Document DMQnkNRmkYjx49DNjg6DXZXGM

S.A&\W FRICTION >MT*RiAJ9 STANDr*^ INSTITUTE, INC., 370*UXJ.NGT '.AiiEMJt. NW YCFK. M. y. ll 1 MINUTES or MEETING of the SOaRT) OF DIRECTORS Tuesday, October 26, 1971 at 9:00 A. U. at the INSTITUTE OFFICE, 370 LEXINGTON AVENUE, NSW YORK, N. V. r3;SE?yT J. V;. Greenen, President F. T, Gaike, Vice-President F. . Easier W. Simon J. 1. McGovern, Jr. P. C. 8'igleb . W. DrisUne L. D. Stickles, Counsel Waremont Cor^^at^*, Qrisziy Brake Djvj$i*n Gatke Corporation Sendix Corporation Frict loet W&terials Division Srassbestos C&rpvraiton Raybestos-Manha11an, Inc. S. K* tfellman Corporation F.M.S.l. Stickles, Hayden, Kennedy, Hort & Van Steenburgh NOT PRESENT C. J. V.eber World Sestos Company, Division of The Firestone Tire & Rubber Comp Mrf Greenen opened the meeting at 9s00 A.M. WWTgS OF PREVIOUS K-zTlNG The Secretary read an outline of the minutes of the June 21, 1971 meeting. These minutes had been distributed earlier, and no reading was requested nor were any corrections rads thereto. Upon motion duly made, seconded and unanimously passed, i t was RESCLVEDr That the minutes of the meeting held June 21, 1971 . be accepted as distributed. INVESTMENT OF INSTITUTE PUMPS Messrs. McGovern and Gatke are on the tstryttrery Investment Cc-^siitee. The action previously recommended by the Secretary, upon recocmsna'aiion of the Broker, v.as rejected - invest in 7-l/2% Ford or 7-3/42 AT 4 T issue with 1977 maturities. V.e have 2 30,000 in one year Time Deposits, at 5-3/4% (maturity in November, '.971). '.a have $30,000 in cay-of-dopesit to day-cf-wiihdrawa 1 savings accounts at The Soard requested the Secretary to look into current investment op.ocrtum t ies "or short term (3-6 years) prime quality (AAA or AA) bonds or notes in amount of ';Z-,COZ that will yield in excess of 7>. Th $30,000 now in time deposits should >. ra-irv estftd in time deposits. PLAINTIFF'S EXHIBIT WV-66072 t _H V- ) WV-06072 VKv.jTS'g Or ZTiiKCi 30A.RD of DIRECTORS / -3- Octo. 26, 1 Mr. Greenen wilt contact Mr* Macfee to determines ftho's inviilyed? ftho to contact? Possibly arrange a meeting. Could Macfee form a committee? Report back to the Board. Upon notion duly made, seconded and unanimovsly passed, It was R$Q_VD; That the friction Materials Standards institute ia interested in Slaving contact with the hydraulic parts people so that we can re-affirm our interest in having them join the institute* REQUESTS FOR MAILING LISTS' `*r. Greenen brought up the point that many outs i ders call the Institute to get railing lists of the members. Ordinarily, these are machine tool manufacturers, materials suppliers, etc. The board Confirmed that mailing lists are not available to outsiders, but if we feel there ray be some Interest In the product or service offered,the Secretary will clear it with the President and then issua a bulletin. KAISCft ALUMINUM 1 CHEMhD*- CORPORATION Mr, Greenen, disclosed a request from the Kaiser Agricultural Chemicals Division of Kaiser Aluminum for some guidance. They're working with a liquid compound for ice prevention and removal from highways, and they're concerned that spray might have some effect on brake linings. They are interested in testing to evaluate the effect on brake linings. Mr. Greenen replied to their request which is being referred to our Brake Performance Study Committee. Mr. Greenen Is requesting that the Brake Performance Study Committee contact Kaiser Aluminum. DIRECTORY OF INSTSTUTP1 CQ-VMttTEfS. ETC. .7r, Greenen brought up the question of preparing a directory of 803rd ?.tembers, Ccrmitiae Members, etc., with full addresses, tip codes, and phone numbers. It was reccrr.