Document rx7gXp8BJQ08DQ6daYV4xpq60

Saint Joseph Lead Company Annual Report -- 1924 America's Corporate Foundation; 1924; ProQuest Historical Annual Reports Pg' 1 PRESIDENT'S ANNUAL REPORT TO THE STOCKHOLDERS OF THE St. Joseph Lead Company FISCAL YEAR ENDING DECEMBER 31, 1924 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. PRESIDENT'S ANNUAL REPORT TO THE STOCKHOLDERS OF THE St. Joseph Lead Company FISCAL YEAR ENDING DECEMBER 31, 1924 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. PRESIDENT'S ANNUAL REPORT TO THE STOCKHOLDERS OK T11 K ST. JOSEPH LEAD COMPANY FISCAL YEAR ENDING DECEMBER 31, 1924 In the year 1924 dividends to the amount of $3,098,758.50 in cash have been paid to stockholders and to minority stockholders in subsidiary companies $140,754. The earnings for the year, after deducting all charges for depreciation, deple tion and reserve for Federal Taxes, resulting from the operation for the fiscal year were $7,559,345.06. Your mines produced 4,498,727 tons of ore. Your mills produced 230,219 tons of concentrates. The smelter production was 148,225 tons of pig lead. The sales of pig lead for the year amounted to 147,830 tons. ' (This does not include sales of had purchased front the Bunker Hill & Sullivan Mining and Con centrating Company.) The increased production and sales are the result of the purchase of the mines and property of the Federal Lead Company noted in the last annual report. FINANCIAL Your company has paid four of the five serial notes of $1,000,000 each which it gave in part payment for the mines of the Federal Lead Company and has pur chased $5,000 additional bonds of the Mississippi River & Bonne Terre Railway and 952-8/21 additional shares of stock of the Missouri-Ulinois Railroad Company. Your company's holdings of Liberty Bonds, certificates of indebtedness and other short time securities on December 31, 1924, were as follows: $1,000,000 Third U. S. Liberty Loan 4)4 % 300.000 State of Missouri Bonds 5% due March 1, 1928-1936 200.000 State of Missouri Bonds 4j4% due December 1, 1925 85,000 Edison Electric Illuminating Co. due January 15. 1925 500.000 Federal Intermediate Credit Bank 4due April 15, 1925 750.000 City of Chicago 4^4% due April 23, 1925 Federal Income Taxes, amounting to $453,520.50, were paid in 1924. Final audit and approval by the Bureau of Internal Revenue on account of the year 1917 and subsequent years, has not yet been received. GENERAL The company's business for the year 1924 continued to be good. Clinton H. Crane, President, 3 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. i ST. JOSEPE/ AND SUBSIDE ) i CONSOLIDATED BALAfEE' Capitai. Assets : ASSETS ! Ore Reserves and Mineral Rights................ $30,162,507.54 Less Reserve for Depiction.............................. 13,521,604.65 $16,640,902.89 Buildings and Equipment at Alines and Smelter ............................................................ $13 247,577.73 Less Reserve for Depreciation........................ 2,404,960.22 10,842,617.51 Rea! Estate .................................................. ................... ................. Farm Lands, Buildings and Equipment...... $ 591,383.IS Less Reserve for Depreciation.............. ........... 43,665.73 89,766.03 547,717.45 Railroad Property and Equipment.................. $ 4,429,376.96 Less Reserve for Depreciation........................ 678,837.80 3,750,539.16 $31,871,543.04 Investments : Afissouri-Illinois Railroad Companv........ ................................. $ 465,369.98 Other ................................................................................................... 18,300,00 483,669.98 Sinking Fund and Reserve Fund Assets--Cash and Accrued Interest... Current Assets: Cash ................................................................................... ............ ... $ 1,772,755.73 Cash in Transit................................................................... ............ 98,674.06 Alarkctablc Securities (par value $2,S35,000.00; market value $2,867,170.95) ........................................................ . .. 2.877 294.55 Accounts and Notes Receivable.................................................... 1,950,441.83 Traffic and Car Sendee Balances................................................ 22.949.S0 Lead and Zinc on Hand and in Process.............. ................... 612,456.56 Materials and Supplies.............................. . .2............. 2,167,596.14 Store Accounts (Net)............................ ....................... ........... . 61,792.93 Deterred Debit Items: By-Product (Matte)................................ a................................... $ 26,048.58 Real Estate Sold on Long Term Contracts^. ...... i............ 42.969.24 Advances to Bonne Terre Hospital Association......... 54,000.00 Advances to Religious Organizations, etc............................... . 27,901.00 Insurance Premiums--Unexpircd Portion................... 102,916.61 Taxes Paid in Advance.......................... ................................ 15 232.41 License Fees Paid in Advance.......... ............................. ....... ... 28,023.45 Royalties Paid in Advance...................... 10,021.58 Aline La Afottc Prospecting..................................................................... 