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ANNUAL MEETING OF THE
va-T-Fts 5f t h e
LEAP INDUSTRIES ASSOCIATION
Hew York, I.Y.
April 86, 1946
The annual meeting of the members of the Lead Industries Association was held on Friday, April 86, 1946, at 1:85 P.M., at the Waldorf-Astoria Hotel, New York, H.Y.
PRESENT
REPRESENTING
B. N. Zimmer X. C. Erownell A. E. Bendelari J. H. Schaefer E. L. Hewhouse, Jr.
X. Nibecker F. V?. Rockwell H. Howe C. E. Dodge I. H. Cornell C. H. Crane E. V. Peters W. H. Street F. F. Colcord
N. H. Taylor
L. P. Peters T. fl. Stover
The American lletal Co. Ltd.
American Smelting Sc Refining Co. Eagle-Picher Co. Ethyl Corp.
Federated Metals Division
Anerican Smelting b Refining Co. Imperial Type Metal Co. National Lead Co. National Lead Co. Phelps Dodge Co. St. Joseph Lead Co. St. Joseph Lead Co. St. Joseph Lead Co. United American Metals Corp.
United States Smelting Refining 4 Mining Co. Inc.
United States Smelting Refining le Mining Co. Inc.
Western Electric Co. Western Electric Co.
F. E. Wormser, Secretary-Treasurer R. L. Ziegfeld, Assistant Secretary
REPRESENTED EY PROXY
Alpha Metals, Inc. Bunker Hill Sc Sullivan Mining
S: Concentrating Co. Chief Consolidated Mining Co. Crown Petal Co.
Dickson Weatherproof Nail Co. Division Lead Co. Euston Lead Co. Evans Metal Co.
Federal Mining fc Smelting Co. W. P. Fuller b Co.
Gardiner Metal Co.
General Lead Manufacturing Co. Hammond Lead Products Inc. Hecla Mining Co. Johnston Tin Foil & Metal Co. Kahn Eros.
Lewin-Mathe3 Co. John R. MacGregor Lead Co. Metals Refining Co. Mike Horse Mining Sc Milling Co. New Park Mining Co. Northwest Lead Co.
Park Utah Consolidated Mines Co.
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Annual Meeting Minutes
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April 26, 1946
Pittsburgh White Metal Co. Inc. River Srelting A Refining Co. Rochester Lead Works, Inc. Shattuck Denn Mining Corp.
Silver King Coalition Mines Co.
Standard Rolling Mills, Inc. Sunshine Mining Co. Tamarack A Custer Consoli
dated Mining Co. Hyman Vlener A Sona
Mr. Crane occupied the chair.
The minutes of the previous meeting held on May 9, 1945, were approved.
REPORT OF THE SECRETARY
The Secretary presented a written report, attached as Exhibit "A," which he summarized.
FEDERAL TRADE COMMISRIOH
He also called attention to the fact that the Federal Trade Commission had recently amended its complaint against the producers of white lead to include red lead, but that the Lead Industries Association was not included as a re spondent. He strongly resented an implication, however, that the Lead Industries Association had engaged in any practices warranting its mention in the complaint.
TREASURERS REPORT
The Treasurer submitted a report on the audit of the account of the Association by independent auditors, which is attached as Exhibit "B."
PRESIDENT'S REPORT
The President then presented a verbal report in which he stated that in his opinion the Lead Industries Association was now core necessary than ever. He said he considered the manufacturing members as the sales agents of the producing members. He pointed out that In the friendly countries In which we are Interested, the production of lead amounted to 1,490,000 tons in 1953, whereas last year the same countries produced only 1,100,000 tons. He felt the equitable appor tionment of this tonnage was prevented by the idea that It can be done artificially by Government instead of naturally. He felt that the best way to distribute lead equitably is
through a free market so that those willing to pay the most will get the lead. He said that it was imperative to stimu
late production of lead all over the world to cure the critical
world shortage. He believed the domestic celling price should
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Annual Keating Minutes
April S6, 1946
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be raised to the world price plus the emergency tariff, or 8.09^ per lb. plus 1.06^, or about 9.15^ per lb. This would enable the Government to remove import controls and permit the necessary imports to be made privately. He stated that the Gov
ernment was hampered currently in not being able to do any pur chasing of imports beyond June 30. As the United States* lead economy had been geared during the war for an Importation of around 300,000 tons per year, it was necessary for imports to come into the United States in large volume during the current shortage or until domestic nines could again operate at cepacity.
