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'b a G" gj 04 'a G o U %2 o3 a =- <9 00 - tl if) m t 3 on fl o o C9 O T) Z to >pi p i Q 0000-NLI-000018728 installed, along w ith other equipm ent, to handle the large and complex components w hich more and more are becom ing the hallm arks of Doehler-Jarvis engineering capabilities. 2-- XOI 33 JJ o G GO X i- T^f eGL ;-j 3 J2 O3 3 ^ hfi H2 j2>5 o `3 -3 's> V bbL0. A ----j a* c- ;j 3 3* "a3 .G2 Dt i * * LD 2 Cl , 3O^ 2 ^ Li "2 w c 2 "3 to 0 Sd 'D H l > .3 "3 3;/> ^<ELi A^ >N L) 2 'S - J2 Ll O a. 2 G S o < -3 vi Li 3 aM 210 a r? 1CD 0) >a il1--1 (.> >* 9* - -*2 - j j --1 -5 ^ * g 2- G .0 - i f*tf X2"1 >* Si v3 ">> < g -S 2 a. A -3 -G 3 2 -^ .-5 3 3 -2 0 i --, "y3 NU ^ --- S 2 'G>_ oc" a, ^4 as r3 20 .3 .2 5 * ST 3 -3 0 2 3 A a, 33 s L ,0 et -* 53 C -2 > A ,G OX z -2 .u 3 3 * * -3 P 22 w *r p "3 L> "3 LI "3 O -g _G u c A w;3 rg- "a* r* --G 3 ^ co2 'O 3 0 ? (J w 3 -3. 3 2 x 2L) O' c 2 *3 u .-0S2i -*3 L) -- * Ll Ok. J3s3 2 * L rz 2 S* 33 2r O c A -C Ll A *3 > 3 -22 "3-- P LI SO r3 jU 3 * a. a ^ -P LI _C *-< v, L) fexO si "* ~L _U u 'S * $P 2 3 ~4 L > L) -J -3 S .3 .r3p > 0 a 0 LI ^ -a Eu *3 J2= .rt L> 3 2 Tl 'G G SS jsj LI "3 ^ ! .S 5 >^ 2 53 - -g _3 "3 u s "3 ,0 bO "2 3* 3 L> 23 *5 Ll 2 x C LI SL)i . w_ ^ -"3 5 0 h Li ,,0 s a 3 2 *3 GaS* V. Cfl c r3 a- b) G .2 C2l^, ^ !d 2 3h 0 *-* ^ y 3^ L) ^ O a o LI L> Si O bpjO "o 2 m3 GJD O7 wCSj jwg C*U si 0 - JZ a* H a..: S, oU 3 < W LI ---"3 2 .aPp 3 *3 ^ T3 O 'S S ^a^ ,* 3 G < "a. -"O2n 0 a3 fc c c o M is s o u ri-Illm o is R a ilro a d C om pany stock, held by the C om pany was sold to M issouri Pacilic R a ilro a d Com pany, the p rin c ip a l stockholder. bfl C T*< X E3 TT !> i 0 2 ^ C ^ . 33 tD '3 oo" ^2G - 3 ao 1 *2 l Ui .1 B 2 3r tO 31 w P2 P2 . 5 p 12 3 mr: a ^3 G rr 33 x "3 --. 10 3 O V, u C^* L 0 0 -y 1 3. P .. e l 5 * L> 5 " % .a '- O 2P 3 l > a '-- > G LI 2 ^3 2 L -3 5 > >^ Cc a, l .2 a 5^ ^3 9O A3- -- `Z a |O U c0 a '5 tL: _r--L2I1 h - ^ L-- L -n1 33 ^ l jfl " d 0 Ll 33 O3 ^r oo P "l 3 ^3 33<1-> L ., w~ S Li L> o "3 O3 L* LO 3 *3 . - 33 *> a "3 >--. LI r* ^ IG S "3 = 2 'P L x LaV5l. c, ^2 3 ?5 "3 32 S Sg - -a ; L) 0 .o 2G1 ?m x3- a G Tf* * .; >p: 3 l"r *33 ^ > C g Gl L9^u0;: 0000-NLI-000018729 T ita n iu m Metals C orporation ot America, jo in tly owned w ith Alle- ghej ny L u d lu m Steel C o rp o ra tio n , reported im provem ent in sales an aet incom e in 19O4, its fifte e n th year o f o p e ra tio n , and again 3 c >C33 1* 5J 1 s 11 a3 ^i 4 35 .5 ^ >C* 5 ^ -5 5^ ^ -S 'a* | ^ 1^ jl ^ 7ur3e a 3 03 -C -3 bJO 3 3 '5 xn "3 0 a; 3"1 3 -c u -- <O- 3> T3 8 u __ 'i 3~" tdoJ re ^ >> 2 ! '-3 ^3 -3 d^ ^ g5 aj S8 .3 dj <c Wre ,Cmw `SL re ^3 Uw eduj m fb 03 Oi s 0 0 'd (D +j o3 rH rH rH W < T3 *-> c3 d pH rH 0 CO el 0 oa in m aterial nanuniig ana proaucuon iccnniques. A dvanced autom ated e q u ip m e n t was installed at the Statesville, N o rth C arolina, p la n t o f Southern Screw Company. 03 --.3 s a, 0 7a, o .3 j> 3 I o a* 3 dJ '% cCAO re V g a. CO 3 0 -Q -- re 73 3 6 1 VCreO 3* 2 3 ? 73 re V *3 a *3 re 3re ^ (i g S .2 50 * r3t .