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f i THE COYER The original portrait of the "DUTCH BOY" was painted in 1907 by Lawrence Carmichael Earle, a distin guished portrait painter. Since his first appearance in National Lead Company advertising in that year, the "DUTCH BOY" has become a nationally-known trade mark and a symbol for high-quality products. NLI 121431 National Lead Company INCORPORATED DECEMBER 8, 1891 60th ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1951 CONTENTS Pages Officers and Directors........................................................ 2 President's Message............................................................. 3-21 Financial Highlights......................................... 4 Financial Statements and Notes............................................. 22-27 Auditors' Report ................................................................... 27 Ten-Year Review of Operations............................................. 28-29 Branches and Divisions........................................................ 32 Affiliated Corporations........................................................ 33 Products . .................................................................................. 34-35 NLI 121432 BOARD OF DIRECTORS LEONARD T. BEALE WILLIAM V. BURLEY ALFRED H. DREWES JOSEPH A. MARTINO DAVID A. MERSON GEORGE L. RATCLIFFE JOSEPH H. REID WINTHROP SARGENT, JR JAMES A. TAYLOR HERMAN T. WARSHOW WILLIAM J. WELCH HARRY C. WILDNER EXECUTIVE COMMITTEE JOSEPH A. MARTINO, Chairman WILLIAM V. BURLEY JOSEPH H. REID ALFRED H. DREWES HERMAN T. WARSHOW DAVID A. MERSON HARRY C. WILDNER EXECUTP h OrriCxiRS President JOSEPH A. MARTINO Vice-Presidents WILLIAM V. BURLEY GEORGE L. RATCLIFFE ALFRED H. DREWES JOSEPH H. REID DAVID A. MERSON HERMAN T. WARSHOW HARRY C. WILDNER Secretary JOHN B. HENRICH Assistant Secretary THOMAS J. MURPHY Treasurer JOSEPH J. MORSMAN, JR. Assistant Treasurer MICHAEL USS Comptroller GEORGE A. DEWEY Assistant Comptrollers THOMAS J. OWENS ARCHER D. SARGENT Executive Offices, 111 Broadway, New York 6, N. Y. General Counsel, ALEXANDER & GREEN, 120 Broadway, New York, N. Y. Stock Transfer Agent. THE CHASE NATIONAL BANK, 11 Broad St., New York, N Registrar of Stock, BANKERS TRUST CO., 14 Wall St., New York, N.` Y. NLI 121433 j THE PRESIDENT'S MESSAGE March 17, 1952 fTo the Stockholders and Employees of National head Company; HE STORY OF the operations of your Company during 1951 Thas at least two broad aspects which merit particular atten tion in the writing of this report. So far as immediate effect is ' concerned, the most significant of these, of course, is the return *of many_iif the which were so recently experienced .during the-^ciwo? Word War II. The other, which is of greater importance from the long term point of view, is the active entry of the Company during the year into a number of fields which will serve to diversify further the scope of its activities and ulti mately lead to expansion of its business and earnings. EARNINGS Net income for 1951 amounted to S22,993,717, against S26,490,644 in 1950 and S14,7-19,011 in 1949. Expressed in relation to the number of shares of Common stock outstanding at the year end after the three-for-one split effected late in the year, earnings for 1951 were equal to $2.05 per Common share. The reduction in net income is a direct reflection of the increased federal income taxes levied in 1951. Earnings for the year, before provision for federal income taxes, amounted to $59,607,540, an increase of S5,049,74l over 1950. The per centage relationship between earnings before taxes and dollar sales remained virtually unchanged from 1950 to 1951. Operating results of foreign subsidiaries and partially-owned domestic companies for the year 1951 compared very favorably NLI 121434 s with those for the preceding year. Dividends received from these sources are included in the earnings of the Company reported above. It is estimated that the equity of the Company in the undistributed 1951 earnings of these affiliates, before consider ing any foreign exchange fluctuations, will approximate 9c per Common share. DIVIDENDS Dividends totalling $16,539,562 were paid during the year 1951. Preferred stockholders received regular quarterly pay ments aggregating $2,157,806. The balance of $14,381,756 paid on the Common stock was equivalent to $ 1.41% per share on the 10,158,375 shares outstanding after the three-for-one stock split. Adjusted to reflea the stock split, 1950 payments were $1.33% per share. In declaring the December dividend payment on the Com mon stock, your direaors designated 25 6 per share as the regular quarterly rate. Net income in the amount of $6,454,155 remaining after the payment of dividends was added to Earned Surplus account. SALES Sales for the year 1951 totalled $389,941,313, an increase of 14 per cent over 1950. The dollar volume for 1951 is a new high for the Company, comparing with previous peaks of $342,727,911 and $320,457,301 reported in 1950 and 1948. FOR THE CHEMICAL INDUSTRY-- actd concentrating plants and handling equipment, lead-lined pipe, valves, and tanks. NLI 121436 f ' %-V -S^VX-: From the point of view of over-all physical volume, business in 1951 exceeded that for 1950 by about 3 per cent. Because of increased activity in the drilling of oil wells, the Company's Baroid Sales Division supplied substantially greater tonnages of materials to this industry than in the prior year. Deliveries of railway journal bearings and castings by the Magnus Metal Divi sion increased in comparison with those for the year 1950 and the Company's titanium dioxide units operated at capacity for all of 1951. Principal tonnage decreases occurred in the lead products lines where production and deliveries were severely hampered by the shortage of lead and a confused pricing picture. For many years the Company has followed a policy of selling its non-ferrous metal products at fixed differentials over the base prices of these metals. After the January 1, 1951 increase in import duty on foreign pig lead, and imposition of a price ceiling on domestic metal production, it became increasingly difficult for the Company to purchase its metal requirements. Limited quantities were available at the domestic pried and the purchase of costlier foreign material became necessary. This situation hampered operations greatly and was further compli cated when the price of domestic pig lead was raised from 17 ^ to 19 (t per pound, without a compensating increase allowed to lead fabricators in their ceiling prices. This situation continued for several weeks, with shipments of manufactured lead prod ucts virtually suspended until regulations correcting the inequity were forthcoming. Early in February of 1952 legislation was enacted by Con-'gress removing the duty on pig lead imported into this country. FOR THE CONSTRUCTION AND-MAINTENANCE INDUSTRIES-- red ieadf traps and bends, lead pipe, solder, sheet had and paints. NLI 121437 > I f Roof for direct arc electric furnace, composed of pre-fin special refractory shop, manufactured at The Ch.. Taylor's Sons Co. plant in Ci cinnati. Refractory produc are made from mullite (. aluminum and zircon silicat, and have melting points abo, 3300F. They are used as ft, nace linings or structures companies manufacturii glass, ferrous and non-fern, metals, pottery tile, and in most every place where hi temperatures are encounten Periodic kilns at Taylor, Kr tucky, plant of The Chas. T. lot's Sons Co., used to fire types of refractory produi The kilns are fired to a ma mum temperature of 2730` for eight days and allowed cool an additional five da\ FOR THE STEEL INDUSTRY ferro titanium alloys, nickel, refractories, and iron or NLI 121439 and at this writing the metal is more freeiv available than it has been for many months past. TAXES The charge against 1951 earnings for taxes amounted to $39,943,741, an increase of $9,016,864 over the record high of $30,926,871 reached in 1950. Of the total increase, $8,546,668 was in the provision for federal income and excess profits taxes, reflecting larger earnings before taxes and the increase in rates made effective during the year. Increasing federal income taxes serve to minimize the in crease in potential earnings which your Company enjoys through its growth and expansion into new fields. Although earnings before taxes increased $5,049,741 from 1950 to 1951, net income showed an actual decrease of $3,496,927. A con tinuation of this trend would do much to discourage progress in t1-'- industry of our country, and it is hoped that a correction may become a reality in the not too distant future. PLANT INVESTMENT The Company's gross investment in plant property and equip ment rose from $135,578,755 at December 31, 1950 to $154,012,668 at the close of 1951. Gross additions to the ac count totalled $20,882,250, reflecting primarily the cost of in creasing titanium pigment plant capacity at Sayrevilie, New Jersey and St. Louis, Missouri. Also included in these additions were the plant facilities of The Chas. Taylor's Sons Company, acquired during the year, further expansions of the fixed assets employed by the Baroid Sales Division and the cost of other plant extensions in the chemical, paint and metal lines. In 1951 operations at the Company's Atlantic plant, located in Brooklyn, New York, were transferred to other locations and the property was sold. For many years this unit had produced --9 -- 1 NLI 121440 linseed oil, white lead-in-oil and a variety of paint products. It had likewise served as a warehousing point for pigment and metal products. Operating economies made possible as the result of changing conditions indicated the desirability of relocating these functions. The Company is continuing to warehouse mate rials for the metropolitan area from a new distribution center in Long Island City, New York.. Depreciation, depletion and amortization charged against earnings in 1951 was $4,902,085, as compared with $5,896,695 in 1950. The decline reflects the application of the diminishing balance method of depreciating assets of the Titanium Division which has been discussed in prior reports. j [ COMMON STOCK SPLIT ! At a special meeting of the stockholders held on October 16, 11 1951, there was approved the proposal of the Board of Directors M . that each $10 par Common share outstanding be exchanged for three Common shares of $5.00 par each. To effect the resultant change in total par value of the Common stock outstanding, $16,930,625 was transferred to Capital Stock account, of which $9,410,244 represented Capital Surplus and the balance Earned First oil well to be brought into production at new Williston Basin field in North Dakota last year. Baroid Sales Division oil well drilling muds and weighting agents are used in the Williston Basin. (Inset) New Headquarters building of the Baroid Sales Division in Houston, Texas. The division moved to Houston from Los Angeles during 1951. FOR THE PETROLEUM INDUSTRY-- oil well drilling materials, testing ' equipment, and drilling techniques- IL NLI 121441 t NLI 121442 f I "Facing" bottom surface of a railway journal beam, on disking machine in the Fitchburg, Massuiousettx, plant of the Magnus Metal Division, before bearing is lined with babbitt. Surplus. The stockholders also approved an increase in the authorized number of Common shares from 5,000,000 to 20,000,000, and an appropriate adjustment of the voting rights of the Preferred stocks. The Company's stockholders numbered 21,365 at December 31, 1951 as compared with 19,129 at the ciose of 1950. EXECUTIVE PERSONNEL In April 1951 Joseph H. Reid was named a vice-president of the Company. Mr. Reid, who is manager of the Titanium Division, joined National Lead Company in 1927 and became a director and member of the Executive Committee in 1950.. Alfred H. Drewes was elected a Company vice-president-in-- October of 1951. Mr. Drewes, who joined the Company in -- 12 -- NLI 121443 1935, was elected a member of the Board of Directors and of the Executive Committee in October 1950 and had served as assistant to the president since 1947. In November Winthrop Sargent, Jr., was elected a director of the Company. Mr. Sargent became president of the Titanium Alloy Manufacturing Company in 1943 and has been general manager of the Titanium Alloy Manufacturing Division of National Lead Company since 1948. Charles Simon, treasurer of National Lead Company since 1925, retired on November 1, 1951. He had served the Com-- pany for forty-seven years, becoming a director in 1935 and a member of the Executive Committee in 1936. Mr. Simon was succeeded as a director by William J. Welch. Mr. Welch joined the Company in 1916 and has served in vari ous metal sales capacities. He is now manager of the Company's metal department and chairman of the metal sales committee. In January of this year George L Ratcliffe was elected a vice- president. Mr. lUidiic, affiliation with National Lead began in 1929, is general manager of the Baroid Sales Division and has been a member of the Board of Directors since 1948. Joseph J. Morsman, Jr., was named treasurer of the Company on Mr. Simon's retirement. His association with National Lead Company began in 1935 and he had previously served as assistant treasurer and assistant comptroller. In November of 1951 George A. Dewey was elected comp troller of the Company, having been assistant comptroller since 1946. Mr. Dewey has been a member of the Company's ac counting and auditing staffs since 1924. 1'OR THE PLASTICS INDUSTRY-- stabilizers, gelling agetits, titanium pigments, and castor oil. II We here sadly report the passing on October 20, 1951 of Walter P. Carroll, who was a vice-president and a member of the Board of Directors at the time of his death. Mr. Carroll had been in the service of the Company for forty-one years. Rising through the ranks of the Chicago Branch, he was appointed manager of that unit in 1941 and was named to direct the activi ties of the metal department on a company-wide basis in 1949- Walter O-roj! will be long remembered by the many who wer" privileged to 'mow and work with him. His enthusiasm and imagination, his boundless energy and his rare good judg ment will be an unending source of inspiration to those who follow him. LITIGATION In connection with the final decree heretofore entered in the civil anti-trust suit brought by the Government, the United States District Court for the Southern District of New York has approved the plan submitted to the Court by the Company for the acquisition by the Company of the entire stockholdings and other financial interests, direct and indirect, in Titangeseilschaft m.b.H., manufacturers of titanium pigments at Leverkusen, Ger many. It now has an extension of time to April 1, 1952 within which to submit a plan either for the sale of the Company's interests in its partly owned company in Japan or for" the purchase by the Company of the interests of others in that company. -- 14 -- ; NLI 121445 There have been no changes in the status of the following previously reported litigations: the action by the Federal Trade Commission regarding lead pigments; the proceedings by the Government against the Company with respect to the sale and distribution of used storage batteries and lead salvaged there from; the trademark action with the Dutch Paint Company involving the "Dutch Boy" trademark, and the treble damage suit instituted by that company in regard to the sale and distri bution of titanium pigments. In February 1951 two actions were filed against the Company in the United States District Court for the Southern District of Texas by individual patent owners, alleging that the well log- Castor bean field near Yuma, Arizona. Baker Castor Oil Company has fostered an intensive program in the past few years to encourage the growing of castor beans in the United States, helping to eliminate dependence on overseas sources. (Inset) A stripper-harvester used by castor bean growers. FOR THE PRINT IN'(I INDI STKV-- type metals, printing base, ini pigments and other materials. ging activities of the Company's Baroid Sales Division infringe certain United States letters patent. The Company has answered, denying infringement and denying that the patents in suit are valid. Neither case has as yet come to trial. On February 4, 1952 the Government commenced an action in the United States District Court for the Southern District of New York against the Company, under the Defense Production Act, to enjoin alleged violations of price stabilization regula tions on some lead products and to recover alleged damages therefor. The Company has denied the charge, explaining that the fixed differentials over raw material costs at which these products are sold have not been increased for several years. PERSONNEL To the 14,436 men and women on the payrolls of the Com pany at December 31, 1951 goes much of the credit for the successful year just ended. It is interesting to note in comparison that employees numbered 13,137 at the end of 1950 and 11,502'" -- at December 31, 1949. All branches and divisions have shared in the increases. In the overall field of industrial relations, your Management has endeavored to give full consideration to the economic prob lems of its employees consistent with sound operating policy for the Company as a whole. Relations with labor organizations representing employees at various locations continue on a satis factory basis. __ -- 16 -- SX.X x21447 f Extra compensation on the same basis as in 1950 was paid in December 1951, and in accordance with the provisions of the plan approved by the stockholders in 1945, a contribution out of earnings was again made to the Company's profit-sharing trust. The suggestion system initiated in 1949 has continued successfully and was extended to new locations during the year. A total of 116 employees were retired during 1951 under the Company plan and 97 death benefit claims, aggregating $495,000, were paid. At December 31, 1951, 820 pensioners were receiving annuities under the plan. TITANIUM METAL Popular imagination has been captured during 1951 by titanium mecai and it seems fitting that a rather complete report on the Company's activities in that field be included herein. As indicated last year, this product is ' to *he market by Titanium Metals Corporation of At u u l m, jointly owned by National Lead Company and Allegheny Ludlum Steel Corpora tion. Your Company is one of the pioneers in the development and production of titanium metal and Allegheny Ludlum has played a leading part in the fields of alloying and fabrication. Shortly after mid-1951, there was announced the completion of an agreement between Titanium Metals Corporation of America and the United States Government, under which the former undertook to construct the first large-scale and self- contained titanium metal plant. Funds for the project are being provided by the Government. s Leases were secured on major components of the former Basic Magnesium, Inc. plant built during World War II at Henderson, Nev. A certificate of necessity was awarded Titanium Metals Corp. of America and construction was begun. First actual production of titanium metal at Henderson took place in October 1951. Production and construction will con tinue concurrently until an output of 10 tons per day, provided for under the agreement, is reached in late 1952. At this writing, demand for the metal in fabricated form, largely for military purposes and the aircraft industry, substantially exceeds the productive capacity of the titanium industry. The future of titanium metal is closely linked to the achieve ment of lower production costs. Continuing and expanded re search is being directed toward this goal. It is expected that large-scale production at Henderson will bring with it the first commercially significant stp in thi direction. NEW HORIZONS Further progress in a number of fields of endeavor men tioned in annual reports for prior years marked the twelve months of 1951. The Company continued to add to its pro duction facilities and to diversify its business. A substantial expansion of titanium pigment production lOR THE PAINT INDUSTRY-- mixed paints. lead and titanium pigments, oils and other paint materials. NLI 121449 '.ore than 2l/2 miles of test panels are used in continual