Document rp9amzv9qvq0aN1M1ZZm6mOLJ

A fJI M f \. i' ' 8 Thii Lv;iUi vr* P %t J rrn* fK -*:* * *- uf: f* * * L r* v1, * m ISSSk -r ~-r . .j . J>a >. a iiiilin N11797 HII BM E. St. Louis, Illinois Mixed Meta! Hard Lead Galena, Kansas Lead Smelter. FT educes lead -.p:cjs and Siibskned Leeds. Commerce, Oklahoma Lead aral,zinc coneenttalirtq-`pianis . - Capacity ' -,.5 O'Q G, ;! -c> n s p.e r. d a y-. Cincinnati, Ohio '.".r:rd:e Tend. Also produces ::: mete; items as Joplin plant. Henryetia, Oklahoma Zinc Smelter Hillsboro, Illinois Zinc Oxides Argo, Illinois I.ilhopone Joplin, Missouri Lead Oxides . 1 lotm'-1 nr.n 1.11 ion Industrie! Insulation , Type Metals Bnirinq-Metals' .. Lead Wool 1 'hunt>er's Lead Supplies ANNUAL REPORT The Eagle'Picher Lead Company,,: and Subsidiaries To t u b *St o c k h o l d e r s o f THE EAGLE-PICHER LEAD COMPANY: Submitted herewith is a Consolidated Balance Sheet of The Eagle-Picher Lead Company and Subsidiaries as' of December 31, 1936, together.cwirh Ccnsblkhred Front and Loss Account for the year then ended. The Consolidated Balance Sheet and the Consolidated Profit and Loss Account are presented on a comparative basis with corresponding statements for the preceding, year, and were prepared by Barrow., Wade, Guthrie and Company, whose report in connection therewith is attached hereto. ' Earnings and Sales Consolidated Net, Income for the year, after all charges, was $696,383.88 and compares with $583,620.27 for the year ended December 31, 1935- Provision for depletion and depreciation was $821,358.28 in 1936, which compares .with $640,438.71 in 1935, add die provision for estimated federal ami state income taxes was $151,306.82 compared with $116,750.00 in 1935. Net Sales in 1936.were $.20,873,573.62 as compared with $16,032,815.71 in 1935. This is an increase of $4,840,757.91, or approximately 30%. Sales tonnage 'of manufactured products was 19%. greater than in 1935. Sales during the last quarter of 1936 were somewhat larger than normal because of advance buying, by customers, in accordance with trade customs, for future deliveries extending into 1937 at prices which prevailed before the large advances in the prices of lead and zinc in December. The price of lead advanced from $4.60 per cwr. in the latter part of October to $6.00 per cwt, on December 21st, and since that date has advanced ro $7.00 per cwr. During the same period the price of zinc advanced from $4.85 per cwt. to $5-45 per cwt., , . and since the first of the year lias advanced to $6.80 per cwt. The Company benefited from the improvement in prices only to a limited extent in 1936 because of the previously' mentioned advance buying by,customers for future deliveries. An important factor in the increase in sales for the year was the almost complete liquidation of our stodc of slab zinc. A table of die prices of .metals'in which this company is principally interested, as of . the beginning of the last eight years, follows: , Co n c e n t r a t e s -Pe r ' To n .:. '' Mb t a e Pe r Cw t . ' Zi tic Le a d Zin c Le a d ' 1930:v, A Av . .L.L..A.5$35.O0' . Y -$75,00 3 f$554>5 $ 6.25 1931.............................................. 25.50 57.50 4.125 5.10 19:1.............................................. 18.00 1931.............................................. 18.00 35.00 32.00 .3.125 3-125 3.75 3.00 5.1934,,.3.. i........55 28.50 1935.............................................. 26.00 1936/............................. 5........ ..32.00 1937./...................v5.:,.. 35-00 46.00 36.00 47.00/ . 70.00 4.35/6 :5/:4/l5 3-725 3.70 4.85 - 4.30 5 45 A-,'6.00 Paij' One 'r .