Document 0JgLZzeyr4pe8eX0MzeJgxnVM

New York, N.T BOARD OF DIRECTORS MEETING November 30, 1954 A meeting of the Board of Directors of the Lead Industries Association was held on Tuesday, November 30, 1954, at 12:30 P.M., at the Bankers Club, New York, N.T. PRESENT REPRESENTING J. B. Haffner, Chairman Jean Vuillequez K. C. Brownell J. M. Bowlby J. A. Costello E. L. Newhouse, Jr. Clarence Glass J. A. Martino Andrew Fletcher F. S. Mulock Bunker Hill & Sullivan Mining 4 Concen trating Co. The American Metal Co. Ltd. American Smelting & Refining Co. The Eagle-Picher Co. Ethyl Corp. Federated Metals Division American Smelting 4 Refining Co. International Smelting 4 Refining Co. (Anaconda Sales Co., Agents) National Lead Co. St. Joseph Lead Co. United States Smelting Refining 4 Mining Co.Inc. OTHERS PRESENT W. B. Clancy S. D. Strauss D. A. Merson W. J. Welch C. R. Ince G. H. LeFevre N. R. Taylor American Smelting-4 Refining Co. do National Lead Co. do St. Joseph Lead Co. United States Smelting Refining 4 Mining Co.Inc. do Robert L. Ziegfeld, Secretary-Treasurer The meeting was called to order with Mr. Haffner in the chair. The minutes of the previous meeting of April 22, 1954 were approved with the following change: The word "compromise" was changed to "cooperate" in the paragraph on "Annual Meeting - 1956." REPORT OF THE TREASURER The report of the treasurer for the period January 1 to October 30, 1954 together with suggested budgets for 1955 and other budget data concerning 1955 operations was presented, and is attached as Exhibit "A." It was regularly moved, seconded and carried to approve the financial statement and the suggested budgets as presented, which are as follows: l U r'0 520 Board of Directors Meeting Minutes -2BUDGET - 1955 1955 BUDGET Ordinary Fund $85,000 Safety & Hygiene Fund 24,000 Metallic Lead Products Fund 37,000b Pigments & Chemicals Fund 15,000c General Promotion Fund 14,500 1955 SUBSCRIPTIONS $66,000 24,000 10,500d 5,500d 50,500e November 30, 1954 1955 FROM OTHffi SOURCES $19,000a - . - $175,500 $156,500 $19,000 (a) $16,000 from Metal Powder Association and $3,000 from interest and miscellaneous sources* (b) Includes $26,500 from General Promotion Fund. (c) Includes $9,500 from General Promotion Fund. (d) From manufacturers only. (e) Includes $36,000 to be transferred to Metallic Lead Products Division and Pigments & Chemicals Division Funds, as noted in (b) and (c). NOTE: The General Premotion Fund is to be subscribed by sellers of pig lead at a rate of per ton of lead sold in the United States. It is to be administered by an Advisory Coamdttee of Pig Lead Sellers. The secretary reported that the Metal Powder Association had agreed to increase its payments to Lead Industries Association from $13,000 paid in 1954, to $16,000 in 1955, as requested by the Lead Industries Association Board at its last meeting. The secretary was instructed to bill members quarterly for their sub scriptions. PMSION PLAN The Executive Coo&ittee then reported to the Board of Directors that it had adopted, at a meeting earlier in the day, a Retirement and Pension Plan for employees of the Association. A copy of the approved Plan is attached as Exhibit "B. It was regularly moved, seconded and carried that an appropriation be made from Ordinary Fund reserves to a special Pension Reserve Fund of an amount sufficient to cover the past liability Tinder the Pension Plan to January 1, 1955 and the current expense of operating a Plan during 1955, estimated to be approximately $80,000 to $85,000. L I A 00 5 21 Board of Directors Meeting Minutes -3- November 30, 1954 TECHNICAL STEERING COMMITTEE The secretary reported on the recommendations of an informal meeting of technical men connected with members of the Association, held during the last annual meeting of the Association on April 22, 1954. Minutes of that meeting were circulated to the Board on June 4, 1954. As a result, the president was instructed to appoint a permanent Technical Steering Committee to guide the Association staff in the preparation and dis semination of technical information that would be of value in encouraging in dustries to find new uses for lead in their own products. It was felt that this Committee should represent both producers and