atmospheric testing of exterior paints the Sayville, Long Island, testing station, oldest continuous project of its kind in the country. capacity is now completed, and the resulting increases in availaoie tonnage tuve served to satisfy the tremendous rise in de mand which has taken place in the last decade. The allocation of both pure and calcium base pigments has been discontinued, and for the first time since 1943 supply is to some degree in balance with the demands of the market. With pigment freely available, its adoption for other uses and the development of new markets seems assured. In May of 1951 the Atomic Energy Commission selected the Company as contract-operator of the feed materials production center now under construction near Cincinnati, Ohio. The plant units, located on a 1,200 acre site, will include a uranium ore refinery and other facilities for the production of uranium in forms suitable for use at the Commission's fissionable materials plants. The Company has assigned to this project a group of trained personnel who will serve as a nucleus for the formation of an employee group numbering in excess of 1,200 men and women. A smaller plant at Middlesex, New Jersey, is also operated by the Company for the Commission. Titanium Alloy Manufacturing Division is now producing -- 19 -- NLI 121450 f zirconium metal for commercial use on a limited basis. It is believed that this new metai will find many uses because of its corrosion-resisting properties. National Lead Company in August 1951 acquired an interest in Nickel Processing Corporation, which is cooperating in the rehabilitation and operation of the Nicaro mine and reduction plant in Cuba, under contract with the General Services Ad ministration of the United States Government. Sharing owner ship of Nickel Processing Corporation with the Company are Tin Processing Corporation and Cuban interests. Rehabilitation of the plant, idle since 1947, has been under way since last year and production was begun in January 1952. The operation, de signed to relieve a critical war shortage of nickel, will employ about 1,500 when full production is reached. Key technical and operating personnel have been made available to the project by National Lead Company. All of the capital stock of The Chas. Taylor's Sons Company was acquired in 1951. This concern manufactures various highcemperature refractories, mainly for the glass and metallurgical industries. It will operate as a subsidiary of National Lead Com pany with head offices and a plant in Cincinnati, Ohio and a second plant unit located in Taylor, Kentucky. In the Annual Report for 1950 reference was made to the research done by Company metallurgists in connection with the extraction of the cobalt content of ores mined by the Company in Missouri. Construction of a treatment plant to recover vital cobalt metai from this source has been begun at Fredericktown, Missouri, following the signing of a covering letter of intent I NLI 121451 * with the United States Government. The plant, to be ready for production in fourteen to eighteen months, will be constructed under a certificate of necessity and will recover nickel and cop per as well as cobalt. Funds for construction will be provided by the Government and the entire output of the plant will be sold to the Government during the term of the contract. IN CONCLUSION From a business point of view, the picture for the year 1952 is somewhat difficult to analyze clearly. While the major portion of the Company's products find their most important applica tions in a peace-time market, experience has shown that they are equally in demand under a war economy. Although general business in the first two months of 1952 was at a lower level than in 1951, the basic trend for the months ahead seems to be inflationary in character. Despite a heavier tax burden and pre dicted shortages of metals, which at this time are in freer supply than they have been for months past, it seems reasonable tc expea that present sales volume will be maintained at least until there is some important change in the level of expendi tures under the present defense economy. One faaor in the picture can be relied upon with certainty. The loyalty and support of the Company's employees contribute immeasurably to the results achieved, and your Management confidently feels that growth and progress in the months ahead will reflea the same cooperative spirit. This report will be presented to the stockholders at their Annual Meeting which will be held at Sayrevilie, New Jersey on April 17, 1952. By Order of the Board of Direaors, -- 21 -- President. NLI 121452  :( National Lead Company AND ITS WHOLLY OWNED DOMESTIC SUBSIDIARIES Current assets: Consolidated Balance Sheets DECEMBER 31, 1951 AND 1950 ASSETS 1951 1950 Cash............................................................................. $ 23,418,857 $ 24,370,746 United States Government securities, at cost (ap proximately equivalent "to amounts at market quotations) ("Note 1).......................................... * Other marketable securities, at cost, less reserves of: 1951, $129,960; 1950, $522,892 (at market quo tations: 1951, $3,129,564; 1950, $2,824,775) . . 22,762,718 817,964 22,128,927 602,518 Accounts and notes receivable, less reserves of: 1951, $2,047,334; 1950, $2,036,257 ..................... 30,927,413 35246,451 Notes receivable from employees................................ 302.319 277,755 Inventories (Note 2)............................................... Total current assets.......................................... 55,404,739 133,634,210 48324,480 131,450,877 Investments (at cost or below) in and advances to unconsolidated subsidiaries, less reserves of: 1951, $4,776,385; 1950, $5,196,385 (Note 3) . . . Miscellaneous investments and advances, at cost- or below, less reserves of: 1951, $45,826; 1950, $846,778 ................................................................... 10,342,746 1,760,703 9,516,930 835,132 Plant, property and equipment, at 1915 appraised values, subsequent additions at cost (including in tangibles of $20,692,311 not being amortized), less reserves for depreciation, depletion and amortiza tion of: 1951, $71215202; 1950, $67,390,015 . . 82,797,466 68,188,740 Patents and licenses, less amortization.......................... 40,027 48,409 Prepaid expenses, deferred charges, etc..................... 1,740,516 1,641,379 $230,315,668 $211,681,467 -22- The accompanying notes to financial Staten. NLI 121453 * National Lead Company AND ITS WHOLLY OWNED DOMESTIC SUBSIDIARIES Consolidated Balance Sheets DECEMBER 31, 1951 AND 1950 LIABILITIES Current liabilities: Accounts payable and accrued liabilities .... Payable to unconsolidated subsidiaries..................... Provisions for taxes, including federal taxes on income......................................................... Dividends payable February 1, 1952 and 1951 on Class B preferred stock.......................................... Total current liabilities................................ 1951 $ 15,401,310 231,162 50,283,364 135,277 $ 66,051.113 1950 $ 16,031,027 1,337,381 38,910,745 123,600 $ 5^,402,753 Reserves: Pension........................................................................ Inventory (Note 2).................................................... CAPITAL Capital stock: Preferred Class A, 7 per cent cumulative, noncallable (par value $100); shares authorized 250,000, issued 243,676 ..................... Preferred Class B, 6 ptr cent cumulative, noncallable (par value $i.uC), snares auuiorized 250.000, issued 103,277 ......... Common (par value $5); shares authorized 20,000,000, issued 10,158,375 (including 398,700 issued under Stock Purchase Plan, Note 4) Common (par value $10); shares authorized 5.000.000, issued 3,367,075 (including 113,850 issued under Stock Purchase Plan, Note 4) . . Capital surplus .............................................................. Earned surplus: Appropriated: Fire insurance reserve.......................................... Employer's liability reserve..................................... Contingencies reserve.......................................... Unappropriated......................................................... $ 1,679,060 15,011,777 $ 16,690,837 $ 24,367.600 10,327,700 50,791,875 85.487.175 4,797.284 426,664 4,080,358 60,276,950 $155,068,431 $ 2,646,778 13,486,331 $ 16,133,109 $ 24,367,600 10,327,700 33,670,750 68,366,050 8,102,965 4,797,284 426,664 4,080,358 61,343,176 $147,116,497 Less: Reacquired capital stock, at cost (Note 5) . . . $ 2,583,081 $ 3,491,008 Employees' notes receivable under Stock Purchase Plan (Note 4)......................................................... 4,911,632 4,479,884 $ 7,494,713 $ 7,970,892 $147,573,718 $139,145,605 $230,315,668 $211,681,467 ntegral parts of these statements. 23 NLI 121454 f xrtR -- fZ -- stuamamt asaqj fo tut>4 jeiiatut aw ituataamr jmauautf 01 ratov SuUup^taonv aqj_ 931*5*5*19 5 301*595*51 % 301*595*51 I 59*05**51 15*`*51`3 oo*`*6* uoWx $ 833*806*93 5 W`06f-`9Z 160*53* 5*5`3*6`6* 5 056`9/13`09 $ S^6`650>Z $ I85`0Z5`A Z95`655`9I 9Sri8`W 908`A5I`Z 55Z.YIS 150`OWI $ 68`9SS`^ $ Z.U`S66`ZZ 9LV<LYt\9 $ ..................iS-KXpKWSa `pajBudojddron snjdins psareg ................................apoas uotmnoo sqa p agds puB snpA rad m uotonpai papa u o t o d s u u c d ui aunoora apoas pawfo uomtaoD oa rajsuxij, ................................(ap* spojs 1561 3lP -3J oa psasnfpB) 0561 rad `1561 n? 