* '* Balance Sheet Current assets at the end of the year amounted to $9,090,055-60 and current iiahilitiri.'were SI,812,659-70, leaving net working capital.of S7.277.395-.90, which is $41.7,280.47 mttre than as of the beginning ol the year. Quantities of inventories were reduced in 1936. The approximate combined lead and zinc content of inventories at December 31, 1936, teas 46,323 tons compared with >4,891 tons at December 31, 1935. This reduction of 8,568 tons was wholly.in the zinc content of our inven tors-. The value of inventories on the Balance Sheet at December 31, 1936, was .55,427,640.09. which is approximately $130,000.00 less than at'the beginning of the year. The redaction in the value or the inventories did nor correspond with tire decrease in quantities because of the necessity of replacing metals at much higher prices, than the cost or market value (whichever was lower) as of January 1st. The c o s t of replacing inventories at higher prices is reflected in the reserve for normal inventories which increased $325,918.05 during the year.. .The total amount in this reserve at December 31, 1936, was $1,279,080.71 and represents the difference between the cost or market value (whichever, was lower) of fixed quantities of inventories and the fixed prices of 3c per pound for lead. New York base and East St. Louis base, respectively, and 3c per pound for zinc. East St. Louis base. Credits to the reserve during the year amounted to $396,898.06, which is greater than die increase in the reserve. As a resu!' of liquidating our slab zinc inventory, the reserve provided prior, to January 1-, (1936* on 3,f(Xl rons of slab zinc and amounting to $70,980.01, was reversed anil the respectiversurplus accounts from which (his reserve was provided were credited. Although it may seem that earnings are being penalized because of our normal inventory system of accounting for fixed quantities, it must be kept in mi rid that the amount added to the reserve represents the additional amount which we invested in tile fixed quantities of inventories during the year. It is obvious that such additional amounts invested in inventories to carry on die business of the Company are not available for distribution as dividends. .Dividends In 1936 the regular dividend of $6.00 per share on preferred stock was paid! and dividends on the common stock were resumed by paving a total of 60c per share. Mining and Milling Production of lead.and zinc concentrates...in the Tri-State District was 36,614 tons greater in 11936 than in 1935, which increase is at die rate of 45%. ! .-.Our 'production of lead and zinc concentrates in the.Tri-State District during the last six years from ore mined by the company'' and contract miners from -wholly'.owned, partially owned and imiepen'dently.pwrted:properties was as follows: '. T- '. ....... : 1935 1933 M2 Ml Zinc Concern rates (tons). V. :,.f f ( 102,412 69,086 53,647 . 51,651 .28,858 19,626 Lead Concentrates (tons).. ;.V..... .,..V ; 14,734) 11,44*5 10,802 7 7,423 3,140 . 3,487 ,-/m;y- - QrT ' ! 117,146 ; 130,532 64,449 59,074;'_31,998;: 23,113 td Production of dead.'and- 'feline 'concentrates- .at four; Montana Mine,;: Ruby)! .Arizona, during 'the last three years'-was as follows: . im. M5 mi :Zinc Concerttrat.c:-S .(tO: '.Lead Concentrates (tons)!..i 6,388 10,203 . It 6,668 11,075 17,743 2-035 3,560' 5,595 Page T.r,p ..'