ELECTION OF B0ARE OF DIRECTORS
A quorum being present, in person or by proxy, the follow ing Directors were duly nominated, and there being no other nomi nations, and all nominees being eligible, the following were unanimously reelected Directors of the Lead Industries Associ ation for the ensuing year:
PEPF.es ENTINO
Norman Hickman
The American Metal Co. Ltd.
F. H. Erownell,
Chairman of the Hoard
American Smelting & Refining Co.
Clarence Glass, Vice President Anaconda Sales Co.
S. A. Easton, President
Bunker Hill & Sullivan Mining fc
Concentrating Co.
A. E. Bendelarl
The Eagle-Picher Co.
J. H. Schaefer, Vice Pres.
Ethyl Corp.
E. L. Newhouse, Jr., Pres.
Federated Metals Division
American Smelting & Refining Co.
L. E. Hanley, President
Hecla Mining Co.
P. E. Sprague, Vice Pres.
Glidden Co.
F. 17. Rockwell, Pres.
National Lead Co.
0. N. Friendly, Vice Pres.
Park Utah Consolidated Mines Co.
C. H. Crane, President
St. Joseph Lead Co.
James Iver3, Vice Pres.
Silver King Coalition Mines Co.
J. ft. '.Tade, Pre3.
Tintic Standard Mining Co.
F. F. Colcord, Vice Pres.
United States Smelting Refining
& Mining Co. Inc.
The meeting adjourned at 1:40 P.ll.
Secretary
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April XG, 1946
REPORT OP THE SECRETARY
Spa rising tha Aotlvitlaa of th*
LEAD IEDPSTRIES ASSOCIATIOI for th* TPr IMS
1G3IBERSHIP During 1948, the Rialpa Dodge Corporation, with Important load pro duction la Arltona waa add*4 to th* Association membership roster, This brings th* total membership of tha Lead Industries Association to 86 eca*paniea, and oontlaua* the gratifying trsnd of a gradually lnoreaalng mem bership, a testimonial of tha value of tha Aaiooiatlen's work. It further add* to tha oaaprehensive oovera-e of the load Industry by the Association's membership in all branches of the industry.
STATISTICS Tha regular atatlstloal sanrloes of tha Assoolation hare bean eootlnued and proved of great value in wartime, particularly In dealing* with th* Gov ernment and in keeping the industry Itself aeourataly informed of the trend of Its cam business. During the war as you know, numerous speoial statistical rapertaon pig load tales, min* production and labor war# specifically requested by tho Goverzxsent from us beoauae of tha promptness with which oar data are gathered and published* Realising the burden on macaber ocnpanles of reportingetatletioa to the Association, an earnest endeavor has been made to keep all our statistic* at simplified a* possible. To this end, unneoessary reports hare been eliminated, such as reports previously gathered on production, stocks and shipments of metalllo lead products which were discontinued at the beginning of 1946, beoauso they duplloatod information on report* gathered at the request of the War Production Board sinae the war. Only one new statistical report was added to the Association's service during the year. This affected the lead mining enmpanics only and was started at the request of the Ttar Production Board, It cover* labor wn ployed by mining ooopanies in order to got a monthly up-to-date ploture of the labor supply at tho mines*
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It 1* gratifying that during th* war, many non*ember oompanlos, realiling th# value of th* Ataeolatloa's statistics, contributed to their collection, and
V. >i meet of these have ocatinued to contribute lino* the termination of the war. In
fact, la seme instances, our tatiatlcal aervlo# ha a been a moons of interesting
aomombers in boccmlng members of the Association.
