Document Yjp4GZeZzjKv5O2ddLenXMnK

Annual Report NATIONAL LEAD COMPANY For Fiscal Year Ending December 31, 1892 Principal Office: 1 Exchange Place, Jersey City, N. J. Executive Offices: 111 Broadway, New York City 0000-NLI-000017823 NATIONAL LEAD COMPANY 1 Exchange Place, Jersey City, S. J. Report Presented to the Stockholders of National I^ad Company at their First Annual Meeting, February IS, 1893, for the Fiscal Year Ending December 31,1893 To the Stockholders of National Ls&d Company: On the ?th day of December, 1891, thi3 Company sag organized for the purpose of taking over all of the ieseta of The National Lead Trust. ,s H i' i. i j f' ! The National Lead ?ru3t had acquired properties the j; j l&lue of which was, aa originally assessed, 532,356,025. t upon which they had issued certificates on the baai3 of !j^ four for one of real values, amounting to 89,434,100.00. j- i The net earning of the Trust up to the first day of `j January, 1892 (when the properties were a33umed by ;/ lational Lead Company), after payment of the expenses of ; the Trustees, and the reorganization expenses, and de- ! ducting the distributions that had been mde to cert ific- j[ ! ite holders, increased the value of the Net Assets to I, j 124,938,001*53, as follows: ASSETS Plant Investment............ Other Investments................ .. Stock on Hand, manufactured, in process, and raw.............. Cash in Banks................... Iotas Receivable...................... loo cunts Receivable......... Total Assets......... .. V $18,081,472.77 406,831.33 5,468,170.88 285,920.46 339,916.45 1,414,329.48 $35,996,531.37 LIABILITIES locounts Payable............................. $707,165.59 ortgage*....................... ...................... 351,364.35 Total Set Assets..................... ............... 1,058,539.84 $34,938,001.53 1 0000-NLI-000017824 By the terms of the agreement between the share- | holders of the National Lead Trust, the capital of gational Lead Company &3 authorized to be 30,000,000 - ; (15,000,000 each of Common and Preferred) the share- j holders surrendering six shares of The National Lead i Trust Certificates for one each of Common and Preferred ' Stock, which produced...................................... .298,031 shares In addition there were sold for cash.... 13 Baking a total issue of..................................... 298,094 shares j Divided and representing values as follows: 149,040 shares Preferred Stock,par value....14,904,000 149,054 " Common " * .... 14,905,400 Total............................................................................ 29,809,400 i .! The issue of the remaining shares each Common and Preferred to make the total of 30,000,000.00 and their eale for cash, was authorized, but it being unnecessa ry to dispose of them, they remain in the treasury. j A revaluation of the Plant Investment was made to adjust values to the authorized issue of 30,000,000 of Stock of National Lead Company, which revaluation increased the Plant Investment by 4,870,098.47, as appears by the inital Balance Sheet of National Lead Company of the date it commenced business, January 1, 1892, as follows: i 1 ASSETS Plant Investment................ ...................................... Other Investments....................................... .. Stock on Hand, manufactured, in process, and raw..................... ............. Treasury Stock-Common...... 94,600.00 -Preferred... 96,000.00 Cash in Banks................ ............................... ............. Rotes Receivable. ................ ............................. Accounts Receivable............................................ .. 22,951,571.24 406,821.33 5,468,170.88 j' 190,600.00 287,220.46 339,916.45 1,414,229.48 7' .;! !' Total Assets................ .......................... 31,058,529.84 LIABILITIES Capital Stock-Common........................ -Preferred............................... Mortgages....................................................................... Accounts Payable....................................... Total Liabilities.......................................... 15,000,000.00 15,000,000.00 351,364.25 707,165.59 31,058,529.84 20000-NLI-000017825 fU-3 following is a statement of the Profit and Loss jflocunfi for the year 1892: j ij, jet Earning3.................................................................... Si,906,988,36 j Out of which were paid four quartsrly ^videni3 as follows: preferred Dividend Ho.l.............. 260,820.00 8 8 Ho.2................ 260,830.00 9 8 No.3 ................ 280,820.00 8 9 No.4............... 360,820.00 Leaving a balance to the credit " ' l" of Profit and L032 Account of.................. 1,043,280.00 863,706.36 j j i At the close of the fiscal year, or on January 1, 1893, the finanoial condition of the Company is shown by the following Balance Sheet: ASSETS Plant Investment, Jan. 1,1893.22,951,571.24 Construction during year 1892 290,349.34 23,241,920.58 Other Investments...................... 431,526.40 Stock on Hand, manufactured, in process, and raw................................................. 5,492,999.54 Treasury 3took-ComaoB.94,600.00 -Preferred.......... 96,000.00 190,600.00 Cash in Banks............ ................. ............. ...................... 