-ended that such a directory be prepared: Directory to include - Board of Directors, Officers, Delegates and A1tornates* and Committees. v Distributed to: Board of Directors, Offices, Delegates and Alternates and Committee Chairmen. This will be prepared In loose leaf form to facilitate up-dates. ASBESTOS STUDY COLLII Yr. Greener, read from the minutes of the n*wty formed Asbestos Study Commit tee Sec tender 15, 1971. Considerable interest was expressed in this work, and mem bers sf. the Board requested that copies of these minutes be sent to them. "`-'s Secretary will distribute minutes of the September 15, 19T1 .Asbestos Study Cs-mittee to the 3oard of Directors. ,M.f?jarcs Of meeting *, op DIRECTORS -3- Get. 26, Mr, Greenen will contact Mr* Macfee to determine: ftho's jnwi'/ed? ftho to contact? Possibly arrange a meeting. Could Macfee form a committee? Report back to the 3card. Upon notion duly made, seconded and unanimously passed, it was RE3XVED: That the friction Materials Standards institute >s interested in having contact with the hydraulic parts people so that we con re-affirra our interest in having them join the institute, REQUESTS FOR MAILING LISTS* Mr. Greenen brought up the point that aanyoutsiders call the Institute to ge't railing lists of the members, Ordinarily, these are wachine tool manufacturers, materials suppliers, etc. The Board Confirmed that mailing lists are not available to outsiders, but if we feel there ray be some interest in the product or service offered,the Secretary will clear it with the President and then issue a bulletin. KAiSER ALIMNUU Z CHEMICAL QuftPORATI Mr, Greenen, disclosed a request from the Kaiser Agricultural Chemicals Division of Kaiser Aluminum for some guidance. They're working with a liquid compound for ice prevent ion and removal from highways, and they*re concerned that spray might have some effect on brake linings- They are Interested in testing to evaluate the effect on brake linings. Mr. Greenen replied to their request which is being referred to our Brake . Performance Study Committee, Mr, Greenen is recasting that the Brake Performance Study Committee contact Kaiser Aluminum. DIRECTORY OP INSTITUTE COMMITTEES. ETC. Mr. Greenen brought up the question of preparing a directory of Board Members, Committee Members, etc., with full addresses, 2ip codes, and phone numbers, it was r*corveended that such a directory be prepared: Ding-story -to Include - Board of Directors, Officers, Delegates and Alternates, and Committees. Di stHbuted to: Board of Directors, Officers, Delegates and Alternates and Committee Chairmen. This will be prepared in loose leaf form to facilitate up-dates. ASBESTOS STUDY COMMITTEE Mr.. Greener read from the minutes,of the newly formed Asbestos Study Conaiittee c" Sesierber 15, i97lv Consi derab.le interest was expressed in this work, 'and bsrs of the Bcard requested that copies of these minutes be sent to them. Th Secretary will distribute minutes of the September 15, 1971 Asbestos Study Co-mittee to the Board of Directors. fa* to or*mTgaiaiS- institute. ins*. 370 LExi,ngt ."'\Ajjgft MINUTES OF *CETUCQ {J of the flOASD or DIRECTORS Tuesday, October 26, 1971 at 9:00 A. M at the INSTITUTE OFFICE, 370 LEXI NGTON AVENUE, NEW YCKK, N. Y, ESS SENT J. W* Gresnen, President F. T. Gaika, Vice-President FZESaSSmr . W. Simon J L. McGovern, Jr. P. C. B^igleb E. W. Drislane t. 0. Stickles, Counsel tfaremont Corpw^atyh*, Grizzly 6r*ke Division Gatke Corporation Bendix Corporation frictioe Water lat* Division Brassbestos Corporation Raybe stos-Uanha11an, Inc. S. K. ttetlman Corporation F.M.S.I. Stickles, Hayden, Kennedy, Hcrt St Van Steenburgh LOT PRISEUT C. d Weber World Bestos Company, Division of The firestone Tire & Rubber Comp ttrf Greensn opened the meeting at 9:00 A.U. MINUTES Of PREVIOUS MEETING The Secretary read an outline of the minutes of the June 21, 1971 meeting. These minutes had been distributed earlier, and no reading was requested nor were any corrections rade thereto. Upon motion duly mace, seconded and unanimously passed, it was RESOLVED: That the minutes of the meeting held June 21, 1971 , be accepted as distributed. tNVESTtNT Of INSTITUTE FUNDS i/essrs. McGovern and Gatke are on the temporary Investment Contittee# The action previously recommenced by the Secretary, upon reccrvnendai ion of the Broker, v.as rejected - invest in 7-1 /Z% ford or 7-3/45 it i T issue with 1977 maturities. (Vs have C*P,CCv in one year Time Deposits, at 5-3/45 {maturity in November, ".971). rf have -$30,000 in c&y-of-depcsi t to cay-cf-wiihcrawal savings accounts at The 3oerd requested the Secretary to look into currant investment opportune t tes fcr short term {3-6 years) prime quality (AAA or AA) bones or notes in amount of ,;3C-,C0C that will yield in excess of 7%, The 530,000 now in time deposits should be re-irvested i time deposits.