Document Dvo00rLVv1Z86kdxj6JjmZY2B

sm 14. l-r<i li;: Jr- LetK.i i-n_e.:-, *.i. -< i' 19S5 ---- No. 6. On May 8, 1925 the regular monthly meeting of the Executive Committee of The Ruberold Co. ^as held at the President's home, 19 West 74th Street, New York, N. T. There were present Messrs. Herbert Abraham, Chairman; T. U. Rianhard; K. C, nhitaxer; C. T. 5atchelder; n. B. Harris. On motion duly made ana seconded, the minutes of ths previous meeting of the Lxecutv Committee held April 20, 1925, were approved as distributed. The President presented the Profit and Loss Statsaent for April 1925, giving compar isons with the figures for 1951-1924 Indusits, also the Consolidated Cash Statement of The Ruberold Co. as of 27, 1935, Hr. Harris reported the receipt froa S. A. Internationale de L'Asbeste-Clment of $12,418.90, representing the proceeds of investment of Swiss francs 56,000. plus interest (72 shares S.A.I'.A.C. stock returned to aeabers December 1953 and reinvest?-: for us with interest). It was felt that Switzerland would probably go off tne gold standard, hence our desire to bring these funds to America. This represents a profit to us of $4,980.58, being the appreciation of the Swiss franc from February 1, 1921 to Mar 10, 1955. We still retain an interest in the S.A.I.A.C. amounting to 37 share: having a face value of Swiss francs 48,500., which at today's rats of exchange is equivalent to $15,684.00. Hr. Harris made a further report regarding the status of the R. & S. Purchase Corpora tion and stated that Ruberold had purchased to May 25 a total of $581,000. of r. i S. notes, leaving a balance of the appropriation of $750,000. for such purpose, of $169,OX. Ur. Harris was authorized to continue to draw funds from Ruberold for its current purchases of R. A S. paper, with the understanding that aqr purchases made ir. excess of $750,000. would be ratified at the ensuing nesting of the Executive Comnitt* The President made a full report regarding the industry situation, relating to aspbal1 products and asbestos products, and stated that in his opinion the termination a: vNKA as a result of yesterday's decision of the Supreae Court, would result in an un settled condition in the asphalt roofing and shingle industry, although he anticipate, that aore stable conditions would prevail in the asbestos industry. After full discussion, on motion duly made and seconded, it was unanimously resolve', that the Board of Directors be requested to declare a quarterly dividend of twenty five cents (26^) per share on the outstanding capital stock of the corporation, peyable June 15, 1925, to stockholders of reeord at Juie 1, 1955. The President outlined the program which he hid formulated to utilize the supplus cas: over and above that required for the operation of our business, in a way to further the interests of the eompaj^y and at the same time to safeguard ouraelves against any further currency inflation. The appropriations to be submitted at today's meeting and various additional iteas under consideration, night involve an ultimate expend iture of elightly over one alllion dollars betwesn now and the end of the present yet.The additional iteas referred to in the President's prograa will be duly brought up for review at ensuing nestings of the Executive Comittee. The President read a letter receded from S. A. Financiers dated May 3, in whirr. tne;- expressed an interest in acquiring additional shares in our company, as a means of diversifying their investments. The President made a further report regarding the application for listing tne shares of the company on the New York Stock Exchange and stated that our application had bee: O'? 1? 1992 12=45 OBEF f hLEF CiF 1I !E9. ?HF 11 EF -!lUt 4 .'Utr'r1 - . L' i 2- - formally filed with the New York Stock Exchange on May 1, also that he had a confer ence with the Listing Committee on May 6, io regard to holding certain of the filsinformation confidential. The President again brought up for consideration the proposed plan for the recB;'l*.2lization of The Ruberoid Co. Ltd. of London, outlined in Mr. E. K. James1 letter 43 dated May 13, 1935, enclosing cojy of the plan proposed by fyers & Co. dated lis.y -i. 1955, emanating from their Director*, Mr. E. Beddington Behrens. The proposed plan, with the exception of the following itama, was regarded favorably by the Committee; naaelyt (a) The ieauance of ordinary shares to the Managing Directors In consideration of the oanoellation of their aerwice agreement* was not regarded favorably. (b) The preference shares should bear interact at 5< instead of (c) The underwriting fee of t% of the nominal value of the preference shares was deemed excessive, in view of the original communication received from Mr. Lucian L. Leeds under date of March 15, in