Document RJvKEgErD5pb5K6bOD1kzDexz

Saint Joseph Lead Company Annual Report -- 1917 America's Corporate Foundation; 1917; ProQuest Historical Annual Reports Pg- 1 Simon Borg & Co. NEW YORK, STATISTICAL BEPABTMENT. FES 13 PRESIDENT'S ANNUAL REPORT TO THE STOCKHOLDERS OF THE St. Joseph Lead Company FISCAL YEAR ENDING DECEMBER 31, 1917 \ i, 4 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. i 5 PRESIDENT'S ANNUAL REPORT TO THE STOCKHOLDERS OF THE St. Joseph Lead Company FISCAL YEAR ENDING DECEMBER 31, 1917 l 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, 1917 In tlic year 1917 dividend* to the amount of $.3,5.15,531.50 have been paid to shareholders. Distributions from amortization amounting to $1,479,906 have been made to shareholders. In accordance with the Federal Income Tax Law of October, 1917, the amortization distribution of September 20, 1917, has been counted as a dividend. Your smelter produced for the year 94,820 tons of pig lead. Your mills produced 157,767 tons of lead concentrates, 136,658 tons of which were shipped to your smelter and 21,109 tons sold to other smelters. Your mines produced 2,485,431 tons of ore. FINANCIAL. During the year your company has purchased and now holds in its Treasury or in the Sinking Fund $177,000 par value additional bonds of the Mississippi River & limine Terre Railway. It has purchased $2,000,000 U. S. Government 3pjS and $805,000 U. S. Government 4s for its own account and $39,200 3jl>s and $72,500 4s for the account of its employes, the employes being allowed to pay for these bonds on a weekly installment plan. DOE RUN LEAD COMPANY. The Doe Run Lead Company was dissolved by order of the Circuit Court of Farmington on June 12, 1917. The physical property of the company was sold by the Liquidating Trustees to the St. Joseph Lead Company. Since August 15, 1917, the properties formerly belonging to the Doe Run Lead Company have been operated as the Rivermines Division of the St. Joseph Lead Company. The minority stockholders appealed against the decision of the Circuit Court, but failed to give bond, so the appeal did not act as a stay to the sale of the property. The case is now before the Supreme Court of Missouri. 3 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. NEW CONSTRUCTION. The principal items under new construction begun at the mills in 1916 have been completed and there is almost no new construction work going on at the mills at the present time. At the smelter the mixing bins for the roasting plant and the Cottrell plant have still to be completed. TAXES. Owing to delay on the part of the Treasury Department in issuing rulings as to the interpretation of the new excess profits tax law. it has not been possible to estimate the exact amount of Federal tax which the companies will be required to pay. The earnings have been large and the tax will be large. Clinton II. Crane, President. 4 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. BALANCE SHEETS s Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. ST CONSOLIDATED GENERAL BALANCE SHEET JOSEPH LVt AND SUBSIDlJ .Y ASSETS Capital Assets : Ore Reserves and Mineral Rights...........................................S16.286.015 10 Less Reserve for Depletion.............................................. 8.540.635.97 Buildings and Equipment at Mines......................................... $7,290,254.13 Less Reserve for Depreciation.......................................... 389,932.82 Real Estate............................................................................................................ Farm Lands, Buildings, and Equipment............................... Si,028,702.86 Less Reserve for Depreciation...................................... 41,805 67 Railroad Property and Equipment....................................... S4.195.283.31 Less Reserve for Depreciation........................................ 207,859.43 Sinking Fund--Cash and Accrued Interest.................................. ''7.745.379 '3 6,900,321.31 5>.939-08 986,897.19 3,987,423.88 10,686.37 Current Assets : Cash.............................................................................................. United States Government Liberty Loan Bonds . .... Accounts and Notes Receivable ...................................... Lead on Hand and in Process................................. .......... Materials and Supplies.......................................... Store Accounts (Net).................................................... $2,659,795.71 2,884,589.05 1,225,977.05 228,377.97 1,302,31874 22,62688 8,323,685.40 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............................................. 8271,164.90 161,855.95 54.000.00 24,892 73 158,479.48 670.393 6 t t I i I i lj Totai. $28,676,725 42 i c ,1 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. TAD COMPANY \l Y COMPANIES DECEMBER 31, 1917 UABIUT1KS Capital Stock: St. Joseph Lead Company : Authorised--2,000,000 shares of $10.00 each, of which there have been issued 1464,798 shares................S14,647,980 00 Less Held in Treasury, 5J.332 shares............ 553-3- 00 ----------- $14,094,660.00 Subsidiary Companies, Minority Stock Held bv I'uhiic................................... '.990 00 Funded Debt: Mississippi River & Bonne Terre Railway First Mortgage 5"o Bonds, Due 1931....................................................... $2,500,000.00 Less Bonds in Sinking Fund and in Treasure.. .. 650.000 00 Current Liabilities : 1.850,000 00 Accounts and Wages Payable.................................................. TiafTic and Car Service Balances.......................................... Accrued Taxes........................................................................... Accrued Interest....................................................................... Deferred Credit Items $735,979-34 52,644.21 142,119 93 28,200.00 95s.9+3-4 K.939-78 Reserves: For Profit on Lease Agreements............................................. For Premiums on Bonds to be Purchased for Sinking Fund. For Contingencies....................................................................... $71,245.80 3,850.07 17.752 29 I'ROMt' and Loss Surplus: ' Balance March 1, 1913............................................................. Less Distributions therefrom........................................... $3,925,000.00 3,523,665.00 92,848.16 Remainder.................................................................. $401,335.00 . Undistributed Profits Accumulated March 1, 1913, to De cember 31, 1916................................................................. 