The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-05
NATIONAL LEAD NET
DECLINES SLIGHTLY
Report Shows Income, After
All Expenses, &C., Is ST.
692,815 for 1918.
EARNED 1884 A SHARE
Records Reveal More Than
Half of Share Holders in
Company Are Women.

The net earnings OF the National Lead
Company during 1918 were but slightly
lower than those Of 1917, according to
the annual report made public yester-
day, showing net income. after doducting
all expenses, reserves, Sc, of $4.692,S15.
against st,s96,953 In 1917. Thre 1918
earnings were Mt the rate OF $685. a
share on s21,3lJ,400 outstanding COM
mon after deduction OF per cent divi-
dends on preferred. The 1917 earnings
on the common were S14.a7 share.
The usual Z per cent. dividends, as
gregating S1,705,732. were paid on pre-
ferred and the regular dividend on COM
mon stock was raised from per cent to >
er cent. during the year and an additional
payment OF | per cent was made IS Red
Cross dividend and another OF one-half
OF orc per cent. as a dividend for aiding
the United War Work campaign. Thus
dividends paid during 1918 were S3,04S,-
$50. against s2.73s.502 in 1917.
The balance sheet shows an increase
of nearly s7.000,0O0 in total assets and
liabilities. The advance in liabilities is
distributed among reserves for insur-
ance, metal reserve. promotion reserve.
tax reserve and accounts payable. The
increased assets are divided amor. !:
other investments than plants. invento-
rieS, cash and customers accounts. The
current assets of December 81 were
s35. 2?0o91 and current liabilities
ss,s71,129, leaving net working capital
at the close of 1918 at S25.41S.962.
which is slightly more than $1,000. 900
advance from the working capital at the
end of 1917.
THE operations OF this company"
NJ I've r1 oh In c
report to the stockholders. have been
greatly Influenced by the war. The
commercial demand for some OF our
products fell off. In other cases the de-
mand increased Some OF the increase
II. the demand for our products was for
war purposes SO that the general result
| is that the total volume of business was
the greatest in the history of the COM
pany. There never was a time when
| there was so much need for our products
rs at present. Painting was deferred
during the war. The stocks of mer-
| chandise in retailers hands are the low.
| est ever known at this period OF tns
year"
The company has established a pro
motion reserve for which 100000 wa'
| set aside during the past year. In eN
planning this reserve the president said
Our preferred stockholders are con
tent with per cent dividend and II
| case of sale of stock usually ask and re
| ceive a premium. The common stool
| usually sells at price that will yielC
from per cent. to per cent. No small
| company with centralized stockholding'
would embark In new manufacturing
business unless there was reasonable ex
pectation OF very much larger proflt
| than the company seeks Hence II hap
pens that every new invention. discover,
| or business idea In our business natu
rally seeks a connection with the com
pany. Our extensive acquaintance wifi
the consuming trade and reputation fol
| reliability and conservatism make Il pos
sible for US to exploit new products mos
| advantageously. The company. in ad
| dition to its research departments, which
| it maintains at great expense, frequent!
makes large investments in development
| and promotion. On the whole such in
| vestments have been very profitable
With the installation OF the custom o
publishing consolidated reports 1t Is con
sidered desirable to create promotion
| reserve for such rlrposes and to take uI
| such losses as may occur. Some suc'
| losses we can now reasonably antici
pate"
The records OF the company shov
1851 holders OF common stock. an ad
vance Of eleven from the total at TIL
end Of 1917; 1871 owners Of preferred
stock, an increase OF 101. and 46
owners Of both common and preferred, al
| increase of twenty-five. OF the total o
1885 shareholders. 3.719 are women
2,sS1 owning preferred, 6sS common AM
| 200 both common and preferred.