consumers. LICENSING AGREEMENT AND SEAL OF APPROVAL The secretary reported that he had obtained legal advice on the Licensing Agreement used for a number of years to license manufacturers of lead pipe, fittings and calking lead to use the Lead Industries* Seal of Approval on their products meeting the Lead Industries Association Standards. He explained that he had been advised that the Agreement places excessive liability upon the As sociation and that it should be revised to protect the Association against such liability, or be discontinued. The secretary explained that the matter had been discussed by the Advisory Committee of the Metallic Lead Products Division and that their recommendation was to cancel all licensing agreements and discontinue the use of "the Seal of Approval. It was felt that the' L.I.A. Standards and Seal of Approval-had ac complished their main objective since there are now commercial standards pro mulgated by the U.S. Bureau of Standards for Calking Lead and a Federal Speci fication for Lead Pipe and Fittings both of which are identical in substance with thel-I.A. Standards. It was felt that these Government Standards and Specifications would ade quately protect users of these lead products. The secretary was, therefore, instructed to cancel all existing licensing agreements. MEMBERSHIP The secretary reported to the Board that the Evans Metal Company and The Vensley Metal Products Company, both members of the Association for many years, had expressed a desire to continue membership in the Association but felt that the present cost to them was more than they were able to bear. They had raised the question as to whether some downward adjustment in their subscriptions might be made. It was pointed out that under the budgets approved for 1955* the subscrip tions of these companies to the promotional activities would probably be materially reduced and the secretary was instructed to see if these members would continue their membership under the new arrangement. It was felt, how ever, that all members would have to be treated alike and that no special con sideration should be given any one member. Llf00522 Board of Director# Meeting Minutes -4- November 30, 1954 SECONDARY SMELTERS Acting upon instructions given by the Board at its last meeting, the secretary reported that the membership of the Association includes ten companies who are strictly secondary smelters, not engaged in other activi ties in lead, that six of these subscribed at the minimum rate and the total subscriptions for the year 1954 from all ten amounted to $2,754*00. It was felt that these secondary smelters should be approached to sub scribe to the General Promotion Fund since activities financed by that Fund would result in benefits to them Just as it would to the primary smelters. ANNUAL MEETING ARRANGEMENTS The secretary reported that arrangements were complete to hold the 1955 Annual Meeting Jointly with the American Zinc Institute at The Drake Hotel, Chicago, on April 27-29, the first day to be devoted to L.I.A. activities ex clusively, the second day to a Joint discussion of lead and zinc production problems, and the third day to zinc exclusively. He also reported that similar arrangements are being made for the 1956 meeting to be held jointly with the A.Z.I. at the Statler Hotel in St. Louis on April 23-25. The secretary asked whether the Board could give him any instructions as to arrangements to be made for 1957# pointing out that hotels are engaged so far in advance that it is difficult to make arrangements on short notice. It was felt that no Intelligent decision could be made until after the joint meeting in 1955 but that, if possible, the secretary should protect the dates for 1957 for both an independent and a joint meeting until that time. It was suggested that a small comnittee, representing the L.I.A. and A.Z.I. might meet isnediately after the 1955 joint meeting to evaluate the success and desirability of the Joint meeting and decide about 1957* In connection with the attendance at the L.I.A. part of the joint meeting in 1955# the secretary pointed out that in the past, attendance at L.I.A. meet ings had been limited to members and invited guests only. It was felt that at the joint meeting, this procedure could not be strictly followed and that any one wishing to attend should be allowed to attend# although no special point should be made to encourage outsiders. It was felt that only those outsiders would attend who had a specific interest. NOMINATING COMMITTEE FOR DIRECTORS The president was instructed to appoint a Nominating Committee to nominate directors of the Association at the next annual meeting. 