Document 9yx8VEy5KQO9N08qVgOqdmOL

Annual R NATIONAL LEA for Fiscal Yea December 31 Principal Off 1 Exchange Place, Jere 3 VO executive Of 111 Broadway, Ne 0000-NLI-000017953 t 2 Annual Report I National Lead Company \I I Exchange Place, Jersey City, N. J. Report Presented to the Stockholders at their Twenty- First Annual Meeting, April 17, 1913, for the Fiscal Year Ending December 31, 1912. To the Stockholders of National Lead Company-- The following Balance Sheet shows the condition of the Com pany on December 31, 1912: As s e t s . Plant Investment.................................................................................. $34,551,837.08 Other Investments.............................................................................. 14,578,601.14 Stock on hand, manufactured, in process and raw.................. 7,579,811.78 Cash in Banks...................................................................................... 700,957.73 Notes Receivable........ ......................................................................... 158,382.34 Accounts Receivable............................................................................ 4,394,84019 Lia b il it ie s . Capital Stock--Common............ $35,000,000.00 Unissued............ 4,344,600.00 $30,655,400.00 $51,864,330.36 Preferred......... 25,000,000.00 Unissued........... 632,400.00 34,367,600.00 Surplus, December 31, 1912 Notes Payable....................... Accounts Payable.................. 5,068,419.91 1,450,000.00 322,810.35 $51,864,230.26 A comparison with the preceding year is given in the follow ing Statement: As s e t s . Dec. 31, 1911 Plant Investment.. $24,327,472.08 Other Investments 14,365,277.26 Stock on hand___ 7,173,439.28 Cash in Banks.... 1,057,221.81 Notes Receivable.. 104,555.37 Accounts Receivable 3,142,255.88 Dec. 31, 1912 $24,551,637.08 14,578,601.14 7,579,811.78 700,957.73 158,382.34 4,294,840.19 Increase $224,165.00 213,323.88 406,372.50 53,826.97 1,152,584.31 Decrease $356,264.08 $50,170,221.68 $51,864,230.26 $2,050,272.66 $356,264.08 Dec. 31, 1911 Common Stock........$20,655,400.00 Preferred Stock... 24,367,600.00 Surplus .................... 4,901,581.11 Notes Payable........ Accounts Payable.. 245,640.57 tBILITIES. Dec. 31, 1912 $20,655,400.00 24,367,600.00 5,068,419.91 1,450,000.00 322,810.35 Increase $166,838.80 1,450,000.00 77,169.78 Decrease $50,170,221.68 $51,864,230.26 $1,694,008.58 0000-NLI-000017954 National Lea Su r Surplus, December 31, 1911................ Net Earnings during 1912 .................. Div id e n d s Pa On Preferred Stock-- March15, Dividend No. 81............ $ June 15, " No. 82............ Sept. 16, " No. 83 4 Dec. 16, " No. 84 4 On Common Stock-- March 30, Dividend No. 33......... $1 June 29, " No. 34......... 1 Sept. 30, " No. 35......... 1 Dec. 31, " No. 36............. . Surplus, December 31, 1912... The foregoing statements the Company at the close of it 1912. The net earnings for 1 the preceding year. The regu was paid on preferred stock, stock aggregating three per cen which has been added to the su of the surplus is now $5,068,4x Plant In The Plant Account shows which is explained as follows: In the year 1909 the increas White Lead had been packed with a desire to secure a better to make a radical change in th steel kegs for the wooden kegs. at that time suitable in all resp existing productive capacity la supply, your managers decided manufacture the steel package This was speedily done. This ' nected therewith have been kep profits accruing from its ope against the cost of the plant u plant has been entirely paid f writing off a conservative amou gers that the steel package p plant account. 0000-NLI-000017955 4 Annual Report Other Investments The increase in the item "Other Investments" is for the most part accounted for by the completion of our payments on account of the increase in the capital stock of the United States Cart ridge Co., to which reference was made in the report of last year. Notes Payable With reference to this item, $1,450,000 increase compared to 19x1, this is to be said: The policy of the Company regarding the maintenance of its properties, the concentration of its plants and extraordinary reconstruction, as explained in detail in the report of last year, taken together with the additional requirements of its subsidiary companies, the business of all of which is increasing in volume, makes necessary at times additional working capital. Your managers'believe that their policy of not making new issues of stock or other similar forms of financing is best, and expect to continue that policy at least until such time as the demands become greater than may be easily and conservatively met by temporary loans from the Company's bankers. Maintenance and Repairs There has been charged to Maintenance and Repairs for the year as follows: Maintenance...............................................................