Document 8r5ypY1xZj2p2b0L4rLXVe85

,..mj ^ L , -- - ^ w ,, 3;.,Uw W , . ^ t . '*T'.IVj LIA22111 mem ^r tyr^'V*^^rf?^fr*iim^iit / LEAD INDUSTRIES ASSOCIATION a0 UDCtNOTOM AVCMUt NSW VOM If, N. Y. April 9, 1952 To Moofcors of tho Load Industrio* Association* SUBJECT! REP3RT OF SSCRSTAKT AND TREtSCRa Bneloaod plaase find Report of tho aacretaiy and troaeuror for the Tnr 1951* to bo prosonted at tho Annual Mooting to bo bald on Friday, April 18, 1952, at tho Drake Hotel, Chicago* HI. . - g^ry truly ycxirs, Cf/XV c SecrvUTYf C` m rii.^. ' pw h .- w ^w h . u h im--; <Wr- JgllgW ^ to-a^A-i.Sf.-, ..^-^ . > -r. LIA22112 . :_ ... . Annuel. Heetinct April 18-19, 1952 REPORT OP THE SECRETARY Sumaarltlng the Activities of the Lcd Industries Association For the Tear I9SI Certainly the lead lnArstry, like cost all industries, was faced with a multiplicity of raxing problems in 1951. *Te fcelicre that the Association once again prored itself of invaluable assistance in meeting mry of these problems. In so doing we further beliere that the Assoclstim completed the year in as strong a position as it has erer enjoyed in number of nenters, in finances, in prestige both aeon- its maers and on tin outside. yhlle wetln tne emergency protlens of the nocerrt, the Associa tion also maintained its efforts to acquaint users and prospective user* of lead products with their advantages end how best to use them. The wisdom of these continuing activities is proved by the recent change in the lead market from shortage to plenty. Some of those activities hare met with outstanding success. Each day brings evidence of the wisdom of establishment of our Safety and Hygiene Division as a full-time activity a fow years ago. It has aided in the solution of problems of toxicity which nllitste against the use of lecd and the medical research which it supports has brought the industry much good alii. There ia much mere that it can and should do to educate the medical profession ar.d ethers in the diagnosis and treatment of lead poisoning and in the proper bundling of lecd and its products, Tithcut more work in this direction it seems impossible to correct tha vast amount of adverse publicity, often unfair, to which our industry is subjected. The sucoess of operations of the Association during the past year is, of course, largely dependent on the excellent ar.d unselfish co operation of our members. This has in cany cases required that personal de-ires be set asido or modified. -le ore d-epjly appreciative of thla attitude and of the time and thof.^t and effort p>ut Into the Association by its officers, directors, coaslttee members and members in general, Te are also proud of our ataff and wish to express sincere appreciation of their efforts during tbs p>ast year. Following are the details of our 1951 ectlvitiesi rw' 1 A1"**? mj iwopu tw. wauum1 N 1785.01 LIA22113 5 i Annual Masting! -2- April 15-19, 1952 1 S K3G531SHIP Ai of Decniber 31, 1951, the Association had 62 regulcr and 7 associats members. Three new members were added during the year. One is the Teatern Lead Products Cocpany of Los Angeles. Another is Anaconda Copper Mining Conpany, which was an original member through its sub sidiary, International Smelting and Refining Cocpeny, but which in 1951 expanded its membership through the parent conpany to embrace all its lead operations. The third ia the Metals Refining Company, of Hajaaond, Indiana, a new company organised to take over the lead operations of a predecessor congiary of the same name ihlch had long been a member ss a subsidiary of the Glldden Compaiy. One member, the General Lead Manufacturing Compmy, was