Document N2YD4aM789GpBJY8vwY5bjwoR

Fhlladelphia* Pa* Juna 16, 1947 At a regular mooting of the Directors of John 7* Low!a ft Bros* Gimpmny, held this day at their offioee In the Widensr Building* there veto present* J. w* Gardiner* President 3* F* Beeves, Ties President and Treasurer A* H* Wilson. Tie# President M. B* Merritt* secretary L. 7* Beale, Director 0. A* Watts, Director H. B* Rhell, Asst* Treasurer, was asked to join the neoties* The meeting was called to order by Mr* J* W* Gardiner, who presided, and Mr* K, H. Merritt reported the nictates of tho nesting* The minutes of the meeting of May 19 wero road and approved* Mr* Beeves submitted the following operating figures for tho month of May 1944 and 194? and for tho first five months of 1944 and 194?* In tho ones of tho figures for 1947 tho norms! stoek systsn hss boon eliminated# May 1944 - Loss #546*20 First 5 months 1944 - Profit #30*452*41 May 1947 - Profit #41,311*94 First 5 months 1947 - Profit 348,400*45 Tho annual firs awards for 1947 for twonty nsshore in tho Lowls Firs^Dspartment were approved at s net cost of #149*00* This compares with swards fer eighteen members in 1944 at a not seat of #159*50* It was unanimously decided to make application for a CftB in the amount of #6,700*00 to eovor tbs soot of an additional 125 HP* 2300 volt slipring motor for tho grinding rolls in our linoood oil mill* It was unanimously dsddsd to make application for a OftR in tho amount of #13,617*00 for tho installation in our oxido furnaeo house of a ribbon blonder and eonvoyor to be used for tho mere effieient handling of HIM and 30W oxides* Mr* Shell presented a credit review and outlook for tho coming months* He fools that our overall plotura shews as exceptionally good condition at the present time* Bo divided our asoounto as followsi Lead dealer ascounts -- vary little dslinquensy Lead grinder aoeounte --~ very little delinquency Storage battery accounts-- Only one shew* any sign of dslinquensy Plumbing supply jobber accounts-- Overstocked* About twelve concerns are behind in payment end will need help from us during the next throe or four months Upon recommendation by Mr* Watts it was unanimously decided to make applica tion for a OftR la tho amount of approximately #3,500*00 to cover throe draw benches for oar metal department* A report of deliveries for the week ending Juno 13 was submitted* Mr* Wilson called attention to tho fast that tho small Dewthorm in our now oil mill baa boon in operation for tho past two weeks and wo have pro duced throe oils, namely LG-57, Ssterscy P and lispao 3* men# of which could NL 000040754 Jana 16* 1947 eoatinuad*,*.* ton tots pmdnead with or old aquipaant* 8a also raportad that or now tow* paint t* ta ha going vary wall* Wt* Qardinar haa writtan ta Mr. Jftldnar ragarding anr eelor-in-oil aitaatina and givaa raasana far tto naaaaaity af an* raaairing additional taaaaga fran all branahaa of tha Vational Load Gaapaap who* wa fomarly anppliad* Thara balng aa forthor bnainaaa* upon nation tha aaaiing adjoarnad* 1 NL 000040755