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Ha anajAy WH 9Ll\ "Vd 'HO'HnaSilH wS TO 911 * A 'N `cnvdina pirepASQ `prog mqnmtCQ 9^^] :*3p u p w sS-Joao `Sogjo `O "3 `HDNVSa ONVTHAHTD SuipiTOB uroqtoH OZtl "AS `HTIIASinOl tremrouQ `amwAy ornajg 559 *>3pu pw `AsipuTiH 'LA 'H `HDNV^a IXVNNDNID amuAy ppgjreg JOT "NNIH TflVd 'XS laang ipraoj o n m "SIA `HHSnVAVUW j mu s *H 0091 "ONI 'SnOdVNViaNI j s j l z91 "Horn 'xiosxaa oSiono `awns tpnwaq8rg 006 mSpu pj v `rearg -f -g `HDNVUa OOVDIHD Monroirg "owns raainH aW/fo \>IZ ip Sp u p w `zoao'-y -h `HDNVUa auomxTva B3UU3S pW Sutjjua ngj no `naosnoH "awns ajpAirea K>K Wj v fp*u3f) `sgiparg g q `NOISIAIO S3TVS OIOTTVa qiox *A3N `AwAproig tII mSpu pw `Jiaqiaag ' 'H "oosonag -jq -g `HDNV33 DLLNVTXV oorpy `'LA'N `i^S doqsig 00^ *Spu pw `iiapcag 'O `HDNVTia VXNVT1V suotsmtQ fuv sdcfoupuq Corporations In Which National Lead Company Is Interested Through Ownership of All or Part of the Capital Stock AMERICAN BEARING CORPORATION,* Indianapolis Peter Lambertus, President... Manufacturers of Precision Bearings BAKER CASTOR OIL COMPANY, New York I. M. Colbeth, President... Manufacturers of Castor Oil CANADIAN TITANIUM PIGMENTS LIMITED,* Montreal G. N. Bates, Sales Manager... Distributors of Titanium Oxide Pigments EVANS LEAD CORPORATION,* Charleston, W. Va. R. M- Evans, President... Distributors of Lead Oxides HOYT METAL COMPANY OF GREAT BRITAIN, LTD.,* London J. C Harr, Managing Director... Manufacturers of Anti-Friction Metals MORRIS P. KIRK & SON, INC, Los ANGELES, Portland, Ore., Salt Lake C-ity J. Paul Kirk, President... Manufacturers of Lead Alloys and Oxides MAGNUS BRASS MFG. CO.,* Cincinnati W. V. Burley, President... Manufacturers of Locomotive Specialties MAGNUS METAL CORPORATION,* Chicago W. V. Burley, President... Railway Car Journal and Diesel Locomotive Bearings MASTER METALS, INC, Cleveland L. H. Herthneck, Manager... Smelters of Secondary Metals MINNESOTA LINSEED OIL CO., Minneapolis E. H. Russell, President... Manufacturers of Linseed Oil NATIONAL LEAD CO. OF OHIO,* New York Joseph A. Martino, President NATIONAL LEAD CO. ? ' .'HGF'-'T'I.MA),* Avenida Presidente Roque ;iaenr Pena 567, Buenos Aires C M. MerreE, President NICKEL PROCESSING CORPORATION, Oriente, Cuba Manufacturers of Nickel Oxides THE CANADA METAL COMPANY, LTD.,* TORONTO, Montreal, Winnipeg, Vancouver James A. Taylor, President.., Manufacturers of Lead Products, Brass and Bronze, Dross Smelters THE CHAS. TAYLOR'S SONS COMPANY,* Cincinnati Clifford R. Taylor, President... Manufacturers of Refractories TITAN CO. A/S., Fredrikstad, Norway Erik Anker, Managing Director... Manufacturers and Distributors of Titanium Oxide Pigments SOC3ETH BELGE DU TITANE S.A.. Brussels, Belgium TITAN COMPANY, INC.,* Wilmington, DeL Erik Anker, Vice-President... Manufacturers and Distributors of Titanium Oxide Pigments SOCTETE INDUSTR3ELLE DU TITANE. Paris, France TTTAAN N.V., Rotterdam. Netherlands TTTANGESELLSGiAFT, m.b.H., Leverkusen, Germany TITANIUM METALS CORPORATION OF AMERICA, New York H. C Wildner, President... Distributors of Titanium Metal Products TITANIUM PIGMENT CORPORATION,* New York J. A- Martino, President__Distributors of Titanium Oxide Pigments Wholly owned. -- 33 -- NLI 121464 Products of National T^ JuL iXvUL Company PAINTS AND PAINT MATERIALS Sold under the DUTCH BOY brand name Exterior House Paints Interior Wall Paints Enamels Varnishes Metal Protective Paints Linseed Oil Lead Mixing Oil White Lead Red Lead Colors Platting Oil Liquid Drier PIGMENTS AND CHEMICALS Basic Carbonate White Lead Basic Silicate White Lead (45X) Lead Acetate Lead Silicates Lead Oxides Calcium Carbonate Barium Sulphate Copperas-Iron Sulphate Zinc Chloride Copper Sulphate Antimony Oxides Lead Chemicals for the Plastics Industry OILS Linseed Oil Special Paint Oils Castor Oil NLI 121465 Products of National Lead Company (continued) LEAD PRODUCTS Lead Pipe Sheet Lead Lead Traps and Bends Lead Cames Lead Sash Weights Ingot Lead Bar Lead Lead Shot Lead Wire Lead Washers Lead Wool LEAD ALLOY PRODUCTS Solder Bearing Metals Type Metals Electrotype Metal Stereotype Metal Antimonial Lead I'uunaL'. Lead Storage Eattery Plate Metal OTHER METAL PRODUCTS Railway Journal Bearings Satco Bearing Metals Diesel Engine Bearings Kirksite "A" Die Metal Pressure Die Castings Pewter and Britannia Metal Antimony ACID HANDLING EQUIPMENT Chemical Lead Pipe Chemical Sheet Lead Acid Pumps Acid Concentrators Lead Lined Pipe Lead Lined Valves Lead Lined Fittings Tin Lined Pipe Tin Lined Valves Tin Lined Fittings Hard Lead Valves OIL WELL DRILLING MATERIALS Clays Colloids Weighting Agents Suspending Agents Thinners Logging Service TITANIUM ALLOY MANUFACTURING DIVISION Ferro Alloys of Titanium Titanates Titanium Dioxide ( natural Rutile) Zirconium Chemicals Zirconium Ceramic Materials Zirconium Metal TITANIUM PIGMENTS Sold under the TITANOX brand name Titanium Dioxide (Rutile) Titanium Dioxide (Anatase) Titanium Calcium Pigments Titanium Dioxide (Technical Grade) GENERAL PRODUCTS Magnetite-Iron Concentrates Magnetite Sinter Ilmenite Concentrates Journal Lubricator Pads Locomotive Lubricating Devices Titanium Metal Linseed Oil Cake and Meal Expansion Bolts Screen Plates for Paper Mill Industry Small Steel Containers Bentones Refractories -- 35 -- NLI 121466 National Lead Company Facilities in the United States 121468 National Lead Company INCORPORATED DECEMBER S. isoi I ;;i-:. UU-;;u- 61st ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1952 NLI 121470 W, TABLE OF CONTENTS Officers and Directors................................................................. 3 Financial Highlights...................................... 4 President's Message....................................................................... 5 Financial Statements and Notes......................................................22 Auditors' Report............................................................................27 Ten-Year Review of Operations.......................... 28 Branches and Divisions.................................................................32 Affiliated Corporations.................................................. 33 Products........................................................................................... 34 Company Facilities Map.................................Inside Back Cover NLI 121471 1 BOARD OF DIRECTORS LEONARD T. BEALE WILLIAM V. BURLEY ALFRED H. DREWES JOSEPH A. MARTINO DAVID A. MERSON GEORGE L. RATCLIFFE JOSEPH H. REID WINTHROP SARGENT, JR. JAMES A. TAYLOR HERMAN T. WARSHOW' WILLIAM J. WELCH HARRY C. WILDNER EXECUTIVE COMMITTEE Chairman: Jo s e p h a . ma r t in o WILLIAM V. BURLEY ALFRED H. DREWES DAVID A. MERSON JOSEPH H. REID HERMAN T. WARSHOW HARRY C. WILDNER EXECUTIVE OFFICEPS President: JOSEPH a . ma r t in o Vice-Presidents: WILLIAM V. BURLEY ALFRED H. DREWES FRANK J. KOEGLER DAVID A. MERSON GEORGE L. RATCLIFFE JOSEPH H. REID HERMAN T. WARSHOW HARRY C. WILDNER Secretary: JOHN B. HENRJCH Treasurer: JOSEPH J. MORSMAN. JR. Comptroller: GEORGE A. DEWEY Assistant Treasurer: MICHAEL USS Assistant Comnuruler \ : THOMAS F. OWENS ARCHER D. SARGENT Executive Offices: 111 Br o a d w a y , n e w ' Yo r k 6. n . y . General Counsel: ALEXANDER & GREEN, 1 20 BROADW'AY, NEW YORK, N. Y. Stock Transfer Agent: THE CHASE NATIONAL BANK, 11 BROAD ST., NEW YORK, N. Y. Registrar of Stock: BANKERS TRUST CO., 14 WALL ST., NEW YORK, N. Y. 3 NLI 121472 s \ FINANCIAL HIGHLIGHTS SALES 1952 1951 $358,048,435 $389,941,313 EARNINGS 1952 1951 $ 23,060,054 $ 22,993,717 TAXES f i i 1952 $ 28,828,899 i>i nnr 1951 $ 39,943,741 i DIVIDENDS PER SHARE 1952 1951 S $ 1.45 1.412/3 3 ! & EARNINGS RETAINED FOR USE EN THE BUSINESS --1 1 1 l I 1952 1951 $ 6,149,249 $ 6,454,155 f 4 NLI 121473 1 THE PRESIDENT'S MESSAGE March 17, 1953 To the Stockholders and Employees of National Lead Company: o mp a n y o p e r a t io n s during 1952 resulted in earnings C equivalent to those of the previous year. And yet, generally speaking, the factors contributing to the showing were somewhat different from those which applied in 1951. The record is out lined in the pages which follow, reflecting to a great extent the advantages which the Company enjoys as the result of the wide scope of its interests. EARNINGS The Company's net income for 1952 amounted to $23,060,054 o' M C-6 crCommon share, compared with $22,993,717 or $2.05 pc*, share for i951. Net income, the second highest in Company history, was 6.4 per cent of the sales dollar, an improvement over the 5.9 per cent reported in 1951. Dividends received from foreign subsidiaries and partiallyowned domestic companies, which likewise enjoyed a favorable year, are included in the above earnings figure. The Company's equity in the 1952 undistributed earnings of these affiliates, be fore considering foreign exchange fluctuations, is estimated at 6c per Common share. The Company's c-quitv in the net tangible assets of these affiliates at December 31, 1952 amounted to S23,725,000, as compared with the Company's investments of $9,381,000. DIVIDENDS Cash dividend disbursements in 1952. totaling $16,910,805, were the largest in the Company's history. Regular quarterly pay ments aggregating $2,181,161 were made to Preferred share- 5 NLI 121474 * ------ holders. Common stockholders received $14,729,644. Payments consisted of four quarterly dividends of 25<f per share and an extra payment of 45tf in December 1952. The total of $1.45 per share compared with the $1.4l2/3 paid in 1951. Since the issuance of the Preferred A stock in 1892 and the Preferred B stock in 1927, the Company has maintained con secutive quarterly dividends on these shares. Dividends have been paid continuously on the Common stock since 1906. Dividend disbursements in 1952 accounted for 73 per cent of the net income and the remainder--$6,149,249--was added to I Earned Surplus account. SALES Company sales totaled $358,048,435 in 1952, off 8 per cent from the record high of $389,941,313 in 1951. The principal factor in this decrease was a sharp price break in the lead, zinc and antimony markets. Physical volume showed a slight decline from 1951. Increased imports of foreign metals, supplementing domestic 6 NLl 121475 production, caused the supply of lead, antimony and zinc to ex ceed demand for the first time since 1949, with a consequent weakening of price structure. Lead, which sold at 19$ per p-'-nd in January, 1952, dropped to 14%$ at year-end; zinc fell mm 191M to \2V24, and antimony from 50d to 34VS^- Lead and zinc continue to show price weakness and are currently selling for 13V2$ and 11$, respectively. These lowered prices, although in fluencing the composite dollar sales picture, do not materially affect earnings. In the metals field the Company's primary interest is not the production of non-ferrous metals, but rather the fabri cation of products which are sold at fixed differentials over the base prices of the metals. Total units sold during 1952 declined only 2 per cent from the shipments for the previous year. The Company's long-range plan of product diversification minimized the effects of fluctua tions in the sales of individual products, since increased business in one line of activity tends to offset a temporary decrease in another. All divisions of the Company kept pace with the de mands and growth of the industries which they serve. The Titanium Division has completed the expansion program started 7 NLI 121476  . . wi.