!l i 1 : ffiil The concern! arcs produced from the Montana Mine in 1936 contained 7,620 ounces. of gold and 622,336 ounces of silver. In December, 1936, a part interest in the Mary M Mining Company was purchased and an option secured which permitted us to acquire the entire assets of the company early m 1937The properties acquired as a result of this purchase comprise approximately 1,400 acres of fices and leases in Oklahoma and Kansas and mills-located on this acreage. As a result of the acquisi tion of tluse properties the ore reserves of the Company were considerably increased. Manufacturing The fabricating plants of the Company produced die largest tonnage of manufactured products for any year since 1930. Insulation materials production facilities were doubled in 1936 and the plants were operated.at capacity. It is expected that additional facilities will.be required in 1937. Our insulating products are being given a very gratifying reception by the public. ,; ' We are constantly striving to.improve our lead and zinc pigments and to produce them at the lowest costs possible. Increases in wages and raw materials and supplies costs have been proportionately greater than increases in sales realizations. We are making considerable effort to lower o peril ring costs by plant improvements and the insra]latioir''of"nt\v equipfiii-nt. Our Research Department is constantly striving to improve products and production methods. Outlook The recent advances in the [iric.es of lead and zinc,, together with the almost complete liqui dation of domestic zinc stocks and the substantial reduction in refinery stocks of lead, indicate favorable prospects for oair mining and smelting acti vities .in 1937. Demand for both zinc,and lead at the present time is quite heavy, and if such conditions continue, our production of zinc and lead concentrates should be somewhat-greater in 1937 than in 1936. Sales of manufactured products, in 1937 are running ahead of last year. The present, indications are that sales tonnages will show a substantial increase over 1936,.which should result in.an increifse in profits. The personnel of the Company-lias shown a commendable spirit of loyalty and: coopera tion throughout the year which is sincerely appreciated by the Management. ; V. ' With the approval of the Board of Directors. ' A.E. BENDELARI . '. President y Ty Cin c in n a t i, Oh io . /. February 25, 1937. - T-- " d.i. lvH!iil gI| B jiflll 11 :: y yirp1 vyf; -: :.;T TyC:; 1F:a vy yfTl:TgyiriTiTJ y ; T' 7: by - T; y-U y-T-1 f 'r-i - y :.-.T ::'!> : -yyi-yy , :t : ,- ' : - sv v %\ ,iiT;,. t, - i,, AV !f .............. -y^y- -'y yy yy "yf TT iSfCyp -c-- f -y:-Ty:yyyy. yv wf-riy v f!T:,y y y 7 vyCcy y: - yyT; y- b"':'yfv % J *w; .i -. . / .-i'% 1 vpr- " : -~y.yy V r~r Pag Three Tiie EagledPiciier Lead Con CONSOLIDATED BALANCE SHEETS AS A ASSETS DlXTLMFlOi 31, 1936 Du c il mbo e 31, 1935 Cu r r e n t As s e t s : Cush in Banks and on Hand.. . . Accounts and Notes Receivable- - Trade. S 770,7*47-09 $ 3,077,263.64 S 2.0? S 464,250.75 J\4 Accounts and Notes Rcceivab'e- - Other. 54,561.40 3,131,825.Of 67.364.SS .2,090,731.42 Less-- Reserve for Bad and Doubtful Accounts 240,15*6.62 2,891,668.42 240,823.65 1,849,907.77' Inventories of Raw Materials, Work in Process and Finished Products (including merchan dise on consignment to customers): Ores, Metals and Metal-bearing Products - valued at cost or market price of metal content, whichever was lower at De cember 31, plus manufacturing costs on Work in Process and Finished Products Other Merchandise for Resale--at cost.. . Manufacturing Supplies and Stores--at cost 4,665,209.95 248,694-64 4,913,904.59 513,733.50 5,427,640.09 9,090,055-60 4,950,013-23 227,619.31 51177,632.34" . ,382,303.97 5,5*59,936.51 7,874,095.03 Ot h e r Assarts: Surplus Equipment, Repair Parrs, Supplies, etc.