lost numerically th-ough its absorption by another member company. r.v .j Current membership list is attached. STATISTICS 3 There were no changes in the regular statistical services of the Association during the year. Special statistical information has been provided Government defense agencies on request from time to time. He have atlll been unable to inaugurate a simple ana prompt secondary lead statistical service, although most members have been cooperative, becauas the coverage is insufficient. Efforts to provide such s service will continue. I AM.'OAL MEETUP The 1951 anrual meeting was held at the Blltmcre Hotel, Row Tcrk and again was highly successful. Attendance was approximately iLO. At this meeting a resolution was adopted urging the Government to establish a more realistic celling price for lead in relation to the w?rld market and proposing suspension of the import duty on lesd, with certain safe guards, during the emergency. Both recomsendationa were later adopted by l the Government. . i L oorrjfigyr r s l a t ims 1 The Association was able to assist in eventual adoption by the i Government of the policies set forth in the resolution mentioned above, j It was also able to assist In obtaining permission for manufacturers of 1 lesd products to pees cn the increased cost of the higher ceiling price for lead, Many Interpretations and clarifications <u Government orders , have been obtained for member*, both Individually mi as a group. He hive attempted to keep all Government agencies properly in formed of the lead situation to avoid ill-considered controls and sub- stltutlons. Ihia has involved contact not only with the Lesd Urriches of K.P.A. and O.P.S., but also other branches dealing with paints and other j t products containing lead and with other Government departments such ss Army and Navy, hich specify and use load products. He have resisted efforts at changes in Government speciflcstlons, made in the gules of emergency, which wiuld have militated against the use of lead products. im*1'II ` '? [4!mj*.IIJXIJ11 nimgniiif'mamiw.w.pmvvm---------- '--nyi ,' ' LIA22U4 r-\ - Annual Meetings > April 16-1?, 1?52 A great Mount of time was spent with technical personnel la any Ooreriuent agencies Involving the use of lead both in the defense program and in ncrcal activities, Theso included, in addition to the defense end military agencies, the National Bureau of Standards, the Atonic Energy Commission, the Public Bulldings Administration, too Federal Bousing Authority, the Bureau of Minee end othere. The Association also used its best effort* to have load released free stockpile, as an emergency measure only, to relieve the extreme temporary shortage in the fall, an action subsequently taken by the Government. WLimm AFP HngJCATIPHS The Association Issued 39 Defense Bulletins in 1951 to aid in ke*pli% members informed of Government orders and other actions effecting their operations. Six Information Bulletins were sent to members to post them on general information about the Association, or the industry that night not otherwise coae to their attention. Only two issues of tEAD were published in 1951 because of the shortage of lead existing throughout the year. This Is circulated to about 35,000 users sad potential users of lead. !71th load now in good supply. It may be well to consider s more frequent publication schedule. Other publication? are mentioned under the sections of this re port dealing with specific promotional programs. tSIP HTGiaa merei Among the wort important activities in the field of lead hygiene 1, Support of the stu$r of childhood lead poisoning et the Children's