Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1923-02-12
Hercules Ponder Shows
Big Increase in Vet
Earnings; Business Brisk

ness is distributed approximately q
per cent. to coal mining, 40 per cent
to ore mining and 20 per cent. 9
ouarrying. contracting agriculture
and other uses, including pow le- 70
shotgun. rife and revolver ammu
milton. Since 1918, sales OF militar'
explosives have been less thai
$50, 900 per year. From April t.
September IS, the anthracite Goa
Industry used no explosives az al
and the bitumlnous mining wa
much reduced. II coal mining is no
interrupted this year, your COMPANY
will enjoy n much better volum'
than last year, even with )ut further
improvement in other lines
AT the close OF business in 1922
all but one OF your c0mpany's ex
plosves plants We're in operation
although many Of hem we're run
ming at much less than capacity. Ol
your company's three naval stores
plants only one was in operation
but the underlying conditions IN
that branch OF your company
business are growing better steadily
and that branch should contribute
substantially 10 the company's protts
during the coming years
Though net profits were consid-
erably better than In any non-war
year OF this compsny's history, they
have not yet reached the figure that
should be obtained from the normal
business that your company should
expect. with all war investment
long since eliminated from the bal
ance sheet. capital invested is now
nearly three times the 1918 figure,
and this company's facilities for
doing business have correspondingly
increased. Certainly the volume of
Dus ncss. and probably the net
profits. should show an improve
ment over pre-war results, at least
proportionate to the increased in
vested capital when normal business
conditions are fully restored.
During the period OF depres-
sion OF the last few years, your
has followed a very CON
servative policy in the expenditure
Of capital for replacement or i'm
provement of plant facilities. al
though at all times manufacturing
facilities have been kept in a high
state of repair and efficiency II is.
probable that with such further in
crease IN business as may be eX-
pected during the coming year. some
plant expenditures will be required.
. 4. A. a.HsH n IN al tod
viii be wen within the company's
available quick assets.
mo issues OF capital stock for
cash are contemplated during the
year, though preferred stock
will doubtless he issued from time
10 time as the Aetna bondholdens
avail themselves OF the outstanding
bonds for Hercules preferred stock
protit and loss account, as
shown by the balance sheet is still
approximately fifty per cent. OF the
common capital stock outstanding.
no further stock dividend is con-
plated at present.
Extensions OF your company's
business have absorbed the earn
ngs in excess OF dividends over the
asst ten years practically as fast as
hey accumulated. Part OF the
apital so absorbed. heretofore car
led under the much misunderstood !
anne OF profit and loss or surplus, I
as been permanently fixed as capt. I
al stock by the stock dividend OF /
922.
The same active spirit OF loyalty,
cooperation and personal interest in
he company's welfare that has al
-ays been conspicuous throughout
he organization, still prevails. The
Ian for the sale OF your company's
took to its employees has again met
18th a very favorable reception. At
his time the company has a total or
,526 stockholders. OF whom 729. or
O.67 per cent, are employees"
Consolidated Balance Sheet.
December 81.