- less Reserve........................................... Employees' Loans and Expense Advances. . . . M iscellaneous Accounts, Advances, etc.......... 150,58*8.52 24.416.10 127.412.15 302,416.77 364,924.00 .26,990-01 72,357.08 * n f, 264,271.09 s t Fix e d As s et s - -at cost: Operating Plants and Properties..... ,,........... 15,316,52-1.65 Less--Reserve for Depletion, Depreciation, etc.......................... . ................ '.................. 10.296,784.77 . 5,019,736 Non-Operating Plants and Properties............. 3,289,196.65 Las--.Reserves for Depletion, Depreciation, etc.......... i................... ............................. . . 3,028,149.2.5 261,047.40 SEij'-jNsoitANCt; Fu n d Se c u r it ie s : U. S. Treasury Obligations--at cost (Market ' Value at December 3E, 1936--$131,383-14) In v e s t me n t s ; Stock- of wholly owned Subsidiary, nor con solidated .. i. . ....... :.. . ................ Stock of other Subsidiary not consolidated.. Investment in and advance to Affiliated Com pany..... '. . ....................... .u . Sundry Securities--at' estimated recoverable , values.................................. ........... .(. ; . * T.00 10,200.00 17.5-000.00 * 12,268.18 Tr eas u r y St o c k --a'rcosr:* g ) (:; , : Preferred-- *(*.i6*5 'Shares.'.';.",.;............ Tg,. i.... Common--:5,9*24 shares. .................. T.... i... 2,330.75 .21,797.56 15,150,.11 IDT 9,861,709; 22 5,288,402.2*6 3,398,768.07 3,168,725-85 5,280.734.28 230,042.22 126,330.84 197,469.88 " 1.00 10,200.00 ' > " 24,7 8.4-Of} 24,128.31' 330.75 21,797.56 5,518,444.48 118,680.84 34.985,08 24,128.33 Pr e p a id a n d Dgi'KRKED Ch a r g e s : Prepaid Freight, insurance, Interest, etc..... Construction Work in Progress..... .......... f.. . Compensation Claims .and Insurance Advances Other Deferred Charges.............. V........ Pat en t s , Goonwux, et c . .................... ' 100,401.65 134,6196.22 5,661.04 48*,422.68 298,181.59 " 1.00 515,319,368.27 98,324-91 71,440'. 22 12,449.51 13,205.34 f- 195,419.93 i.oo' $14,030,025.81' I1',,:0<: Four ead Company and Subsidiaries1 SHEETS AS AT DECEMBER 31, 1936 AND 1935 0.75 7.77 &51 >.03 .09 LIABILITIES Cu r r e n t Lia b il it ie s : Notes Payable--Banks and Brokers................ Accounts Payable............................................... | Preferred Dividends Payable............................. Accrued Liabilities: Taxes--orher than Federal Income Tax. . . . Writes..................................'....................... Compensation Awards, etc . . ................. Provision for Federal Income Taxes--esti mated............................................................ Other Accrued Liabilities........................... Customers' Credit Balances.. . ..................... i Re s e r v e s t o r Se l f -In s u r a n c e : i A,,,, Workmen's Compensanon LiabiIIity. lure and Tornado Coverage............. De c e mb e r 31 , 1936 De c e mb e r 31 . 1935 S 500,000.00 878,953.38 8,233.50 722,366.13 8,233-50 128,102.1.2 44,396.15 14 352.29 $ 159.944.96 20,530.56 > 367,326.08 58,146.74 1,8.12,659.70 87,324-12 39,638.65 -3 J -J]f>,|CA 'T^ rU\. 0CuT. 97,568-67 7,867.76 266,4440.02 16,937.95 1,013,979.60 136,314.8334,467.74 110,635.33 170,782.57 - 28,101.84 138,737.17 Re s er v es f o r No r ma l Me t a i. In v e n t o r y Pr ic e. Fl u c t u a t io n ................................... ............................. Re s e r v e s f o r Co n t in g e n c ie s . .................................. .. -1,279,080.71. . 