444,140.57) lotes Receivable......................... 203,849.18 Accounts Receivable..................................... 1,387,263.42 Total Assets.............. ................... 31,291,298.69 LIABILITIES Capital Stock-Common... -Preferred 8urplus, 1893.......... .. Mortgages............ .. Aocounte Payable.............. Total Liabilities. 15,000,000.00 15,000,000.00 30,000,000.00 ......................... 863,706.36 ........................... 153,728.25 .............................. 273,864.08 .............................. 31,291,298.69 It will be noted that the Mortgage Aocount, which at the inception of the business was 351,364.25, has been Reduced by payments amounting during the year 1892 to 197,636, and on January 1, 1893, but 153,738.25 of this -3 - 0000-NLI-000017826 account remained unpaid. i v I Authority as given By the shareholders to the Pirector3 to i3sue ^2,000,000 of Debenture Bonds "for j {US purpose of providing for the redemption of 371, 364.35 mortgages on different parts of the real estate, $149,487.36 to be used to re-iasbur3e the Trustees for 03.3*1 moneys paid for properties acquired since the or- , ganisation of the Tru3t, and the balance to be held in ! the treasury of the New Jersey Corporation, to be dispos- j ed of to acquire additional capital for carrying on the j1 various businesses. " So far it has not been deemed expedient or necessary to issue any portion of the?e bonds, the better condit ions prevailing in the present form of management ren dering it unnecessary to u3e additional amounts of cap ital. It cac also concluded that it would be better to pay off the mortgages gradually. The company is to be congratulated on the liquidat- .] Ion of the very large indebtedness of The National Lead -jj Tru3t during it3 existence. The Accounts Payable of thi3 j Company January 1, 1393, practically represents ore, bullions and supplies of various kind3, in transit. > The volume of business for the year exhibits a gratifying increase over the preceding years. A large amount of money was expended by The National Lead Trustees' and since by the National Lead Company, in perfecting the smelting and refining interests, practically rebuilding all its great furnaces. 3hite Lead factories disadvantageously located, or unable, from any cause, to make their goods satisfactory, and on an economic basis, have been discontinued, while other have been greatly enlarg ed, 30 that the capacity for production of all classes of goods manufactured by the Company has been decidedly increased. The progress of improvement in perfecting tachinery to produce better goods on a cheaper basis has been continued, and is meeting with moat gratifying re sults. The entire country has been redistricted and placed *n charge of thoroughly competent managers, trade ha3 been solicited and cared for by experienced salesmen, the relations between the Company and it3 customers have been most kindly. Prices have been equitable, both to the Company and it3 customers, and the progress in all 'directions has been thoroughly satisfactory. -4 - 0000-NLI-000017827 I Having smelters in Now Mexico, Colorado and ^t90uri, factories for manufacture in all the great pities and commercial points, forming a continuous fl>jain through the country from St. Louis and Chicago to ja* York and Boston, we are advantaged by each locality #0i can deliver our goods at a minimum of expense for transportation and other charges. : There has been and always will be competition in each class of good3 manufactured by this Company. It does not aim to obtain monopoly. By continuous efforts for improvement in quality of goods, economies.in man ufacture and distribution, earnest zeal in aiding our customers, uniform and fair prices, large stocks" of Batsrial on hand (constantly improving with age)to meet every emergency of trade, gradual assimilation of other branches to fully round up our manufacturing interests, the better understanding by the public of the superior ity of our manufacture over that possible by others by reason of the association in this business of the bs3t trained tit lent in friendly rivalry to secure the very best results, we believe we have passed the period of hazard, and feel assured of maintaining our strong position, and can reasonably expect increased business with commensurate profits. ;' i S-;| ; ! ; | ij No longer menaced b7 hostile legislation, the attention cf the officers of the company can be dir acted to further economies, and to the commercial expansion of the business on the lines already laid down, which c?.nnot fail, under the improved discipline and energetic direction of the managers of the different branches throughout the country, to produce continuing favorable results. i ;. Ij. , I am gratified to be able to state to the stockholders that all the old certificate holders of the National Lead Trust have converted their certificates into stock of the National Lead Company, excepting 3,720 shares, or four-tents of one per cent. The large proportion of Cash Assets, as shown by the Balance Sheet, will undoubtedly give great 9ati3faction to the shareholder:, being quite one-fcurth of the entire Capital Stock. j I !> 1 Respectfully, i . W. P. Thompson, -5- President. ' 0000-NLI-000017828