-53 50 3 .5 a re .s 3 Jo &) fl ^ 3 dj 2 o u 3 re j 3 a, .g Ow "3 ^ .S C ^^33 ao- ft reO `S u u 3 73 O 3re CO O u dj dj 3D gS s3 CdOi 3 re 3 & re 3 3 <5u0 JG >T 5 U "3 Z s ^c dJ ^ dJ ho t *| 2I 3- rid-eij <f 0 07 o ,s 2L a - .2 J3 V nre *so s |3 a SP > bo u .2 3 =3 T3 d; O 50 &a O .3 O 3 a^. re 0 2 ft Q 3 -3 O re o '5 1 * a re 5o o* 73 V3 22 50 G ^ ,3d < `u 3 S =r 2P V S3 73 "0 O 3 O .5 .3 .2 *5 3, "2 |5 U .3 73 * S ^3 3re ^a "3 .12 v^ ^S2 3u .g re SsC g u-- "2rose* 3'ar"e,. <5 bd7i f 32 ^h a |> re c 1) c S s rt a 2 .a - J3 o2 re c bo - * C o crme I?' rOa o.'S S T3 oc 0 33 -r. 5a -2 'C S "O SC.i * CO 'u Q 0u d a. U CM 0 3 0 3 ix n . re -ay: 3os H3 c 0u O a3 V I d; i- -3 O H^ 0. O re 3 d; 3D O<u* d>reJ a j= .2 3= ts 7f3lj s 43 I t/3 so 3 M a p 53 3 O 7530 2 CO CdO^ 'cre 3. 2 0 2 ^a0 7<>3u ix 3d>j 0ix a- 5Ss 6 4 g. aI & u 3re o. C < | 1 ii ii 3 o cs iS a "> O '3re >c s a. a XV 3aj oS 50 G *5 3V13-. dJ Ui .0 0u au 3 73 OSx Q. _O5rue0 J3 U re 3 0 `S 7r3e 0u rSex 0 uau T3 u Sw aS E g S. f a*3 ft ^ 0 V !J- O a 5 <V M s s 50 *C 3g .5uP > dCO> ^re 3 a are re_, "O & 'p ObCu <--uoi dj 33 2 o0 3 o cfl Ou 3 50 CU 3 re ^ W. d^ -43_l 3 c O s u J* 3 2*5 2 2j 0t dj 3 50 5 2* 3c .> o -S2 -3 50 S . 3 s s i "3 ],, % .2 SS>S 73 0 S 73 3re 3 o (O 3re Oh x 3 < 3re Q2 o3 U re '3 P Cu S -2 o U JG S co co 33 3 5re0 73 u U3 re ^creo u 73 a re ^u ou to * z =3 ? So 3 bo .a O , gre >re3 d3uj ^i* V W r-eJ o. a 3 - 3 re 4^ T ^re Ci - : 2 t: TV3 c, .,.| /d)j "^ 73 { sJ ^p 1 `fl 5 ? 0000-NLI-000018730 c o Force-Navy airplane. T h e la tte r contains some 1,500 pounds o f tita n iu m in its fuselage. A lso significant is the intensified a c tiv ity on the p a rt o f the U n ite d States Navy in b u ild in g deep-diving subinetsibles w hich could require substantial quantities ol the m etal in the years to come. O f interest was the statement by the President o f the U n ite d .2 AJ 3 > u o 3 -Z 73 c/5 : ."3 >s 75 VCO > 1 ' 2 =S tp 5 'A 3 u CO 3 s .0 71 / 3h *2 <-30~ -O o 3 71 ccO o s> o 0^ O L* 23P '5^d _o 3 ra o .2- AJ ^ 33" rt 52 yT* " -S ^ ^ ; a; .i* cO 73 -- L> "3 - y z .2 "3 s O co 0 O -W2 VJ ~ - 33 .3 0 "3- ^,3-3 "3 v d .3 5 - r-- - x -- _ 2^:1 5 V 13 y 5 S) o S" .2 w > ?0; ^~ EL 3 M 4; 2 1 * .1 a .2 S S a. >. ts o y a^ a .2" |0 <3 ea 25 aI5-^1" ' s^ ft. nV 13 ~ 'A fe jI* as' E 'I I 2s; =* t~. a .1 O *3 z S* ?AJ 22* aS aS ^ >-s 3 H C 33 "3 5 ~ 0 s o o o '2 = AJ U sU z = - W ^ ?3 a; v * OJ Sj O c `u3 a2 CO 3 71 >a;T to >- v 73 CO 0 .= S .3^ b> 'S 3 sQ (J w z u73 0. -- .3 'i>N u 71 V < U3 -O0 ^ 1 si u 0 co ^3 3a; kc .s 7iTi3 3J9 - rs H3 Si > 'S '<C3L. -O 3 Cl , (xU .s 4C0 u <0*4 J^3 3-3 u AJ 3 V M^ S S oV<j A53J 5J w *o 0 30 0 3 2 ! 3~ 3 0 - -3 X Z f, B2 w3 & "3 S^ s *g =3 u-t c cO AJ s .5" C/5 CO \n r* 0045* c and the b e g in n in g o f sales fo r such program s as the C H -53A m arine helicopter, the C-141 U n ite d States A ir Force cargo plane, test sections fo r supersonic transports and fo r the F -i 11 U n ite d States A ir <aw m aterials fo r its p ro d u c tio n o l lie n to n e g e llin g agents, Both M o rris R K irk & Son, Inc., a west toast producer o f fabricated lead products and lead oxide, ami its subsidiary, Pioneer A lu m in u m , 0000-NLI-000018731 la the paint field, an im proved D utch Boy N alplex acrylic w all sj o 4> 23 3> w a; 03- z5 ac ifj oi-- -3 o 0 u 'O a, 3 2 2S S -73 jj v os a -a 2 qj V9 2M S~ 36 22 wP 3 4) "3 *d 3 1/3 0 4) 3 15 </J a o 'S H33 '5 cu S '3 ou O *% a w 3 a qj X 35 u -C s* .a 13 3>- W > - -" o to Vi-l O Ow 3--< tj u -M w 1m in q- ^j U) o> CQ .2 d V > a P`C OS r* 4) -d 3 -d AV j i3'1 to .Z 3 >> ? s 3 S -a 2L ao3 ou to v & c* u, 2 3 rt u rt -- . 