Document ykLXJ6y6nkDV192V0w4rgRQmE

Saint Joseph Lead Company Annual Report -- 1915 America's Corporate Foundation; 1915; ProQuest Historical Annual Reports Pg- 1 rt-J* A.J.. .... ** t Annual Report St. Joseph Lead Company FOR THE FISCAL YEAR ENDING DECEMBER 31, 1915 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Annual Report St. Joseph Lead Company FOR THE FISCAL YEAR ENDING DECEMBER 31,1915 OFFICES: 61 Broadway, New York, N. Y. Bonne Terre, Missouri. Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. PRESIDENTS ANNUAL REPORT TO THE STOCKHOLDERS OF THE ST. JOSEPH LEAD COMPANY FOR THE FISCAL YEAR ENDING DECEMBER 31, 1915. GENERAL. The curtailment of output begun in the fourth quarter of the year 1914 was continued until the middle of March, 1915, when a growing demand for your company's product enabled your management to resume full production. The combined net income of the St. Joseph Lead Company and its affiliated companies for the year ending December 31, 1915, was $2,853,863.52. Dividends to the amount of $854,980.05 were paid from income during the year 1915. The average price received for lead at East St. Louis for the year was $90.00 a ton as compared with $74.00 for the previous year. The output of pig lead at the smelter for the year 1915 was 84,356 tons as compared with 77,404 tons produced in the year 1914. FINANCIAL. The mortgage on the property of the Doe Run Lead Company which fell due March 1, 1915, was extended by a three-year loan at 6% with the Farmers Loan & Trust Company, the mortgage being kept alive and new notes issued which were endorsed by the St. Joseph Lead Company. These new notes less commissions and all expenses netted the company 98. On January 19, 1915, the St. Joseph Lead Company sold to Messrs. White, Weld & Company and Smith, Moore & Company $500,000. par value additional of its Gold Notes at 94 and interest, the proceeds being used to retire the out standing loan of the St. Francois County Railroad Company which had been guaranteed by the Mississippi River & Bonne Terre Railway and to finance the purchase of an additional amount of Doe Run Lead Company stock. In October the Mississippi River & Bonne Terre Railway called and paid its outstanding Equipment Notes and on December 31, 1915, the St. Joseph Lead Company called and paid the outstanding Gold Notes. The reduction of the indebtedness of the St. Joseph Lead Company and its affiliated companies during the year 19x5 amounts to $2,428,313.07. Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. 4 LABOR. Labor conditions in the district are satisfactory. A bonus of 10% has been paid to labor since the high price of lead in June. NEW CONSTRUCTION. New construction work has been light throughout the year. Details will be found in the operating reports. MINES AND MILLS. Detailed reports of operations are attached. SMELTER. The smelter has been run to the limit of its capacity since June. The desilverizing plant which was finished in the early part of the year was finally put into operation in December. The company is now in a position to furnish cor roding lead as well as its ordinary product. It is interesting to note that living conditions have been so improved at Herculaneum, that the proportion of married men in our employ has very greatly increased and the public school has grown from 50 to 400 pupils. DOE RUN LEAD COMPANY. Since my last report the St. Joseph Lead Company has acquired by purchase 97 shares of the Doe Run Lead Company's stock. MISSISSIPPI RIVER & BONNE TERRE RAILWAY. The railroad as well as the lead company has had a record year. Both the Interstate Commerce Commission and the Public Service Commission of the State of Missouri have had their valuation experts for months on the road mak ing careful inventories and surveys for the purpose of valuation. Up to this writing we have received no appraisal report from either Commission. This work of appraisal has been of very distinct advantage to the company and has enabled us to place a present day value on our equip ment and to begin a systematic charge of depreciation which will enable us to set aside monthly a sufficient sum to keep the equipment up to its present efficiency. In order to reduce the book value of equipment to its present value we wrote off in June, 1915, $234,412.23, and since that time have been charging Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. .5 off monthly about $4,240.24. Our petition to the Public Service Commission of Missouri for relief from the present passenger rate of two cents a mile has not yet been answered. BONNE TERRE FARMING & CATTLE COMPANY. The principal matter of interest in regard to the company for the past year has been the sale of houses on the installment plan to employes of the company at Herculaneum, also the building by the company of additional houses at this point. New York, February 21, 1916. Clinton H. Crane, President. 