Document bwXybrV5Yk39JmZGKzpvR950
U*z0,8 S
m -
ALRUa L V.rCCIRC OF THE li!C3IR3 07 TKS
l e a o i:;:'Uo?n:r3 AsocciiiTio::
The annual meeting of the .teeters of the Lead Industries Association tan held at thrt Earners Club, res York City, on Wednesday, February CO, 1CCC, at 12:20 P.ll.
Present:
3t. Joscyh Lead Co.
Bur; r .illl uud oul.ivan Hi:, lug nd Cor.cer.trat inn Co.
A . ericar. 3.. citing & Ref i:.ir._ Co. I'..tior.al Lena Co.
.r.^tor. Arras Co. ..a: ic:.-.l 3 ~>t. t ir.g Ct.;
United Retain Celling Co.,gts. f 3 L Eatery C.ro
3 . -i Re fir ir... .1 Ca.-'Lead Co.
ia~s*Co.
Clinton
Crane
I. H. Cornell
F. H. Sradley
. A. r\ rte:
;cn
Clare tc uiasa *t - c cy
". Y. Robertson R. R Rc o i. c v e 11 i. H. v. i o e
C:cretary
7. S. .Toruoer.
j' r c o r. t ? j
Federal Vlr.l r.t. ^ . r to.
.. o- . .lov.-. r L' t r 1 c!: Sro.i. Co. .V. 1 . Ft \ ! ? : i Co .
Frtxy T . I to. Co.
F. !i. Er... .''ll Louie Cuioj Rav R. C'vnr.3 John 3. FI clc /:. F. Fuller
D
u
f LIA20509
Silver King Coalition liir.ea Co.
Svr.eral Lcud arufucturIr.g Co. Rochester Leal .VorkB Herrington Ar-.s Co. El Fotcul l.'i.. ir.g Co. Unite! States Sreltlr.g Refining
and lining Co. Federated detain Ccrp. I' 3 l Battery Corp. Fleck Bro6. Co. Park Utah Consolidated Klr.eo Co
M. J. Dailey H. S. Soldo B. F. E.tell J..E. Chcllar W:r.. J. Qulgly
F. Y. Robertson Ivan Re Idler A. A- UacLean Juhr. G. Fleck 0. tf. Larbourne
Ir. the absence of the President, Vice President Hamilton *. Bruch. occupied the chair.
The sinudes of the previous annual seeding were approved.
The Rej ort of the President was as follows:
r--pi?.t _or
p r e r ic e j ;j
Perr.aLO t:,e ...ost r.cten.rthy acccspllrhr.er.t of
the Leal ir... trice Association during itc fir'd lull
;e_r of o; -ra; icr. has been to develop a gr .t i :> ir. ! y
cordial fe lr.g between p reduce rj and cor.
-f -u
T..>'r? are
link.5 in : " i r. a r;1 r;al chain at retoning
fro.r. leal -..ner to ultir.ate ccr.Bu.r.er an.: it is det.iracle
so far du
lblc, that ail fact ore bee cr..e r-utuul -y
a;.; recrativs of each other's bus 1 roc'. situation and
i-.-oble-rc. Cur a'occiat lor. in h-lpirg to , reduce this
result through Its etatiotical an i ot. .t-r acttv.tiec.
The flrct yeur i.se partly been uced to protect the lr.'.create of the lead lr.iuu.rlea during the t u-iff revision otlli going or. In V.a^hlngton, an important activity Into 'hlch the ao-re-at ion was unexpectedly plunged shortly after fcr...atton. Tne report of the
.,.U
LIA20510
Secretary ^lvcs a detailed account of the r.ucerouc
other ope rat lor. of the L;*ai Jr. iuctriee ABuiciution
durins 1323. In sar.y dl recti nr.o the Association has
been feeling ite r.ay In an effort tc discover whore
ar.l how It nay do the moot effective worlc;
first
year has beer, largely one of preparation. Ir. con
clusion, the Lead Industries Abo.ciat ter. i* in a
heal toy financial condition.