178,032.75 Madison County Prospecting......................................... 989.85 Employes' Pension Fund....................... 42.711.46 Storehouse Stock Adjustment........................................................ 33,895.88 Miscellaneous ...................................................................................... 5,764-23 9,959.29 9,563,961.60 568,507.04 C E R T ! F ! C A T E OF AUDIT We have audited the books and accounts of the St. .loyeph Lend Company and its Subsidiary Companies for the year ended December ::i, 1024, and Wn HiutKitY eicKTU-'v that, in our opinion, the above consolidated balance sheet correctly sets forth e fimuteln! condition of the Com- panics at that date. New York, February 17, 1925, MITCHELL A SIMSON, Tot at, 4 $42,497,640.95 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. IT, DECEMBER 31, 1924 Capital Stock: LIABILITIES Sr. Joseph Lead Company: ' Authorized--2,000Oou shares of $10.00 each, of which there have been issued 1,605,744.6 shares.................... Less Held in Treasury, 56,332 shares................................. $16,057,446.00 563,320,00 $15,494,126.00 Subsidiary Companies--minority stock held by the Public............................... Fllvdi-d Debt : Mississippi River & Bonne Terre Railway First Mortgage, 5% Bonds, due 1931.................................................................... $ 2,500,000,00 Less: Held in Sinking Fund.................................... $ 781,000.00 Held in Treasury................... ..................... 971,000,00 1,752.000.00 235,950.00 748,000.00 Purchase Money Note--Payahle. October 23, 1928..................................... .............. Current Liabilities : Accounts and Wages Payable.......................................................... $ 1,788,397.60 Traffic and Car Sendee Balances................................................... 62,195.46 Dividends declared December 16, 1924, payable quarterly in 1925 ............................... 3,098,762.00 Taxes Accrued.................................................... 50,330.70 Interest Accrued....... ..................... 42,662.19 1,000,000,00 5,042,347.95 Deferred Credit Items..................................................................................................... Reserves : Profit on Lease Agreements............................................................ $ 18,175.53 Premium on Bonds to be purchased for Sinking Fund.......... 25,495.07 Contingencies (includes provision for Federal Taxes)........ 2,278,698.86 111,756.29 2,322,369.46 Surplus : Balance, March !, 1913........ ............................................................. $ 3,925,000.00 Less Amortization distributions therefrom............................. 3,523,665.00 Remainder ......................... .......................................... $ 401,335,00 Undistributed Profits and Increase due to Revaluation of Properties, March 1, 1913 to December 31, 1923.............. 15,145,997.19 Balance, January 1, 1924.........V,.................................................. $15,547,332.19 Net Income for the year ended December 31, 1924, after providing for Depreciation of Add: Profit on Real Estate Sold. $ Miscellaneous Credits..... 39,918.76 9,491.73 49,410.49 Total ....................... Less: Provision for Depletion of Ore Reserves and Mineral Rights........ .... Provision for Federal Taxes (Companies' es timates) ....................... n.,,..fw,. i 1UVI51UII tui A-tu]/iuca Pensions ........ ,............. Miscellaneous Charges .. $ 2,384,163.59 ' 1,030,940.86 106 509 131,583.54 $11,212,432.93 ^ "3,653,087.87 Profit and Loss Surplus for the year,ended December 31, 1924 ......................... .......................................................................... 7,559,345.06 Total .............................................................................. $23,106,677.25 Less: Dividends declared and paid in 1924----- $ 2,464,824.00 Dividends declared December 16, 1924, payable quarterly in 1925.......... .. 3,098,762,00 5,563,5S6.00 17,543,091.25 Total $42,497,640,95 a Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. ST. JOSEPH ASSETS' . Capital Assets : Ore Reserves and Mineral Rights................... Less Reserve for Depiction................................ .' $16,400,334.96 7,532,105.27 $ 8,SI8,229.69 BALANCE SHIfl JC Ci Buildings and Equipment at Mines and Smelter .................................................. ;........... $10,199,040.28 Less Reserve for .Depreciation............................ 1,704,747.62 3,494,292,66 Real Estate. 49,757.98 $17,362,280.33 Securities Owned: ' Affiliated Companies......................... ................................................... .. Other ........................................................................................................... $ S.441,383,39 327,307.78 8,76S,691.17 Sinking Fund and Reserve Fund Assets--Cash and Accrued Interest,... Current Assets : Cash ................................................................................................ $ 1,30S,081.S3 Cash in Transit.......................................................... 