$424,100.07 Machinery Repairs...:........................................... 148,098.68 Building Repairs....................................................... 41,773.18 Total.................................................................... $613,971.93 This amount has been deducted before the results shown are reached. The charge to maintenance, as heretofore, for the most part relates to the new plants, either now completed, or under construction, and follows the established policy of the Company of putting under the head of maintenance such recon struction and writing it off gradually as earnings permit, instead of charging same to Plant Account. _ In the report of last year, reference was made in detail to the conservative policy followed regarding maintenance, recon struction and repairs. Important reconstruction is now under way at the Carter Plant, Chicago, the Lewis Plant, Philadelphia, and the Jewett Plant, New York. National Lead C Conditions Affec Despite severe competition enc of your Company's business, the pr have shown quite a considerable in years were it not for two importa went far to neutralize the larger p the increased volume of sales which The first condition to which constant trend of the flaxseed mar the price of linseed oil. From th price qf flaxseed began to decline a and constant that before flaxseed could reach the mills and its prod market, new and lower prices for mary markets, and the effect of s lower prices for oil prematurely business. This unusual condition . linseed oil the most of the year in or below its cost. The annual interest in this business, recently situation, which for them, as fo duced heavy losses. At the end of the year our inven might be called drastic, so that this s Since January 1, 1913, the inc somewhat higher prices for flaxse proved conditions generally, lead u normal conditions, and with them n oil branch of Our business. Heavy and repeated declines in the late fall of the year 19x2 made conservative treatment in taking o products. When it is remembered that on we have on hand in one form or an one-eighth of this country's total it will be easy to understand wha a conservative figure such an imme Volume of B There has been an increased v every department. Taking the bu is again made to its diversified under review the losses referred t been more than overcome by the departments. 0000-NLI-000017956 6 Annual Report Matheson Lead Co. In June, 1912, at a time when the demand for White Lead was far beyond your Company's ability to meet, and no prospect in sight of immediate or future relief, the owners of the Mathe son Lead Co. offered us their plant and business on favorable terms. The Matheson Lead Works, situated at Long Island City, New York, has a valuable water-front, modern plant, and a going business; the offer made, involving no cash outlay, no allowance for good will, based entirely on appraised and in ventoried values, seemed to bring relief to the situation and was accepted. Your managers regard this acquisition of great value and the product of this works is used to supplement that of our other plants at New York. St Louis Smelting & Refining Co. In the report of last year the operations of this Company were stated in detail. In addition to what was there said we have now to add that satisfactory progress is being made along the lines indicated. Heath & Milligan Manufacturing Co. The operations of this Company during the past year show satisfactory results. The volume of business has been largely increased and indications for the current year's business are highly favorable. Magnus Metal Co. With the increase of purchases by railroad and car building companies of equipment, this Company has enjoyed one of the most prosperous years in its history. United States Cartridge Co. This Company having passed through the preliminary period of construction referred to in last year's report, is now in the market with its complete line. It is gratifying to record that in recent competitive trials under governmental supervision, the U. S. ammunition