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Annual Report NATIONAL- LEAD COMPANY For Fiscal Year Ending
December 31, 1895
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Hi Principal Office: 1 Exchange Place, Jersey City, N. J. Executive Offices: 111 Broadway, New York City
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HATIOSAL LEAD COUPAHY 1 Exchange Place, Jersey City, S. J.
Report Presented to the Stockholders at their Fourth Annual Meeting, February 20, 1896, for the fiscal Yea Ending Decemb2r 31, 1895.
To the Stockholders of Saticnal Lead Company: The following Balance Sheet 3hosra the condition
of the Company on December 31, 1895:
ASSETS
Plant Investment............................ ........................... Other Itiveetments........... .... .. ...... Stock on Hand, manufactured,
in process and rasr......................... ............. .. Treasury Stock-Common.............. .. .594,600.00
-Preferred.............. "96,000.00
Cash in Banks........................................ ...................... Sotes Receivable.......................................................... Accounts Receivable.................................. .. ..............
Total Assets.............................. .........................
$23,613,465.65 435,663.48
4,801,231.33
190,600.00 338,209.52 217,857.93 1,281,838.98 130,878,866.89
LIABILITIES
Capital Stock-Common................ 515,000,000.00 -Preferred............15.000,000.00
Surplus, December 31, 1895................................. Mortgages....................................... .. Account a Payable......................................................
Total Liabilities
5 30,000,000.00 731.099.82 12,603.25 105.163.82
30,878,836.89
In order that stockholders may conveniently compare the condition of the Company *ith that of 1894, the following comparative 3heet is presented herewith:
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-3 0000-NLI-000017846
The year 1895 was one of alow awakening from the two years of depression which proceded it. Manufactur ing interests have only partially adjusted themselves to the conditions brought about by a tariff revolution and meanwhile enterprise has been stimulated and the volume of trade maintained or increased only by prioes 30 low as to give but email returns to capital. Slightly increased importations of all the products we manufacture have been made and in 3orae minor articles the competition thus created has resulted in a deoreaaed tonnage soli without profit.
The enforced economies of the two former years had, however, left the country bare of lead products and this condition coupled with inviting prices and stren uous efforts to sell, resulted in the distribution of a greater aggregate tonnage of our goods in any year since the organization of the company, but at the low est margin of profit per ton.
Under all the circumstances it ia gratifying to be able to report an increase in the net earnings of 63,003.07 over the previous year. The net earnings are shown after charging to expense accounti over 116,000.00 expended in repairs and betterments.
The usual quarterly dividends on preferred ana one dividend of one per sent, on common stock were declared and paid during the year, the aggregate amounting to 31,193,334.00 which deducted froa the net earnings left *88,927.54 to be added to Surplus Account, which is thereby increased to 761,093.92 and actively employed.
The financial statement shows an increase in the value of stocks on hand, and they are the largest in the history of the company. All Inventories have been taken at cash values for raw material and actual cost for manufactured goods. We cannot expeot loser prices for raw material and have a reasonable hope of increas ed profits on the business of the present year.
The general financial condition of the company i3 fully set forth in the several statements. The working capital ia ample for present needs, enabling us to pay cash for all we buy without borrowing. The aocounta Payable of 105,163.82 represent current matters in
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i'rooss9 of payment. The mortgage of 13,603.25, as exin ia3t report, sa cannot pay off during the
'life of the holder.
The policy of the management ha3 been to modernli28 the factories, with a view to reducing cost and
improving the quality o? manufactured products. Each year has-shown progress and in the one se are entering further advances in these directions will be made. The conditions prevailing with the smelting and refining interests have not warranted active conduct of that 'feature of our business in the period under review.
Our relations to the trade are increasingly har monious. We have studied the wants and cultivated the friendship of both the consuming and distributing In terests. Having acquired at great coat the beat es tablished brands and factories in the United States, we shave legitimately succeeded to the business which they Ibad enjoyed, and are expanding it with tho growth of I the country by all proper means. That business it will Ijbe our first duty to foster and defend. Tho first six Iteaks of this year* 3 business show a large increase over ftha same time in 1895 and with a continuance of peace ful conditions we may tak3 a hopeful view of the future. The late months of 1895 were below the average and promptly 3hcwed the eansitivene33 of trade to financial fears. At tbl3 writing a bettered feeling in this res pect is quickly reflected by the renewed confidence of 'Our customers.
On February 3, 1896, we sustained a great I093 in the death of President William P. Thompson. The -ktionul L &d Company ie the creature of his oonoeption, ;ond its foundations wore laid on solid rock. He de signed and finished on this foundation a superstructure i*hich is self-contained and self-supporting. All the |Oigh qualities of character, which be possessed, were ^prodigally exercised in its behalf, and the company stands an enduring monument to his memory.
,% The concluding paragraph of President Thompson's annual report expressed then, as it does new, the
J*iews of the management and read3 as follows, viz:
^lt *^le Poi*y ? this company remains preoisely as has been sinoe its inauguration, and i3 very simple.
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first, the unqualified protection of the property in all it 3 depart sent 3 and in it 3 business, and 3-eoond, to (at; fair and reasonable profits, and distribute same among its shareholders whenever deeded, vise and prudent to do so.
Respectfully, L. A. Cols, Vice-President.
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