7,232,530.58 1,926,323.00 $ 5,306207.58 $1714 ANALYSIS OF CONSOLIDATED SURPLUS 1937 Earned Surplus--at beginning of year................................................................................ $23,842,094.03 Add: Net Income twelve months............................................................................................ 4,886,951.43 Surplus Adjustment ....................................................................................................................... .......... Deduct--Dividends Paid During Year: Preferred Stock Outstanding--Gass A................................................ Gass B................................................ $28,729,045.46 $1,496,551.00 464,772.00 1,961,323.00 Common Stock Outstanding................................................................................................. 1,547,550.00 Total Dividends Paid........................................................................................ $ 3,508,873.00 Earned Surplus--End of Year................................................................................ $25,220,172.46 Capital Surplus--End of Year............................................................................................ 120,719.20 Total Surplus ..................................................................................................... $25,340,891.66 $ 1,461,551.00 464,772.00 1936 $ 20,833,821.56 7732,530.58 917,884.09 $ 28,98473623 1,926,323.00 3,095,100,00 $ 5,021,423.00 $ 23,842,094.03 120,71920 $ 23,962,81323 'Includes provision for the tax on undistributed profits. 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