stood easily first, outranking all competitors. National Lead The superiority of this Comp maintained and a large increase confidently anticipated. United Le Despite competition of a seve have been substantial increases b done and in the profits secured. Insurance Explanation of the foundatio were made in last year's report. After the payment of all charg the year, amounting to $29,137.2 Fund on December 31, 1912, was $627,953.41 one year ago. Pension S After careful consideration of examination of the various sys Board of Directors have establis is intended as an evidence of the fidelity, efficiency and loyalty of for those who by long and faith able retirement. Safety and Healt The welfare of the American prominent subject, by reason of ances of those engaged in its in that it seems proper to advise ou position occupied by your Comp In the manufacture of the va are two sources of danger to th employed; viz., the fumes arising of metallic lead, and the dust aris white lead and lead oxides. To attempt to state, even in a and studies conducted through a minimize' and later to entirely e be to give a history of the Compa results attained are what really c here that in our new plants, by th s Annual Report and air-suction, enclosed air-tight machinery and mechanical devices to replace men, we have practically banished the dangers from fumes and dust. However, despite the employment of the best mechanical devices, there are at times weak spots in the system because of the human element involved. This human element is naturally careless, indifferent to known dangers, and extremely difficult to guide in the path wherein lies safety. The best, and in fact the only, way to neutralize this attitude and safeguard against its resultant dangers to health, is by teaching habits of personal cleanliness, and prohibiting as far as possible indulgences which tend to injure health. Workmen are provided with sanitary respirators, the wear ing of which prevent the inhalation of dust. At the various plants are provided complete welfare equipment of the most modern type. The daily routine of one of our workers who utilizes what is freely placed at his disposal is somewhat as follows: On entering the works and after registering his arrival, the workman proceeds to the locker room and places his street clothes in his individual steel locker; a few steps takes him to another adjoining locker room where from another locker he gets and puts on his working clothes, and procures his sanitary respirator. Respirators are supplied and kept clean free of charge. Working clothes are at some places supplied free of charge, at others at a nominal cost, this being a minor detail of policy being worked out and relating to the care of clothes. The clothes are laundered free of charge by the Company. When luncheon time arrives a thorough washing of the hands and face with soap and warm water is required; after which luncheon is eaten at tables in clean, well-lighted, airy dining rooms, separate and removed from all manufacturing de partments. When quitting time arrives, after placing work clothes in the locker, a step takes the workman to large shower baths, so numerous as to be ample for the entire force. The water is tempered to the right point; after bathing and dressing in his street clothes, refreshed from his day's work, he is ready to start for home. The Company provides soap and towels, and urges the men to use the baths as often as they will, and always on the Com pany's time. It is interesting, in passing, to remark on the great difficulty experienced, particularly with foreigners, in inducing them to use the baths. This is a study in itself and numerous ingenious devices are used. In one works men are actually paid five cents for each bath they may take. Each works has a regular physician who makes an examination of every workman 0000-NLI-000017957 WASHROOM AND LOCKERS FOR CO 1 t WASHROOM AND SHOWER BATHS, STE i 0000-NLI-000017959 REST AND READING ROOM, ST. LOUIS, ii WORKMEN AT LUNCH OFFICE FORCE AT LUNCHEON, CHICAGO. WHITE WORKMEN AT LUNC 0000-NLI-000017960 MEN'S UJNJNG ROOM, ATLANTIC WORKS, BROOKLYN, N. Y. WELFARE HOUSE. FIREPROOF, ST. LOUIS. i I National Lead once a week; a card index histo showing his health history as far t ailments receive instant attention of the workmen's health is far mo H in his ordinary private life. All t i workmen. Rest rooms are provided, and structions printed in various lang to co-operate with the Company in