Hospital in Boston was continued. Enough cases have now been studied so that an informative report may be expected before long. 2, Arrangements have finally been completed to start a study of chllitiood lead poisoning at the Johns Hopkins University in Baltimore about July 1, 1952, and suitable personnel has been secured. That city ha* long been a hotbed of adverse publicity on thia eubject, 3, An independent study of ehilchood lead poisoning has been started in Cincinnati with laboratory work conducted uiider the euperrialon of Er. Robert Kehoe at the University of Cincinnati, It, Childhood lead poisoning continued to be our most trouble some problem and the cause of much publicity, ITs have eceimtulated hundred* cf newspaper clljipings on the subject. It is evident that the** case* cantiou be run down individually, case by case, idth any hop* of curing the situation. An overall broad approach of education of ths medical profession, education of parents and ether protective measure* Ittcl essential. V. a > m'mwim m mcff^t h t ^ip p p mrnmmrmsiQ**0q* w*-mj*p**_ *' j j mj w j i ' *> LIA22i15 *j irTiJTi^Tfrl*YY"JT`*-~ rtaiawsssrsareir rri iirfiii mil I Annual Meeting! -i- April 16-19, 1952 5. *Ta hire encouraged improved chemical and laboratory facllltia* for the determination of lead absorption wherever possible to prevent misdiagnoses. In the past year the Cleveland Clinic has provided such a laboratory with personnel competent to aid physician* in lead diagnosis. A new clinic, rrith similar facilities, Is being constructed at Salt Tair City and aerloua consideration is being given one in the Sew Tori City Health Eepartaent, 6. Preliminary atepe were taken, with the cooperation of member* who sake lead compound*, toward uniform warning labeling of theae product*, as a result of two states that already havt lsbellr* laws and othsr* that contemplate them* 7. He *re serving on a commit tee sponsored by the American Standards Association to study the broad problem of childhood haaards, including a standard for *safe* paints to usa on children's furniture and toys. 8. Ve have followed closely developments in the use of EITA," a new chemical compound that gives indication of value in the treatment and perhaps the prevention of lead poisoning. 9. The study of the safety of red lead paint for water tank interiors was continued with wholly satisfactory results and has led to removal of an objectlonal paragraph in the Federal Specification far those paints. 10. A study of the dermatological effects of lead stabilizers for plastics was financed at the University of Cincinnati and a report of results provided Interested steabers. 11. Tuwity-one hygiene and safety bulletins were issued to meat)era in 1951. Of these, 16 wre a new series of legislative bulletins list ing state and redcrel legislation introduced which might be of interest to members. A survey at the year-end indicated that moat members found this service helpful and wanted It continued. 12. Ir. addition to the special activities mentioned a large voluae of correspondence and telephone calls i/itn both member* and outaider* has been handled. This is probably the most time-consuming part of the work but is extremely important. ICTALLIC LEAD FR0IUCT3 PI7XSICH A detailed report of the activities of this Civition was sent to its acebers on October 15, 1951. Tht following summarizes that reports 1. Two practical field men have promoted the specification of lead In plumbing codes and Its use in plumbing and water works systems by personal calls on plumbers, city officials, water works engineers and by addressing meetings of plumbers' organization*. 