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N 631.01 aa>sATV BUDGET DATA n (In Round Figures, Approximate) ORDINARY FUND SAFETY k HYGIENE FUND METALLIC LEAD PRO- DUCTS FUND PIGMENTS k CHEMICALS FUND GENERAL FROMO- TION FUND TOTAL Approved Budget, 195k $ 85,000 $2k,000 03k,500 $13,000 - $156,500 Approved Subscriptions, 195k 65,000 21,500 25,000 -- 111,500 Balance, Jan. 1, 195k 12k,ooa 2k,000 12,000 18,000 - 178,000 Estimated Expenditures, 1952* 81,000 Estimated Balance, Jan. 1, 1955 12k,000 21,000 2k,000 23,000 15,000 13,000 5,000 -- 138,000 - 168,000 Recommended Budget, 1955 85,000a 2k, 000 37,O00b 15,oooc lk,5oo 175,500a Recommended Subscrip tions, 1955 66,000 - 2k,000 10,500 5,5oo 5o,5oo 156,500 Received from M.P.A. 1951* 13,000 - -- - 13,000 To be Received from M.P.A. 1955 16,000 - - -- -- 16,000 Miscellaneous Income, 195k k 1955 3,000 500 . 3,500 a-Does not allow for salary adjustments, cost of employee benefits, if adopted, or other changes in ordinary activities* b-Includes $26,500 from General Promotion Fund* c - Includes $9,500 from General Promotion Fund* ~\ l \J L IA00525 ORDINARY FUND Financial Statenent ^ January 1 to October 31, 1951* and Estimated Full Year Expenditures Jan. 1 to Oct. 31 Estimated Expenditures Full Year Rent and Light $ 6,396*01 Furniture, Fixtures and Equipment 1,123.1*3 Salaries 1*3,31*8.20 Social Security Taxes 661.90 Travel Expense l*,09l*.78 "LEAD" 1,580.51* Printing 1*21*.58 Mailing 1,289.33 Office Supplies 1,190.22 Association Dues 116.1*3 Entertainment and Luncheons 602.00 Meetings 782.26 Telephone and Telegraph 1,261*.66 Books and Subscriptions 312.51* Illustrations 86.00 Miscellaneous Expense 1,713.56 $ 7,700.00 1,200.00 52,110.00 1,180.00 5,000.00 3,700.00 1*50.00 1,700.00 1,1*50.00 300.00 800.00 1,000.00 1,600.00 1*00.00 100.00 2,000.00 Total Expenditures $614,986.1*1* Balance, January 1, 1951* Receipts from: Subscriptions (Full Year) 61*,61*9.00 Less: Outstanding Subscriptions 633.25 Metal Powder Association Interest on Bonds Interest on Savings Accounts Premium of Sale of Bonds "Lead in Modern Industry0 $121*, 01*6.68 61*, 015.75 9,750.00 765.00 - 138.13 220.60 $80,690.00 $121*, 01*6.68 61*,61*9.00 13,000.00 765.00 2,250.00 138.13 250.00 Less: Expenditures Advances and Deposits Balance, November 1, 1951* $61*, 986.1*1* 2,650.00 $198,936.16 67,636.1*1* $131,299.72 $205,098.81 80,690.00 Est. Jan. 1, 1955 $12l*,l*08.8l Cash Cash Savings Accounts $1*3,825.2? 87,1*71*.1*5 $131,299.72 31* ,631* *36 89,721* .1*5 $121*,1*03.81 LI A 00 52 fc o BUDGET DATA ORDINARY FUND (INCLUDING SAFETY AND HYGIENE) The recommended budget for the Ordinary Fund contemplates no major change in activities from 195b. However, Webb and Knapp, new owners of the Graybar Building, have asked us for a rent increase from 7*5l6 to 011,100. Even if better terms can be negotiated, some increase must be expected when our lease expires Apr. 30, 1955. Other suitable space is available in the neighborhood at rents somewhat above our present rental but lees than Webb and Knapp's asking price. However, moving'also entails considerable expense. We believe that the recommended budget could take care of a reasonable rent increase, but not also the cost of moving. The recommended budget does not provide for any other contin gencies. If salary increases are granted or any employee benefits adopted, their cost should be added to the budget* In view of preseiiT. lead market conditions and increasing compe tition, consideration should be giver, to increasing from two to at least four the number of issues of LEAD to be published in the year. Each issue costs about Cl900 mailed. Ihe American Chemical Society has asked the Association to edit an \.C.S. Monograph on lead. This should be undertaken by the staff with the help of a Technical Steering Committee and the cost would be borne