Document 2R7NVQKbwok0pV4YJ2M6QkGK7

Ho t amber 21, 1938. At a regular meeting of the Director* of John T. Lewie A Brea. Co., held this day in their offices in the Widensr Building, there were presentt Edward f. Beale, Chairman of the Board S French Reevae, Vise President and Treasurer J W. Gardiner, Vice President Morris H. Merritt, Secretary d' f * '' 91rector Mr. 1. F. Beale reported a telegram from the National Lead Company in Hew York advising ue of an advance in dry white-lead and basic lead sulphate of 1/40 a pound, effective November JO, 1938 with the privilege of accepting the same prices fej#'. delivery during the first quarter of 1939* The minuteq of our meeting of November 14 were read and approved. Mr. Beeves reported that our net profit for the month of Oetober 1938 was only 1788.19 as compared with approximately |3,000. in Oetober 1937. In neither ease* tjotreyer, hah thd Hew York overhead been deducted. He further reported profits for ten months of 1938 amounting to #83,000. aa compered With approximately $300,000. profit in 1937 hat if the Mew York overhead is deducted it means a loss this year of approximately $75,000. Our business is off about 5-1/2)1 on a tonnage basis, or in do Her value It is off about 17-1/2%, Mr. Beeves feels that our selling prices ars too low based on raw materials and the present cost of doing business. It is therefore essential that in order to make any real profit, the sales volume of our business be expanded. The general conditions at the Sleotrio Storage Battery Company were discussed, particularly from the standpoint as to how we eould determine what the cost of Barton litharge might have been in 1917* in accordance with the request contained in Mr. B. 0. Bates* letter of November 1$, the secretary wee instructed to send an extra copy of the minutes of all of our Directors* meetings to Mr. Bates fox bis filss. On motion, duly mad# and seconded, an appropriation for $2,003. to cover several second-hand units for our machine shop was approved and referred to Hew York. Mr. Beeyes reported that the new hospitalisation plan being put in force in this ar a by the Philadelphia hospitals will bo explained to the employees at our faetory in the near future. Mr. Gardiner end Mr. Beeves reported that they had attended the sales meeting in Hew Ycjrk last week and that it bad been decided there would be no change in our present white lead selling plan. Many other subjects were discussed, but tie general trend of thinking was in the direction of ready mixed paint. Mr. Gardiner expressed the thought that we should now begin to stress specialties rather than white-lead aa In this way we will be better prepared for developing along the ready-mixed paint line. There being no further business upon motion the meeting adjourned. Secretary, ml 000041244