2. They have also promoted the proper Instruction in lead work of pl'nbert' apprentices in classes throughout tha country. r : ij bpt su* ' rr w LIA2 2116 MUa Mhaa # o * Annual Maetlngi -5- April 18-19, 1952 3. "Plumbers' Forim," an eight-pnge magnine promoting ths use of load in plumbing, is mailed to 26,000 people in the plumbing industry four times a year. li. The Association had an exhibit on plumbing at the annual coo* Tsntion of he National Association of llaster Plumbers, 5. In cooperation with the Red Lead and Wiite Lead Divisions, this Division sponsored a traveling exhibit on le ad in building construction among 15 leading architectural colleges, 6. The booklet, 'Lead in Modern Fluabirg" waa reprinted, bring ing the total circulation to nearly 25,000. 7. Pour article* on the performance of lead in contact with certain corrosive chemicals were prepared and publlahed in the Corrosion Forum Section of "Chemical Engineering." 8. A cerprehensive article on "Hew Development* Expand the Uss of lead Ccnstructlon" was prepared and printed in "Materials and Methods." 9. Repaints of the foregoing articles were circulated to nebsrs, to chemical engineering colleges, chemical construction companies and lead burning contractors. 10. A section on the performance of lead In contact with all cceaon corrosive chemicals is being prepared for publication this year in "Chemical Engineering" and ruprir.ts will be obtained for circulation. 11. A new book "Materials of Construction for Chemical Protest Industries" waz published by lfcSraw mil Publishing Cocparqr and gave favor able treatment to lead based on data supplied by us to "Chemical Engineer ing* in the past. 12. A lecture on "Lead as an Engineering Material" was delivered to 100 graduate students at the Rework College of Engineering. 13. A stiff member was appointed to the Prating and Soldering Coemlttee of the -ocrican Welding Society to prepare the soft soldering seotion for a Manual on Brati^ and Solderin';. Representatives of four older manufacturing <nb?ra were appointed to a apodal committee to work with his in tho preparation of thla section. 1L. Installation of lead flashing on the Bedel home constructed by "House Beautiful" was completed, following our drawing* and specifi cations and under our supervision. 15, A number of articles on laad plusblng and load chemical in stallations were prepared and published in the Association's magasine, Lead." If, Housing Bulletins, Hating public and military houaing project* ai announced from 'Tashinjton, './ere circulated to member*, la addition to other bulletin* containing pertinent information for the Metallic Lead Products Division. f mi >UIUIMM1 ttfcvBiflBJ>r.gil Li Mil11 a&a* 6 a Annual Meetingl 6* April 16-19, 1958 17. The faculty end students of the Uetsllurglcal Department of Tele Cnlveralty were addressed on 'Recent Developments in Lead Hetallurar.' IS. A large number of Inquiries for assistance In the uae of lead wero handled by correspondence, telephone end pereonel contact. 19. Liaison with all the principal technical socletiea dealing with metals was Mlnttlned by the staff, 20. A staff member Is serving on e Flushing Advisory Coasittem of the National Research Council to advise the Tefense Production Adslnletratlon on the conservation of critical materials la plusfcing. Piarons a n d c h e ic /x s d iv is io n This Division is a rerger of two former Dlvlrlons, the ,lhlte Lend and >led Lead divisions. The merger was authorised by the Board, to take effect January 1, 1958, to effect operating econcelea and for other practical reasons. The acti.