by the publishers, the Reinhold Publishing Co, The only cost to L.I.A. would be staff time and would not add to the budget. It is possible that some of the foregoing suggestions which are promotional in nature should not come under the Ordinary Fund but should be financed out of other funds if adopted* A report of the safety and hygiene activities is being 3ent to all members of the Board under separate cover. We believe that the current acti vities should be continued without abatement, particularly in view of the multiplicity of state and local regulations concerning poisonous substances now being promulgated and the A.S.A. work to increase maximum allowable con centrations for lead* Arrangements have been made to continue our research in Boston at what will probably be somewhat lower cost in the future. We have received a request for a grant from Dr. Daniel Laszlo of Montifiore Hospital, New York, to support research on the treatment of lead poisoning* The request is for 8,000 and the proposal to cover a rather broad field. We have sought expert medical advice and reconmend that no more than 2,000 be granted for this purpose and that it be used only for that part of the proposed work of direct interest to us. This could be financed out of the recommended budget. L 2 A 005 27 BUDGET DATA METALLIC LEAD PRODUCTS DIVISION The budget suggested would permit the Association to replace the field man lost in 195U. This man should be one with broad engineering ex perience in the construction industry. Our work in plumbing would be to continue wherever possible to hold our own in plumbing code requirements, but also to concentrate on introducing pre-wiped lead plumbing, a develop ment that offers great opportunities for lead because it makes lead more competitive. It is also planned to concentrate in certain selected areas on introducing lead flashings for homes. All this involves intensive per sonal work with architects, builders, plumbers and sheet metal contractors. This field work would be supplemented by a limited amount of educational literature. Work in the chemical construction field would be continued as in the past with personal contact with users and potential users and our series of technical bulletins to members and to chemical construction companies, universities teaching chemical engineering, etc. The funds for this Division in the past have been subscribed 2/3 by manufacturers of metallic lead products and 1/3 by mining companies. It is proposed in 1935 to reduce the manufacturers* share to about $10,500, a little less than 30 percent of the total, with the balance $26,500, com* ing from a promotional fund to be established by sellers of pig lead. UIA0052S D v-_- I SAFETY AND HYGIENE DIVISION Financial Statement January 1 to October 31, 195b Expenditures Jan. 1 to Oct. 31 Consulting Fee Salaries Social Security Taxes Travel Expense Office Supplies Mailing Telephone and Telegraph Books and Subscriptions Research Meetings Association Dues Illustrations Entertainment and Luncheons Miscellaneous $ 100.00 12,5924.17 159.UU 1,819.7U 76.86 112.95 1U5.93 212.20 1,275.70 65.70 58.50 122;.50 2*92.36 l56,OU Total Expenditures *17,392;. 09 Balance, January 1, 1952* Subscriptions (Full Year) $23,963.12; 21,500.00 0U5,U63.lU Less; Expenditures Advance $17,39U.09 300.00 17.69U.09 Balance, November 1, 195U $27,769.05 Estimated Expenditures Full Year $ 100.00 15,220.00 175.00 2,U0O.OO 125.00 150.00 180.00 250.00 1,500.00 100.00 150.00 170.00 600.00 250.00 . 521,370.00 *- $23,963.1U 21,500.00 $U5,U63.lU 21,370.00 Est. Jan. 1, 1955 $12*, 093.11; ; ` <: L I AC0529 % BUDGET DATA PIGMS JTS AND CHEMICALS DIVISION This budget provides for continuing in 1955 the work in the interest of red lead paints on the same basis as 195li with publication of one more technical letter than was provided for by the 195k budget. The Red Lead Technical Committee would continue its outstanding work with a staff mem ber serving as its secretary, doing the necessary paper and leg work, and Dr. L L. Carrick continuing to serve as technical consultant* In 195k all funds for this program were taken from reserves, which have now been reduced almost to the vanishing point. This means that new money must be provided if the work is to