It la not our deaire to gather any atatiatloa unaeoeaaarlly and auggeationa for aiapHfloation are alwaya welcome, but we do feel it eaaential for members and the Aaaooiatlon to have adequate atatlatlce oorertng the entire lead industry.
KASHIH3T0M ACT IV IT ltd
The Aieoolatlon hae oontlnuod to keep in eloee touch with nuaerous Govern ment war agencies and their aucoeiaora ilnce the termination of the war. Tour Secretary appeared before the Senate Finance Comittee and the House Coonitteo on Way* and Henna in connection with the extension of the Reoiprooel Trade Agreements Act. We are pleased to report that, although the Aot waa extended, an aaondnont which would minimise further outs In the lead tariff was adopted*
The Army Industrial College held a aacinar on lead late In the year, whloh was attandod by the Seoretery and aereral members of the Association's Exooutlve Casalttoo. Tho Sooretary oomaontod on tho load situation at this seminar.
Tho Soorotary appoarod as a witnoaa beforo tho Federal Trado Ccsmalsslcn In eonnoctlon with t ocmplaint against aoat of tho mombors of tho white load industry brought during 1944 sooking to ohnego tho mothod of soiling whito load In tho Unitod States, although tho Association is not lnoludod In tho ocmplaint.
Dosplto tho conclusion of hoatllitloa, tho Govoroncnt la continuing to play as important a part as oror In tho aotivitlos of industry. It eppoars that tho Association will hero to continue Indefinitely kcoplng in close touch with all temporary end permanent Coro runont aroncios having anything to do with tho load industry and Its branches, whloh moans naarly all of then.
WAR BULLETIKS
Because of continued government control* oror lead during 1945. the Assoolntion has continued to Issue Its War Bulletins froa time to time despite th* ending of the wnr in ordor to provide aanbors promptly with copies of Government orders end other lnfornmtlon affecting load and Its uses.
PROMOTIONAL ACTIVITIES Booauso of tho war and tho short supply of load, most of tho Association's promotioml aotivitlos woro more or lose curtallod again during 1945.
WHITE LEAD PRPCRAH Tho white load promotional cotivltios of tho Assoolatlon romnlnod dormant
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during 1945, with the exception of trade paper announce* jots during the fourth ,\:rtor of the year when the Government permitted larger quantities of lead to be converted Into white lead, A (*11 additional fuod was aooumulated during 1944, which has been let aside as a reserve.
In the latter part of the vonr, a White Load Technical Ccmmittoe oomposod of technical men frra the white leed producers wae organised with 100^ representa tion from industry* This Cuanlttee has begun to lay the ground work for neceeeary technical Information to eubstantlate claims for the greater uae of white lead oarbcnate in mixed pigment paints, various phasss of ths research work being parceled out to the different companies represented on the ocxmalttee,
A sorios of papers is boing prepared by ambers of this Csnalttaa for presentation before Paint Produotlon Cli'bs and other interested groups* This technical program Is still in Its infancy and so funds were expended on it in 1945*
Pr(notional work on white lend is the agricultural field e'ontlnued but on a curtailed bcsla with the eooperatlon of the American Turpentine Farmers Associa tion Cooperative* A detailed report has been furnished to subsoribers* The recep tion accorded the program is educational oiroles both Fedoral and Stato* continues to bo remarkably anthuslastlo and oooporetire,
RED LEAD PROGRAM
Thla red lead program was oontinuod during the year, but in September the Direotor of our Red Lead Research resigned and is new retained only on a part-time o oneul ting basis. Although we hare no full time Direotor at the moment, the Red Lead Technical Ccaaittoo is continuing to sect regularly and haring already made consid erable progress in the development of red lead nixed plgmentati xia for marine primers, has laid out a program of res earoh on atmospherio exposure*
During ths year, this group alio supported research at the Battelle Memorial Inatitute on the effoot of various paints on welding steel* This welding program was not ccmplotod at tho ond of the year and is being oontinuod into 1946* A dotnilod report of tho Rod Load aotivitios was mado to subscribers*
METAIXIC LEAD PRODUCTS PROGRAM