3.93,784.85-'' ' 953,162.66 470,995-31 Ca p it a l s t o c k : Preferred 6$/ Cumlilarive -Par. value $100; redeemable at $105: Authorized and Outstanding 5,354 shares Common---Par value $10: Authorized Issued and Outstanding 1,000,000 shares 900,000 shares 555,400.00 555,400.00 9,000,000.00 ; 9,555,400.0t) " 9,000,000.00 9,555,400.00 .48 . = ,08 Su r p l u s Ac c o u n t s : . Capital Surplus: Balance--January 1st.......... a. .............. Plus--Adjustments applicable, to period prior to January 1, 1935'- # Fixed Assets........................................... Reserve for . Normal Inventory. Price Fluctuation............... : . ..f........... Balance--December 31st..... ....................... i Earned Surplus since January 1/1935: < Balance---January 1st. ............ ........'........... Net Income for year--Per Profit and Loss 'Account. ...... I .'I:.,'. Reserve for Norma! Inventory, Price Fluctua tion .......... ... ..'................. ............. ........... 31 Dividends Paid .and. Accrued:,' ""/' , Preferred . ..... ................. ,....$// 32,934-00 Common................... ...... . 336,445-60 Balance--December' 31st........ .......... .. ..93 Co n t i NGBNTLTAmm'nJiS--In respect of liabilities presently undeterminable, including pending .00 suits. - .8.1 '. 1,324,430,00 . 1,322,946.70 11,925.08 -. ."1,483.30 33,000,00/ 1,369,33T08.:'; 1324^43000 573.32.Lb7T' 6, 67.30 696,383; S3 C; 563.u20.27' 37,980i01;f7 1,307,684.06.3'.: 5S9,738.07 569,379.60:/ 738,305-36 ' 2,107,6609 1 16,-57.00 573,32'--07 1,897,731.07 $15,319,3(68127 $14,030,025.31 P~t(< Fhr Tlie EagledPicher Lead Company and Subsidiaries CONSOLIDATED PROFIT AND LOSS ACCOUNTS For the. years.ended December 31, 1936 and 1935 Net Sa l k s . ..:........ . . ..... . . . Pr o d u c t io n - a n d Ma n u f a c t u r in g Co s t s Ye a r En d e d De c e miii-: r 31, 1936: $20,873,573.62 17,185,768.64 Y EAR En d e d Dec e.md f :k 31, 1935 516,032,815-71 12,990,380.21 Gr o s s Op e r at in g .Pr o f it .. - before : Depreciation and Depletion..... . 3,687,804.98 3,042,435-50 lixl'IC.NTSIiS: Seiliin;. . .-7v7 . .-rYfC:'-:. . :$]-;O44f704,95 : Traliic, Warehousing and Shipping. . , 257,311.25 General and Administrative...... ...... . 673,373.78 Bad Debt Provision---less Recoveries. . 56,172.45 .. Ne t Op e r a t in g Pr o f it -:- before De preciation and Depletion............... Ot h e r In t o mi:: Royalties.:. . . . . 5.. . . . . ... ... . ... . Interest and Dividends....'.. 2,7 7.. ... Miscellaneous. 29,316.25 6,629.46 45,518.77 $ 2,0_1,56;. i ' 1,656,242.35 / rf. ,8-1,464.481,737,707 0 5 875,558.8! 226,679.77 566,264.24 89,192.09 29,623.33 8,429.5-4 34,882.53 1,757,694.91 1,284,740.59 72,935.40-' 1,357,675-99 In t e r e s t o n No t e s Pa y Anus.................... Pr o v is io n f o r De p r e c ia t io n a n d -De p l e - . t io n ---per books...:. . .... ........ . . Loss o n Ah a n d o n me n t o f Pr o s p e c t s . ... ' 10,871-64 1,726,835 ;9 821,358 28 57,786.41 - 879,144.69 16,867.01' 3,340,808.98 6 40,438.71 640,438.71 Net PROFiT--before provision for Income Taxes..................................................................... 847,690.70 700.370.27' Pr o v is io n f o r -Fe d e r a l - a n d St a t e In c o me Ta x es --cs ti m a red >.% Federal Normal and Sta te Income Taxes Federal Surtax on Undistributed Profits:. Ne t In c o me f o r Ye a r ..................................... 137,197.97 14,108.85 15.1,306. '-2 116,750.00- 316,750.00 $ . 