strong and constantly employed at No women are employed in o occasional capacity as messenger, ployed. With this report are incorpora equipment provided at various pl Every device that we have pu improve the sanitary side of the the disposal of our competitors. sult of years of study and large cost as part of our contribution to and Health of Workmen engaged I \ Stockho The total number of stockho pany's records on December 31, 19 Of this number, 49% are wom As has been previously stated, have exceptionally large holdings. i Officers and In the various branches of t are employed. Whether in the fa offices, all are in the highest degre pany's interests. It is to this h operation that your managers conf continued success and prosperity, tion of faithful services rendered Respect Wil 0000-NLI-000017961 0000-NLI-000017962 10 Annual Report Directors National Lead Company EDWARD F. BEALE, GEO. 0. CARPENTER, FRED M. CARTER, R. R. COLGATE, E. J. CORNISH, G. D. DORSEY, CHAS. E. FIELD, GEO. W. FORTMEYER, E. C. GOSHORN, WILLIAM W. LAWRENCE, A. J. MEIER, R. P. ROWE, W. N. TAYLOR, WALTER TUFTS, J. R. WETTSTEIN, Philadelphia St. Louis, Mo. Chicago, 111. New York City New York City Madison, N. J. Chicago, III. E. Orange, N. J. Cincinnati, O. New York City St. Louis, Mo. Brooklyn, N. Y. Pittsburgh, Pa. Boston, Mass. Mt. Vernon, N. Y. Executive Committee WILLIAM W. LAWRENCE, Chairman. E. F. BEALE E- J- CORNISH Rj P. ROWE. R. R- COLGATE National Lead Com Executive Off National Lead Com President WILLIAM W. LAW Vice-Presiden GEO. O. CARPE R, P. ROWE E. J. CORNIS Secretary CHARLES DAV Treasurer M. D. COL Assistant Secre JOHN B. FROTHI Assistant Treas FRED R. FORTM General Coun Messrs. ALEXANDER 165 Broadway, New Registrar of St BANKERS TRUS 14 Wall St., New Y 0000-NLI-000017963 12 Annual Report Departments National Lead Company Manufacturing Committee C. P. TOLMAN, Chairman A J. MEIER G. W. THOMPSON Laboratory G. W. THOMPSON, Chief Chemist A. H. SABIN, Consulting Chemist Advertising Department O. C. HARN, Manager Metal Department A. B. HALL, Manager Flaxseed Department CHAS. T. NOLAN, Manager Insurance Department I. M. STETTENHEIM, Manager National Lead C Branche National Lead C ATLANTIC BRANCH, R. P. ROWE, Manager, BUFFALO BRANCH, SHELDON THOMPSON, Manager, CLEVELAND BRANCH, C. C. FOERSTNER, Manager, CINCINNATI BRANCH, E. C. GOSHORN, Manager, CHICAGO BRANCH, CHAS. E. FIELD, Manager, ST. LOUIS BRANCH, GEO. O. CARPENTER, Manager, JOHN T. LEWIS & BROS. CO., EDWARD F. BEALE, Pres., Lafayette NATIONAL LEAD & OIL CO., OF PE W. N. TAYLOR, President, Common NATIONAL LEAD CO., OF MASSAC WALTER TUFTS, Treasurer, Boar NATIONAL LEAD CO., OF CALIFO JOHN P. NEVILLE, Vice-President, ST. LOUIS SMELTING & REFINING A. J. MEIER, ad Vice-Pres. & Gen. Mg 0000-N LI-000017964 14 Annual Report Warehouse* National Lead Company BALTIMORE, MD., ST. PAUL, MINN., DETROIT, MICH., OMAHA, NEB., KANSAS CITY, MO., LOUISVILLE, KY., NASHVILLE, TENN., NEW ORLEANS, LA., 1015 E. Fayette Street 354 to 36 East Sixth Street Corner Fourth and Larned Streets 1102 Dodge Street 1406 and 1408 West Thirteenth Street 202 Equitable Bldg., Fourth and Jefferson Sts. 225 Tenth Avenue, South 513 Soujh Peters Street Corporations in Which This Company is Interested CARTER WHITE LEAD COMPANY, FRED. M. CARTER, President. Chicago and Omaha HEATH & MILLIGAN MANUFACTURING CO., NORRIS B. GREGG, President. Chicago MAGNUS METAL COMPANY, H. H. HEWITT, President NewYork MATHESON LEAD CO., W. J. MATHESON, President. Long Island City UNITED LEAD COMPANY, J. R. WETTSTEIN, President. NewYork UNITED STATES CARTRIDGE COMPANY, PAUL BUTLER, Treasurer. Lowell,Mass. National Lead Co Products Manufactured by Na Painters' Mate White Lead, Dry White Lead in Oil Linseed Oil, American Raw, Boiled, Refined, V Phoenix Metal Bearing Met Pressure Die Ca Plumbers' Mate Lead Pipe Block Tin Pipe Tin-lined Lead Pipe Soldering Fl Linotype Metal Monotype Metal Printers' Met . Bar Solder Wire Solder. Canners' Mate Soldering Fl Red Lead Litharge Orange Mineral Glassmakers* Oxides Colormakers' Oxides 0 Lead Oxide Miscellaneous Lead Sheet Lead Glaziers' Lead Bar Lead General Produ Brown Sugar of Lead White Sugar of Lead 16 Annual Report National Lead Company Brand* Pure White Lead (Dutch Ber Paiatar TraaU-Mnrfc) Anchor Cornell Armstrong & McKelvy Davis-Chambers Atlantic Fahnestock Beymer-Bauman Jewett Bradley Lewis Brooklyn Morley Collier Phoenix (Eckstein) Red Seal Salem Selby Shipman Southern Sterling Ulster Union 0000-NLI-000017965