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T h e Canada M etal Company, L im ite d entered the pow dered m etal business in 1964. Technical w ork, aim ed at the de- cV o E O "3 "E > QJ Q X QJ *V Z ow 0 <co ftc <toT <---2 3^ o 2 u *3 0 qj cOj --2 qj 3 O qj "30 o 2* OS V35 > 2 0 c sion. In d u s tria l Reactor Laboratories, Inc., owned by N ational Lead j Com pany and nine other m ajor concerns, operates an experim ental i2A Sq>--j.v !-G 0 a. r* ST 13- , v * 35 ? 52 > 3 Qj VC 2 0 ^ Mts 0 c -- .222 S'3 rs 2=: ToJ .31 > .5 2 *S. ?3 -* 2w O *-- qj 2 V 3 3 3d 23" 2. -2 _ _ `2bC . . _ c- 3 2 * 5" ^ 3 "5 _ a- -2 3 2n -cj >q j* u2 ^ 2 _2 -a &o b0 c 2 *3 -b W) o qj Z 3-5 qj a* a o .2 a 3 qj 2 .bp A qj 3 0 o* - ^ fqljj '3T*. h 'a- 2r 5 73 Q** 3v bb 2 >qj ii 2 bo 3 QJ 4= -Acs (j 2 .SL, .2 |E lS'2 r5 3 , _ qj q j *73 s qj X 0" 2 c- . 2 QJ 5/3 .2 2 o - 33 *5 J . ^ ^ _3 ^ s ^ .-3 3 s s ! s b0 c j a- 2 -- U r ip" 1 .1 O^ - 0 o qj > Q 2 O ww Q- r3 .^O. bO - -2 10 o 2 0 .2 Q -a i> 2 qj tc ^ *3 ^ s S e b V 1 .z2P oa* _2 *V2 a qj -2 O -2 .2 3 o .c c 0 r3 o ? 2 -r .2 r s?* *O c srr 2 5. -2 2 SH 5 3 2-J ^c V rV W3 ^0> a* n a 12 a. O 3* .*23 *^ o t) V g" 2 ^ 3 2 -52) j 1 bi *5 a a -- fhe S h cxai 2-- JZ A .2 0 a j * O Q , <3 2; a, a. to. i_a. "-q23j =--^-wq. J-t2- -2 2c Is a* x u OJ a. a 2 a 2 8 S 2 O j-s 2 2 O 30J JwZ 2 a* -2 3 x s; > rf v 3^ aS w o CO 2 o3 2 *l-H 13 2 23 -2 3 ^ -S c'J 3 C .O3 Is 3qj w 2 r* 0 -3 a. a O ^ .> 3 73 XT) 2u V2 ^ - qj a< SPl s -S s .2 qj x: S -a >, 3 io 0 qj .a | =Z 3. a 3s u 3 3 ?" 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C na_ ttq3 8 ?3 3 to < ^ d CU S' e = d a a cn j5j if) o O o g ^ 50 - U- o-i> .va 0000-NLI-000018735 <S HO 2 POP 0000-NLI-000018736 pany w ill be held at the principal offices o f the Company in Sayreville, New Jersey, at the foot of Chevalier Avenue on Thursday, A p ril 15, 1965, at 11:00 a.m. A ll shareholders are cordially invited to attend. National Lead Company and its Consolidated Subsidiaries Balance Sheets December 31, 1964 and 1963 Assets 1964 1983 Current assets: Cash and certificates of deposit...................................... f 31,733,195 $ 36,297,137 Government, state and municipal obligations, at cost (approximates market) .............................................. 17,484,747 11,181,681 Other marketable securities, at cost (at market quotations: 1964, $16,540,000; 1963, $15,520,000)......................................................... 14,803,768 13,624,789 Accounts and notes receivable, less reserves: 1964, $2,083,168; 1963, $1,915,793........................... Inventories (Note 2)....................................................... 85,319,999 129,709,767 Total current assets ................................................ 279,051,476 74,593,053 117,408,546 253,105,206 Notes receivable under Stock Option Incentive Plan (Note 6)...................................................................... 474,471 481,589 Investments in, at cost or below, and advances to un consolidated subsidiaries, less reserve of $3,193,775 (Note 3).............................................................................. 1 1,381,789 12,871,213 Miscellaneous investments and advances, at cost or below, less reserve of $826,199 (Note 4)...................... 