Document VGeMZ4bVjxBMpqqgq17e0Ze94

At a regular meeting of the Dire.etors of John T. Lewie & Bros* Company, held thie day in their office, 2607 E. Cumberland Street, Philadelphia, Pennsylvania there were presentt J. W* Gardiner, President A. II. Wilson, Vise President tf. H. Uerritt, Secretary L. T. Beale, Director A. E. McGarron, Director Walter Morris, Director G. A. Watts, Director The meeting was called to order by Mr. J. W. Gardiner, who presided, and Mr. M. H Merritt reported the minutes of the meeting. Mr. Rhell, Treasurer, and Mr. C. F. Peters, Comptroller, were asked to join the meeting. The minutes of our meeting of March 18th were read and approved. The following comparative figures for the month of March 1943 and 1949 and for the three months of 1943 and 1949 were submitted as followst March 1943 - Profit #20,564.42 March 1949 - Loss #22,267.33 3 months 1943 - Profit #48,763.69 . 3 months 1949 - Profit #58,411.94 1 Mr. Peters explained that our total sales have declined 5356 in tonnage as compared with March 1948 although the true position is not really reflected because no normal stock adjustment has been included in this report. Likewise, parts of our factory were shut down for two weeks during March. Mr. Gardiner reported that the demands from our battery oxide customers seemed to be picking up. It was reported that our application for a CAB to cover the equipment for the manufacture of synthetic resins in our Processed Oil Department had been approved in the amount of #11,216.06. An interim application has been sent to Mew fork for the amount of #1696.75 for a CAB to cover the cost of a Spencer heavy duty industrial portable vacuum cleaner for our Oxide Department. An interim application has been sent to Hew Tork for a CAB in the amount of #12,050 for the cost of constructing a truck loading platform at our gate on Bast Huntington Street south of our paint warehouse. Hr. Rhell submitted a report on our credit picture. It shows that our aocounts receivable as of March 31, 1949 totaled approximately #556,000 as compared with #912,000 a year ago, showing a marked decrease in sales and prices of some items. An analysis of the accounts shows #520,300 not due and #35,600 due or past due which represents only 6-2/556 of the ML 000040713 Philadelphia, Pa. April 19, 1949 Page - 2 - gross amount. Of the $35,600, $32,300 or 5-2/53* is lees than thirty days past due and only $3,300 or 1% is over thirty days past due. During Pebruary, v oolleeted 933* of our accounts receivable as oompared with 803* for the paint industry and 7 53* for the state of Pennsylvania. During the first quarter of 1949 we had no charge-offs to bad debts but recovered previous charge-offs amounting to $35*05 Hr. Watts reported that our small metal customers are only buying on a hand-to-mouth basis. Xr. MoGarron reported that on our ready mixed paint we have issued a protection against decline on one order only through June. We have also issued a guarantee against decline on our white lead shipments for thirty days from date of shipment, but both items are moving on a hand-to-mouth basis. On motion duly made and seconded, and in line with resolution adopted by the Executive Committee of the Rational Lead Company it wasi RESOLVED - that effective immediately any employees called for short periods of training in the Rational Guard, Officers Reserve and similar branches of Government military service be allowed any deficiency between the pay the employee would otherwise have received for service with the Company during the period of training and the amount of Compensation received for such training service. Such military service is not to be considered as regular vacation time. There being no further business, upon motion the meeting adjourned. NL 000040714