Show BIG ic LEAD CONCERN TO INVEST WITH IT if BECOMING FINANCIAL PARTNERS lOne One of or the bigger cr mining mining of or th country who Is Iz neither averse nor nort I I t afraid to taking taI the tho stockholder into r his confidence and to give the tho benefit of ot his wide knowledge and experience I f to lead 1081 othir operators In general i j i E. E J. J Cornish president of the tho National 1 L Lead ad jj H He- He permits himself to tobo S l 4 bo quoted ju just t often enough to lo be o of ot service and v he hc docs does talk talle or put pu putout statement there Is out a something In It worth while His Idea of encouraging f I his become ing- ing to financially finan finan- k 1 daily interested In tho the company compan Is IsS' IsS S' S j also approved t V The is taken from a statement state slate ment which he lie addressed to the thc stockholders stock stock- holders of the company at the recent annual m meeting cUn 1 J I am disappointed that sto stockholders t f do not appear to give gho more attention J I to tho business of or our company than I the the hey do Hero Is an n important report a i report changing tho the nature of the thet t past reports that wo we e gave vo out b by InI In- In 1 I eluding In It Jt all of tho the subsidiary com coms corn com s i v In which wo e own all of ot the 1 capital It hes ii gives more complete completo i i Information than Ulan has ever been given I 1 ti before b because caule it goes Joes beyond the i actual cost of subsidiaries to us and 1 Jr attempts to put hut them in at their value 1 of a year erl r go t i The of Wall aJl street the i financial papers and md the thc financial lews organization known as the VallI Wall Vall WallStreet Street Journal Journ that make a specialty I of oC reporting the of large lare corporation corporation cor car ire HO on the job all the time During Durin this year we wc have sold to 1 our officers ard not to our t higher officers hut to those beneathA beneath A them a considerable amount of or stock I f 1 po o as to interest them as stockholders ers I Ji In ou our r cOm company un n 1 k i A stockholder in a a ays s 's that I r the company 1 0 ought ht to have ha ver very much tho th h dividends and complains m j because dividends art aro not increased on the common rommon stock The policy of oC the company compan has been conservative rather I L than to change chane dividends dl from year ear to year so as to encourage e speculation In our ur stock W Wo like our stockholders I we ve e arc are ra to find that very cr few sell their stocks tol and cease se to be he our fr f stockholders rs ns Is shown In the re report re- re port We e rely reh upon nea business s for our ourI I I J permanent profits We Ve found round our I usual bu business ln knocked e all to pieces i I. I during the war var We e have got ot to lo got ACt hack back a aln to our our usual prewar business bustI bust busi t. t ness The ales r-ales aes this year ear so far are I yet verv ver low P People ople arc are not consuming white lead thc they arc are not doing doin paint paint- p. p In Ing they arc nrc not building they are walling waiting T I do not know how long that will continue but we feel confident ent In our ability to Ic keep p the National f 1 J Lead on its safe afe course and andl l that no person need to have any apy fear rear of the future of f our company compan because It 11 upon the business future of or orthe J the United States and we are arc willing willingto to back the United States s the people of oL the United States to the limit and therefore we w are aro hopeful for the fu future fu- fu ture T I can say nothing encouraging regarding lh the present trade conditions o of the thc countr country I It is 19 lo In us In the Ions lonc 0 I I I f I run to have havo a cheap price for pig pig lead leid but hut we carry In stock at all 11 times Umes about six months' months supply or one half of oC our annual requirements Whenever there I ia la decided fall in the price of pig lead i It naturally follows ws that our In Inventory on the market Js worth a little le less s at that time it was before and if Ir the price of tho the finished product drops with the th price of or pig then we wo lose loc a profit profit so so that we arc are on both ai sides Bides es of of the proposition |