Because of the short lead supply and the ending of the war, which made available competitive products previously in short supply, it has been neeessary to be more vigilant than ovor to proteot load's marksts in the plashing and water works fields* We bellcvo that the market so far has boon well protooted and the ueo of loud in aome lnitanooi has aotually grown*
Plans woro laid to oxpand tho aotivitios of this program into tho chcmloal construction flold which is suoh an important outlot for shcot load and load pipo, but for various reasons no now activity was aotually bogus along this lino in 1945*
Wo oont*nuod to publish PLUMBERS * LEAD FORUM, oiroulatlng it to between 25,000 and SO,000 pooplo in tho plimbing Industry* Its rooopticu in tho trado has bsen rawrkably enthuilaotlo, A report of this program has been made in detail to subsoribers*
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In it* fifteenth year, our cugarir.e "iMd" tree distributed to between 50,000 eod 55,000 ueere and potential ueere end specifier* of lead and it products, This me pi tine elio, we believe, hee an excellent reoeptlon and ha* oreated invaluable good will for lead in many quarters,
LEAP I??0R]IATI0M BULLETIM
Thee t bulletin* publiihed from tine to tine for our msmber* were oontlnued for the seoond year* Me believe that they have performed a useful purpose and we will always appreciate suggestions for improvement of this ssrvlos.
LEAD HTGIEKE
Attention to the eerlous problem faoed by *11 the lead industries beoaute of the toxio nature of our metal it occupying a growing rather than a diminishing amount of the Association's time. This it largely caring to attacks upon lead that osnnct be ignored for, if unchallenged, they may very easily lead to the sponsoring of totally unwarranted State and federal legislation of a regulatory or prohlbitivj character. In bulletins to our masher* we have related froa time to time the re-- eults of our lead hyglsne investigations which have frequently disclosed inaccurate sedioal work*
Suffice it to eay here that this is an unending battle frcu which we oan only withdraw at our peril, fortunately, medical research on load is becoming nore eastpiste ar.d reassuring a*' tine goes on and we have nothing to fear from the truth. In this connection 1 an pleased to report that the Aaerioon Medical Association and ths Lead Industries Association, with the cooperation of the United States Public Health Service, will hold a oolloqulua or sjmposiua on lead at the fall convention of the American Medical Association which should go far to clearing up misunderstanding, about lead in the rank and file of phyeicinna. The project promises to bs an out- . standing on*.
As a matter of record your secretary was Invited to speak to the engineering and medical staff of ths Anericcn Cjenomid Co, at Bound Brook on load - a most interesting experience. Subsequently, he was lnvitodto address the medical staff of the Sew Rochelle Hospital, It was a most revealing experience and oonvinoed ms that ths forthcoming convention of ths Amerloan Medical Association will fill a long felt want in creating a better understanding about lead among the medioal pro fessions
CONCLUSIOH
The Lead Industries Association enter* the post war piriod with tho fooling of having creditably performed nicaerous valuable war sorvloew for Government and industry* If the Association had not been in sxlstenoe, sanething like it would have had to be founded during ths war#
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For molt of the wr period, lead w* In plentiful supply and oarrled part of the turden of other motel* whooe lupply vae iniufflolent for ell need*. Kcw the ihoe ! on the other foot, Load ii eerlouily ihort, largely became of gov ernment price and import control*. It 1* my firm conviotion that a fro* market will bring a cerreotion of this iltuaticn quloker than any govorment expodiont. Quite likely tho pcitwar plane of load price* will bo higher than prewar in order to stimulate a groater output of tho metal. It i* alio quite llkoly that load will lo*u, only temporarily I hope, tone of the market* which it ha* fought to keap against competition, Thi* i a moit unpleaeant proipeot to faoe axpeoially for u* considering the effort* we have made to proteot and enlarge our market*. One mut expect that war will oauie terriflo eoonamio diilooatlon*. It would be too auoh to expeot that we coula etor.pe without *ooe injury* But out of thi* period will ocme, I feel *ure, new reipeot for the wonderful and Indispensable qualities of our metal - and within a comparatively ihort time, an adjustment in supply and demand that will again put our Industry in balance and eliminate many eurrent pressing problwu.
