Document O3LoerYxKZ6keQ3jZ0LGY6jq1

Philadel J la conformity with Article 17 of the By-Laws ar.ci parsu&nt to the action of the Shareholders at the Annual Meeting held at the offices of the company, Monday, January fifteenth, 1340, at two o'clock P.Y., the Eoard of Directors of WETHERILL & BROTHER, INC. convened at 1:15 P.M. on Monday, January fifteenth, 1340, in Room 631 Penfield Building, 1313 Chestnut Street, in the City of Philadelphia. The following Directors were present : Edward F. Beale S. french Reeves being a majority of the Directors and constituting a quorum of the Board. The Minutes of the previous Meeting were read and approved. The Chairman, Edward F. Beale, stated that the first business to acme before the Meeting was the election of Officers. The following persons were thereupon nominated for Officers of the Corporation to serve for one year and until their successors are chosen and shall have qualified: Chairman ofthe Board President Vice President Secretary Treasurer - Edward F. Beale, - Fletcher TV. Rockwell, - S. French Reeves, - William H. Fisher, - William H. Fisher. There being no other nominations and all the Directors present having duly voted, the Chairman announced that the aforesaid persons had been duly and unanimously chosen as said Officers respectively. The Secretary and Treasurer submitted a brief report on the business activities for the year 1933, which report is made a part of these Minutes. Meeting on motion adjourned. W. H. Fisher - Secretary. 0000-NLI-000020083 (copy) WETHERILL & BROTHER, INC. OPERATIONS - TEAR 1939. I furnish below a condensed operating statement of Wetherill & Brother, Inc., for the year 1939, as reflected by our Profit & Loss Statement. The gross figures for sales, cost of 3ales, etc. have been reduced to the per ton basis, and also prepared to show monthly average of sales, expenses and profit. Sales Cost of Sales Gross Profit Expenses Net Profit $ 54,00. 43.400. 10,800. 9.800. $ 1,000. Per Ton Average Per Month $ 152.00 12.C0 30.00 7.00 $ 3.00 $ 4,510. 3.610. 900. 816. $ 84. Our total sales for the year 1939 were 357 tons, totaling $54,00., which compare with last year's figures showing 414 tons, valued at $59,35. In quantity, these total sales comprise the following: 1939 1938 White Lead in Oil Dry White Lead Oxides Miscellaneous 141 163 7 95 142 155 1 357 414 In analysing the above statements, reflecting a profit of approximately $1,000. for the year 1939, this can be attributed to an increased spread between Sales and Cost of Sales of $6.00 per ton over the previous year, while expenses increased $3.00 per ton by reason of diminished sales, making a net gain of $3.00 per ton on the 357 tons sold. Fe are continuing to share our office with the Titaniun Pigment Corporation, Sales Division, and provide clerical assistance, receiving therefor about one-third of the combined cost of office rental and clerical service. W. H. Fisher, - Secretary-Treasurer. 0000-NLI-000020084 N 2454.01