Every evening, Wilmington daily commercial., 1922-02-13
ANNUAL REPORT Of
HERCULES POWDER CO.
n. n. Durham, President,
Shove Affairs Of Organize
tIon In Excellent Shape.

II. IL. Dunham. president OF the
Hercules Powder Company, In tho an
nual report for tho year ending Do
cemher 81. 1921 sounds a note OF op-
timism and predicts bigger ana
brighter future for tho company atter
he ha. ehown that hte organization Is
An excellent financial condition and
the normal expanse OF It's holdings
and !ts business despite the general
Industrial depression prevalent
throughout the country.
Gross assets as compared with last
wear show an increase OF $6,o0o,ooo.
representing principally plants and
good will acquired from the Aetna
Explosives Company. lno. MIR. Dun
ham says there Is practically no
chance in the total current assets as
the cash luymcnt 10 the Aetna Com
pany substantially eaualled the cur
rent assets acquired.
Tho report sets forth that: After
securing from the Federal Court
modification Of the decree under which
4, was created. your company formed
"A subsidiary. the Hercules Explosives
Corporation ot New York, which pur-
chased IN. assets and business OF the
Aetna Explosives Company. Inc. This
purchase brought to your company
manufacturing facilities and establish
ed business equal 60 approximately
one half its own I'm dynamite and one
quarter I'm black blasting powder and
also facilities Tor the manufacture of
blasting caps and electric blasting
caps sufficient Co supply not only the
business acquired from the Aetna
Explosives Company Inc, but also all
such requirements formerly purchased
by your company from other manu-
facturers."
Tho report shows the company's
permanent investment IN 1920 amount
cd 10 sid.bii.4i2.0i while IN 1921 Il
amounted to ss256s, ,S9a5 %. The cur
rent nsscte are given as SiiSi0,2ol So
for 1890 mad si46a7,20i.b6 for 1921.
Tho balance of the financial statement
a. aa follows cash. 1890, si.l77,Oe0l5,
1921. Ataa igsii; accounts rcceiv-
able. 1920. ss.f1a.ssi.Ss. 1891. sSs69.
g5S.iS; collateral loans, 1920, none,
1921. sSeS 2ieSS, investment securi-
ties. 1920. Si.a25.972.7S. 1874, Si.2S6.
tNs.bSi liberty bonds, 1920. sg.62ts0is 81
1877. SiSas5.O0, materials and sup
plies. 1890. sa.67a. 7ess2. 1921. Ss.2ss.-
st3ae, finished product. 1890, s2.l46.-
$3.50. 1921. s2260. .b9i.O4 deferred
charges. 100. sSe.0&s 10. 1921. $685.
pobOh; contingent assets. 1921, sass
Tiaia. total 1890. sSi,ssb,eiS6i.ls2i
So sGaaissS.
The capital stock common Is given
ns si.16o.0o0 for both 1920 and 1921;
capital stock preferred. 1920. s6.62s,-
10000. 1891. s7Sio5 5o0.0o: capita
stock preferred "in escrow 1921. 81.
$50. .OoO. Aetna bonds. 1891. s2.s0s. las
current liabilities, 1890. sl.025. .sss.5s
1891. t2.0ie.a9; bills payable, 1920
ssSa.o65.2s. 1921. ss0s. .se0.l5: &C
counts payable. 1920. s3es.ss0.A5. 1921
st4a.osa.fe. bond interest and prefer
red dividend. 1899. S5s00O.25. 1891. $50,
al6Ss. deferred credits. 1920. $50.
1890. ie2i.t5.s26.64: Federal taxes
estimated. 1890 s5S.s7S.07. 1921. sl4!
esaos; reserves. 1920. si,b2O5S5.7
1891. si.75ssi226; profit and loss. 1920
s4s7i.ieiIs. 1921. sl4.362Os5.52
contingent liabilities, 1921. S23s. .71sl4
total, 1890. sSi.s5s.6is.sl, 1921. s37.
4daSias3.
The condensed statement OF incom
contained in the annual report show
the gross receipts for 1920. s20,3s4.
Sss 90. 1927. Sie.0ei. .3s0.S7; net earn
ings from all sources, after deductinl
all expenses incident TO manufactur
and sale. ordinary and extraordlpar
repairs. maintenance of plants. &C
cldonts. depreciation taxes ETC.. ais
interest on Aetna bonds. 1920, s492
25o.ss. 1924, ss20.ss4.7l: patd or sc
aside for preferred dividend. 1921
sa1e.ss4.oi, 1921. s572.o3O.ss; total dc
ductions. 1920 sii9.Ss4.01. 1921. s572
o30.3s: available for improvements @
for dividends on common stock, 1872,
sT2 2.ss6.s3, 1921. SEAS Se3433; amour
available for dividends equivalent I
annual rate on common stock OF 10
per cent for 1920 and 3.ss per cent fc
1921; dividends paid during period o
common stock. 1920, l6 per cent. 1872
ia per cent; net earnings from a
sources equivalent 10 annual rate O
total investment OF 1.57 per cent fC
1920 and 2.ls per cent for 1921.
h' f'ioiN N'AS iyfNn lHdls III
probable that the working capital car
not be appreciably further reduced Z
that the continuation OF the preser
common dividend disbursement seen
20 be dependent upon the continuatic
OF business on about the same has
as the last quarter OF the year. Yol
directors can see no immediate ne.
for additional capital but as the su
plus ls now all permanently invest,
IN the business a substantial part
81 should be converted into capt.
stock 20 more truly represent the con
pany's actual situation"
The directors, Il Is stated. expe
20 submit plan for the enlargeme
or the company's authorized capit
70 the stockholders at special NEE
inr. II IS stated that the plan Z
the sale OF the cOtnpaDy's stock
subscription 10 the employees has be.
fnvorahly received. The company n
n total OF s.245 stockholders OF who
s72 or 2o.7i per cent are employees.