~iti.es In 1951 are summarised herel RED IBID A detailed report was sent to members on November 15, 1951, It Is eurcarlxed as follows i 1. A new Red Lead Technical Letter No. 6 was published during the year. 2, Decausa of continued demand. Red Lead Technical Letter Do, 3 was reprinted. 3. An article on the formulation and application of red lead base primer paints was prepared and published in 'Paint and Varnish Pro duction' magaslne. L. A new service, pro~ldlflg members monthly with lists of people requestin' literature or Information from the Association, was Initiated. 5. field work with federal agencies, state highway departments, utility companies, paint companies and others Interested In metal pro tective paints was continued. 6. Convention* of the American Society for Testlr* Materials, federation of Point and Varnish Production Clubs, and the National Association of Corrosion Engineers were attended. 7. In cooperation with the fthlte Lead Division, the Red Load Division exhibited for the first time at the Paint Industry Show, 0, The technical director of this Division aenred at secretary of the lovernsent-Industry Chromate Plgwant Coanittee sponsored by the Corps of Engineers, U. S. Aray. 9, The organisation and subsequent meetings of the Steel Structures PsWting Council were attenoed. aw Hf w wee wwr '. LIA2 2116 ^aab Annual Meetings -T- April 16-1?, 1958 10. A lire* nunber of technical inquiries were Kindled, typified by recomendatlone for * painting aehedule for the television ant*nr* creena of the Columbia Broadcasting Syatca on the ftyir* Stitt Building. 11. Inspections end diti tabulations were continued on the 1,500 test specimens it fire different locations in connection Pith the itaoepheric exposure propria started by the Division in 19A6. 12. Inspections were also continued on the two cooperative projects with the Navy and several red le ad paints have so far proved to be outstanding. These are in conjunction with the Norfolk and ftill*delphia Naval Shipyards. 13. As a result a full scale service test of one of the red lead bottoa paints was planned by a amber of the Bureau of Ships for the near future. lA. In conjunction with the Safety and hygiene Division of the Association, field testa of the toxicolo^cal effects on potkble waters of red lead paint netting Federal Specification TT-P-66a, Type IT have been conducted. The results led to en Arcqr recosnendatlon requesting elimination froa the specification of an objectionable clause prohibiting the use of this paint for the interiors of potable water tanks, which has been done. 15. Several articles on the use of red lead paints for various applications have been prepared fer the Association's publication, "Lead,* TCrr* IX.P A detailed report was sent to members on November 29, 1951. It it susesrited as follows t 1. Technical advertlsacenta setting forth the advantage of using white lead in house paints were prepared and run in six loading paint industry trade papers. ..dvertlsenents appeared every two weeks In the :Jr7(IC..N P..1!?T JC'JRUX, sonthly in the C.TICI.L DI.'TST, P.JkT, OIL .'h d c h o c c .-l Rr iri, -ir.TDyj p in t h zt -it t , and p a in t Jto v .j w is h pr o d u c t io n a.dXIKT., and bl-cw>r.thly in OIL, P..IKT .AD DRUG JCPOLTER. 2. A 2&>pa-o book telling the atory of the advertising la ore detail was prepared and attractively printed. This booklet was first distributed at our axhlblt at the Paint Industrie* Show la Novesber, 1951. About 700 copies were handed out there. Innediataly thereafter It was walled to thd J,li00 ceabars of the Paint, Varnish k Lacquer ..ssocletion and the Federation of Paint and Tarnish Production Clubs, An additional 600 were distributed through paint conpaitles at their request, and hOO were cn individual inquiries rcs-iltlnj fro* our advertlieaents and review* in the trade press. The total distributed to date is 5*300. 