6,865,890 6,249,277 Plant, property and equipment (including intangibles of $20,692,311 not being amortized) at cost, less reserves for depreciation, depletion and amortization: 1964, $208,974,265; 1963, $198,150,041 169,381,420 164,493,160 Prepaid expenses and deferred charges........................... 5,950,315 5,279,629 $473,105,361 $442,480,074 26 The accompanying notes are an integral 0000-NLI-000018737 Liabilities Current liabilities: Accounts payable and accrued liabilities........... Provisions for taxes................................................ 1964 1963 $ 49,145,175 $ 43,773,494 44,077,956 39,932,604 Total current liabilities................................. 4^% subordinated debentures, due April 1, 1988 (Note 5).................................................................... Deferred United States income tax........................ Inventory reserve (Note 2)........................................ ? 93,223,131 $ 83,706,098 $ 31,564,400 $ 32,416,400 $ 8,800,000 $ 5,700,000 $ 11,308,774 $ 10,795,841 Capital (Note 6) Common stock, par value $5; shares authorized 20,000,000, issued: 1964, 11,713,757; 1963, 11,709,222 .................................................... Capital surplus ......................................................... Earned surplus ......................................................... Less, Reacquired common stock, at cost: 1964, 2,484 shares; 1963, 1,000 shares........... $ 58,568,785 $ 58,546,110 37,096,859 36,816,950 232,672,097 328,337,741 214,511,664 309,874,724 128,685 12,989 $328,209,056 $309,861,735 $473,105,361 $442,480,074 1. a H ffi ft oj the financial statements. 0000-NLI-000018738 National Lead Company and its Consolidated Subsidiaries Statements of Income and Earned Surplus For the years ended December $r, 1964 and 1963 1964 1963 Net sales..................................................................... $683,600,602 Cost of sales............................................................... Depredation, depletion and amortization $461,696,453 7 15,657,395 Selling, administrative and general expenses Taxes, induding state income taxes.................... 91,072,693 , 13,115,128 x $581,541,669 $102,058,933 Other income, net.................................................... 5,044,231 107,103,164 Interest on debentures ........................................... ......... 1,390,684 Income before United States and foreign income taxes 105,712,480 Provision for United States and foreign income taxes. 49,516,462 Net income.................................................... ......... $ 56,196,018 Per share of common stock S4.80 $618,580,159 $414,950,139 14,899,748 87,316,338 12,311,639 $529,477,864 $ 89,102,295 6,602,400 95,704,695 1,024,290 94,680,405 45,087,815 $ 49,592,590 $4.20 Earned surplus at beginning of year.................... Net income................................................................. Less: S214.511.664 56,196,018 $270,707,682 Dividends: Class A preferred stock, $1.75 per share . ...........S Common stock, $5.25 per share.................... ......... 38,035,585 Excess of cost over par value of preferred 38,035,585 stocks retired.................................................... - $ 38,035,585 Earned surplus at end of year ...........$232,672,097 226,827,238 49,592,590 $276,419,828 $ 374,488 38,048,890 38,423,378 23,484,786 $ 61,908,164 $214,511,664 28 The accompanying notes are an integral part oj thefinancial statements. 