89,973,00 Marketable Securities (par value $1,450,000.00; market value $1,455,858.45).................................................. 1,459,594.95 Accounts and Notes Receivable....................................................... 1,847,638.46 Due from Affiliated Companies...................................................... 1,370,715.70 Lead on Hand and in Process............... ,,f................................. 440,247.72 Materials and Supplies....................................................................... 1,910,220.77 9,959.29 8,426,472.43 Deterred Debit Items ; By-Product (Matte) ................................................................ ............ Real Estate Sold on Long Term Contracts,,.,,.................. Advances to Bonne Terre Hospital Association...................... Advances to Religious Organizations, etc............. . . . . ............. Insurance Premiums--Uncxpircd Portion.............'.. ........ Taxes Paid in Advance............................. License Fees Paid in Advance........................................ ................. Mine La Motte Prospecting................................................................ Madison County Prospecting............................................................ Miscellaneous ............................................................................ $ 26,048.58 37,970.98 36,000.00 25,511.00 65 737.76 12,022.92 20,385.61 178,032.75 989.85 925.87 403,625.32 CERTIFICATE OF AUDIT We have audited the books and accounts ot the > .i-'meph f.<.*:: i ('o.piiai,y for the year ended December 31, 1924, and Wb FiniiKUY certify that, in our opinion, the above balance sheet correctly sets forth the financial condition of the Company at that date. New York, February IT. 1925. MITCHELL & SIM SON. Totai.....................................A..,,..;.,....................................... .. $34,971,028.54 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. JEAD COMPANY #CEMBER 31, 1924 LIABILITIES Capital Stock : . Authorized--2,000,000 shares of $10.00 each, of which there have been issued 1,605,744.6 shares.................................... $16,057,446.00 Less Held in Treasury, 56,332 shares............................................ 563,320.00 $15,494,126.00 Notes Payable: ' Mississippi River & Bonne Terre Railway........... ..................... $ 2,500,000.00 Less Bonds of Mississippi River & Bonne Terre Railway: Held in Treasury.,.:....................................... 971,000.00 1,752.000.00 Remainder ........................................................................... $ 748,000.00 Purchase Money Note--Payable October 23, 1928............... 1,000,000.00 1,748,000.00 Current Liabilities: Accounts and Wages Payable............................................................. Due to Bunker Hill & Sullivan Alining & Concentrating _ Company for Lead purchased.................................................... Dividend declared December 16, 1924, payable quarterly in 1925 ...................... .......................................... '.......................... '.... Due to Affiliated Companies............................................................... Taxes Accrued.......................................................................................... Interest Accrued...................................................................................... 966,384.39 664,610.07 3,098,762.00 167,712.66 50,330.70 11,412.19 Deeerred Credit Items: Unearned Rentals...................................................................................... $ Miscellaneous ............................................................................................. 589.64 1,968,23 4,959,212,01 2,557.87 Reserves : Profit on Lease Agreements............................................................... Premium op Bonds to be purchased for Sinking Fund........... Contingencies (includes provision for Federal Taxes)..,. $ 16,042,42 25,495.07 1,712,498.94 Surplus: Profit and Loss Surplus, January 1, 1924..,. Amortization Distributions Received.................. $8,364,134.70 2,853,045.00 Total .................................................... $11,217,179.70 Less Amortization Distributions Paid.............. 3,523,665.00 1,754,036.43 Net Surplus, January 1, 1924............................................................. Net Income for the year ended, December 31, 1924, after providing for Depreciation of Plant and Equipment.-.............................. $11,228,837,12 Deduct: _ Provision for Depiction of Ore Reserves; and Mineral Rights........... '$ 1 >675,708.62 Provision for Federal Taxes ............. ................ 650,000.00 Miscellaneous Charges ... 160,714,97 2,486,423.59 $ 7,693,534.70 S.742,413.53 Total ................................................................................ $16,435,928.23 Less : Dividends declared and paid in 1924... $ 2,324,070.00 Dividend declared December 16, 1924, payable quarterly in 1925.................... 3,098,762.00 5,422,832.00 11,013,096.23 Totai.......................................................................................... .......................... $34,971,028.54 7* Reproduced with permission of the copyright owner: Further reproduction prohibited without permission.