6,142,173.74 Adjustments Arising Principally from the Acquisition of the Physical Assets of the Doe Run Lead Company.. 3,051,093.00 Income for Year Ended December 31, 1917, after Providing for Depreciation of Plant and Equipment............................ $10,130,459.82 Less Provision for Depletion,etc... 4,520,186.06 I! Remainder................................ S5,610,273.76 Dividends.......................................... 3-535-531 5 2,074.742-26 --------------------------------------------- 11,669,344.00 Total......................................................................................................$28,676,725.42 Note. The St. Joseph Lead Company has made practically no provision in its accounts for its liabdit) at December 31, 1917, on account of Fedeial Income and War Excess Profits Taxes. CERTIFICATE OF AUDIT We have audited the books and accounts of the St. Joseph Lead Company and its subsidiary com panies tor the vear ended December 31, rq17, and We Hereby Certify that, in our opinion, the above Consolidated General Balance Sheet coriectly sets forth ihe financial position of the Companies at the date shown. 5 Nh w York, Febiuary 13.191S. 7 HASKINS & SELLS. i Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. ST. JOSEPfitf GENERAL BALANCE SHEET ASSETS Capital Assets: Ore Reserves and Mineral Rights......................................... $16,286,015.10 Less Reserve for Depletion............................................... 8,540,635.97 ---------------------- $7.745.379 '3 Buildings and Equipment at Mines......................................... $7,290,254.13 Less Reserve for Depreciation......................................... 389,932.82 ---------------------------6,900,321.31 Real Estate............................................................................................................. 51.939 8 Investments in Subsidiary Companies: Stocks.......................................................................................... $3,257,576.25 Bonds.......................................................................................... 250,000.00 Notes............................................................................................ 380,000.00 ----------------------------3,887,576.25 Sinking Fund--Cash and Accrued Interest............................................. 10,686.37 Current Assets : Cash............................................................................................ $2,559,498.65 United States Government Liberty Loan Bonds................... 2,884,589.05 Accounts and Notes Receivable ........................................... 1,153,259.94 Due from Subsidiary Company............................................... 12.78 Lead on Hand and in Process ............................................... 228,377.97 Materials and Supplies.............................................................. 1,196,488.10 ---------------------- Deferred Debit Items: S.022,226.49 By-product (Matte)..................................................................... $271,164.90 Advances to Bonne Terre Hospital Association.................... 54,000.00 Insurance Premiums--Unexpired Portion............................. 18,779.40 Miscellaneous Items in Suspense............................................. 153,726.07 ------------------------------497,670.37 Totai............................................................... $27,115,799.00 3* + ft I 8 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. ! EAD COMPANY DECEMBER 31, 1917 LIABILITIES Capital Stole : Authorized--2,000,000 shares of Si0.00 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 3* Noiks Payable--Mississippi Kivkr & Bonne Terre Railway ............................................................................... $2,500,000.00 Less Bonds of that Compan) in Sinking Fund and in Treasury........................................................ 650,000.00 1,850,000.00 Current Liabilities: Accounts and Wages payable................................................ Accrued Taxes......................................................................... Accrued Interest....................................................................... Due to Subsidiary Companies.................................................. $663,265.83 129,460 87 28.200.00 40,252.50 861,179.20 Deferred Credit Items........ Reserve for Contingencies 3.999 7 7.675 36 Profit and Loss Sjjrplus: 1 2 Balance, March 1, 1913 .......................................................... $3,925,000.00 Less Distributions therefrom ......................................... 3,523,665.00 i Remainder....................................... $401,335.00 Accumulated Surplus,March 1,1913, to December 31,1916. 2,377,719.06 Income for Year Ended December 31,1917, after providing for Depreciation of Plant and Equipment............................. $7,037.721.54 Less Provision for Depletion................ 2.764,978.10 --------------------Adjustment of Book Value of Capital Stock Owned of the Doe Run Lead Company................................................. 4.272.743-44 6,770,152.87 1 Total..................................................$13,821,950.37 Dividends.................................................................................. 3.523,665.00 10,298,285.37 i Total........................................................ $27,115,799.00 f Note. The St. Joseph Lead Company has made ptactically no provision in its accounts for its I liability at December 31,19x7, on account of Federal Income and War Excess Profits Taxes. > \ CERTIFICATE OF AUDIT * We have audited the books and accounts of the St. Joseph Lead Company for the year ended 'i December 31, xgi7, and We Hereby Certify that, in our opinion, the above General Balance Sheet correctly sets forth the financial position of the Company at the date shown New York, February 13,1918 HASKINS SELLS 9 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.