Document O3eaJXJOggGabnde3RrQO5a0Q

1955 No. 2. On February 26, 1955 the regular monthly meeting of the Executive Cosnittee of The Ruberoid Co. was held at the office of the compary, 500 Fifth Avenue, Ker 1'ork City. There were present Messrs. Herbert Abraham, Chairman; M. C. tTnitsker; C. r. Batchelder; V.. B. Harris. On motion duly made and seconded, the minutes of the previous meeting of the Ex ecutive Committee held January 22, 1935 were approved as distributed. The President made a report relative to the annual meeting of stockholders of The Ruberoid Co. held at Bound Brook, N. J. on February 15, 1935. Hie President presented the balance sheet, including the profit and loss statement prepared by Price, Katexfaouse & Co. as of December 31, 1934, also the profit and loss statement for January 1935 and the consolidated cash statement of The Ruberoid Co. as of February 23, 1935. The President presented a letter received from The Lang Compary dated February 22, 1955, in which they suggested investing f100,000. in Government securities, 50,000. to be invested in 3-1/2% Liberty Bonds and $50,000. in First 4-1/4% Liberty Bonds, which procedure was approved. On action duly mace and seconded, the fallowing resolution was unanimously adopted: RESOLVED that the resolution passed at the November 27, 1934 meet ing of the Executive Committee author1 ring the writing off of re tired machinery, be and hereby is rescinded. FURTHER RESOLVED that the action of Price, Vaterhouse & Co. in writing off against surplus the depreciated balance as of December 31, 1934 carried in "Retired Machinery Accomt", in closing the books of the company for the year 1954, be and here by is in all respects approved. The President referred to the policy which the conpaiy should adopt curing the current year In respect to setting up depreciation charges and referred to the plcc. of charging off depreciation which the campaiy has been following since Januarv 1932, as approved at the meeting of the Executive Committee held on June 22, 1952, in accordance with which the depreciation charge is separated into two brackets, namely: obsolescence, estimated to be 40% of the total; and wear and tear, esti mated to be 60% of the total, the latter being adjusted in proportion to the tonnage of goods produced. He pointed out that during 1934 depreciation was pro vided for as follows: Peer and Tear Obsolescence Total The Ruberoid Co........................ The Lang Compaxy...................... H. & G.-Lang Manufacturing Co Total $149,100. 50,720. 24.640. 204,660. $ 99,401. 20,460. 16.580. 136,441. $248,501. 51,200. 41,400. The depreciation of $341,101. which we charged off in 1934 amounted to 4.0% of the net sales and 5.7% of the depreciated value of the capital assets. Had we charged off the depreciation in full in accordance with the policy pursued prior to 1932, the charges incurred by The Ruberoid Co. would have amounted to the following: GAF 18525 -2- '.Ve&r and Tear........ Obsolescence.......... Total.......... $188,842. 125,894. $314,756. The result is a total increase for The F.ufceroid Co. (only) of approximately ^26,J.. ifter full discussion *rr= on notion duly xade and seconded, it was unanimously resolved that we adhere to our present method of figuring depreciation. The President gave a full report regarding trade conditions and prospects. After a full discussion and on notion duly made and seconded, it eras manimously resolved that the board of directors be requested to declare a quarterly dividend of twenty five cents (25/) per share on the outstanding capital stock of the cor poration, peyable March 15, 1935, to stockholders of record at March 1, 1955. it this point Ur. C. F. Evans, the coopery's counsel, was invited to attend the meet ing and outlined the steps be had taken in respect to listing the compary's share; on the Her lork Stock Exchange. Mr. L. C. hugen was also invited to attend the meeting, and both he and Mr. Ivans gave detailed accounts of the status of the asilicosisa cases which had been in stituted by certain of our ex-employees at St. Louis. After full discussion end or. notion duly Bade and seconded, the following procedure *as approved: (a) Steps be taken to immediately install equipment at St. Leuis necessary to cosply* fully with Missouri Statutes and to provide the maximum degree of safety to employees in respect to dust hazards, sanitary conditions, etc., at en ex penditure not to exceed $15,000. (b) Betain the services at St. Louis of a qualified physician for the purpose of periodically checking the physical condition and health of the employees. (c) Install a Personnal Department under a competent manager to carefully check the past records and qualifications of all employees and prospective employ ees. (d) A strvey be Immediately started to ascertain whether ary hazards exist at azy of ow other factories, with particular reference to Bouad Brook and Erie, and to determine what