Metals change their eoor.coto picture* qulekly. To illuitrate, over a year and a half ago, we were worried about the large itockplle of lead in the hands of the government. Today we are worried about finding eaough lead, not only for a itookpilo but for the ordinary everyday enential uo of the metal. What the"* status will be t. few year* henoo, wo do not knowfbut under the Amerloan free enterpriie lystem, the future of lead 1* secure.
Re^eotful 1^ submitted.
Secretary!
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me mb er s or t h e l e a s ih w s t r t e s a s s o c ia t e *
April. 1946
Alpha Metals, Inc. The Ar.erloan li.ral Co.Ltd.
365 h uds :a Are. 61 Broadway
Brooklyn 1, H.T, Sew fork 6, K.T.
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Aneriota fcolting 4 RefinlA* Co.
Broken Kill Associated Shelters Proprietary Ltd. Bunker Kill 1 Sullivan Mining 4 C"''.centratic* Co. Cambridge Smelting Co. Chief Consolidated Mining Co. Crown Hotel Co. Dayrock lining Co.
Lickson Weatherproof Nell Co.
120 Broadway Collins House
100 Paolfio St*
117-9 {.Washington 8t*
P.0. Box 690
Sew Tork 5, K.T.
Melbourne ClAustrslU
Kellogg, Idaho Cambridge. Viass Eureka, daft
,Milwaukee 4, Sis.
Wallace, Idaho Branston 4 111. '
Eivlalon Lewd Co.
626 W. Kinxle St.
Ohio*go 22. Ill,
The Eagle-Plcher Co.
American Bldg.
Clnolnnati 1, Ohio
The Elootrio Auto-Lite Co.
Ethvl Corporation Euston Lead Co.(The Glldden Co.)
P.0. Bo* 951 405 Lexington Are. 600 Penn Art.
Toledo 1, (kilo
jew Tork 17, K.T. Soranton 5, At,
Evans Lead Dlrlelon(Satlcnal Lead Co. P.0. Box 14S7
Charleston 26, W.Va,
Erace Hotel Co.
P.O.Box 97,iio.Slde Branoh Atlanta, Ga.
Federal lining A Smelting Co.
120 Broadway
lew Tor* 5, K.T.
Federated Hotels Dlvlelon of
Anerioan Smelting 4 Refining Co. The Firestone Tire 4 Rubber Co. The Flemx Lead Co., Ino.
IS20 Broadway
ox P,Firestone Parle
lew Tork 6, K.T. Akron 17, Ohio
Bradley Are.4 Sohool St. Long Island CitylJLfc
W.P. Fuller 4 Co.
Gardiner Hotel Co. Genoral Load ^anufaoturlae Co. Goldsuiltr. Bros .Smelting 4 Refining Co > Famond Lead Products Xus.
501 lilason St. 4820 S.Campbell Are. 2122 Ker/et St. 66 a. k.snington St. First Trust Building
Son Francisco 19,Gal.
Chioar.o 32, 111, Denver 2, Colo, Chicago 2, 111, Hanaond, lnd
Keel a Hinicg Co. gSHSMliSf LecfInicg Co.