0000-NLI-000018739 Notes to Financial Statements 1. The consolidated financial statements include the accounts of the Company and all wholly owned domestic subsidiaries and of the major wholly owned foreign subsid iaries. Foreign currency amounts have been translated at appropriate rates of exchange. 2. Inventories are priced at the lower of cost (on various "average," "first-in, firstout" or "last-in, first-out" bases) or market. The inventory reserve has been main tained on the basis of the following quanti ties and prices of normal stocks: Normal Quantities (Short Tons) Fixed Inventory Price per Pound Lead ..................... . . 49,68714 Tin . . . 1,12414 Antimony............. 1,400 $.03 .21 .05 3. Unconsolidated subsidiaries comprise subsidiaries more than 50 but less than 100 per cent owned, and certain minor wholly owned foreign subsidiaries. Based principally upon audited financial statements, the equity of the Company in the net assets of the major unconsolidated subsidiaries and amounts relating to such equity approximated: 1964 1963 Equity in net assets ..................$26,076,000 $26,253,000 Excess of equity over the Com pany's net in vestments and advances 15,230,000 14,197,000 Increase in excess equity during year.................... 1,033,000 2,090,000 4. The equity of the Company in the net assets of 50 per cent owned companies, as shown principally by audited financial statements, exceeded the cost of the Com pany's investments and advances, included in miscellaneous investments, by approxi mately $14,382,000 at December 31, 1964 and $13,057,000 at December 31, 1963. 5. The indenture provides for a purchase fund into which the Company is required to pay $850,000, on April 1 of each year through April 1, 1973, which sum is to be used by the trustee to purchase debentures at or below their principal amount. The Company may apply debentures acquired by it against all or any part of these pay ments. Amounts unexpended by the trustee at July 31 of each year are to be returned to the Company. G. Under the Stock Option Incentive Plan adopted in 1958 options have been granted to certain officers and other key employees to purchase shares of the common stock of the Company at 95 per cent of the fair mar ket value of the stock on the dates of grant ing such options. The options are exercis able over a period of seven years from date of grant. The period during which options could be granted expired in 1963. f29 ifiS n 0000-NLI-000018740 Changes during 1964 under the Plan are summarized as follows: Range of Option Prices per Share Shares Under option January 1, 1964 $67,568 to $116,375 Less: Options exercised . . 67.568 Options terminated , . 67.568 to 89.775 215,200 -1,535 13,625 Under option, December 31, 1964 197,040 At December 31, 1964, the unpaid bal ances of the purchase prices of 10,250 shares are evidenced by promissory notes bearing interest at 3 per cent and payable within 10 years from the dates thereof. These shares are pledged as collateral with the Company. Additions to capital surplus consist of the excess of the net proceeds over par value of common stock sold upon exercise of stock options (1964, $279,909; 1963, $275,929). General: Numerous differences exist between taxable income and book income, including certain fluctuations in the inventory reserve, per centage depletion and depreciation charges. No provision has been made for such taxes as may be paid if and when accumu lated earnings of subsidiaries are distrib uted to the parent company, since such taxes may never accrue. 