696,383-^8 : $ 583,62.0.27 Page ,V/.v BARROW. WADE.. GUTHRIE Bt CO. ' JLSTAIBLISMCD 8 WS I ACCOUNTANTS AND AUDITORS'- ONE NORTH LA SALLE STREET CM8CAGO To t u b Dir ec t o r s THE EAGLE-PICHER LEAD COMPANY Cin c in n a t i, Oh io We have made an examination of the attached Consolidated IuLmcc Sheet of The Eagle-Picher Lead! Company and Subsidiaries as at December 31, 1936, arid of the related Consolidated Profit and Loss Account for the year then ended. In connection' therewith, we examined or tested accounting records of The Eagle-Picher Lead Company and The Eagle-Pic her Sales Compamy and.Subsidiary, and other supporting evidence, and obtained information and explanations from officers and employees of the Companies. We a Iso. made a general review of the accounting methods and of the oper ating and income accounts for the year, but did not make a detailed audit of the transactions. The accounts of The Eaglr`Ft c Ii'c t Mining and .Smelting Company and Sti[isulfanes, arexamineTand reported upon by other independent accountants, have been included in the accompanying consolidated'statements,- Consistent with previous practice, all ore, metals and metal-bearing products on hand at December 31. 1936, as 'determined by. physical inventories taken by the Companies or rheir agents, were valued at cost or market price of metal content,, whichever was .lower. mt. the dose of the accounting period, plus manufacturing costs, (exclusive of provision for .depletion anil depreciation) on materials in.process and finished products. During the year under report, spelter (slab zinc) in ventories-were largely liquidated and, in consequence thereof, die normal zme stock was correspondingly reduced by. 3,000 tons and the applicable reserve of $70,980.01, accumulated to December 31, 1935, was reversed by credits of $33,000.00 and $37,980.01 to Capital Surplus and Earned Surplus, respectively, as'reflected in the attached balance Sheet. As so adjusted, the normal,stocks at December 31, 1936 consisted of 26,000 tons o( lead and 9,500 tons of zinc.-Reserves, as computed by the Companies, to reduce the current valuation of such normal stocks to fixed prices of $3.03 per hundred pounds, New York base and East: Sr, Louis base, respectively, were increased by charges to current operations of $396,S<j>B.06 during, the year ended December 31, 1936, to a total of $1,279,080.71 at that date. While inter-company profits and losses sure not pracrcable of determination and have not, therefore, been eliminated from inventories or current operating re sults, the amount'of.'such profits or losses is, iin the opinion of the management, relatively unimportant. Charges to Operating Reserves,, appropriated from Capital Surplus as at January 1, 1935, amounted to $1341635.21 at December 31 > 1935 and to $79,274183 (including $32,732.72 in respect of Federal income taxes and interest thereon, far the calendar years 1933 arid .1934) for the year ended December 31,1936, or an aggregate of $213,910.0'4 at the latter date. .For the year under review* the basis of provision for uncollectible notes and accounts was substantially revised, the effect thereof having been to reduce, by $6S,61S.86,, the charge to current operations which would have resulted from continuance of the basis employed during the preceding year. Based upon die examination made by us and subject to die foregoing comments, in our opinion, the accompanying Balance Sheet and related Profit and Loss Account fairly present, on tile bases indicated therein and in accordance with accepted principles of accounting consistently maintained during the year under review, the consolidated financial posi tion of .the Companies at Dccemlver 3D 1936, and the results of operations for the year then ended. - Chicago, Illinois . February .23,7 