Document 6B7yJameneERjGqRbm7be7X66

KOTOW or OP THE xnounvx OOMmSE . 01* TEE OLXWKR OCKPAItf Minutes of Meting of the Executive Oeaalttee of Tbs Olldden Ooapaay bold' at the office of tbs Company, 1396 Union Crawsres Building, Cleveland, Ohio, on Tuesday, January 3, 1956, at 10:00 A.M. The foUwring members of tbs Ccilttee vert present: bright P. Joyce . Paul X. Sprague John P. *uth B. V. Naxey Robert D. Homer Mr. Alexander t>. Duncan vaa not present at tbs Meting. Mr. Dvlght P. Joyce, Chairman, presided and Mr. Robert D. Bomer, Secretary, recordad the minutes. The Cosnlttee carefully considered a proposal for a grant to Harvard. University School of Public Health of $15,000 per year for a three-year period to help flnanoe an atherosclerosis research prograa. It vas pointed out that, although under tbe terms of the grant tbs University vould not be cocadtted to use fund* donated by tbe Oocpany for any specific purpose other than a general study of atherosclerosis. It vas contemplated by Mr. Willard C. Lighter, Ylce President In charge of tbe Chemurgy Division, and tbe Company's medical consultant on RQ Lecithin, Dr. Cortes P. X&loe, that such funds vould be used In connection with tbe study of tbe effect of BO Lecithin In the treatment of this disease. It vas the consensus of tbe Ooamlttee, 00 tbe basis of tbe Infozmtice concerning tbe research prograa submitted to tbe Chairman by Nr. lighter and Dr. Enloe, that the requested grant should not be approved at the present BWS \ I jt I l I> nmmrnvn 1232 time. zt vu pointed out that substantial or--ttasnts ted already been made for research projects In connection'vlth the Company's ft} Lecithin program and that it vas anticipated that at least partial answers to questlons vhleh existed as to the therapeutic value of this product would he obtained before additional funds were expended on ft> lecithin research. In lev of these previous eomitaents, the three-year period Involved In the requested grant and the lack of assurance that any funds dooated by tte Ooapasy to the University vould he used for study of the use of BO Lecithin in the treatment of atherosclerosis, it vas decided that the grant should not he approved. The Conslttee, however, approved the Chairman's suggestion that, if Hr. Lighter and Dr. Snloe felt this natter should he reconsidered, arrangements he node for Hr. Lighter and Dr. Inloe to meet vlth tte Committee on January 19 when they both planned to he In Cleveland In connection vlth business isnrolvif^ other natters pertaining to the BO Lecithin progma. The Secretary resorted that tte Edited States Court of Appeals for the Seventh Circuit had recently upheld a Federal Trade Conaisalon order issued following a proceeding involvii^ the Co^any and other defendants in vhleh a cease and desist order had been Issued by the Comission prohibiting manufac turers of lead pigments from conspiring to fix prloes and from discriminating in prices through the use of sons pricing methods and discounts. The Com mission's order, he said, ted been appealed by the other defendants. The Court, he said, had generally upheld the administrative order, vlth the excep tion of a portion of the order vhleh provided that "each of tte respondents. Its officers, agents, representatives, and employees, In or In connectloo vlth the offering for sale, sale or distribution of lead plgpaents In rnniros cease and desist from quoting or selling load pigments at prloes calculated 1 1 iI I 11 1234 or-determined In vboie or In part pursuant to or Is teoordano* vlth a tom, delivered price system for tha purpose or vlth the effect of systematically matching the delivered prioe quotations or delivered prlots of other seller# of lead plants and thereby preventing purchasers fro* finding any advantage In prloo Is dpaling vlth ons or more sellers as against another," vas aat aside on tbs ground that it vas beyoed the povtx of tha On--Iasioo. She Secretary stated that copies of tha entire text of the opinion had sot yet been received, but that aa soon aa such copies vexe available, a final maaoren* dun vould be prepared by the legal Department on the effect of the order upon the faint Division's and Chemicals-Pigeenta-Metals Division's current pricing practices. The Oeanlttee, upon action duly* aade and seoooded, unanlaously voted to extend the employment of Nr. I* L. Balaton, Manager of the Company's 83vista County, California mining operations, fear S Indefinite period beyond his previously established retirement date, but sot beyond December 31, 1956, subject to earlier termination of such e^lcyment by the Chairman or Nr. John T. Ruth. There being so further business to cone before the Ccomlttee, the meeting vas adjourned. /2^nfjL__,