3 , 0000-NLI-000018741 Lybrand, Ross Bros, k Montgomery Certified Public Accountants 2 Broadway. New' York. N. Y. I c i- V E % To the Stockholders of National Lead Cotnpam. New York, N. Y. We have examined the consolidated balance sheet of NATIONAL LEAD COMPANY' and its Consolidated Subsidiaries as of December 31, 1964 and the related statements of income and earned surplus for the vear then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as wre considered necessary in the circumstances. We were furnished re ports of other public accountants upon their examinations of the financial statements of certain consolidated and major unconsolidated subsidiaries. Our opinion expressed herein, insofar as it relates to the amounts included for such subsidiaries, is based solely upon such reports. We made a similar examination for the year 1963. In our opinion, the accompanying financial statements present fairly the consolidated financial position of National Lead Company and its consolidated subsidiaries at December 31, 1964 and 1963 and tfie consolidated results of their operations for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis. LYBRAND, ROSS BROS. & MONTGOMERY f; : ) fc; a 0000-NLI-000018742 National Lead Company and its Consolidated Subsidiaries Ten Year Review of Operations 1964 Net Sales .....................................$683,600,602 1963 1962 1961 $618,580,159 $570,721,363 $555,672,358 Income before Taxes.................. 105,712,480 Taxes on Income.......................... 49,516,462 Net Income.................................... 56,196,018 94,680,405 45,087,815 49,592,590 93,780,009 44,740,176 49,039,833 98,436,769 46,695,016 51,741,753 Preferred Dividends.......................... - Common Dividends...................... 38,035,585 Total Cash Dividends................... 38,035,585 374,488 38,048,890 38,423,378 2,105,562 38,033,964 40,139,526 2,181,161 38,016,564 40,197,725 Retained Earnings.................... 18,160,433 11,169,212 8,900,307 11,544,028 Earnings Per Common Share . . 4.80 4.20 4.01 4.24 Cash Dividends Per Common Share................. 3.25 3.25 3.25 3.25 Total Current Assets.................. 279,051,476 Total Current Liabilities 93,223,131 Working Capital ......................... 185,828,345 253,105,206 83,706,098 169,399,108 248,997,917 74,195,681 174,802,236 242,107,203 75,193,976 166,913,227 Gross Property Account........... 378,355,685 Reserves for Depredation, Depletion and Amortization. 208,974,265 Net Property Account.............. 169,381,420 362,643,201 198,150,041 164,493,160 358,753,647 347,040,211 192,898,078 165,855,569 181,569,212 165,470,999 Total Assets.................................. 473,105,361 442,480,074 438,593,911 431,161,102 *1960 restated to conform to new 1961 basis of consolidation. Prior to 1960, certain wholly owned foreign subsidiaries are not consolidated. Plus 2* stock dividend. 