Document MxD0vomxXvoK9vY72n9Rna8k

MINUTES OF MEETING OF EXECUTIVE COMMITTEE HELD WEDNESDAY, OCTOBER 26, 1966, at 10:30 o'clock A.M. PRESENT: Messrs. Martino, Drewes, Henrich, Johnston, MacGuffie, Merrell, Owens, and Rowley (J. A. Martino, Chairman; J. B. Henrich, Secretary) PRESENT BY INVITATION: Mr. P. C. Muccilli Upon motion, the following applications for appropria tions were duly approved: $ 4,297.25: Contribution; Membership Subscription to Lead Industries Association, Inc. from October 1, 1966 to December 31, 1966 - $3,736.75; Health & Safety Public Relations Program - $560.50. 29,498.00: Manufacturing Committee; Ten (10) Automotive Vehicles - (Net Cost - $17,078.00) Baroid Division 150,000.00: Joint venture with Iran Barite Company for the supplying of drilling muds. 20,790.00: Construction of Six Degassers, Houston, Texas - Expiration Date - March 31, 1967. Chicago Branch 22,385.00: Painting of and Repairs to Exterior Building Walls, Chicago, Illinois - Expiration Date December 31, 1966. 5,616.00: Installation of Reverberatory Furnace Charging Scale, McCook, Illinois - Expiration Date December 31, 1966. Doehler-Jarvis Division 12,830.00: Overexpenditure, Installation of Copper-NickelChrome Plating Facilities, Grand Rapids, Michigan. 64,000.00: Purchase of Nine Yale Electric Fork Trucks, Toledo No. 2 Plant, Ohio - Expiration Date October 31, 1966. 14,550.00: Installation of Equipment to Develop Data for Water Treatment Plant - Plating Department Toledo No. 2 Plant, Ohio - Expiration Date March 31, 1967. General Office 4,500.00: Services of William J. Crabtree in connection with 1965 Pennsylvania Corporate Tax Matters. 0000-NLI-000021267 (EXECUTIVE COMMITTEE - OCTOBER 26, 1966) EN-4199 1,076.69: 125.00: 59,761.00: 17,135.00: 40,578.00: 19,500.00: 47,389.00: 222,000.00: 12,935.00: 4,447.00: 8,405.00: 22,281.00: 55,540.00: 29,480.00: Services of Fish, Richardson & Neave September, 1966, in connection with various patent matters - $1,040.00; Disbursements $36.69. Installation of Additional Electric Light Switch in Secretary's Office. Magnus Metal Division;- Replacement of Roof over Finishing and Shipping Departments, St. Louis, Missouri - Expiration Date April 30, 1967. Pacific Coast Branch Alterations and Equipment for Lead Chemicals Manufacture, Oakland, California - Expiration Date - November 30, 1966. Purchase and Installation of 100/50 H.P. High Speed Disperser, Two Mixing Tanks and Three Thinning Tanks, Seattle, Washington - Expi ration Date - March 31, 1967. St. Louis Branch Installation of Fume Collecting System for Mixed Metal Kettles, Hoyt Plant, Granite City, Illinois - Expiration Date - March 31, 1967. Installation of Conveyor Line for Automatic Double Seamer for Drums, Steel Package Division, Granite City, Illinois - Expiration Date - March 31, 1967. The Chas. Taylor's Sons Company; Purchase of Land for Development of Master Plan for Cincinnati Operations, Cincinnati, Ohio Expiration Date - December 31, 1966. Titanium Division - St. Louis Plant; Over expenditure, Repairs to No. 8 Acid Plant Unit. Titanium Division - Sayreville Plant Overexpenditure, Annual Inspection of and Repairs to "E" Acid Unit. Overexpenditure, Repairs to No. 7 Calciner Feed End Refractory and Speed Reducer. Annual Inspection and Repairs to No. 2 Steam Generator - Expiration Date - December 31, 1966. Purchase of Riparian Rights for Plant - Expira tion Date - March 31, 1967. Repairs to Protective Coating on Ore Conveyor CVU-11 - Expiration Date - December 31, 1966. 0000-NLI-000021268 EN-4200 (EXECUTIVE COMMITTEE - OCTOBER 26, 1966) The Committee approved the recommendation of the Manu facturing Committee for the sale to the Usen Products Company of a warehouse building of the Baroid Division at Lockport, Louisiana, for the sum of $5,500.00. The Committee approved the recommendation of the Manu facturing Committee for the sale of a milling machine base and table of Pioneer Aluminum Inc., Los Angeles, California for scrap value of.