Document jNz92rLqwdMErxVk2Vm76nN7p

NATIONAL LEAD COMPANY, I Exchange Place, Jersey City, N. J. REPORT PRESENTED TO THE STOCKHOLDERS AT THEIR TWELFTH ANNUAL MEETING. FEBRUARY iS, 1904, FOR THE FISCAL YEAR ENDING DECEMBER 31, 1903. To the Stockkoldtrs 0/ National Ltad Company: The following Balance Sheet shows the condition of the Company on December 31, 1903. ASSETS. Plant Investment.......................................................... Other Investments.............................. ........................ . Stock on hand, manufactured, in process and raw.. Treasury Stock--Common........................................ 94,600^30 --Preferred ........................................ 96,00000 Cash in Banks.......................................................................................... Notes Receivable .................. ........................................................... Accounts Receivable............................................................................. LIABILITIES. Capital Stock--Common.............. 15,000.000.00 --Preferred.......... ... 15,000,0OO.OO 30.000,000.00 Surplus. December 31, 1903. Mortgages.............................. Notes Payable...................... Accounts Payable ............. , 1,962.831.04 12,603.25 600.00000 130.717.00 j4.u3.298.55 618.150.09 5,910486.48 . 190,600.00 150,104.52 I744>**.53 |,}|4J3.|J I32.706.15 '9 I32.7cy5.151.29 A comparison with the preceding year is given in the following statement: $1,569,069.47 show a gratifying increase over preceding years, and after paying dividends of $1,043,280, enable us to add $525,789.47 to Surplus Account whkh now shows a credit balance of $1,962,831.04 and is actively employed in the business- A large * Surplus Account" is required for adequate working capital, and is also a provision against possible shrinkage in the value of the large stocks necessarily carried. During the period under review $132,56915 was expended for ordinary repairs and $220,905.14 for new improvements, making an aggregate of $353,474.29, all of which was charged to operating expense. While the value of inventory is on a lower basis than last year. `'Stock on Hand" shows an increase of $271,869(6 due to the neceastty of carrying larger stocks to supply increasing demands. During the year we bought a prominent white lead plant and business, to meet the increased demand and supplement existing properties. Plans have been approved for additional construction in other departments which will be hastened to completion. Generally the business may be said to be in a prosperous condition, and the properties in the best of order. The annual meeting for the year 1905 will be held in April, in accordance with the charter as amended March 19, 1903, but the fiscal year of the Company will continue to be the calendar year. Thanks are due to officers and employees for faithful and intelligent service. Respectfully, L. A. COLE, President. t F. . 0000-NLI-000017900-B f II I -lYff / / Plaat Investment.... Other Investments... Stock on hand........ Treasury Stock......... Cuh in Bank............. Notes Receivable___ Accounts Receivable. Capital Stock............. Surplus.................. . Mortgages................ Note* Payable.......... Account! Payable----- ASSETS. Dec. 31, 190s. 23^65,356.72 M19,34*.54 5.638,617.32 190,60000 352.343-29 152,5754)2 Dec. ji. 1905. 24,143.298.5 s 618,15CL09 5^10^86^8 190,600.00 150,104.52 1744)88.53 '.544,750.1s 832,5634*4424 1.519423.12 $32,706,151.29 LIABILITIES. Dec. jj, 190a. Dec. jt> 1903. ^3,000,00000 30,000^30000 14374341-57 1j.60j.35 1,050,00000 ,962.831.04 il.6oj.JS 600,0004)0 6j.S39.JJ 832,563,484424 130,717010 *32,706,151.29 Imckcamc. 677,941-83 271,86916 21.513.51 *971,324.50 IncREAec. 525,78947 66,877.78 8s91.667.25 SURPLUS ACCOUNT. Suiplua, December ji, 1902...................................................... Net Earning* during 1903.................... ................................. - * DIVIDENDS PAID DURING 1003. DeCftEASC. 601.091.45 202,238.77 25,32703 *828.657.2; DeceeAte. 4500ccu. * -3 8450.000.00 1^37.041.571 1,5691069475 83.006,111.04' Dividend No. 45 :...... - No. 46 ...... " No. 47 " No. 48 Surplus, December 31, 1903, j6o.8jo.oo 260.82000 j6o,82cujo 260.82000 . 14343.J80-0CJ (1,962,8314 We jaboit tber foregoing ftelement to stockholder! shoving the financial status of the Company' at the clone of 1903, and the remit! of the buiineii for that year. The aggregate tonnage was slightly increased over 1902, and oar capacity wai heavily tatted during the bus] season; the later month! were not so active as in the previous year. The net earnlags i 8sb7ia4--i^ifcXlv- OOOO-NLI-000017900-Cl