Document BR3Q6xKxvM8Nb4eEjL4rEBaEJ

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I he problem s posed by the present system o f c o n tro l of G erm any are m any, and the u ltim a te szesioooo-nN-oooo c. P _ f(At OC _ -- ft - v' 3 Z < m Z 2 ft C r p o S ^ rr? ^ r g Ci C nO c_ CL CL P < <* pc 3- ft - Cv P O - p Pi K p = " ft 3 3 c Cl n P c pi PC "c ic P<s. 3 gft tp ft pi OfZt. rs 3* fffttt. P 0? cpf/t. P 5* Cw> <S- Pi ft ft K H 3ft" 0 3 p tr' 3ft" cr p_ p" fftt V- ft ft r* r: ""i 3 r* ft ft ft P ft *-r-. f. way ft" ft .c P - 2 -- ^ 3. ft ^ ' 3. -- P t- Oc sr =- ^ 2 3 ft ft p - "3 P 3 ft -c CL pft ft ?rT 3^ Xft c- t Er < 3` crc yVft g 3 fftt C-- ~ft C7CCA ft ^ rt ft 3 X 3 c' ft ft ft frt- ^^ - Cft rft. - ft ft 3 P 3- yft g cftr ft 3 r 3 03 , 33C ' T5 P c rc GC _ <c Pc <f p* pi pi Ci Cj _ K~ KCn c g *5 P g, ft cl Cj ^x ' r~ IC " GC 3 Q ft Qg pC ~u r~ > Z < m Oft -H I m Z # c 3 rt> v>` g. EE ft. c o ft CP valuation w hich were, in previous years, deducted from the value o f in ve n to rie s ta rrie d on the asset side o f th e balance sheet. T h e gross figures are shown this year to present a m ore com plete p ic tu re of the actual situation. T h e Com pany continues to operate under the norm al stock 10 b *. m -0 u u> 5 6 I 5m o -< og moo o3n5 o si 6ze8ioooo-nN-oooo oe8ioooo-riN-oooo <rt "wp nr c pS 0rt- o^ nrt 5 0 3 `--i P 3 3 E ^ -- -i e : = 3 S. 2 O S- p rt S- CL 5f I C re as = =5O _. '< 3p 3 ,, 2 l-t ~ n g 3 - > ^ < rt <.5-2 5;* rt 3 a> 3r* 3C _ -u S^ P CL Cl P T" po onrtn 5C 2 rt rt rt c 3 U- w s g 3= --rt ^ u ,3 c rt p a 3rt 3rt rrtt CrtL CL C r3O+ rt <3' rt 5/5 cr rrtt X<ar. 0rt p' a 3 C < rt P oifi X. *> 3rt 5rt= rt 5E o C- oo rt ns 3- --1 crtr n** * rt rt rt CP cr rt IrTtS C 3 Crt Qrq 5* rt C3 p c ?2 'crt p (A rrtt irrt. CA rt CL 3 Sft' c p crrt; 3 2 art. r3t '-C rt 3- rt rt 0 a rt (PA Orc rt 0 P-- <0 rt 3 3. ^ Pp "rt -3< x art p <t rrtt* 3 S. < < *-n X 3 C rt rt rt p V. 3; HC 2 . 5 rt 3 o PC cr> > z N > --l o Z rt aq x3 rt crc ac rt r. 5 S 3 7! 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Z I 5 z x i, V. -- 3 5 $I 2 s 5* El 'a -*-* m -. .K-SrJT -* Z" 7 yi 4*. uMr z J; E; 1. 2 I= P rr IS !' >g M5 '; X - S8 If ? x a- 1I 5X X, ~ i: S' ~ X-- >1/1 x "t A 2 jg _s 2: 2S St I so *7 L COMPARATIVE CONSOLIDATED BALANCE SHEET -a 7l =,; <= 5i =x * =:: = 1X !ff ^> _E C-- & ?g m1 I Iv - z 2 8 f cvjs<" --J II ir =p =e t|_ i^ s n 55 XI 21 II 5 = fw X" C-' "= X I? s r x ^ l=T ? !c Sn I 2! r S TX H zf X _4- 4- 4- r- V1-4j _- "Cb: *--'4C- ljCW.- VC"Ji Si i x- r? s -- x x- i= X' X r_ J I H-- X^ r Z z ~ t =' =2 l~ " i; S-- = x ' !' > a; E C J?- ? si O44 I O' lx X c --^ C" W4 I- sLi c I, O44 NOTES TO CONSOLIDAT Z8I0000-nN-0000 CC8l0000-nM-0000 In addition to finished paints. National Lead Company products in the painting field include pigments such as white lead, well known for its durability; titanium dioxide, noted for its whiteness and hid ing power; and calcium carbonate, widely A used in mixed-pigment paints. The Com-TM pany also produces a varied line of oils for paints including raw. boiled and treated linseed oil, lead mixing oil and Hatting oil. Red lead holds the dominating position in the structural metal painting field. National Lead Company is the largest pro ducer of this outstanding paint pigment, so widely used on bridges, ships, oil. gas and water tanks, and other structures. Applied directly to iron and steel,red lead paint forms a water-resistant, protective coating that prevents rusting. White lead paint also has wide application on struc tural metal where it is used as a decora tive outer-coating. LEAD, TITANIUM, BARIUM AND CALCIUM PIGMENTS ! 