-vtit position to satisrv increased dcnuiK!> ' p..:oid Sales Division plant units operated at ,.r>.u ttv ._U' >.: the vear. As an addition to the "Dunm h- .-. :\e.: a. u.e Dutch Boy" Color (.ialierv has been nun- eu. r:- :: ::< .. >nsumer a wide variety ot colors in ttite: a a \ e < u.; 'e:'. . a-.. . .. "tan : - a: satisfaction to vour Management is iiie v-:t v. ii )! pr*'ducts developed within nast veai' m ''.anil laboratories. Lead chemnais and stab;1 .. iute lead -D X. bentones. and various new ;. w i; i: drilling v ere s> id in substann.!. ; a ::ic i`A 2 than in anv prior vear. i !': -u f t .n ions taxes amounted to >28.S2S.899 m i v'2 d ;ep:e'enn.\: .mmit >9 per cent of eaminus before such taxes. >2 s i per '.o.ne ot Common stock. Total taxes for 19T ue:e bedei.u ........... . tax requirements were lower than in the pre- s \.;u i);r t 'Td.'i'tTi i : ;.,v a . :re:r ./; ^!tJ ;/ u cii J> .7//vc NLI 121477 'X' NLI 121478 * V -1! M C \ C .0 . i lie [' 1. . uCcl.CasC amounted tO SI 1 XS , !-i. o| wiikii S i.('_i).uuo represented reduction in excess proms' tux nement' P LA XT 1 XVHSTM HNT A.;- c: ss : : 'peitv account was $ 161 M K).9(>o iXac-mix-i 1 '' - . surated v. srii SH-i-.O! 2.668 at close of prevedim: vc.tr. :,..se : >-.~X8X9S. Amone the important additions to 'lie '...c- am were expenditures for compietion or the Titan ium i A', >! ai expansion program at Savreville. New !er-cv. and tor tiie lucke: cpper-cubalt plant under construction m Fredclick town. Missouri It is estimated that this latter plant, con structed v. :th Government funds under a certificate of necessity and scheduled tor completion by the end of 19s i. will cost million ciMiars. 10 NLI 121479 For increased production of oil well drilling muds, the Baroid Sales Division continued a program of expansion at its Magnet Cove. Arkansas, mine and mill. Late in 1952 construction of a new production unit began at Corpus Christ!. Texas. This facility started operation early this month. The De Lore Division started construction of a new plant for the production of its new pigment extender "Lorite." The unit will be located near the source of raw material at Edson, Kansas. Demand for "Lorite" exceeds the capacity of De Lore's St. Louis plant and initial production at the new Kansas unit is scheduled for April 1953. Other expansion projects under way during the year included improved facilities for production of lead and zinc ores at the Baxter Springs, Kansas, mine, additional equipment for manu facture of mixed paints at the Perth Amboy, N. J., and Chicago plants, and expanded capacity for the manufacture of lead chemi cals at the Philadelphia plant. Loading docks at the Company's mine and mill in Nor way, which produce timentte ore for titanium pigments. 11 l 121480 NLl Provision for depreciation, depletion and amortization in creased from $4,902,085 in 1951 to $5,193,355 in 1952, reflect ing largely the Company's growing plant investment. LITIGATION The program of adjusting the Company's stockholdings in foreign companies, as required by the final decree heretofore entered in the civil anti-trust suit brought by the Government, has been completed. The Company has purchased the entire ownership of Titangesellschaft m.b.H., manufacturers of titan ium pigments at Leverkusen, Germany, and has sold its interest in the Japanese company, Titan Kogyo Kabushiki Kaisha. The Federal Trade Commission handed down a decision on January 12, 1953, ordering the Company to cease and desist from i NLI 121481 -crtain activities in the sale and distribution 01 lead pigments, held to be at variance with the Federal Trade Commission Act and the Clayton Act. A strong dissenting opinion was hied in this case and the Company plans on taking an appeal. In July of 1952 the United States District Court in San Fran cisco held that the Dutch Paint Company was not infringing the "Dutch Boy" trade mark by its use of the term "Dutch Paint." The Company has taken an appeal from this decision. It has previously been reported that in February, 1951, two actions were filed against the Company in the United States Dis trict Court in Houston, Texas, by individual patent owners, alleging that some phases of the well logging operations of the Company's Baroid Sales Division infringe certain United States letters patent. One of these cases was tried last December, but no decision has as yet been handed down. Meanwhile, the patent Nickel plant at Nicaro, Cuba, opera ed Jor toe United States Government by Nickel Pro-<.: "ng Corfeta tion, in which the Company has the majority interest. 13 NLI 121482 Production capacity of the titanium pigment plant in Sayreville, New Jersey, has been expanded considerably by the addition of this new unit. owner whose case has not yet been tried, filed in January 'of 1953, a further suit against the Company, alleging infringement of another patent owned by him in the well logging field. There have been no changes in the status of the following cases mentioned in the Annual Report for 1951: the proceedings by the Government against the Company, with respect to the sale of used storage batteries and lead salvaged therefrom; the treble damage suit instituted by Dutch Paint Company in regard to the saie and distribution of titanium pigments, and the action by the Government with respect to the alleged violation of price stabili zation regulations by the Company in the sale of some products. PERSONNEL Relations with Company employees and their various union organizations continued on a satisfactory basis during 1952. Of the 14,318 employees on the Company payroll at the year- 14 NLI 121483 end. 6 per cent had been employed for 25 years or more and had been presented with gold watch awards, 18 per cent had service tor 15 years, and 51 per cent for five years or more, Executive oiiicers average more than 23 years of service. Extra compensation was again paid in December 1952 on the same basis as in the preceding three years. Earnings w^ere like wise sufficient to permit a contribution by the Company to the profit-sharing trust established by stockholders' action in 1945. Past sendee pension liability w'as further liquidated bv the net payment in 1952 of S950,697, charged to the Reserve and deductible for tax purposes. At the end of 1952 a total of 880 pensioners were receiving Loading 1500-pound titanium metal ingots aboard an air transvort at Las Vegas, Nevada, for shipment east, where this critical metal is lubri cated into sheet, wire, bar and forgings for jet engines and structural parts ior aircraft Menderson, Nevada, is the plant site of the Titanium Me ais Cot potation oj America, largest titanium producer m the country. ' ` . k' * 15 NLI 121484 t annuities under a plan originally established in 1912 and liberal ized in 1937 and subsequent years. Group life insurance claims aggregating $604,881 were paid during the year on behalf of 104 employees. A total of 592 employees are or have been in military service in the period between June 15, 1950 and December 31, 1952. 16 NLI 121485 With few excennons those reieaseu rrom Mid', service have re turned to Company employment. . TITANIUM METAL Demand continues to mount for titanium metai--that versatile material possessing the rare combination of strength with light ness and high resistance to corrosive forces. Defense agencies recently forecast titanium metai requirements for 1955 at 22,000 short tons, a revision upward from the 10,000 tons previously estimated. The potential growth prospects for titanium metal may be gauged from the fact that total output of the industry in 1951 was only 500 tons. To meet the revised requirements it will be necessary to increase productive capacity by 4300 per cent within four years, a remarkable teat for an industry still in its beginning stages. Titanium Metals Corporation of America, jointly owned by National Lead Company and Allegheny Ludlum Steel Corpora tion, continues to occupy a prominent place in the development of the industry. The country's first large-scale production unit is rapidly nearing completion at Henderson. Nevada, and goals established for existing facilities are within sight. Additional properties adjacent to the present Henderson plant have been leased and are available, should further expansion be necessary. The present accelerated demand for titanium metal comes primarily from the Armed Services and aircraft industry. When defense requirements have been satisfied, increasing quantities of the metal will find their way into civilian applications where research indicates the uses will be many. The future of the metai in a civilian economy rests largely on the attainment of lowered production costs. To this end are directed the combined energies and facilities of Titanium Metals Corporation of America and its parent companies. 17 NLI 121486 *r Over-all view of the die shop in one of DoehlerJarvis Division plants. Here some of the 20,000 "live" dies used for manufacturing customer parts are made. THE YEARS AHEAD On February 28, 1953, the Company acquired the assets and business operations of the Doehler-Jarvis Corporation on the basis outlined in the president's letter to stockholders dated De cember 16, 1952. The sale of the Doehler-Jarvis corporate assets was approved by its stockholders on February 6, 1953. With this new acquisition, which is being operated as the Doehler-Jarvis Division, the Company has become an important factor in the die casting of non-ferrous metals. 