Document v1eo7BXGq1am5KRR7naMRKdg9

Saint Joseph Lead Company Annual Report -- 1920 America's Corporate Foundation; 1920; ProQuest Historical Annual Reports Pg- 1 \ A_ 1, \-v Cs V` V'A PRESIDENT'S ANNUAL REPORT TO THE STOCKHOLDERS OF THE St. Joseph Lead Company FISCAL YEAR ENDING ,DECEMBER 31 1920 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, 1920 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, 1920 In the year 1920 dividends to the amount of $2,889,436.50 in cash have been paid to stockholders and a stock dividend of 140,946.6 shares distributed. As the earnings for the fiscal year, after allowances for depreciation, depletion and reserve for Federal Taxes were $2,563,690.30, after an addition of $78,822.52 due to the separation of the accounts of the St. Joseph Lead Company and The Doe Run Lead Company, it will be noticed that your company's surplus December 31st, 1920, was $1,656,389.68 less than December 31st, 1919. Your mines produced 2,133,327 tons of ore. Your mills produced 119,429 tons of lead concentrates. Your smelter produced 78,497 tons of pig lead. FINANCIAL fn j During the year your company has purchased and now holds in its treasury, or in the sinking fund, $230,000 additional bonds of the Mississippi River & Bonne Terre Railway. Our holdings of Government securities1 on December 31, 1920, were as follows: Third 4*4% U. S. Liberty Loan...... ...........................$1,500,000 U. S. Certificates of Indebtedness 5*14%................... $1,450,000 TAXES Federal Income and Excess Profits Taxes amounting to $105,700,14 were paid in 1920 on account of 1919 income. 3 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. THE DOE RUN LEAD COMPANY I reported in my annual report dated, December 31, 1917, that The Doe Run Lead Company was dissolved by order of the Circuit Court of Farmington on June 13, 1917, and that the physical property of the company was sold by the Liquidating Trustees to the St. Joseph Lead Company. On June 19, 1920, the Supreme Court of Missouri reversed the decree of the Circuit Court and directed a return of the property to its former status. Acting on this Court order St. Joseph Lead Company reconveyed the property which it acquired from The Doe Run Lead Company and the position is now as it was before August 15, 1917,--St. Joseph Lead Company owns 96.43% of the stock of The Doe Run Lead Company. The balance sheet of this report is a consolidated balance sheet of the two companies. Cijnton M. Ck.\ne, President. 4 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. BALANCE SHEET I Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. ST. JOSEP.i . and smsrnm ASSETS CONSOLIDATED GENERAL BALAN Capital Assets : Ore Reserves and Mineral Rights............... Si7,908,398.75 Less Reserve for Depletion........................... 6,940,43s. 80 810,967,959 95 Buildings and Equipment at Mines and Smelter.................................................... $7,266,883 78 Less Reserve for Depreciation.................... 559.S43.59 6,707,040.19 Real Estate............................................................................... Farm Lands, Buildtngs, and Equipment----- $833,607.29 Less Reserve for Depreciation..................... 53,118.23 81,779.28 780,489.06 Railroad Property and Equipment.................$4,215,230.48 Less Reserve for Depreciation........... ........... 430,637.86 3,784,592.62 Total Capital Assets....................................................... $22,321,861.10 Sinking Fund--Cash and Accrued Interest.......................................... 12,472.45 Current Assets : Cash.............................................................................................. $1,681,917.22 United States Government Certificates of Indebtedness....... 1,450,000.00 United States Government Liberty Loan Bonds, Par Value $1,500,000.................................................................... 1,330,628.82 Accounts and Notes Receivable.............................................. 622,529.29 Lead on Hand and in Process................................................. 853,904.81 Materials and Supplies.......... ................. 1,744,793.11 Store Accounts'(Net).......................................................... 33,91147 7,717,684.72 Deferred Debit Items : By-Product (Matte).................................................... Real Estate Sold on Long Term Contracts........................... Advances to Bonne Terre Hospital Association. . ............. Insurance Premiums, Unexpired Portion................................ Miscellaneous Items in Suspense.........................,................. $161,257.66 84,020.33 54,000.00 42,095,32 433,822.56 775T95-87 CERTIFICATE OF AUDIT We have audited, the books and accounts of the St. Joseph Lead Company and its subsidiary companies for the year ended December 31,1920, and WE Hereby Certify that, in our opinion, the above Consolidated General Balance Sheet correctly sets forth the financial position of the Companies at the date shown. New York, February 15,1921. HASKINS & SELLS. Total ....................................................... $30,827,214.14 6 .............. ...... ~~TM Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. LEAD COMPANY COMPANIES SHEET, [ DECEMBER 31, 1920 Capital Stock ; LIABILITIES St Joseph Lead Company : Authorized--2,000,000 shares of $10.00 each, of which there have been issued 1,605744.6 shares............. $16,057,446.00 Less Held in Treasury, 56,332 shares........... 563,320.00 $15,494,136.00 Subsidiary Companies, Minority Stock Held by Public. 235,850.00 Funded Debt: Mississippi River & Bonne Terre Railway First Mortgage $% Bonds, Due 1931............................ .......................... Less: Held in Sinking Fund............................. $456,000.00 Held in Treasury.................................... 646,000,00 $2,500,000.00 1,103,000.00 Current Liabilities : Accounts and Wages Payable........ ..................................... Traffic and Car ServiceBalances........................................... Accrued Taxes.................................................................... .. Accrued Interest...................................................................... $658,448.87 91,465.01 84,971.54 28,515.63 Deferred Credit Items 1,398,000.00 863,401.05 122,607.58 Reserves: For Profit on Lease Agreements................. ........................... For Premium on Bonds to be Purchased for Sinking Fund. For Federal Taxes (Esiimated)............................................ For Contingencies (Includes $924,335.71, Representing Unused Portion of 1918 Provision for Federal Taxes, Transferred)............................... . 1............................. $39,553.39 20,041.32 600,000.00 954,682 49 Profit and Loss Surplus : , Balance March 1, 1913................. .......................................... $3,925,000.00 Less Amortization Distributions therefrom.......................... 3,523,665.00 1,614,277.20 Remainder................................................... ............ $401,335.00 Undistributed Profits Accumulated March 1, 1913,10 De cember 31, 1919............................. .. $12,354,006.99 Add: Adjustments of City, State and Federal Taxes (Net) . $20,033.91 Adjustments Due to Separa- ! ' tion of Accounts Between rv the St Joseph Lead Com- d ji nanv and The Due Run ^ Lea'#Company (Net). . 78,822.5298,856.43 Total........................7., $12,452,863.42 Deduct: Adjustment 0f Inven tory of Matte................... $120,264.98 Exploration Department Expenses Transferred from Ore Reserves and Mineral Rights.............. 106,915.23 Loss on Sale of United States Liberty Loan Bonds.......................... 240,589.80 467,770.01 Net Income for Year Ended December 31, 1920, after Providing for Depreciation of Plant and Equipment $4,813,512.58 Less Provision for: Depletion... .$1,202,086.18 Federal Taxes, Year 1920... 600,000.00 1,802.086 18 Total................................... . Sr 1,985,093,41 3,011,426.40 Si4.996,519-81 . Less Dividends Paid in 1920 : Stock..............................$1409,466.00 Cash............................. 2,889,436.50 , 4,298,902.50 Remainder.......... .................................. 7.............$10,697,617.31 11,098,952.31 Total................................... ............. ................................. $30,827,214.14 7 "...1 ....... ' ' ......? Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.