Document BRnep3LE2ynXY8Y3Mw8mVpx5o

Saint Joseph Lead Company Annual Report -- 1919 America's Corporate Foundation; 1919; ProQuest Historical Annual Reports Pg- 1 PRESIDENT'S ANNUAL REPORT TO THE STOCKHOLDERS OF THE St. Joseph Lead Company FISCAL YEAR ENDING DECEMBER 31, 1919 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. PRESIDENT'S ANNUAL REPORT TO THE STOCKHOLDERS OF THE St. Joseph Lead Company FISCAL YEAR ENDING DECEMBER 31, 1919 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. PRESIDENT'S ANNUAL REPORT TO THE STOCKHOLDERS OF THE ST. JOSEPH LEAD COMPANY FISCAL YEAR ENDING DECEMBER 31, 1919 The change from a war to a peace basis has taken place rather more quickly in the lead industry than might have been expected. After hesitation and uncertainty in the early months of the year, the last months of 1919 saw a growing demand among almost all classes of lead consumers. Your company, after running at reduced output throughout the year 1919, has been encouraged to return to full production in January by a strong and healthy demand for its product. In the year 1919 dividends to the amount of $1,550,478.60 have been paid to shareholders. As the earnings for the fiscal year, after allowances for depreciation and depletion, were $1,060,596.25, it will be noticed that your company's surplus December 31, 1919, was $503,197.07 less than December 31, 1918. Your mines produced 1,978,922 tons of ore. Your mills produced 114,449 tons of lead concentrates. Your smelter was shut down for repairs in February, 1919, and did not resume operations until October, 1919. During that period the current output of your mills was smelted on toll at the neighboring smelters at Collinsville and Federal. FINANCIAL During the year your company has purchased and now holds in its treasury or in the sinking fund $167,000 additional bonds of the Mississippi River & Bonne Terre Railway. During 1919 the company paid the balance due on its subscription to the Fourth Liberty Loan, amounting to $251,750, and purchased of the Victory Loan $236,800. It purchased bonds returned by employees amounting to $145,400. 3 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Your company sold during 1919 Liberty Bonds amounting to $915,100, and U. S. Certificates of Indebtedness amounting to $500,000. Present holdings of Government securities are as follows: Second Liberty Loan 4j4s..................................................$800,000 Third Liberty Loan 4j4s..................................................... 300,000 Fourth Liberty Loan 4l4s................................................. 600,000 Victory Loan 4^4s............................................................. 200,000 U. S. Certificates of Indebtedness................................... 500,000 TAXES Federal Income and Excess Profits Taxes amounting to $1,075,664.29 were paid in 1919, on account of 1918 income. Cmnton H. Crane, President. 4 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. BALANCE SHEET 5 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. ST. JOSEPi AND SUBSIDIABl CONSOLIDATED GENERAL BALANCE SHEET Capital Assets: ASSETS Ore Reserves and Mineral Rights............... $17,723,144.78 Less Reserve for Depletion.......................... 5738.352.62 11,984.792 16 Buildings and Equipment at Mines and Smelter.................................................... $6,028,502 73 Less Reserve for Depreciation.................... 247,890.47 5,780,612.26 Real Estate.................................................... Farm Lands, Buildings, and Equipment... . $1,117,545 St Less Reserve for Depreciation..................... 93.615-93 5'.939-08 1,023,929.88 Railroad Property and Equipment............... . $4,201,776.46 Less Reserve for Depreciation..................... . 364,386.09 3.837.390-37 Total Capital Assets...................................................... $22,678,663.75 Sinking Fund--Cash and Accrued Interest___ 10,516.17 Current Assets: Cash............................................................................................. $1,537,063.97 United States Government Certificates of Indebtedness....... 500,000.00 United States Government Liberty Loan Bonds and . Victory Notes....................................................................... 1,900,462.00 Accounts and Notes Receivable................................................. Lead on Hand and in Process................................................. Materials and Supplies.............................................................. Store Accounts (Net)............................... '..................... 1,402,346.44 254,708.61 1,567,037.48 40,607.52 7,202,226.02 Deferred Debit items : By-Product (Matte).................................................................. Real Estate Sold on Long Term Contracts........................... Advances to Bonne Terre Hospital Association.................... Insurance Premiums, Unexpired Portion............................... Miscellaneous Items in Suspense............................................. $314,883.38 113,500.57 54,000.00 25,274.65 77,647.18 585,305 7S Total JB $30,476,711.72 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. ,EAD COMPANY OMPANIES DECEMBER 31, 1919 Capital Stock : LIABILITIES St. Joseph Lead Com pan) : Authorized--2,000,000 shares of $10.00 each, of which there have been issued 1,464,798 shares..............'. $14,647,980.00 Less Held in Treasury, 55,332 shares............ 553,320.00 $14,094,660.00 Subsidiary Companies, Minority Stock Held by Public......................... 1,990.00 Funded Debt: Mississippi River & Bonne Terre Railway First Mortgage 5% Bonds, Due 1931....................... ................................ Less: Held in Sinking Fund....................... $385,000.00 Held in Treasury.................................... 476,000.00 $2,500,000.00 861,000.00 Current Liabilities : Accounts and Wages Payable.... Traffic and Car Service Balances Accrued Taxes................................ Accrued Interest................... ... $649,468.38 102,821.30 65,959.21 31.328-13 1,639,000.00 .849 577-02 Deferred Credit Items. 5.690.99 Reserves: For Profit on Lease Agreements........................................... For Premium on Bonds to be Purchased for Sinking Fund. For Contingencies..................................................................... For Federal Taxes (1919 Provision).................................... For Federal Taxes (Unused Portion of 1918 Provision) ... $50,043.11 9.531 -32 28,697 56 117,844.02 924,335.71 Profit and Loss Surplus : Balance March 1, 1913............................................................ $3,925,000.00 Less Distributions therefrom................................................. 3,523,665.00 1,130,451.72 Remainder................................................................. $401,335.00 Undistributed Profits Accumulated March 1, 1913, to De cember 31, 1918................................. $12,857,204.06 Less Adjustment of Federal Taxes, etc., ' for Years 1917 and 191S................... 13,314.72 $12,843,889.34 Net Income for Year Ended December 3r, 1919, after Providing for Depreciation of Plant and Equipment................... $2,295,256.35 Less Provision for: Depletion, etc............ $1,116,816.08 # Federal Taxes, Year " 1919...................... 117,844.02 1,234.660 10 1,060,596.25 Total..........................................................$13,904,485.59 Less Dividends Paid in 1919 ................................................ 1,550,478.60 Remainder. $12,354,006.99 12,755,341.99 Total............. ......................................................................................... $30,476,711.72 CERTIFICATE OF AUDIT We have audited the books and accounts of the St. Joseph Lead Company and its subsidiary com panies for the year ended December 31, igto, and We Hereby Certify that, in our opinion, the above Consolidated General Balance Sheet correctly sets forth the financial position of the Companies at the date shown. Nr.w York, February 4,1920. HASKINS & SELLS. Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.