continue. In past years when funds were subscribed they were shared equally by manufacturers of red lead and mining companies. It is suggested that in 1955 about 1/3, or $5,500, be subscribed by manufacturers, the remaining $ 9,500 to come from a general promotion fund established by pig lead sellers. LIA0053C METM*LIC LEAD FftODUCTS DIVISION Financial Statement January 1 to October 31, 1951* and Estimated Full Year Expenditures Jan. 1 to Oct. 31 Estimated Expenditures Full Year Salaries Social Security Taxes Travel Expense Mailing PLUMBERS' FORUM Association Dues Entertainment and Luncheons Meetings '.";lephone and Telegraph Illustrations Office Supplies Printing Books and Subscriptions Apprenticeship Contest Miscellaneous $ 8,833.30 139.50 l*,9l*2.76 199. 1*5 1,600.1*6 113.25 562.57 1*29.91* 161.65 79.78 55.63 73.1*3 96.1*9 358.81 57.17 $10,600.00 11*0.00 6,000.00 300.00 3,000.00 200.00 650.00 550.00 200.00 100.00 70.00 100.00 75.00 1*50.00 75.00 Total Expenditures " 017,731*. 19 _ $22,510.00 Balance, January 1, 1953 Receipts from: Subscriptions (Full Year) 25,1*61*. 00 Less: Outstanding Subscriptions 670.00 Sale of Publications 012,316.21 2l*,79l*.00 7l*l*.90 $12,316.21 21*,778.00 950.00 037,855.11 $38,0bho21 Less: Expenditures Advances Balance, November 1, 1951* 017,731*. 19 750.00 10,1*01**19 Est* 019,370.92 Jan. 1, 1955 22,510.00 $15,531*. 21 ! i i LIAC0531 BUDOET DATA. GENERAL PROMOTION FUND It is suggested that this fund be subscribed by pig lead sellers, both domestic and foreign, at a uniform rate per ton on pig lead sold in the United States. The fund would be administered by an Industry Development Committee of pig lead sellers. The rate suggested is 7# per ton to yield about $50,500 in 1955* Of this, $36,500 would be allocated to be used along with Metallic Lead Products and Pigments and Chemicals Division Funds subscribed by manufacturers. The balance could be used for other promotional purposes at the discretion of the Committee. Following are some purposed that should receive considerationt 1. To keep abreast of the technology and publicize the merits of lead for radiation shielding. 2. Tb circulate a new series of Technical Bulletins devoted to the properties and applications of lead, more widely to disseminate technical information about lead and stimulate research or experimentation by potential users. Such bulletins might be published at a cost of about $1,000 per issue under the guidance of a Technical Steering Committee, if appointed. 3. The growing use of high lead porcelain enamel on aluminum and the promotional efforts being put behind porcelanized aluminum by the Aluminum Company of America and others indicate that more and more por celain enamelers will become accustomed to using lead frits. Since these also apparently have advantages on steel, seme work in this field is probably justified now. 1*. Some work to protect the lead market as a cable sheathing material may now be justified, although such a proposal was rejected by the Board in 1950. The Secretary expects to present detailed recommendations and facts and figures on these and possibly other suggestions at a later date. Ll A00532 # PIGMENTS AND CHEMICALS DIVISION Financial Statement January 1 to October 31, 1951* And Estimated Full Year Expenditures Jan. 1 to October 31 Estimated Expenditures Full Year Consulting Fees $ 552.50 68500 Salaries 5,108.28 $ 6,175.00 Social Security Taxes 117.68 135.00 Travel Expense 591.69 1,000.00 Telephone and Telegraph 21.10 50.00 Meetings 155.50 350.00 Entertainment and Luncheons 80.55 120.00 Printing 210.39 1,600.00 Illustrations 2.32 10.00 Research Sc Research Material Books and Subscriptions 36.00 l*l*.00 1,000.00 5o.oo Association Dues 50.00 50.00 Mailing 583.80 900.00 Office Supplies 155.21 - 275.00 Miscellaneous 198.57 250.00 Total Expenditures $7,907.59 $12,650.00 Balance, January 1, 1951* $16,868.03 $16,868.03 Less: Expenditures Balance, November 1, 1951* 7.907.59 $ 8,96o J*1* Est. Jan. 1, 1955 12,650.00 $ 1*,218.03 Plus: Accounts Payable Reserve for Printing $1,200.00 Printing -1,116.90 $1,750.00 83.10 $ 1,833.10 Balance, November 1, 1951* $10,793.51* LI AO05 Board of Director* Meeting Minutes Exhibit *B loreaber 30, 1954 LEAD INDUSTRIES ASSOCIATION PENSION PLAN EFFECTIVE JANUARY 1, 1955 LIA00534 N 631.02 L EAD INDUSTRIES ASSOCIATION P E N S I ON PLAN 1. Effective Date* Hie effective date of the Plan is Januaiy 1, 1955# 2. Eligibility: All full-time employees who are between the ages of 30 and 65 shall be covered under the Plan. However, in order for an employee to be eligible for benefits under the Plan he must have at lead ten years accredited service at retirement date* Present employees not yet eligible and employees entering the ser vice in the future, will be covered under the Plan on the first day of the current month during which they satisfy all of the above con ditions. 