32 0000-NLI-000018743 1960 Restated* $562,021,983 1959 $530,550,817 1958 $457,592,886 1957 $535,343,270 1956 $576,292,383 1955 $533,728,730 100,569,991 48,163,860 52,406,131 101,174,233 48,712,722 52,461,511 84,395,289 39,673,891 44,721,398 101,537,900 45,306,394 56,231,506 107,521,101 44,369,014 63,152,087 89,436,792 41,546,851 47,889,941 2,181,161 38,011,864 40,193,025 2,181,161 37,947,176 40,128,337 2,181,161 37,865,038 40,046,199 2,181,161 37,857,956 40,039,117 2,181,161 37,074,569** 39,255,730 2,181,161 32,417,308 34,598,469 12,213,106 12,333,174 4,675,199 16,192,389 23,896,357 13,291,472 4.29 4.30 3.65 4.64 5.34 4.02 3.25 3.25 3.25 3.25 3.25** 2.85 | 227,558,122 | 69,229,892 158,328,230 205,350,494 66,689,074 138,661,420 184,392,427 64,240,475 120,151,952 183,995,439 70,175,917 113,819,522 198,413,275 80,925,260 117,488,015 196,758,738 83,598,897 113,159,841 335,069,506 292,122,311 287,800,726 260,592,510 238,609,305 228,267,837 172,980,588 I 162,088,918 145,220,190 146,902,121 135,107,065 152,693,661 121,775,325 138,817,185 111,224,536 127,384,769 105,437,451 122,830,386 I 413,535,074 380,511,351 361,213,437 358,369,280 353,176,014 336,411,632 i ; 'w w iiw i f i t National Lead Company Branches Atlanta Branch Atlantic Branch (New York) Baltimore Branch Chicago Branch Cincinnati Branch Cleveland Branch National Lead Company of Massachusetts (Boston) Pacific Coast Branch (San Francisco) Philadelphia Branch St. Louis Branch Southwestern Branch (Dallas) Paints, Paint Materials and Chemicals: Antimony oxide, basic carbonate white lead, basic silicate white lead, basic lead silico chromate, red lead and litharge, battery oxides and separators, paints, varnishes, enamels, gellants, stabilizers for vinyl plastics. Primary Metals: Antimony, cadmium, lead, tin and zinc. Metal Products and Alloys: Lead pipe, sheet, traps, bends, wool, wire, ingot, shot; radiation shielding; battery grid, babbitt and type metals, solder, lead and zinc alloys; lead-lined valves and fittings; cinch anchors; pewter. On Pacific Coast, primary metals, metal products and alloys are sold by Morris P Kirk & Son, Inc. Divisions American Bearing Division Indianapolis Precision bearings (Sold through A merican Bearing Corporation) Baroid Division Houston, Texas Oil well drilling materials, well logging services and testing equipment; chemicals for the petroleum industry and gellants for greases DeLore Division St. Louis Barium and calcium pigments Doehler-Jarvis Division Toledo Aluminum, brass, magnesium and zinc die castings Evans Lead Division Charleston, West Virginia Lead oxides Goldsmith Division Chicago Precious metals Magnus Metal Division Chicago Brass and bronze bearings and castings (Sold through Magnus Metal Corporation) Nuclear Metals Division New York Uranium ore concentrates and nuclear feed materials, fuel elements, fabricated uranium products, nuclear research, development and transportation services Steel Package Division St. Louis Small steel containers Texas Mining and Smelting Division Laredo, Texas Antimony and antimony oxide Titanium Alloy Manufacturing Division New York Zirconium oxide, silicates and chemicals; electronic titanates, zirconates and stannates; ferrous and nonferrous alloys Titanium Division New York Titanium pigments and chemicals, ilmenite and magnetite iron ore (Sold through Titanium Pigment Corporation) 0000-NLI-000018745 Wholly Owned Domestic Subsidiaries American Tansul Company Houston, Iexas Specialized clay products Floating Floors Inc. New