Document ZnrjzKqegn2v3EkOmY4R7j5nZ

On May 28, 1935 the regular quarterly meeting of the Board of Directors of The Rubaroid Co. w held at the office of the company, 500 Jlfth Armtf, lies fork# N.T. There were present Messrs. ff. 3. Harris; T. M. 5-ianhard; Stanley noodvrard; M. C. ffhitaleer; C. F. Batchelder; E. . Potter; J. C. Bead; L. C. Eugen; Vivian Green. In the absence of the President, Hr. W. E. Harris acted as Chairman pro-tea. The Acting Chairman read the minutes of the last quarterly meeting of the Board of Directors held February 26, 1935, also the minutes of the Executive Committee meet ings held March 26 and April 30, 1935, which were unanimously approved. The Acting Chairman presented the Profit and Loss Statement of The Suberoid Co. for April 1935, giving comparisons with the figures for 1931-1.954 Inclusive, respectively, as follows: April 1931 1952 1935 1954 1955 Net Sales 982,155 (less deductions) 593,250 522,840 885,880 1,124,216 114.46* of 1931 189.5 * of 1932 215.02* of 1933 126.9 * of 1934 Profit or Loss 165,468 14,065 ii,3J7* 95,309* 104,555* Jan, to Apr. Incl. Net Sales 2,675,802 (less deductions) 1,864,622 1,633,742 2,106,807 2,749,185 102.74* of 1951 147.44* of 1932 158.28* of 1953 130.49* of 1934 Profit or Loss 79,080 125,543 261,098* 15,235* 89,286* * Inclusive of Eterait The Acting Chairman presented the Cash Statement as of May 27, as follows: Bank Balances..................................... Bonds.................................................... Tax Title to Pier Property (Lang) Regular Demand Deposits.................. Savings Banks..................................... Less minority interest (The Lang Compary)........................... $ 944,578.17 1,020,264.69 2,885.60 507,530.09 15.845,64 $2,289,104.19 34.901.74 $2,254,202.45 The foregoing shows an Increase of approximately $24,000. over the previous month, in addition to which there has been paid to R. & S. Purchase Corporation since the last Executive Committee meeting a total of $160,000. On motion duly made and seconded, it was unanimously 01-0005459 gflaSBSaaga^gSiMiMci --2* RESOLVED that a quarterly dividend of twenty five oiqU (2Sff) per share be and hereby is declared oa the capital stock of the company, payable June IS, 1925 to stockholders of record as at close of business June 1, 1335. JTJH23EH nv.snr.ggD that, the proper officers of this corpora tion be aod hereby are authorized to deposit with The Chase National Bank of the City of Hew lork as dividend disbursing agent, such sum as may be required to pay such dividend. The Acting Chairman reported the further steps that had been taken with respect to the listing of the shares of The Ruberoid Co. on the Hew lork Stock Exchange, and after discussion the following motion was unanimously adopted: HHS3EAS, the date presently authorized by the by-laws of the corpora tion for the holding of the annual meeting of stockholders of the cor poration does not give sufficient time prior to such meeting for the completion of the examination of the corporation's books and the preparation and publication of its annual financial report; HOW, THEREFORE, be it RESOLVED, that paragraph "4" of the by-laws of the corpor ation, which reads as follows: "4. She annual meeting of stockholders shall be held on the third Friday of February in each year If not a legal holiday, and if a legal holiday then on the next secular day following, at 1:30 o'clock P.H., when they ahall elect by a plurality vote, by ballot, a board of directors, to serve for one year and until their successors are elected or chosen and qualify" be amended so that as amended the sane will read as follows: "4. The annual meeting of stockholders shall be held on the third Friday of March in each year if not a legal holiday, and if a legal holiday then on the next secular day following, at 1:30 o'clock P.M., when they shall elect by a plurality vote, by ballot, a board of directors, to serve for one year and until their successors are elected or chosen and qualify*. In accordance with'the provisions of paragraph "53" of the compaiy's by-laws, it will be necessary to ratify such amendment at the next succeeding regular meeting of the Board of Directors. The Acting Chairman reported in detail the following subjects which had been discussed at the meeting of the Executive Committee this morning: (a) investment in S. A. Internationale de L'Asbeste-Ciment; (b) R. & S, Purchase Corporation; (c) industry and trade conditions; (d) plan to utilize surplus cash and safeguard ourselves against further currency inflation; (e) request received from Financiers re investments; (f) proposed plan to recapitalize The Ruberoid Co. Ltd. of London; (g) opening of warehouse 01-0005460 ^sssmsssemmaaasamm In State of Tnay {) nifficnity is insariag ourselves against accigntlnnal diseases} (i) proposed new warehouse at Bound Brook and revamping pipe covering equipment at rie. Die seating thereupon adjourned^ STM oecri v> J 01--0005461