937^ ACCOUNTANTS AND AUDITORS I'trgc JYrvtt iipSi "TT --rr-irr-- IffiiilllliMlllliBiillHBI^BilliiiiiSffiBISIiiiilllSlSMSBSiSffi ; 'Tate"'Joagfe-Picfiter,.Lead Company-. " BOARD OF DIRECTORS A. E. An d e r s o n F.Ca w . He b t e x s t e ix Vin c e n t H. Be c k ma n Jo s e ph Hu mme l , Jr . Ar t h u r E: Be n d h l a r i A. Kil ie r Ma y er pRKnERiCK 'He r t e n s t e in Ro b e r t E. Mu l l a -n t Jo h n J. Rowt OFFICERS Ar t h u r E. Bu n d b l a r i, President Wil l ar d E. Ma s t o n , Vice-President Fr e d e r ic k He r t e n s t ein , Vice-President Jo s eph Hu mmel , Jr .; Secy.-Treas. Jo h n R. Mac Gr e g o r , Vice-President Ca r l A: Ge is t , Asst. Treat. Wil l ia m R. Dic e..Comptroller - TRANSFER AGENT We s t er n Ba n k N Tr u s t ' Co mp a n y , Cin c in n a t i, Oh io '. r- . ;> ...luiGisTRAir ;.- Ce n t r a l Tr u s t Co mp a n y , Cin c in n a t i, Oh io The EagleTicher Sales Company BOARD OF DIRECTORS A. E. An d e r s o n Ca r l F. He r t e n s t e in Vin c e n t H. Be c k ma n : : ; : Ar t h u r E. Be n d h l a r i Fr e d e r ic k He r t e n s t e in : Jo s e p h Hu mme l , Jr . A. Kie f er Ma y e r -. . Ro b e r t E. Mu l l a n u Jo h n J. Ro w e : OFFICERS Ar t h u r E. Be n d i-l a r i, President Wil l a r d . Ma s t o n , Vice-President ' Th u r ma n C. Ca r t e r , Vice-President Jo s eph Hu mmel , Jr ., Secy.-Treus. . Ca r l A. Gu is t , Asst, Treas. Wil l ia m R. Dic e, Comptroller The Eagle Tic her Mining and Smelting Company BOARD OF DIRECTORS A. E. An d e r s o n Vin c e n t H. Be c k ma n Ar t h u r . E. Be n d h l a r i Er e d u r ic k He r t e n s t e in Ca r l F. He r t e n s t e in ; Jo s e ph Hu mme l , Jr . A. Kie ii-r Ma y e r Ro d ;u t E. Mu l i.a n u Ge o r g e W. Po t t e r Jo i n J. Ro w ij OFFICERS ' Ar TIIUR ETBENb;ELARI,YZ:'/W^A// G: JV Geo iw s f , W. Po t t er , Vice-President V , ..Fr e d ERICK-: .He r t e n s t ein ,Vice-President ; Jo s -p ii Hu mme l , Jr ., Secy.-Tre.rs, Ca r l A. Ge is t , Asst. Treas, Wil l ia m R. Dic e, Comptroller Pay Ili^ht B floirie 'lnsulaton; 1 Type H-l Home Insulation "Bat';' Insulation Pipe Insulation; "66" Furnace and Hot. Water Tank Insulation Industrial Insulation Eagle Super "66" Plastic Insulation agie Insulseal (Water proofing Cement) oiler Setting Cement Pipe and Blanket Insula tion .b 'V Slab Zinc Pigments and Oxides White Lead Carbonate Sublimed Blue Lead Red Lead Sublimed White Lead Super Sublimed White Lead Litharge Sublimed Litharge Lead Oxides Zinc Oxides Lithopone Titanated Lithopone Orange Mineral For Painting White Lead-in-Oil Sublimed Blue Lead-in-Oil . Red Lead-in-Oil Flatting Oil Plumbing Goo< Lead Pipe Traps; and Bends Roof Flanges Sheet Lead Metal .Goods Solders Bearing Metals Type Metals Lead Wool Rope .Socket Metal Roofing Washers Chemical'Lead Pipe; Chemical Sheet Leac THE EAGLE-PICHER SALES COMPANY Baltimore, Maryland p59 Guilford; Avenue; Boston, Massachusetts ' 11 Wharf Street' Buffalo, New York 70 West Chippewa Street Chicago,, Illinois 44(61: SouthdWestern Blvd. in Cincinnati, Ohio . ; Temple Bar Building Cleveland, Ohio Brc adwayland East Ninth Dallas, Texas 2215 Laws Street Detroit, Michigan 1627 West Fort Street (Room 406) Joplin, Missouri d C and Porter Street -Kansas City, Kansas Southwest Boulevard and State Line Minneapolis, Minn. 437 Harding Street, N. F. New (Orleans, La. 411 South Peters S':reel New York, New Tori: 420 Lexington .Avenue Pittsburgh, Pa, 1713 Liverpool Shoe , N, Philadelphia, Pa. Delaware; Avenue, and Lombard Street St. Louis, Missouri 1218 Olive Street Tulsa, Oklahoma Thompson Building '(Room .312) r> rr; ,f,_. CM.-.Y