York Elevated floors and site environmental systems Master Metals, Inc. Cleveland Lead and lead alloys National Lead Company of Ohio New York Con tract-operator, Atomic Energy Commission Southern Screw Company Statesville, North Carolina Screws and metal fasteners The Chas. Taylor's Sons Company Cincinnati High temperature refractories Wholly Owned Foreign Subsidiaries Barber Die Casting Co. Industrias Deriplom S.R.L. The Titanium Alloy Limited Hamilton, Canada Aluminum, brass, magnesium and zinc die castings Buenos Aires Lead oxides Kronos Titaan N.V. Rotterdam Manufacturing Co. Pty. Limited Tweed Heads, Australia Rutile and zircon ores Baroid of Canada, Ltd. Titanium pigments Titan Co. A/S Calgary Oil well drilling materials, well logging services and testing equipment Kronos Titanium Pigments Limited London Titanium pigments Fredrikstad, Norway Titanium pigments and paints Titangesellschaft Canadian Titanium Pigments Limited Montreal Titanium pigments Chas. Taylor Sons S.A. Brussels High temperature refractories Hoyt Metal Company of Pigmentos Minerals Industrial e Comercial Pigmina S.A. Sal\ ador. Brazil Oil well drilling materials Societe Beige duTitane S.A. Brussels Titanium pigments m.b.H. Leverkusen, West Germany Titanium pigments Titania A/S Hauge i Dalane, Norway Ilmenite Great Britain, Ltd. The Canada Metal London ji Antifriction metals Company, Limited Toronto Lead oxides; fabricated lead products; lead and zinc alloys; brass and bronze products 35 0000-NLI-000018746 National Lead Company Partially Owned. Domestic Affiliated Companies Enenco, Incorporated Mem phis,Tennessee Fatty amines Morris P Kirk & Son, Inc. Los Angeles Aluminum, lead and zinc alloys; fabricated lead products; lead oxides Pioneer Aluminum Inc. Los Angeles Aluminum aircraft extrusions and aluminum tooling plate R-N Corporation New York Direct reduction and beneficiation of iron ores The Baker Castor Oil Company Bayonne, New Jersey Castor oil, chemicals derived from castor oil and other oils and fats, chemical specialties Titanium Metals Corporation of America New York Titanium metal sponge, ingot and mill products Partially Owned Foreign Affiliated Companies Abbey Chemicals Limited London Gellants; stabilizers for vinyl plastics Lakeshore Die Casting Limited Oakville, Canada A luminum and zinc die castings Baroid de Venezuela, S.A. Caracas Oil well drilling materials Baroid International, S.p.A. Rome Oil well drilling materials Barytes & Minerals Limited Trinidad Oil well drilling materials Derives du Titane S.A. Langerbrugge, Belgium Titanium pigments Doehler Argentina S.A. Buenos Aires Aluminumand zinc die castings Metal Castings Doehler Limited Worcester, England A luminum and zinc die castings Mineral Deposits Pty. Limited Sydney, Australia Rutile and zircon ores National Lead Company (Philippines) Manila Paints, varnishes and enamels National Lead Company S.A. Buenos Aires Lead and lead products Industrias Doehler do Brasil, S.A. Sao Paulo, Brazil Aluminum and zinc die castings Roto-Cast Limited Montreal Bronze castings Schraubenfabrik Neustadt Goetz & Cie G.m.b.H. Neustadt, West Germany Screws and metal fasteners Societe Industrielle du Titane Paris Titanium pigments The Carter White Lead Company of Canada, Ltd. Montreal Lead pigvients, lead oxides and stabilizers for vinyl plastics 36 0000-NLI-000018747