0000-NLI-000018334 Recognized as the leading producer of solder, National Lead Company markets brands that are known and used by many industries and craftsmen. For example, manufacturers of electrical equipment, auto radiators and tin cans are large con sumers of solder, while tinsmiths, plumb ers and electrical repairmen also use a large volume of National Lead products. The Company makes all of the conven tional types of solder, as well as flux-core and other special types. Unquestionably, this nation's business economy would stagger to a faltering halt without the products of the paper-making industry. Manufacturers of fine paper, in turn, are highly dependent upon titanium pigment, a National Lead Company prod uct that adds opacity and whiteness to many different types of better quality paper. In addition, the Company's Magnus Metal Division makes both bronze and chrome nickel steel screen plates used by paper manufacturers to filter the paper pulp. 0000-NLI-000018335 National Lead Company products answer the needs of another important industry -- glass manufacturing. In making^window glass, for example, barium sulfate is used as a flux. Other products. including litharge, red lead and titanium pigments, are used in making cut glass and optical glass to increase the refractive power of the glass. In addition, the artisans of stained glass windows use carefully formed decorative pieces of lead called "cames" to join the glass segments together and The spray painting of many products is now an integral part of mass production. This is of direct interest since National Lead Company supplies both elements necessary for the top-quality industrial paints and enamels used in spray work -- high-hiding titanium pigments and special %quickdrying oils. The latter are a development of the Baker Castor Oil Company, an affiliate of the Company. NON-FERROUS ALLOYS MISCELLANEOUS LEAD PRODUCTS 0000-NLI-000018336 The accompanying picture shows several workers National Lead Company has long been recognized at the atomic bomb plant in Oak Ridge, Tenn. A as a leading manufacturer of acid-handling and re National Lead Company product--sheet lead -- is covery equipment. A list of the Company's products on guard to prevent radio-activity from injuring in this field includes chemical sheet lead and pipe, nearby workers. Not so dramatic, but just as im lead and lead-lined valves and fittings, homogeneous portant, is the use of this same protective material lead-lined and lead-covered acid equipment, acid in X-ray rooms. These are frequently lined with pumps and special tellurium lead sheet and pipe. t sheet lead to guard working personnel from harm In fact, the Company even maintains a special de ful rays. partment for designing and erecting complete acid recovery plants. 0000-NLI-000018337 6e8l0000-nN-0000 --S 2.Z S3{- * c- '- >-- z _ K^' rsas>>->?zr? - r>ctct>ft ~O n-- >c-- sz >?o>^S?= - wtece^, > SS>^k 2 - -Z2 'k cK-3~ - JkS* \J^V *,-~' 2SenK5 Z ** *nS r. - _ 7 -K, C-- 9-. 3i it ^ ^ < l = f- -- *Z ft i > K-- ~ w^ <^ -r ft _ OB ^ >" <-- >u g> &-- m * T- 3 s= : K- - 5- * 03 ff 3 ft C. gft ._- fJCt SB cr E* <- Z- a- ^ -- C< E^ 0fr8I0000-nN-0000 `l = p> n X o> f z (;8 > >c >3 "5 <S n - n ip* r. nz > _ TZ 3I I ~ ' EZ > c= E , * jr F. 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