86-95 Hyatt Are.
Wallace, Idaho Wallace, Idaho Rewarx 5, S.J.
Imperial Type Metal Co..
5400 Araaingo Are.
Phila. 54, Pa.
International bcaelting U Ref. Co. (Anaconda Sales Co. Agents)
26 Broadway
Saw Tork 4, E.T.
The Jonnston Tin Foil 4 Metal Co. Kahn Brothers The Kansas City Snelting t Mfg. Co.
The Lov.-in-Lr thes Corp. John R. I*.c Gregor Lead Co.
Ketr.ls r.efin'r.i, Co.(The Glldden Co.) Kike Horse Mining 4 Milling Co. Rational Lead Cc. liew Park .lining Co. Korth Amorlcan So elting Co..Ino,
2215-23 Guinotte St. ChoutouU at 12th 4620 W. lbth St.
620 Power Bldg. Ill Broadway
Edreoont 4 Tioga Sta.
Koiisas City 1, Mo. St, Louis ., Mo.
Chicago 25, 111. Ha.-isond, lnd. Helena, Hoot.
Sew York 6, K.T. Keotloy, Utah Phila. 54, Pa.
Korthweat Lead Co, Park Utah Consolidated Mines Co. Phoips Dodge Corp. fittsbur.*h ifhltc Metal Co. Reynolds totals Co. Rlvor lir.cltinr 4 Refining Co.
270C-lCth Are.,S.W. Continental Bank Bldg.
40 Wall Street g34 Hamilton Are. Reynolds Metals Bldg.
4155 Bradley Road
Seattle 4, Wash. Salt Labs City l.Ut&h -ow York 6, K.T.
rooklvn 21, S.y, ichmoild 19, \r. Cloroland 1, Ohio
Rochester Load Works, Ine* St. Josoph Load Co.
580 Exchange St. 260 Park Araue
Rochester 8, H.T. How York 17, U.Y.
Shnttuck Denn Mining Corp. Sherman Lead Co.
120 Broadway
Hew York 5, H.T. Wallace, Idaho
The S-.orvin-Wll llama Co.
101 Prospeot Ave.,U.W,
Silver King Coalition Mines Co.
1010 Kearns Building
Silverstein . Pinaof, Ino.
1706-1720 Elston Are.
Standard Rolling Hills, Ine.
145 Jewell St.
Sunshine Mining Co.
115 H. Second St.
Tanarack 4 Custer Consolidated Mining Co.
Untie Standard k'lning Co.
Walker Bank Bldg.
Cleveland 15, Ohio
Salt Lake City l,Utah
Chicago 22, 111. Brooklyn 22^ H.T,
Yakima, Wasningtoa Wnllnoe, Idaho Salt Lr.ke Cityl,Utnh
United Amcrlean petals Corp.
196 Diamond St,
Brooklyn 22, H.T.
United States Snelting Rofinlng 4
Mining Co.,lno. The Victory White uetaPXo. Hymn Vler.er 4 Sons Vulcan Load Produots Co. The Vienaley i et.l Produots Co. Vieitern tleotrio Co.,Ino. White Metal Rolling 4 Stamping Corp.
Winchester Repeating Arms Co.
67 William St.
1206 Main St. 6200 Hatcher St, 1646 W, Ploroo St. 1445 Osage St. 195 Eroacwny 60 Moultrie St.
How Tor': 5, H.T. Cl ore Land 13, Ohio Riohnond 5, Va, Milwaukoo 4, Wls.
Denver 2, Colo.
,How fork*7, H.T.
Brooklyn 22, H.T.