18 u. NLI 121487 Ip^V Negotiations commencing shortly utter :::c ecu wt World War II eliminated in 1952 in the acquisition nv y. cr Company from I. G. Farbenindustrie of the remainmc Ci rer cent capital stock interest in Titangeseilschaft m.b.H. LeverKusen. Ger many. This wholly owned subsidiary, operaunc me largest plant of its type in Europe, produces titanium dioxide pigments for European consumption. The important raw material, ilmenite, is supplied by Company-owned mines in Norway and sales are handled through subsidiaries in Norway. France. Belgium and the Netherlands. Current output is neariv three times that of preWorld War II capacity, providing an imp:'riant contribution to the rehabilitation of western European economy. Chicago plant of the newiy-jormea Doemer-farus Division, a major producer and finisher or die catlings. 19 NLI 121488 In 1952 National Lead Company acquired the majority stock interest in Nickel Processing Corporation, contract operator of the United States Government-owned nickel plant at Nicaro, Cuba, by joining with Fomento de Minerales Cubanos S. A. in the purcnase of the stock interest of N. V. Billiton Maatschappij. In cluded in the acquisition were rights to certain processes which may further expand the output of the plant. This operation is scheduled to add 30 million pounds or more per year to our sup ply of a vital metal. The Minnesota Linseed Oil Company, partially owned by National Lead Company, is enlarging its flaxseed storage capacity by 1 ` : million bushels. In October 1952 the Pioneer Alloy Products Division of the Comoanv was formed. This unit will produce corrosion resisting vaives and acid and heat resisting castings, mainly of stainless teei. in its piant at Eliwood City, Pennsylvania. The Company is actively engaged in the Atomic Energy Pro gram ope .amig a sampling plant at Middlesex, New Jersey, and a S78.00u.u0o teed materials production center at Fernald, Ohio. Employees at these locations total 1250 and key super visory personnel have been drawn from various operating units of the parent company. Several facilities of the Fernaid center are now in operation, contributing vitally needed materials to Atomic Energy Commission installations at other locations. EXECUTIVE PERSONNEL Frank J. Koegler was elected a Company vice-president in February 1953. Mr. Koegier, president of the Doehler-Jarvis Corporation, was also named general manager of the DoehlerJarvis Division of the Company. 20 NLI 121489 OUTLOOK FOR 1953 The Company's business in me hrsr two months of the year has been somewhat better than at tire start ot 1952. It seems quite reasonable to expect favorable comparisons tor the months ahead, and further building of the Company's capacity7 to produce and earn, even though die high cost of the United States' present leadership role in world affairs seems certain to keep the tax burden heavy. Other handicaps on industry, however, show signs of lightening. Acknowledgment of the debt any company owes to its em ployees and their good work has become fairly routine. However, the nature of the Company's business puts an unusually high pre mium on the intelligence, resourcefulness, and plain hard work or its men and women. There is no doubt thar the Company's employees will give as much toward its prosperity during 1953 as they unfailingly have in the past. The number of Company stockholders showed a gratifying '"'-lease during 1952--from 21.365 at the end of 1951 to 23,813 at December 31, 1952. This report wiii be presented to the stock holders at their Annual Meeting, which will be held at Sayreviile, New Jersey, on April 16, 1953. By Order of the Board ot Directors. President. 21 NLI 121490 NATIONAL LEAD COMPANY AND ITS WHOLLY OWNED DOMESTIC SUBSIDIARIES Consolidated Balance Sheets DECEMBER 3 1, 195 2 AND 1951 Current Assets: ASSETS 1952 1951 Cash............................................................................................. $ 18,730,699 $ 23,418,857 United States Government securities, at cost (approxinutciv equivalent to amounts at market quo tation-, ) ( Note 1 )............................................. 16,035,442 22,762,718 Other marketable securities, at cost, less reserves of: : l,^2. S i 00.181; 1951. SI 29,960 (at market quo tations: $3,685,060: 1951, $3,129,564) i Note i i .................................................................. 1,593,089 817,964 Accounts and notes receivable, less reserves of: 1952, 51.990.55H; 1951, $2,047 334 .................................. Notes receivao; .orn c:v.piu,ceS.................................. Inventories ( Note 2)..................................................... 1'otal current assets............................................... 29,296,224 255,013 56,960,027 122,870,494 30,927,413 302,519 55,404,739 133,634,210 Investments < a! tost or below) in and advances to unconsolidated subsidiaries, less reserves of: 1952, 5 5.s o i.o h h . i*;s|, $4,776,385 (Note 3) .... 10,787.483 10,342,746 Miscellaneous investments and advances, at cost or heiovv. .c-s reserves of $45,S26........................................ 2,760,019 1,760,703 Plant, property and equipment, at 1915 appraised values, subsequent additions at cost (including in tangibles of S20,692,311 not being amortized) less reserves for depreciation, depletion and amortiza tion of: 1952, $75,944,349; 1951, $71,215,202 . . 85,596,617 82,797,466 Patents and licenses, less amortization.................................. 32,464 40,027 Prepaid expenses, deferred charges, etc................................ 1,863,473 1,740,516 $223,910,550 $230,315,668 The accompanying notes to financial Staten. 22 NLI 121491 nrtfavwrraaa o rCi O X AT I ON A L LEAL) ( OMPAXY AND ITS WHOLLY OWNED IS I.ii-fl.lAKICs Consolidated Balance Sbcet' DECEMBER 31. l`>'7 AND : LIABILITIES jrrent Liabilities: Accounts payable and accrued liabilities Payable to unconsolidated subsidiaries Provisions for taxes, including federal taxes on income ...... ......................... Dividends pjvable January 30. 1 9s 3 and February : 1932 on Class B preferred stock . Total current liabilities . serves: Pension................................................... inventory ( Note 2)............................................. CAPITAL apital stock: T,-eferrea Class A, 7 per cent cumulative., nontillable (par value $100): shares authorized DO,000. issued 243,676 ................................... Preferred Class B, 6 per .cent cumulative, noncallable (par value $100); shares authorized 250,000. issued 103,277 ................................... Common (par value $5); shares authorized 20.000.000. issued 10.15H.375 (including v>s.~nn issued under Stock Purchase Plan, Note -i 1 .irned surplus: Appropriated: l;:re insurance reserve......................... Employer s liability reserve Contingencies reserve . Unappropriated........................................ ess: Reacquired capital stock, at cost (Note 5) Employees' notes receivable under Stock Purchase Plan (Note 4)................................................... 1952 S 16,497.533 547,985 38.238.944 1.35,277 S 55.419.739 $ '28.363 1 5,509.584 5 14.23".947 $ 24.367.600 10.327,700 '0.79!.875 SS.uH7.I75 i .~9T284 (26.664 1.080,358 06.426.199 $161,217,680 $ 2,583,081 4.381,735 S 6,964,8X6 $154,252,864 $223,910,550 1951 $ 231,162 50.283.364 135,277 $ 66,051,113 $ 1,679,060 15.011,777 $ 16,690,837 $ 24,367,600 10,327,700 50,791,875 85.487,175 4,797.28s 426.66s 4,080,358 60,276,950 $155,068,431 $ 2,583,081 4,911,632 1 7,494,713 $147,573,718 $230,315,668 ai parts of these statements. 23 NLI 121492 NATIONAL LEAD COMPANY AND ITS WHOLLY OWNED DOMESTIC SUBSIDIARIES i '.husnitJuted Statements of Income and Earned Surplus Unappropriated FOR THE YEARS ENDED DECEMBER 31, 1952 AND 1951 Sales, less returns and allowances (Note 6) . Cost of sales (Notes 2 and 6).................................... Depreciation, depletion and amortization . Administrative, selling and genera! expenses . . Taxes, other than federal taxes__on income . Other income (Note 7)................................................. Other eharces and additions to reserves ( Note S )............................................................................. Net income before provisions for federa! taxes on income.................................... Provisions for federal taxes on income (includ ing excess profits taxes: 1952, 54,150,000; 1 951. $8.-70,000)......................................................... Net income for the year............................. 1952 $358,048,435 $263,323,357 5,193,355 42,611,966 3,502,790 S314,631,468 $ 43,416,967 5,030,104 48,447,071 60,908 48,386,163 25,326,109 $ 23,060,054 1951 $389,941,313 $284,245,815 4,902,085 40,299,081 3,329,918 $332,776,899 $ 57,164,414 4,070,915 61,235,329 1,627,789 59,607,540 36,613,823 $ 22,993,717 Earned surplus unappropriated. January 1 Net income for the year.................................................. Dividends: On < l.,ss A preferred stock. S7 per share . < >n (,Uss B preferred stock. S6 per share . (hi lommcn stock, Si.45 per share in 1952. $1 A1; > per share in 195 1................................... Transfer to common capital stock account in connection with reduction in par value and split of the common stock.............................. Earned surplus unappropriated. December 31.................................... $ 60,276,950 23,060,054 S 83,337,004 $ 1,640,051 541,110 2,181,161 14,729,644 16,910,805 $ 16,910,805 $ 66,426,199 $ 61,343,176 22,993,717 $ 84,336,893 5 1,640,051 517,755 2,157,806 14,381,756 16,539,562 7,520,381 $ 24,059,943 $ 60,276,950 The accompanying notes to financial statements are integral parts of these statements. 24 NLI 121493 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS I in.- toilowin.c cos: amounts nt securities were on deposit .it the respective balance shed In connection with self-insurance oi M.irkmcns compensation risks, etc.: ! nited States Government securities , Other marketable securities : o_ $552,081 SS1.-I52 i 5 ! .'.U 0. 345 As collateral tor bank loan of an unconsolidated subsidiary: United States Government securities . 