3, A 12-page technical bulletin containing our recommended forwulaa for house punt a was prepared and distributed with the book prtvlously Motioned. wagwwwaiw tJM ' MlilW I . >* ana mmu>tj5jpsp WEP' - *-J'-Mnw ,' I. pju j .1) III m , mi iJU ^W>1'^I^||^.H,!I|WI -''' y . 0 w ^y.'*---- -*** f-~ ---Or-.-..~ -mU'."-- -: ~ -- - - --*- -~-----a- > '--^-WWU^TSI. . . i Annual Ueetlngl -8- ^prll 18-15, 1552 It, Zn conjunction with the Red Lead Division, an exhibit waa displayed at the Faint Industries Show In November to gsln personal con tact with the poople who sake and formulate paints. Zt waa highly successful. 5. The technical cocnlttee met several times during the year In the preparation of material for the advertising and books. Tt also laid out some needed research projects to develop additional material for future advertising. respectfully eifca&ttad, SQeascmreatlaapryv ' A .1 # J mm %m I p* rrrm i-'.l W i i 7 mtm ~ f LIA22120 altHmmm'tr'rtm mi eWiAa.--r' April# 1?52 lEB^tS Of 7HD LEAD INDUSTP.IZS ASSOCIATION Alpha Metals# Inc, Box 3A# Bergen Station Jersey City A# NJ. 7he American Metal Co., ltd. 61 Broadway Kew Jork 6# N.T. American Smelting It Refining Co. 120 Broadway New York 5# N.I, Anaconda Copper Mining Co. 25 Broadway New lark A# N.I, Bers & Company, Inc. Ashland & Lewis Sts. Philadelphia 2A# Pa. Broken HU1 Associated Smelters Proprietary Ltd. Collins House Melbourne Cl^ArvrralA a Broken Hill South# Ltd. Box 19A-C# O.P.O. Melbourne# Australia Buker Rill t Sullivan Mining and Concentrating Co. Kellogg- Idshe Cenbrldg# Smelting Co. 100 Pacific St. Combring# Mass, Corso da Pasco Carp. AO Hall St. Now York 5# M.I. Q.lei Consolidated liirdng Co. Eureka# Utah Hie Consolidated Mining & Smelting Box 300 Co. of Canada# Ltd. Place D'Ames Montreal 1# Canada Day Mines# Inc. Wallace Idaho Dickson Weatherproof Kail Co. Bax 590 Evanston A# HI. Dlvisioa Lead Co. 636 37. Klnzie St. Chicago 22- 111. E. I. duPont de lleaours It Co,# Inc, The Eagle-Pichor Co. American Building Tfilvrjgi on" 58, Del* fin sinwd 1_ Ohio The Electric Storage Battery Co. Bax 6109 Bril ad si phis# Pa, Ethyl Corp. A05 Lexington Avo. V Ice. 17# N.I, Duston Lead Co, (The Gliddcn Co.) 500 penn Avo. St vrtv- 3 ?a. Evans lead Division (A'aiircal Lead Co) Bos .U.67 Cra-te-'.o.- 25. W,Va, Evans Metal Co, Box 57s No, Side Br. C-a, Federal firing k Smelting Co. L2C E*oadwny Mew York 5# I I. Federated Metals Divisaed of American Siaclting t Refining Co. 120 Broadway New York 5, N I, The Fi-cstono Tire U Dubber Co, Box ?. Firestone Park AVrai 17. (C/.c '.ha Fieri Lead Co.# Inc, Bradley Are. k School St. L/.t; ICandti-yi NM, 7.. ?. Puller & Co. 301 Mission St. San Pra.'.*nsco'r9 ini. Gardiner M"til Co. Clare,r Toad C.', Ine, liBZ'j C: (J.npU'll Ave, 31 t^rjeeft ;.ve. Clicfir.s 3*. HI Bro'.-i.-r 27# N.I, C-<i:ir-t Eros, Suiting L Refining Co,5? Z, ~rsv.t-rton St, CSd.-icn 2.- Ivl, Kan; mi TToc'ucta, Inc, 5?)1 Ilutatn Ave, HW.V'd; j>"i_ Hu tie D-r.ing Ct, WaU tc>. Idaho Kv-t.-f.". Smelting ( Defining Co. 85-95 lyatt Ave, Newark 2* M,J. Irpeiial Type Me'-al Co. 3100 ^jraningo Ave. Philadelphia 3A, Pa. Inter.wtioral At e.) tin; U P.efininc Co. (..r:onria 5eln Co. Aperts) 25 Broadway New Ys-V A, N.T.- The .u: rs-.cn Poll >tmufactur.tng Co. 60T6 -6,27 5., Broadway St, Lo o ' V.. Vo. Lnvr .'l'l.x. Tw. 2'vl C'.'crit ..' e, lorn IhV.-.p, rv.