New Haven 4 Conn*
Associate lieaber*
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Annual Meeting Minutes HASKINS & 8CLL8
ccxnricD Puaue ao c o u h t amt *
Exhibit B April , 1946 NIW YORK IT
AocaniTAira;* a^gmaArs
Load industries Association;
"4e have examined, the belance sheet of lead Industries Association as of December 31, lawt anl the related, state ment of income and. expenses for the year ended that date, have reriewed the accounting procedures of ti? Association, and. have examined its accointli*; records and otlier erldeboe in support of such financial statements. Cur examination was made in accordance with generally accepted auditing standards applicable in the circumstances and included all auditing procedures we considered necessary, which proce dures were applied by testa to the extent we deemed appro priate in view of the system of internal control.
In our opinion, the accompanying balance sheet and statement of income and expenses fairly present the finan cial condition of tho Association at December 31, Isas and the results of its operations for the year ended that date, in conformity with generally aocepted accounting prinoiples and practices applied on a basis consistent with that of the preoeding yoar.
New York,
March 1, l^afe
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IXAD INDUSTRIES ASSOCIATION BALANCE SHEET, DaCSlBER 31. 1945
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CASH........................................................................................................... $ 83,751.44 .
UNITS STATES OF AXERICA TREASURY CHRimOAIKS OT INIK3TXDUSSS, 7/8*, DUE JUNK 1, 134S................................................... 100,000.00
SUN PRUH 1CNNUKHS....................................................
100.00
ADVANCES itiR TRAVELINGEXPENSES....................................................... 2,250.00
AXa TRAVEL DEPOSIT...............................................................................
**25.00
AOCOliNT RECEIYA3LE -Xetal Pcnrder Association........................
300.00
TOTAL.................................................. $lBb,B26.44
ACCOUNTS PAYABLE AND R K S 2 R V S S
ACCOUNTS PAYA3IB.
S 1,083.23
RESERVES;
mineral Promotion Procram Fund......................... Ordinary xUnd........................................................... iiutalllc Load Products Idvis ion Punl.............. Red Load Division IUnd....................................... Agricultural Service division Fund................ Southern Agricultural Service Id.vision Pund Sheet Lead Division Pund..................................... Reserve for Uedic&l Research.............................
Reserve for Her Book........................................
$118,434.40 24,309.27 13,342.30 8,342.11 9,002.92
583.55 3,002.00 4,000.00
4,000.00
Total reserves
185,737.21
TOTAL.
$188,826.44
? NUTS: The oost of furniture, fixtures, and equipment i has boon written off to expense.
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EnOGRAM UbLDiAKY
*
TOTAL
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. iji assessments for 1995.... : on I'nitei states Treasury
U'icubes - net............................
Total income............................
J
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T--, .-n| ani ttlet^aph......................... , ._cno/ ani a-ilce supplies.........
- ' ,1 ex onsc.................. ..........................
-r.iij.cnt, luno.v*Eons, etc...........
tisfcc................................................................
iaii research on Serial........
XlSiZt $*.jri3s*
Cc-' o: jioilcations:
Ieni..i..............................................................
iun *- er 3
3 or u-
Aap^oistlcn -vues..............................................
.. vl.vi aernrity tfo.es........................... ..
j"... * . ..1 c
B^c'c.: r.ni subscriptions................ ..
i'iu-.-i'.vjr*, iiiVnro3, toil office
cr :."-.ent........................................................
5 a.v-..--lens tai exniblts..........................
Lc 1 ajj*`l:i'.3....................................................
, i. T 4 , . -4 j
#4*
" 2 e~oijTiont, cabinets, anu film
l ... -- prstnt...........................................................
liatlun lees......................................
,ioajieou3..........................................................
iobil ox.Htnsu9............ (KXl'aKbiS) /On Tiui
i
total,
c. ;i.rr*ac?* I .5.0
$185,220.50 $ 29,260.50 $65,198.50
307.88
397.88
8105,006.33 Z 28.093.33 205.198.5C
Z 68,195.00/$ 5,9 79.30 1,922.37 1,229.15
15,109.lc 2,097.17 9,139.32
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