Document JGB4J2mJEJEN4V8LqDa3bnXr

z< a- 111 Broadway, New York G ty 7~. -% - ' Z'?* *T" ~ X ' -V , ** *V' 0000-NLI-000018186 ~ NATIONAL LEAD COMPANY 15 Exchange Placa, Jam; City, N. J. Report to bo Presented to tho Stockholder* at their Forty-fifth Annual Meeting, April 15, 1937, for the Fiscal Year Ended December 31, 1936 To the Stockholders of National Lead Company, The following consolidated Balance Sheet shows the condition of the Company on December 31, 1936: ASSETS Current Assets: Cash .................................................................................................................... U. S. Government Securities (Market Value $1,233,993.94) Other Marketable Securities, Domestic (Market Value $5,15827125) Other Marketable Securities, Foreign (Market Value $4,190,457.14) Accounts and Notes Receivable Les$ Bad Debt Reserve.......... Notes Receivable from Employees............................................. Inventories (at Normal Prices, Excess at cost or market) Total Current Assets .................................................. $ 4,517,638.24 1,147,88829 $ 3,452,282.13 3,380,066.06 6,832,348.19 $ 9,841,737.43 705,145.31 9,136,592.12 128,359.48 20,781,130.71 $ 42,543,957.03 Investments: Securities of Affiliated Companies (at book value in no case exceeding cost) Domestic ............................................................................................................................... $ 4,731,418.09 Foreign ................................................................................................................................ 7,137,450.47 $ 11,868,868.56 National Lead Company Capital Stock (29,883 shares Preferred A; 25,815 shares Preferred B; 3210 shares Common) (Market Value $8,821,43025)............................ 6,950,229.77 Miscellaneous Investments (not listed on any exchange).................................... Domestic ............................................................................................................................... $ 332,803.33 Foreign ................................................................................................................................ 335,85521 668,658.54 Total Investments .................. Fixed Assets: Plant Properties and Equipment (net) Deferred Charges ............................................ 19,487,756.87 45,300,720.04 196,567.82 $107,529,001.76 LIABILITIES Current Liabilities: Accounts Payable, audited but not due............................................... Notes Payable.................................................................................................. Tax Reserve .........................................................................'......................... Dividend Payable February 1, 1937 on Class B Preferred Stock $ 3,816,930.72 2,500,000.00 1,676278.97 116,193.00 Total Current Liabilities .. Reserves: Fire Insurance Reserve........................... Employers Liability Reserve................ Pension Reserve....................................... Foreign Exchange and Miscellaneous Capital Stock and Surplus: Capital Stock: Preferred Qass A--Par Value $100 Preferred Class B--Par Value $100 Common --Par Value $ 10 $ 8,109,402.69 $ 4,797284.02 426,664.30 4,387,894.85 166,542.67 9,778,385.84 Authorized $ 25,000,000.00 25.000.000.00 50.000.000.00 Issued $ 24,367,600.00 10,327,700.00 30,983200.00 $100,000,000.00 $ 65,678400.00 Earned Surplus .................................................................................................................................................... $ 23,962,81323 Total Capital Stock and Surplus 89,64121323 $107,529,001.76 DETAILS OF PLANT INVESTMENT Dec. 31,1936 Gross Property.......................................................................................................................... $ 72,604,732.57 Less Depreciation and Depletion Reserve....................................................................... 27,304,012.53 Dec. 31,1935 $ 75,503,580.49 31,041291.99 Increase or Decrease $ 2,89&,847.92 3,737279.46 Net Property ....................................................................................................... $ 45,300,720.04 $ 44,462288.50 $ The present Normal Stocks of the Company are as follows: Lead .................................................................................................................. . 49,68754 shorttons valued at $0.03 per pound. Tin ..................................................................................................................... 1,12454 shorttonsvalued at .21 per pound. Antimony ............................................................................................................. 259 shorttonsvalued at .05 per pound. Stocks in excess of these normals are valued at cost or market whichever is lower. 838,431,54 0000-NLI-000018187 CONSOLIDATED EARNINGS STATEMENT Sales ........................................................................... Cost of Goods Sold ............................................... Gross Profit on Sales........................................ Other Income ......................................................... Total Gross Income .......................................... Administrative, Selling and Other Expenses Depreciation and Depletion ............................... Taxes ......................................................................... Tota] Net Income................................................................................................................ Dividends on Preferred Stock Outstanding-Class A.................... $1,461,551.66 Class B.................... 464,772.00 Amount Earned on Common Stock ............................................................................... Amount Earned Per Share of Common Stock Outstanding 1936 $ 78,764,589.87 59,947,920.53 $ 18,816,669.34 1,779,350.75 $ 20,596,020.09 9,888,189.28 1,445,76427 2,029,535.96 $ 7232,530.58 1,926,323.00 $ 5,306,207.58 1.714 $ 1,461,551.00 464,772.00 1935 $ 66,559,197.56 51,080,440.78 $ 15,478,756.78 1,887,505.80 $ 17,366262.58 9,012,619.93 +1,525,388.76 1,566,864.06 $ 5,261,389.83 1,926,323.00 $ 3,335,066.83 1.078 ANALYSIS OF CONSOLIDATED SURPLUS Surplus--At Beginning of Year ......................................................................................... Add: Net Income Twelve Months ................ .................................................................. Surplus Adjustment ..................................................................................................... 1936 $ 20,833,821.56 7,232,530.58 917384B9 ^, T.. .. , ,, ,, , ,, ,, Deduct--Dividends: Preferred Stock Outstanding--Class A........ Class B........ $ 28,984,236.23 $1,461,551.00 $ 464,772.00 1,926,323.00 Common Stock Outstanding ................................................................................................. 14% Stock Dividend................................................................................................................. 3,095,100.00 ....0 Total Dividends ................................................................................................. $ 5,021,423.00 Surplus--End of Year............................................................................................................... $ 23,962,81323 1,461,551.00 4641772.00 1935 $ 22,413,806.99 5,261 389 83 --0-- $ 27,6*5,196.82 1,926,323.00 1,855,508.50 3059 54376 $ 6,841,37526 $ 20,833,821.56 tThe $1,525,388.76 Depreciation for 1935 should be reduced by $291,798.00 making the net Depreciation for 1935 $1,233,590 76 The adjust- merit in Depreciation for 1935, in accordance with the Government requirements was included1 in the adjustment for 1933 1934 and 1935 and was credited directly to Surplus, '' SNote: Dividends on National Lead Company Preferred and Common Stock owned by the Company itself are not included in the above state ments, either as payments or as income. 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