3. Retirement Date: a. Normal Retirement* From and after the effective date of the Plan the normal retire ment date will be the first day of the month next succeeding the 65th birthday of the employee - The first payment of an employee Ts retirement annuity will be made on the normal retirement date, and service with the Associ ation shall cease on such date; provided, however, the employment of aly person may, on specific authorization of the Board of Di rectors of the Association, be permitted beyond his normal retire ment date, in which event benefits shall not accrue beyond the nor mal retirement date and no payments shall be made to him under the Flan until his actual retirement. b. Early Retirement: With the consent of the Board of Directors of the Association, spe cial arrangements may be made for retirement on a reduced pension on ary date, but not more than 10 years before the employee *s nor mal retirement date. The amount of such reduced pension shall be the actuarial equivalent of that accrued to the employee on the date of his early retirement. li. Amount of Normal Retirement Annuity: The retirement annuity payable to each employee shall be in addition to the present Old Age and Survivors Insurance Benefits under the Federal Social Security Act, and shall be the sum of (a) the future service annuity and (b) the past service annuity, as hereinafter de scribed* LI A,00535 r^. * -f-.J / LE AD INDUSTRIES ASSOCIATION - 2- PENSION PLAN a. Future Service Annuityt In respect to service after January 1, 1955* the effective date of the Flin, the retirement annuity will be equal to 1 1/2% of the em ployee's annual earnings for each year of service to normal retire ment date* b. Past Service Annuity* In respect to service prior to January 1, 1955, for present employees the annual rate of retirement annuity will be equal to l of the em ployee's annual earnings at January 1, 1955, times the number of years of service since attaining age 30. 5. Optional Joint and Survivor's Annuity* In lieu of the normal retirement income described in Item above, the employee may choose a "Joint and Survivor's Annuity" in a reduced amount to him for life, and continued to a named contingent annuitant for life if the contingent annuitant survives the employee. Evidence of good health of the employee will be required as a condition to the granting of this option, unless the request is made not less than 180 days prior to the date when the retirement income payments are to commence. 6. Non-Assignability i The employee's retirement annuity is non-assignable whether by volun tary action or by operation of law, nor shall aiy benefits under the Plan be subject to the claims of any creditor. 7. Death Before Retirement* The Plan provides no benefits in the event of death of an employee be fore his annuity payments commence, except that if the employee elected the "Joint and Survivor's Annuity" under Item #5, and if retirement has been postponed beyond the normal retirement date, his surviving con tingent beneficiary will receive the reduced annuity, as if the employee had retired at his normal retirement date. 8. Termination of Employment* If an employee's services are terminated for reasons other than normal or early retirement, as provided in Items #3(a) and (b) above, he shall not be entitled to ary benefits under this Flan. 9. The Future of the Plan* The Association hopes and expects to continue the Plan indefinitely on the basis outlined, but rese.rves the right to change, extend, suspend or discontinue the Plan at ary time by action of the Board of Directors at the annual meeting of the Association. 11 A 005 35