*:-J,LY Levi TVod.cta Co. TO# K VeL'sro Htv'to.i 3. Ton* Jch" H M.nJrcgjr Lead Co. A5?o r, :**> 3t., Cr.i'fA 23, CX i-.Ts Ro'iolng Co, 1723 Suic-..- St. Hr a^ont. r d, Smelting Co. Ontario >. Bmth Sts. rbiladsterra 3A. Pa* Lite Kc*s>' Hiring A Mining Co. Mi'Inna1 Lead Co. 620 'cv*r iudg. Ill Brotuacy Helens tv t. Wes vo;w #. \m. he 1 p.vk Idling Co. KofO-jy# I'.id. a'iorth *'.>*wn Kill# Ltd, Bax 1903-R# O.P.3. Melbourne Australia Associate liesbar. ui.! j.p.e1' N 1785.02 IJ,M" hZ^,, r Aprtl, 1952 ` orc ; Mamas t h e, ieid in d u s t r ies is s o c iat io h northwest Load Co. i, 2700 16th Lve., S.W. The Okonite Co. Perk Utah Consolidated Mines Co. Continental Bank Bldg. Pennsylvania Snelting & Refining Col .00 E. Ontario St. {helps Dodge Ccrp, 10 Wall St. River Smelting & Defining Co, 1195 Bradley Road Rochester lead Harks, Inc. 380 Exchange St, St. Joseph lead Co. 250 Park Lve, Shattuck Denn Mining Carp. 120 Broadway Silver Kin; Coalition Mines Cot 1010 Kearns Bldg, Silverstein & Pinsof, Inc' 1706-1720 Elston Lve. Standard Rolling Mills, Inc. lid Jewoll St, Sunshine Mining Co. 115 K. Second St. United Dnerlcan Metals Carp, 196 Diamond St, United States Sneltinc Refining and Mining Co., Inc. 5? Willi#* St. The Victory White total Co, 1205 Main St, Kynan Vienor k Sons 5300 Hatcher St. Vulcan lead Product* Co. - 151i5 W. Pierce St| Tho Hensley Metal product* Cot 1Ui5 Osage St. Hesters Electric Co. loci . 195 Broadway * Hesters lead Products Cot L530 E. Pacific Way White Metal Rolling It Staging Corp, 60 Moultrie St. 1'i.ochester Repeating 1ms Co. The Zinc Corp. Ltd. Bax 38I4-D, O.P.O Seattle It, Wash. Passaic, K.J. Salt Laic* City 1,Utah Philadelphia 3ii, Pa. Hew lork 5. H.I. Cleveland 1, Ohio Rochester 6, H.I. Hew lork 17, H.I. How lork 5, H.I. Salt Lake City l,Utah Chicago 22, 111. Brooklyn 22, H.I. laklna, Wash. Brooklyn 22, H.Is Hew lork 5, H.I. Cleveland 13, Ohio Richmond $. Va. Milwaukee L, Wls. Denver L, Colo. How lork 7, H.I. Los Lngeles P.2, Cal. Brooklyn 22, H.I. Hew Haven L, Conns Melbourne, ^uatralia alaaociat* Meaber. ^y 'i t 1 "i # *rr ora 7/ Mil ::iL"*pwwiiiv itfjjfl'.qjju ppwiJPgwpwBP^fgww"iwwg`'^^!pair,^i*`'-wprfrn^^)i?Bfsamwmmmmmmm^^ LIA22122 ~ 1 . 1 V 2 1 i -A tf- -3 i -----------,, '- a ...w. iSaa- ,-,,..UVin. annual Maollng aprll la-t, sou TM Tfsaturtr rotoactfullf autnlta tha ropcrt of tno aidlt of tho account! of tno 0attoclatlon tt of eor )1, |51. by h Im a kllk u follovti >tyin a scut ConlfieO puollc accountanta > ron it . I. f. accouoTMTV Ct*tifiCTI load lahitrln aMoclatloni to ao tuninod tM cal once moot of coot tnduitrlto aoooclatlon at of Doconao. j j , toss and IM ro.otod atatonont of Incowo, npKitn. M rtwfvot for tho paor ondad. Our oooainotlofl o> aooa In aecoroanea oltn gmaraltp occcotad auditing startoarot. and according!/ Inctudad aucn Uitt of tno account lag rocardt and Ouen cttor auditing proudum aa ao ccnaldorod nocotMOr In tno clrcvnatancos. in oar opinion. tno occompan/lng uianco anrat and ttat onant of Incono, a#ontoa, and ratarvrt proamt folrl/ too financial poaltlcn of tno aaaociatlon at tocaneor )t. I*tt and tno r.tulto of Its oparatlont for tno /oar tnon ondod. In confoi.lt/ alto foncraltjr accepted accounting principle* applied on a Oaala cnnil.tent o<tk tkat of tno procoding poor. nnren ji. mi _______________ (Slfnod) aauies P UUI IUT> tnhiftta iMeeiiTioi UiMCt SHUT, tcct-ire m. W1 Cl> (iOMdl*j mm, dtpotltt. tJC.14T.4e).......................................... otiiUTiot) cr Tt u*ine stem- cot [i-t /m t*f>tificitH of infeetpanett. terlet A# dueeerll i, 1*92}........................... >' *sui5i*is naiviw...................................................... 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