751).2-11 '50.275 Inventories are priced at the lower of cost (on various "average," "first-in. first-out" or i.ist-m, first-out" bases) or market. The inventory reserve has been maintained on the basis of the following quantities and 'rices of normal stocks: Lead . Tin Antimony Linseed oii formal Quantities 1 ''hnrt lens i 19.687'/-, 1.124V-, 1,400 3,125 Fixed Inventory Price per Pound $.03 .21 05 Replacement was made during 19 52 of a substantial portion of the quantities of certain netais which were lower at the end than at the beginning ot 1951. The excess of replacement ost over cost determined under the Lifo method has been charged to income in 1952, and a dated portion of the reserve, provided in 1951, has been credited to 1952 income. The inventory reserves include, in addition to the normal stock reserves, general inventory -eserves of $800,000 at both December 3 1, 1952 and 1951. Intercompany profits in inventories are not considered to be material in amount. Unconsolidated subsidiaries comprise domestic subsidiaries more than 50, but less than 100 per cent owned and foreign subsidiaries. Based upon financial statements as of the close of their respective fiscal years. National Lead Company's equity in the net tangible assets of unconsolidated subsidiaries (other than hose in Continental Europe) approximated S23,725,000 at December 31, 1952 and 25,500,000 at December 31. 1951. Such equities exceeded the company's investments in iid advances to these subsidiaries, after deducting applicable reserves on the books of National Lead Company, by approximately SI-Ladd.000 at December 31, 1952 and 15,323,000 at December 31. 1951, representing a decrease m such excess of approximatelv '979,000 in 1952 and an increase of $1.-tv-1.Otto m 1951. These changes arc after various iiustmenis in 1952 and arc after dividends of $2,259,147 in 1952 and $2,364,733 in 1951 aid bv the unconsolidated subsidiaries and included in consolidated net income. Total equities of $27.725.000 ana S25.500.000 shown in the preceding paragraph include 11,307,000 and SI2.91)8.000. respectively, represented by foreign net tangible assets, trans ited into U. S. dollars at appropriate rates of exchange. The realization of foreign assets and oreign earnings is subject to various exchange and other restrictions imposed by rhe respective '.'reign governments. Unaudited financial statements as of September 30, 1952 and 1951 received from the Continental European subsidiaries indicate that National Lead Company s equity in the net assets thereof approximated the following foreign currency amounts at the respective dates: Norwegian kroner Belgian francs Dutch florins . . . French francs . German deutschemarks September 30 1932 1931 12.425.000 20.520.000 1,540,000 47.920.000 16.698.000 11.420.000 17.680.000 1,300,000 36.480.000 25 121494 .VOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued National l.cad Company's investments in and advances to Continental European ,sub Miarics. less reserves, approximated $1,406,850 at December 31. 1952 and $136,120 at December M. 1951. Dividends of $48,867 (U. S. dollar amounts) were received in 1952 t'nm a Norwegian subsidiary and are included in consolidated net income. '' Under the company's Stock Purchase Plan for Officers and Other Key Employees, adopted ::i 1950, certain officers and employees contracted to purchase common stock of the company. The purchase prices (markets at the dates of execution of the purchase contracts) are evi denced by promissory notes bearing interest at 3 per cent payable within 10 years from dates thereof, the shares serving as collateral. Payments against interest and principal of the notes shall be not less than fifty per cent of the dividends paid on such collateral shares. The employees have the option to, and the company may require that they, withdraw the collateral in hundred-share lots as payments become equal to the purchase price thereof. Upon death or retirement of an employee the company shall, if requested, repurchase at the original sales price shares not then fully paid for. Under other circumstances if the employee shall not complete payments the company shall have the option of so repurchasing shares not then fully paid for but may exercise any legal right to compel completion of the contract. shares in!J as collateral aggregated 502,700 at December 31, 1952, and 335,100 at December M. 1951. s Reacquired capital stock, carried at first-in, first-out costs, comprises: Shares Cost Preferred Class A.............................. ........................ 9,383 Preferred Class B...................................................................13,097 $1,147,727 1,435,354 "$2,583,081 6. Intercompany transactions between consolidated companies have been eliminated from sales and cost of sales. Other income comprises: ty`,2_ Dividends received (including $2,308,014 from unconsolidated subsidiaries in 1952 and $2,364,733 in 1951)......................................................$2,847,143 Reserves no longer required: Investments.................................................................. Advances to unconsolidated subsidiaries . Inventory (see Note 2).......................................... Interest and miscellaneous.......................................... 406,542 1.276,381 500,038 $5,030,104 19S1 $2,973,695 640,495 456,725 $4,070.915 > (hlurui.ircesandadditionstoreservescompri.se: i9s: Ad Jit ions to reserves: Investments in and advances to unconsolidated foreign subsidiaries........................ Inventory, net (see Note 2 )......................................... Excess of cost of subsidiaries' stocks acquired dur ing year over book amounts of net assets thereof at dates of acquisition................................................ Net loss on sales and other retirements of fixed assets ..............................................................................$54,278 Miscellaneous........................................................................ 6,630 $60,908 lost $ 4 2.94 5 1.545.147 201,098 35.834 _______ 2,765 $1,627,789 9. Numerous differences exist between taxable income and book income, including certain fluctuations in the inventory reserves; percentage depletion; depreciation charges; and purchases of past service annuities deductible for tax purposes but charged on the books to reserve for pensions. 10. An Agreement and Plan of Reorganization between National Lead Company and Doehler-Ia'rvis Corporation providing for the acquisition by National Lead Company of all 26 NLI 121495 ::;c' propertv. business and good wiil . : D. i m; i..: . i- (,.,in.i.i:ifn m exchange : sure- or common mo c k nr National l.c.:,.: < : mv : ri:-.- r-v National (...'inpany or .lil ot the liabilities ot Doehier- i. ` ration. u.i- .ipproved'by shure- o.ooers or Doeiiler-Jarvis Corporation on February - i Trie -harcnoiJcrs or' Doehier- Jarvis Corporation also approved the dissolution - : o.rr.panv. In .rccordance with tlie provisions ot the Agreement. National Lead Company. a< ..t February 195 3. will issue ;--::.ll8 shares ot its common stock and will acquire an or the assets, propertv, etc., ot' Doehier-Jarvis Corporation. Nationai Lead Company nu< an mvesiment ( included in other marketable securities ) ot 07.575 shares of common stocK m Doehier-Jarvis C.orporation for which National Lead Company will acquire, as a Miarehoiui-r <-t Doehier Jarvis Corporation. .'11 shares ot its own common stock. These treasury snares wol he recorded at the same amount as the cost of the present investment in snares m D.-eiiler larvis Corporation. The easiness of Doehier-Jarvis Corporation will be continued as a division of Xational Lead Company. General: Lnder agreements with the Atomic Energy Commission, two consolidated subsidiaries are operating plants constructed with funds supplied bv me Commission. Xcither the assets, liabilities, nor results of operations of such plants are im.uiik.-j m the accompanying financial statements. Annual fixed fees received by such subsidiaries as i--nrract-nperators are included in other income in the accompanying financial Mjteir.en1' Refunds under the Renegotiation Act of 1951. :: ..nv arc ooi o.nsijcrcd to be material and no provision has been made therefor. Reference is made to comments included in the pre-.iocnt - message on the status of litigation under antitrust laws. Federal Trade Com mission arm Clawon Acts. Defense Pro duction Act and patent infringements. No provision has been made for such taxes as nuv be raid ami when .u cumulated earn ings of subsidiaries are distributed to the parent company, simr sum taxes may never accrue. LYBRAND, ROSS BROS, a MONTGOMERY Certified Public Ao.nunt.ints 90 Broad Street. New V..rk ( i To she Stockholders ot ' XATIONAL LEAD COMPANY, NEW YORK. \ ) We have examined the consolidated and indiwju.u n^i.nue -iieets ot Na t io n a l Le a d Co mp a n y and its wholly owned domestic subsidiaries December 51, 1952 and the related statements of income and surplus for the- men t-tided. Our examinations were made in accordance with generally accepted auditing standards, and accordingly included -ucti tests of the accounting records and sucli other juuitine procedures as we considered necessary in the circumstances. We have also examined or cave received reports of other independent public accountants upon their examination- of the balance sheets and related statements of income and surplus of the major domestic subsidiaries more than 50, but less bun 100 per cent owned and the major foreign subsidiaries other than Continental European, for their respective 1952 fiscal years. Similar examinations were made for the 1951 fiscal years. In our opinion, based upon the above-outlined examinations and the above-mentioned reports of other independent public accountants, the accompanying consolidated balance sheets and related consolidated statements of income and earned surplus unappropriated present fairly the consolidated financial position of National Lead Company and its wholly owned domestic subsidiaries at December 31, 1952 and 1951 and the consolidated results of their operations for the respective years then ended, in conformity with generally accepted account ing principles applied on a consistent basis. Ly b r a n d . Ro s s Br o s . & Mo n t g o me r y New York, March 3, 1953. 27 Hlal 121496 Net Sales.......................................... 