$1,000.00. The Committee approved the recommendation of the Manu facturing Committee for the sale to Messrs. Lavigne and Churco of a commercial building lot of approximately .7 acres of the Titanium Division, MacIntyre Development, at Winebrook Hills Subdivision in Newcomb, New York, for the sum of $1,700.00. The Committee authorized the renewal or extension of a loan in the amount of $1,500,000.00 from The Chase Manhattan Bank for an additional period of thirty days from October 27, 1966, at an interest rate of 6% per annum, the said amount of $1,500,000.00 representing the unpaid portion of a previous loan of $5,000,000.00 made by the Company from the bank aforesaid. The Committee authorized the organization under the laws of Thailand of a corporation for the production and sale of 0000-NL1-000021269 EN-4201 (EXECUTIVE COMMITTEE - OCTOBER 26, 1966) paint and related products, the said corporation to be known as National Lead Company Thailand Ltd., or by a name similar thereto, and to be owned 51% by National Lead Company and 49% by Connell Bros.; it being estimated that a total investment or commitment of between $650,000.00 to $700,000.00 will be required in con nection therewith. Upon motion duly made and seconded, the following pre ambles and resolution were unanimously adopted: WHEREAS, BAROID INTERNATIONAL, S.p.A., a sub sidiary of NATIONAL LEAD COMPANY, is desirous of re newing credit facilities, from CREDITO ITALIANO, Rome, Italy, for the period from October 1, 1966, to August 31, 1967; and WHEREAS, in consideration for extending said credit facilities, CREDITO ITALIANO requires the de positing of security, and the guaranteeing of repay ment by NATIONAL LEAD COMPANY out of said security of any unpaid indebtedness of BAROID INTERNATIONAL, S.p.A., in the event of default in repayment by BAROID INTERNATIONAL, S.p.A., of funds advanced to it; and WHEREAS, it is in the interest of NATIONAL LEAD COMPANY to deposit the required security and to guarantee the repayment of funds advanced to BAROID INTERNATIONAL, S.p.A., and to execute and deliver to CREDITO ITALIANO any papers necessary for such purpose, NOW THEREFORE IT IS RESOLVED, That the President or a Vice President, or the Treasurer or the Assistant Treasurer of NATIONAL 0000-NLI-000021270 EN-4202 (EXECUTIVE COMMITTEE - OCTOBER 26, 1966) LEAD COMPANY be and he hereby is authorized and directed to make, execute and deliver in the name of and on behalf of this Company any required letter agreement with CREDITO ITALIANO, Rome, Italy, providing for the con tinuing of a time deposit account in the amount of $100,000.00 at interest of 5% per annum, as security for credit facilities to be extended to BAR0ID INTERNATIONAL, S.p.A., for the period from October 1, 1966, to August 31, 1967, in an amount of Lire 62,500,000 at interest of 6% per annum, and pro viding also for the continued guarantee of repayment out of said security of any unpaid indebtedness due CREDITO ITALIANO in the event of default in repayment by BAROID INTERNATIONAL, S.p.A., and that the Secretary or an Assistant Secretary of this Company be and he hereby is authorized and directed to affix the seal of this Company to said letter agreement, and to any and all documents as may be required herein, and to attest the same. The Committee ratified and approved the investments made during the weeks ended October 10, October 17, and October 24, 1966, as set forth in the lists attached to and made a part of these minutes. Upon motion, the meeting then adjourned. Secretary 0000-NLI-000021271 \ IftVESTMENT OF SURPLUS FUNOS TO MI|.lB. HENRICM. SECRETARY ' . j-r- d a t e .-. October . _ *. - &-* -ii => t will be appreciated if you will obtain Executive Committee approval for the follow!hg^urcbase >f investments during the week ended October 10. 1966* f NAME FACE"' a mo u n t PRINCIPAL : ACCRUED INTEREST TOTAL V ? ;* MTCMI v. * 'fi-i m Elmira, New Toxic C. 8. C. r 3.10$ 110,000. 109,830.60 *1,221.91 111,052.51 Si-V ;ri' -.*& & .rjt Pt#. 12-1-66 T.01 ..-.'ajte'.rr, `.t i ^ ' >}**p'S.. . *. rt>VV-' ' . SY' ' ': 3* ,-i. .:-i ' ' pjJPV'--* *r -sit . r- ' _.* . k;> f. tr\ ; . .1, v A. - **$& I OCT 6 1966 INVESTMENT OF SURPLUS FUNOS TO MR. J. B. HENRICH. SECRETARY q^O*1 d at e 'October 18, 1966 MARTINO OREWES MAC CUFFIE MERRELL OWENS ROWLEY Johnston 0000-NLI-000021273 SECRETARY INVESTMENT OF SURPLUS FUNDS TO MR. J. B. HENRICH, SECRETARY d at e October 25, 1966 -L41? MARTINO DREWES MAC GUFFIE MERRELL OWENS RHOHWlMLPEY Johnston 0000-NLI-000021274 SECRETARY