equipment, if axy, is required at the other points to eliminate dust hazards. Mr. Eugen made progress reports relative to the manufacture of carbon dioxide gas and also the results of his investigations relative to the addition of "rock wool" to our line of insulating products. On notion duly mads and seconded, the execution of the Minneapolis warehouse lease was unanimously approved, said lease being dated February 6, 1935, effective for one yeex commencing March 1, 1935, between Andrews, Inc. as lessor end The F-uberoic Co. as lessee, covering the premises 155-26th Avenue E.E., Minneapolis, Minn., at a rental of ninety dollars (90.00) per month. On motion duly made and seconded, the following contracts were ratified: GAF 18526 Alberoyd Corporation of America - Alberoyd 48/40 for Erie and Bound Brook - . per net ton f.o.b. cars Damon, Va. - 25 on the 10th of the month - expires January SI, 19S6. American Can Compary - tin cans for Baltimore, Bound Brook, Erie and A.illis - 1% for cesh in ten days - expires December SI, 1937. Drake Petroleum Co. - Drake mineral spirits for Joliet - $.0763 per gal. frei, allowed - 1$ for cash in ten days, thirty days net - expires December 31, : Enterprise Can Co. - to 10-gl. steel palls for Erie - 1$ for cash in ten d; expires June SO, 1955. The GrasBelli Chemical Co. - Sherardizing zinc for Joliet - expires December ' Graybar Electric Co. - incandescent lamps for Bound Brock and mills - expire December SI, 1955. Illinois Steel Co. - crude coal tar far Joliet (1,250,000 to 1,875,000 gallon 4-1/2/ per gal. f.o.b. Gary, Xnd. - 1/2 of 15 In tan days - expires Decent 1955. Missouri Portland Cement Co. - red ring Portland cement, in bulk, shipment to Louis - $1.55 per standard barrel - cash discount of 10/ per barrel - expi December 51, 1955. National Enameling & Stamping Co. - steel drums for Joliet - 15 for cash in t expiree June 50, 1955. Ohio Pall Co. - 2$ to 10 gal. steel pails far Baltimore - 15 for cash on the and 10th - expires June 50, 1955. Pittsburgh Coal Co. - coal for Erie - $1.65 per net ton f.o.b. mine (gas sla< Banning steam stoker); $1.75 per net ton f.o.b. mine (champion stoker fuel expires June 17, 1956. Seaboard Operating Co. - micaceous talc far Baltimore - $7.75 per net ton d> Baltimore 'in paper bags) - 15 for cash in ten days - expires December 51 Southern Mica Co. - AA-160, AA-TOQ, AA-50 dry growd mica for all plants - $: per ton - 15 tan days - expires December 51, 1955. Standard Oil Co. of N.J. - fuel oil for Baltimore - top price not to exceed per barrel - 15 for cash In ten dqrs - expires December 51, 1955. Standard Oil Co. of N.J. - lubricants for Baltimore - 15 10 days - expires L 51, 1955. Trumbull Asphalt Co. - bard asphalt In druns for Chicago territory - $18.00 (190-200F, 170-175 asphalt); $20.00 per ton (150-165); $20.50 per r (125-150)j f.o.b. Claring, 111. - 15 far cash in ten days - expires Dei 31, 1955. Onion Collieries Co. - #5 stoker coal for Erie - $2.00 per ton f.o.b. B<n . 15 discount In ten days - aspires June 15, 1956. United States Rubber Products Co. Inc. - mechanical rubber goods for Bourc : 25 10th proximo, 60 d^s net - expires December 51, 1935. On motion duly made and seconded, the employment of the following persons r. unanimously approved: Bound Brook L. V. Bennett - factory specially man - effective February 18, 1935. Chicago Natalie berk - typist - effective February 1, 1935. Salary $175.00 pe 65.00 r KillIs Mary V.kerrison - clerk - effectiveJanuary 28,1935. Geo. C. barren - salesman - effective February 11, 1935 (replacing L. C. *ilbw,released) 15.00 ' 200.00 ' GAF 18527 Hen York liae Coleman - dictaphone operator and stenographer effective February 15, 1935. The foregoing involves salaries totalling....$600.S3 per month Salary $22.00 per reel: On notion duly made and seconded, the fallowing appropriations were authorised: Baltimore............Ho. 80...Chilled iron opposition roll for cutter.............. $ 295.00 Joliet................. No.519...Repairs N-P Mixer........................................................ 1,115.75 * 320...Additional tank storage for tar plant.............. 11,564.X * 521...Change water intake.................................................... 615.00 ' 522...Rag cutter repairs.................................... .................. 1,275.00 Nobile.................No. 74...New rotary shingle cutter......................................... 2,160.00 St. Louis............No. 48...Structural changes trimming department................ * 49...Equipment to perfect themanufacture offloor tile.......................................................................... * 50...Brick StyleSidingequipment...................................... 1,497.19 2,960.00 515.05 TOTAL............. $22,012.9s Total amount of appropriations (including those of today) authorized thus far this year..............................................456,926.98 The meeting thereupon adjourned. GAF 18528