5148,622,919 $166,168,715 $167,562,928 $167,447,2 Net Income before Taxes . . 13,337,168 18,304,136 11,218,228 16,713,4 Federal Taxes on Income . . . 8,336,291 10,740,382 4,679,720 7,036,3- Net Income ...._.. 5,200,877 7,563,754 6,538,508 9,677,0 Famed Per Share of Common Stock (Adjusted to present capi talization) 0.34 0.60 0.48 0..- Preferred Dividends .... . 2,031,323 2,031,323 2,059,323 2,059,3 Common Dividends........................ 2,317,998 3,090,664 3,090,664 4,635,9 Current Assets: Cash.......................................... t' S. Government and other Marketable Securities . Notes and Accounts Receiv able ........................................... Inventories!......................... 12,742,130 10,313,702 9,571,663 11,681,0' 17,002,791 16,131,607 17,902,254 18,393,5-. 12,560,223 21,787,559 14,859,530 23,601,398 15,171,135 29,361,453 15,573,03 32,617,3? Total Current Assets .... 64,092,723 64,906,237 72,006,505 78,265,0; Total Current Liabilities 19,054,627 21,566,069 16,843,516 22,410,0- Net Working Capital .... 45,038,096 43,340,168 55,162,989 ' 5S,854,9< Gross Property Account . . . 94,198,239 98,025,024 100,794,666 106,793,6< Reserves for Depreciation Depletion and Amortization 41,464,768 46,250,242 53,147,610 56,018,9! Net Property Account .... 52,733,471 31,774,782 45,647,056 50,774,7" * Includes cash dividends of 53,86 >,137 and 5% tock dividend valued at $31 per share. 28 NLI 121497 1952 94 $320,457,301 $257,461,599 $342,727,911 $389,941,313 $358,048,435 -17 26,<306,510 21,191,579 54,557,799 59,607,540 48,386,163 :S5 13,302,155 6,442,568 28,067,155 36,613,823 25,326,109 32 13,304,355 14,749.011 2 6,490,644 22,993,717 23,060,054 99 1.21 1.29 2.41 2.05 2.06 23 2,085.512 2,134,451 2,134,451 2,157,806 2,181,161 28 8,671,502* 7,317,900 13,430,651 14,381,756 14,729,644 <07 9,304,183 17,961,612 24,370,746 23,418,857 18,730,699 . .97 2,524,445 10,517,353 22,731,445 23,580,682 17,628,531 21 28,120,306 16,114,669 35,524,206 31,229,932 99 59,118,313 43,857,133 48,824,480 55,404,739 29,551,237 56,960,027 '30 99,067,247 88,450,767 .31,450,877 133,634,210 122,870,494 <12 35,359,277 25,864.583 56,402,753 66,051,113 55,419,739 18 63,707,970 62,586,184 75,048,124 67,583,097 67,450,755 -73 133,879,240 133,252,879 135,578,755 154,012,668 161,540,966 <48 59,856,625 <25 74,022,615 64,080,311 67,390,015 71,215,202 69.172,568 68,188,740 82,797,466 75,944,349 85,596,617 lories for 1943 and 1944 are shown net of normal stock reserves. 29 NLI 121498 YESTERDAY AND TODAY 30 Development of product and processes has gone hand-in-hand with advance ments in transportation and packaging. In 1953, as in past years, improvements will continue to insure the fine reputa tion of "Dutch Boy" products in their wide-range service to industry. HLl 121499 -"' - ------------------ 1907...Earliest example of the "Dutch Boy" trademark on an oaken white lead keg, opposite its means of de livery. 1909 . The steel package for white lead, which National Lead Company pioneered, was a notable development. 195.1 ..The blue- : nd-wlute label, with trademark in full color, distinguishes today s '"Dutch B< > "" mixed paint line ruckace. ULI 121500 BRANCHES AND DIVISIONS ATLANTA BRANCH ... 400 Bishop Street, N. W.. Atlanta G. W. Penderv, Manager ATLANTIC BRANCH ... Ill Broadway, New York R. M. Bennett, H. F. Freiherr, Managers BALTIMORE BRANCH ... 214 West Henrietta Street, Baltimore H. A. Getz, Manager BAROID SALES DIVISION ... 2404 Danville Street, Houston G. L. Ratdiffe, General Manager... Oil Well Drilling Mud Service CHICAGO BRANCH . . . 900 West Eighteenth Street, Chicago P. J. Pater, Manager CINCINNATI BRANCH . . . 659 Freeman Avenue. Cincinnati H. W. Hundley, Manager CLEVELAND BRANCH ... 1776 Columbus Road, Cleveland E. G. Orling, George Sathre, Managers OF. LORE DIVISION ...Carondelet. St. Louis A. J. Wetzel, Manager . . . Barium Sulphate and Calcium Carbonate Pigments DOEHI.ER-JARVIS DIVISION .. .Smead Avenue, Toledo F. J. Koegler, General lManager . . . Die Castings EVANS LEAD DIVISION . . .Charleston, W. Va. R. M. Evans, hianager . . . Lead Oxides E. W. BLATCHFORD CO. BRANCH ... Ill Broadway, New York M. j. Friday, Sr., Manager .,. Type Metals and Blatchford Base MAGNUS METAL DIVISION ... Ill Broadway, New York W. V. Bu'lev.-Oner..: Manager Railway Car Journal and Diesel Locomotive Bearings NATIONAL LEAD CO. OF MASS----- 800 Albany Street, Boston Karl Fischer, G. A. Savage, Managers PACIFIC COAST BRANCH .. .2240 Twenty-fourth Street, San Francisco D. D. Roberts, Manager PHILADELPHIA BRANCH .. .2607 East Cumberland Street. Philadelphia J. W. Gardiner, Jr., G. A. Watts, Managers PIONEER ALLOY PRODUCTS DIVISION ... III Broadway. New York W. J. Welch, Manager . . . Stainless Steel Valves and Castings ST. LOUIS BRANCH . . . ~22 Chestnut Street, St. Louis E E. Busse. R. R. Stamm, Managers ST. LOUIS SMELTING ,\ REFINING DIVISION ... Fredericktown, Missouri H, A. Krueger, Manager SOUTHWESTERN BRANCH ., .959 Terminal Street, Dallas W. H. Lessmann, R. R. Stamm, Managers STEEL PACKAGE DIVISION .. .722 Chestnut Street. St. Louis W. T. Trask, Manager TEXAS MINING & SMELTING DIVISION .. .Laredo, Texas J. C. Archibald. Jr.. Manager . . . Metallic Antimony and Antimony Oxides TITANIUM ALLOY MFC. DIVISION .. .1II Broadway, New York J. M. Johnston, iManager . . . Products of Titanium and Zirconium TITANIUM DIVISION . . .Ill Broadway, New York J. H. Reid, Manager .. . Manufacturers of Titanium Products; Miners of Ilmenire and Magnetite Iron Ore 32 NLI 121501 CORPORATIONS in Which National Lead Company is Interested Through Ownership of All or Part of the Capital Stock AMERICAN REARING CORPORATION*... Indianapolis Peter Lambertus. President. . . Manufacturers of Precision Bearings RAKER CASTOR OIL COMPANY ... New York I. M. Colbeth. President.. . Manufacturers of Castor Oil CANADIAN TITANIUM PIGMENTS LIMITED*... Montreal G. N. Bates, Sales Manager . . . Distributors of Titanium Oxide Pigments DOEHLER-JARVIS CORPORATION*... Toledo F. J. Koegler. President . . . Distributors of Die Castings I VANS LEAD CORPORATION*. .. Charleston. W. V.t.' R. M. Evans. President. . . Distributors of Lead Oxides HOYT METAL COMPANY OF GREAT BRITAIN. LTD.*. .. London J. C. Hart. Managing Director. . . Manufacturers of Anti-Friction Metals MORRIS P. KIRK & SON. INC. ... Los Angeles J. Paul Kirk, President. . . Manufacturers of Lead Allovs and Oxides MAGNUS BRASS MFG. CO.*... Cincinnati W. V. Burlev, President . . . Manufacturers of Locomotive Specialties MAGNUS METAL CORPORATION*. ..Chicago W. V. Burley, President. . . Railway Car Journal and Diesel Locomotive Bearings MASTER METALS, INC.... Cleveland L. H. Herthneck. Manager. . . Smelters of Secondary Metals M,.\Ni.SOTA LINSEED OIL CO.... Minneapolis F.. H. Russell, President... Manufacturers of Linseed Oil NATIONAL LEAD CO. OF OHIO*. . .New York j. A. Martino, President NATIONAL LEAD CO. S. A. (ARGENTINA) *.. .Buenos Aires C. M. Merrell, President NICKEL PROCESSING CORPORATION .. .Nicaro, Cuba H. C. Wildner, President. , . Manufacturers of Nickel Oxides THE CANADA METAL COMPANY. LTD*. .. Toronto J. A. Taylor, President Manufacturers of Lead Products, Brass and Bronze. Dross Smelters nu Cl IAS. TAYLOR'S SONS COMPANY*. .. Cincinnati C. R. Tavior, President . .. Manufacturers of Refractories 1 n AN CO. AS...Fredrikstad, Norway Erik Anker, tManaging Director Manufacturers and Distributors of Titanium Oxide Pigments SOCIETE BELGE DU TITANE S. A.. Brussels. Belgium TITAN COMPANY, INC.*..-Wilmington, Del. Erik Anker. Vice-President Manufacturers and Distributors of Titanium Oxide Pigments SOCIETE -INDUSTRIELLE DU TITANE, Paris, France TITAAN N. V.. Rotterdam, Netherlands TITANGESELLSCHAFT, m.b.H., Leverkusen, Germany TITANIUM METALS CORPORATION OF AMERICA . . .New York H. C. Wildner, President .. . Distributors of Titanium Metal Products TITANIUM PIGMENT CORPORATION*. .. New York J. A. Martino, President. .. Distributors of Titanium Oxide Pigments ^Wholly owned. 33 NLI 121502 mm PRODUCTS o PAINTS AND PAINT MATERIALS Sold under the DUTCH BOY brand name Exterior House Paints Interior Wall Paints Enamels Varnishes Metal Protective Paints Linseed Oil Lead Mixing Oil White Lead Red Lead Colors Flatting Oil Liquid Drier PIGMENTS AND CHEMICALS Basic Carbonate White Lead Basic Silicate White Lead (45X) Lead Acetate Lead Silicates Lead Oxides Calcium Carbonate Barium Sulphate Copperas-Iron Sulphate Zinc Chloride Copper Sulphate Antimony Oxides Lead Chemicals for the Plastics Industry Lorite OILS Linseed Oil Special Paint Oils Castor Oil LEAD PRODUCTS Lead Pipe Sheet Lead Lead Traps and Bends Lead Carnes Lead Sash Weights Ingot Lead Bar Lead Lead Shot Lead Wire Lead Washers Lead Wool LEAD ALLOY PRODUCTS Solder Bearing Metals Type Metals Electrotype Metal Stereotype Metal Antimonial Lead Tellurium Lead Storage Battery Plate Metal DOEHLER-JARVIS DIVISION Raw & Finished Die Castings (Zinc, Aluminum, Brass, and Magnesium) 34 121503 Nlil riONAL LEAD COMPANY OTHER METAL PRODUCTS Railway Journal Bearings Satco Bearing Metals Diesel Engine Bearings Kirksite "A" Die Metal Pressure Die Castings Pewter and Britannia Metal Antimony Stainless Steel Valves and Castings ACID HANDLING EQUIPMENT Chemical Lead Pipe Chemical Sheet Lead Acid Pumps Acid Concentrators Lead Lined Pipe Lead Lined Valves Lead Lined Fittings Tin Lined Pipe Tin Lined Valves Tin Lined Fittings Hard Lead Valves )IL WELL DRILLING MATERIALS Clays Colloids Weighting Agents Suspending Agents Thinners Logging Service TITANIUM ALLOY MANUFACTURING DIVISION Ferro Alloys of Titanium Titanates Titanium Dioxide (natural Rutile) Zirconium Chemicals Zirconium Ceramic Materials Zirconium Metal TITANIUM PIGMENTS Sold under the TITANOX brand name TitaniunrOioxick (Tu.uk) TitaniunrCi'vxiV.s. (uWUsa) Titanium Calcium Pigments Titanium Dioxide (Technical Grade) GENERAL PRODUCTS Magnetite-Iron Concentrates Magnetite Sinter Ilmenite Concentrates Journal Lubricator Pads Locomotive Lubricating Devices Titanium Metal Linseed Oil Cake and Meal Expansion Bolts Screen Plates for Paper Mill Industry Small Steel Containers Bentones Refractories 35 NLI 121504 NLI 121505 tional Lead Company Facilities in the U nited States