which he suggested a financing charge of approximately 5$. On motion duly made the President was authorized to proceed to London during the Strainer to confer with layers 4 Co., in compare with Messrs, James and Irwin, and e:deavor to worx out a satisfactory plan for recapitalizing The Ruberoid Co. Ltd., ini simultaneously to conclude with the Managing Directors a modified form of service agreement. The President stated that the compazy was about to engage in business in the State of Indiana and suggested that a resolution be adopted authorising the compazy to apply for a lioenae to do business in the State of Indiana, and appointing Edward Dalloan, 54 North Sheridan Ivwnue, Indianapolis, Indiana, as the company's agent in Indiana, in accordance with the statutes of said State applicable to foreign corporations d:ing business therein. The matter was fully considered, and upon motion made and seconded, it was uianlmously RESOLVED that the proper officers of this company be, and they hereby are authorized to apply to the Secretary of State of Indiana for a license authorizing this compazy to engage in business in said State. It was further RESOLVED that Edward Dal 1 men, of 54 North Sheridan Avenue, Indianapolis, Indiana, be designated as the company1 a agent in the State of Indiana, in accordance with the statutes of said State applicable to foreign cor porations engaged in business therein. Mr. Harris made a report outlining the difficulties which he experienced in adequate.* protecting The Ruberoid Co. with insurance covering occupational diseases, and state? that while the matter was being investigated, it might result in our being obliged tc carry our own insurance in the case of occupational diseases, since all of the Amer ican companies, because of the laws of tne various States, had withdrawn from this type of coverage. Cn motion duly mads and seconded, the following contract was ratified: 0 1 ..0Q02"3'7 The Barber Asphalt Company - approximately 1,000 to 1,500 tons shingle satura tion G--312 for Bound Brook - $14.00 per ton, in tank cars, f.o.b. Maurer, N. J. . 2% 10 days, net 50 diys - exnires December 31. 1935. 5- - The President brought up the case of Hr. E. L. Wheeler, who had been connected wit.-', the Erie Division of the Compaq for 52 years, haring been employed by the H. F. Watson Co. in 1885, and submitted piyslcian's reports to the effect that Mr. Wheeler is nor unable to continue working for physical reasons. On motion duly made anl seconded, it was decided that Mr, Wheeler be allowed a pension of $15.00 per wee:'., affective June 1, 1955, same to continue until further notice. On motion duly made and seconded, the employment of the following person was unan imously approred i A St. Louie Katharine McDonough - clerk - effective 0, 1956. $80.00 per month On motion duly made and seconded, the following salary adjustments were unanimousl;approvedt Bound Brook (all effective Mar lf 1955) L. W. Cornwell - tabulating department, assistant to Mr. Locbbaum - (increased responsibilities). C, S. Toms - general bookkeeper - (increased duties and efficient work). H. weber - tabulating clerk - (increased duties and efficient work). L. F. Welte - in charge Comptroller's office - (increased duties and efficient work). New Mon- Monthly thly Rate Increase 1170.0: 195.OC fl0.7! Iff A^-* 75.00 4.:r 560.00 10.75 Erie (all effective June 1, 1955) Virginia Crotty - stenographer - (efficient work) Harvey Eck - clerk - (very efficient services) James D. Gregg - utility clerk - (efficient eervicea and higher grade work) Millis James Bennett - foreman, roofing machine - (temporary in crease due to extra hours work) - effective April 15 to Ootober 15. 75.00 100.00 75.00 14.54 15.55 14.?.: 166.00 26.o: Hew York F. M. Fenn - secretary to Mr. Van Vleet, all salary disbursements sod group insurance -- (increased duties and efficient work) - effective May 1, 1955. 210.00 12.e5 TOTAL INCREASES PER MONTH. ..$127.56 On eotion duly made and seconded, the following appropriations were authorized: Bound Brook...Vo.272....Two--story warehouse fabricating building with extension to present asbestos manu facturing building.................................................. * 97,350.00 Erie..........No.1084...Move and expand the pipe corering in sulations manufacture to satisfy expanding salsa volume.............................................................. 27,000.0; ^ n n ^ 11 Q n Joliet No. S26...Replaeenent and repairs to #5 and #5 beaters................................................................ $ 5,016.00 TOTAL. .1..............$127,666.00 Total anoint of appropriations (including those of today) authorised thus far this year.............................................. $265,080.60 The meeting thereupon adjourned. Secretary