6 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. 6 ST. JOSEPH LEAD COMPANY. Condensed General Balance Sheet--December 31,1915. ASSETS. Land....................................................................................... Buildings and Equipment................................................. $ 6.732,053.01 3,980,013.06 Investments : Capital Stocks and Bonds of Subsidiary Companies............ $8,601,249.32 Other Investments...................................................................... 40,247 42 Total Investments............................................................... ...................... Working and Trading Assets.......................................... ................... 8,641,496.74 4I3-9SI '7 Current Assets : Cash............................ :............................................................... Accounts Receivable.................................................................. S 442,127.03 279,180.57 Total Current Assets.......................................................... Due from Affiliated Companies...................................... Deferred Assets.................................................................. Total................................................................. ...................... 721,307.60 ...................... ...................... 31,380.65 318,294.23 ........................ $20,838,496.46 LIABILITIES. Capital Stock, 1,409,466 Shares of 810.00 each............................................... $14,094,660.00 Mississippi River & Bonne Terre Railway Company, Loan due October 1, 1931, at $%....................................................................................... 2,359,769.16 Current Liabilities : Notes Payable...................................................... ,..................... Accounts and Wages Payable.................................................. Accrued Accounts...................................................................... $ 5,000.00 189,805.41 18,807.35 Total Current Liabilities................................................................................ Due to Affiliated Companies................................................................. Reserves, for depreciation of Buildings and Equipment and for other purposes.................................................................................................... Surplus......................................................................................................... 213,612.76 559,918.36 349,260.60 3,261,275.58 Total. $20,838,496.46 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. 7 THE DOE RUN LEAD COMPANY. Condensed General Balance Sheet--December 31, 1915. Plant Property: ASSETS. Land.......................................................................................... 811,770,767.91 Plant and Equipment.................................................. .......... 2,646,779.52 Total Plant Property...........................................................................$14,417,547.43 Investments............................................................................................................... Cash in Sinking Fund for Redemption of 6% Gold Notes.................. Working and Trading Assets........................................................................... iS.ooo.oo 1,000.00 246,805.74 Current Assets : Cash............................................................................................ 8 Accounts Receivable................................................................ 206,910.14 3.534-66 Total Current Assets.......................................................................... Due from Affiliated Companies............................................................. Deferred Assets........................................................................................ 210,444.80 444,890.90 4,500.00 Total i5.343. <88.87 LIABILITIES. Capital Stock--65,749 Shares of Sioo.oo Each..................................................... 86,574,900.00 6% Gold Notes, due March 1. 1918. secured by $985,000 1st Mortgage 6% Sinking Fund Gold Bonds due March 1, 1915 ........................................... 986,000.00 Current Liabilities : Notes Payable, due April 1, 1916.................... ................ Accounts and Wages Payable................................................. Accrued Accounts.................................................................. $ 53,500.00 100,126.34 36,627.19 Total Current Liabilities.................................................................... Due to Affiliated Companies.......................................................................... Reserves for Depreciation of Plant and Equipment and for Other Purposes........................................................................................ Surplus........................................................................................................................ <90.253-53 48,558.19 303,371.88 7,240,105.27 Total 8<S.343.<88.87 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. 8 MISSISSIPPI RIVER & BONNE TERRE RAILWAY. Condensed General Balance Sheet--December 31, 1915. Property: ASSETS. Road and Equipment: Road................................................................................... Equipment.......................................................................... $2,425,033.37 1,176,704.97 Total Road and Equipment ............................................................ $3,601,738.34 Securities Pledged..................................................................... $2,359,76916 Stock of Subsidiary Companies.............................................. 12,187.28 Total Property Investment.................................................................. Cash in Sinking Fund for Redemption of First Mortgage Bonds. . (In addition there are held by the Sinking Fund Trustees Bonds of a par value of $138,000.00, which have been deducted from the Bonds outstanding per contra) Working and Current Assets: Cash........................................................................................... $ 141,440.50 Accounts Receivable................................................................ 32,365.03 Materials and Supplies and other Working Assets............ 35,377.84 2,371,956.44 505.84 Total Working Assets......................................................................... Due from Affiliated Companies, Including Accrued Interest, Not Due................................................................................................ Deferred Debit Items.............................................................................. 209,183.37 103,385.29 6,091.64 Total $6,292,860.92 LIABILITIES. Capital Stock, 30,000 Shares of $100.00 Each......................................... Funded Debt : First Mortgage, Sinking Fund, 2o-Year, s% Gold Bonds, due 1931..................................................................... $2,500,000.00 Less--Bonds in hands of Sinking Fund Trustees......... 138,000.00 $3,000,000.00 Total Funded Debt............................................................................. Current Liabilities : 2,362,000.00 Traffic and Car Service Balances Due to Other Companies.. $ 51,173.43 Accounts Payable...................................................................... 18,131.92 Accrued Liabilities.................................................................... 32,713.01 Total Working Liabilities................... ............................................... Due to Affiliated Companies................................................................ Deferred Credit Items............................................................................ Reserve for Depreciation of Equipment and for Other Purposes. Surplus........................................................................................................ 102,018.36 457-58 812.24 276,137.22 551.435-52 Total $6,292,860.92 NOTE.--The Railway has a contingent liability as guarantor of the $350,000.00, First Mortgage, ao-Year, 5% Gold Bonds of St. Francois County Railroad Company, held by the St. Joseph Lead Company. Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. 9 BONNE TERRE FARMING & CATTLE COMPANY. Condensed General Balance Sheet--December 31,1915. Property: ASSETS. Land (Surface Value only)...................................................... Buildings--Bonne Terre, Herculaneum and Leadwood___ Land and Buildings--St. Louis.............................................. Live Stock, Implements, etc.................................................... Electric Power Lines and Equipment--Bonne Terre.......... Other Assets............................................................................. $422,344.65 287,306.71 24,500.00 20,820.02 8,630.39 43.385 00 Total Property............................................................................................... Working Assets......................................................................................... Current Assets: Cash........................................................................................... Accounts Receivable................................................................ Total Current Assets.............. Due from Affiliated Companies. Deferred Assets........................... $ 14,210.93 9,236.66 Total $806,986.77 38,406.70. 23.447-S9 33.163-73 59,890.28 $961,895.07 LIABILITIES. Capital Stock--50,000 Shares of $10.00 Each........................................... Current Liabilities........................................................................................ Due to Affiliated Companies.................................................................... Deferred Credit Items................................................................................ Reserves, for Depreciation of Buildings and for Other Purposes. Surplus.............................................................................................................. Total............................................................................................. $500,000.00 22,936.54 3,081.40 1,274.56 79,685.96 354,916.61 $961,895.07 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. 10 ST. FRANCOIS COUNTY RAILROAD COMPANY. Condensed General Balance Sheet--December 31, 1915. ASSETS. Road and Equipment.......................................................................................... $374,516.87 Working and Current Assets : Cash.................................................................................................. Accounts Receivable..................................................................... Materials and Supplies, and other Working Assets.................. $9,420.50 236.23 3,925.18 Deferred Debit Items......................................................... Total............................................................................................ 13,581.91 616.56 $388,715.34 LIABILITIES. Capital Stock, 1,250 Shares of $100.00 Each.......................................... First Mortgage 5% Gold Bonds, Due July i, 1920.............................. Current Liabilities................................... ............,........................................ Deferred Credit Items................................................................................... Due to Affiliated Companies...................................................................... Surplus..-............................................................................................................. $125,000.00 250,000.00 5,066.42 64.69 805.04 7.779-19 Total............................................................................................ $388,715.34 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. ST. JOSEPH LEAD COMPANY AND SUBSIDIARY COMPANIES. Summary of Consolidated Income and Profit and Loss for the Year Ended December 31, 1915, after Eliminating Inter-Company Interest, Dividends and Rentals. Total. St- Joseph Doe Run Eliminations. Lead Company. T.cad Company. Mississippi River & Bonne Terre Railway. Bonne Terre Farming & Cattle Company. St. Francois County Railroad Company. Net Profit from Opera tions.................................. S4.283.428 62 Other Income.................... 108.931,6S $2.160,934.20 S 1.740,284 S7 $802,418 25 681,620.19 100,579.75 $333.' 54-98 125.038 04 S30.870.42 S1s.184.15 4.H1-95 Gross Income.............. S4.392.360.30 Income Charges.................... 902.39S-84 $802,418.25 S2,842.554.39 $1,840,864.62 230,748.05 660,341.97 308,283.90 8458, >93-2 135-902.3 S34.9S2.37 S18.1S4.15 14.353-S2 14,261.90 Net Income for the Year......................... S3.4S9.964.46 Profit and Loss Charges (less credits)......................... 636,100.94 $571,670.20 $2,182,212.42 S1.532.580.72 6l8,905.74 228,473.8!) $322,290.72 245,406.63 S20.628.55 481.52 S3.022 25 21 !(.()(> Surplus for the Period........................ S2.853.S63.52 Surplus January i, 1915... 9,416.628.70 S571.670.20 Si,563,306.68 S1.761.054 61 2.543,627.15 6,005,042.66 S76.SS4.09 5I9.551-43 $20,147 03 S4.I41-31 344.769-58 3.637-88 1'OGETH ER............................. Si 2,270,492.22 Dividends Paid..................... 854,980.05 $571,670.20 $4,106,933.83 S7.766.097.27 571,670 20 845.658.25 525.992.00 S596.435-52 45,000.03 $364,916 61 $7,779-19 10,000.00 Surplus. Dec. 31, 1915. $11.415.512.17 s $3,261,275.58 $7,240,105-27 S55M35-52 S354.916.61 $7,779-19 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. ST. JOSEPH LEAD COMPANY AND SUBSIDIARY COMPANIES. Statement of Liabilities at December 31, 1915 (with Inter-Company Accounts Eliminated). Total. St. Joseph Lead Company. Doe Run Lead Company. Mississippi Bonne Terre River & Bonne Farming & Cattle Terre Ry. Co. Company. St. Francois County Rail road Co. 6% Gold Notes of Doe Hun Lead Company due March i, 1918, secured by 8985,000.00 First Mortgage 6% Sinking Fund Gold Bonds due March i, 1915--Less Cash in First Mortgage S% Sinking Fund Gold Bonds of Mississippi River & Bonne Terre Railway Co. due October i, 1931--Less Traffic and Car Service Balances Due to Other Companies............................................ Accounts and Wages Payable..................... Accrued Accounts: 8985,000.00 2.359.769-16 58.500.00 55.2*5.18 33'.73-34 241.60 466.62 38,425.20 49.887.54 78.13 Total ..................................................... S3.878.656 77 8985.000.00 $5,000.00 189,805.41 S2.359.76916 53,500.00 99.521.72 138.00 466 62 51.173-43 18,131.92 18,592.93 136.29 78.13 16,400.94 20,226.25 3,188.01 29,525.00 8213,612.76 *1.175.253-53 82,461,787.52 $22,629 44 103.60 203.50 822,936.54 $4,041.75 984.85 39.82 $5,066.42 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.