Document Lgwmkd49aMJ6w6Nvv5ev7R9J5

At a regular meeting of the Directors of John T. Lewis ft Bros. Company held this day in their office, 2607 B. Cumberland Street, Philadelphia, Pennsylvania, there were present! J. If. Gardiner, President A. M. Wilson, Vice-President L. T. Beale, Director A. B. MoCarron, Director Walter Morris, Director the meeting was called to order by Mr. J. W. Gardiner, who presided, and Mr. A. M. Wilson reported the minutes of the meeting. Mr. Shell, Treasurer] Mr. C. P. Peters, Comptroller; and Mr. W. C. Sevia, Superintendent, were asked to Join the meeting. The minutes of our meeting of May 16th were read and approved with the following correction; namely, that whereas "Mr. Shell reported that all spring dated bills totalling #43,919.20 have been paid except by seventeen companies" it was the intention to express the fact that all spring dstsd bills have been paid exoept those from seventeen companies, the total outstanding from these companies being #43,919.20. The following comparative figures for the month of May, 1940 and 1949 and for the four months of 1940 and 1949 were submitted as follows, -i Wo normal stock adjustment is inoluded in these figures! f May 1940 -Profit - #54,040.51 May 1949 -Loss #31,092.07 5 Mos. 1940 - Profit - #172,246.00 5 mos. 1949 - Profit - #017.19 Mr. Peterspresented a study ofthe effect of the pig lead decline on our May earnings and believes that had pig lead cost us the same as the basis on which ths products were sold, our earnings would have been #32,431.00 for May. Re further pointed out that if pig lead does not further decline, we are still faced with an inventory loss of #202,151.00 as an offset to branch earning figures. There was a general discussion on trade sales with particular emphasis on Blended Paint and White Lead-in-Oil. Mr. Gardiner stated that the outlook for Oxide sales for the next 3$/6 days had improved. Mr. Morris described the encouraging situation in Lead Chemicals. Mr. Wilson outlined the present Linseed Oil situation and pointed out the fact that Factory and Warehouse inventories *re reaching new lows in anticipation of a price adjustment at the and of the month. Mr. Ehell reported that Aeoounts Receivables were well in line and that* with one or two exceptions, our position was healthy. It was reported that our application for a CftR in the amount of #11*020.00 to cover the construction of a truck loading platform at 20 Building had been approved by the Hew fork offioe and that work was well under way. NL 000040708 Page 2 Philadelphia, Pa. Jana 20, 1949 It was reported that our application for a GAR in the amount of #1862.90 for the purchaee of one Tale Work Saver Truok for our Omide Department had been approved by the Sew York office. There being no farther baeinees, apon motion the meeting adjourned. A. X. Vileon. Acting Secretary 1 NL 000040709