President.
cs>
The Secretary's report was read and approved as 11 owe
AHY
C -*
T.;a ' ead I- hntr.et aSbiei&ti-.n ic a little
or.e year old. Turing 1323, the first full year
exi.et'-nco, the An: oc : at ion wac ... .ly er.L-a,:ed in
ties of co;....;.-. 1..tenet to a'1
er3. 5r:u `ly
J ...ese a; v. t.-u co ..; no'* i (1) 3` at; s'. : :ul .
yZ/ Tariff i .v .c m, (3) L: n 3 1 in.-roua act iviticc
as publicity, technical and .elical researed.
(1) Statistics - t..e o. ;rvl.e of p " j\`i d 1our em bers pr on.ptly srita ctat i&i ics similar to those tath-;-re4 by the Z .v err. .cent relatin^ to their products was be,pun 'urin. 1 jlj. "id. .-mb'r :.an beer, receiving a detailed picture of the pi,; lead rr.ark-'t each v.jek tofu with respect :o the volur.9 nr.d the graces ;-f r-, lead sold. Cur re port Id ur.loue ir. that It coverb 1 y, per cent of the vir
gin pi, lead cold in the United S' atea. At the ca .c tire so have L-at..,r.M a:.l ii<-`.-i_ted r.tiih'nii of t..e lead pit;;:.e:it in 'ubtries furnishing our r.er re c.r-ev.tly with ti.:,"ly olatiot !.cal Inform, ion fcrterly ur vailablo. Ac the parent ir.du sir lire use about -10 per cent v.' the i; ;:?p-ie leal pro-union it is l.uj citu.nt for those who p.-.d .-e or oonour-e lead to hr.?.* i.v' - i tout 1 on In the
Li '/
j []
i
D|
!
i
lead pigment iniuwtriea. In the metallic lead pro duces fi *Id *o have not yet succeeded in establishing o-.r E'-Tvice cover:-.,- > .1 pipe and sheet. e hope, however, tout di;ficultlea in the way of establ!uhing th.s service will soar. disappear.
Tue head Industries Association is noteworthy, we believe, lr. being the only association of it6 kind e,al.. .ring ar.i distributing information to its members regarding the st cobs of pig lead in the possession of the manufacturing group. Distribution of this informstier, will help to prevent mi dealing interpr etut ior.3 tc te o.ade iron the ctocko of leal in the hands of sellers. TTe e.-.pect scon to provide each v.3.ncer with a permanent hinder ar.i printed record of our B'utisticB.
C.ne etat-stical endeavor which lo worth trying, provided it has the approval of the members, is to eclair. current statistics regarding the production and snip.cente of secondary lead, especially as the secondary ncial situation is year to year oeconmg tore important.
Last but not least I would like ;o cent ion the inter national cooperation through exc..a:.ee of statistics begun the first of lb-20 with the L.P.R.A. of London, hlch gives t;.e members a va.uj.ble statistical picture of the foreign lead situation.
(2) Tariff - On behalf of our manufacturing members is a; geared before t..c .Vays and Uean3 fou.ittcc requeatp ii-a a change lr. the existing drawback lus to facilitate the : -acuu fact are of lead products for export. .Te also reou. -1 ;d Congress to make no ci.argC in thiy of the 132 tar.ff rates pertaining to lead, or iced products, he have tcer. BaCCOtnful lit obtaining the approval of the
.use to tr.e change in the drawback law i .-opened by us ant, although trc Senate it, still coralJcring ;hc tariff no ob'ec.ion -as been made so far to taio co.nctr-:ctive change. Unfortunately, however, .. Se:.,,.c u.tcx; ectudly cut `..tc rules on red lead an-', lit..urge or. .'coru..ry 7th .view the l'JZ2 level, ive began action immediately to get th* rates restored.* The cooperation of our mext-ero in
T.;rough the off.rta of the Lead Jr. ivutriec Asi-.oe iatior these 1US3 rates v,cre restore! by tr.e 3e-,a.e or. March fc'th.
V
: j | j i
! j <
! i J > i t
LU20512
Oo
this effort Is Currently requested and required.
(3) UisceilanoouB Activities - For the purpose of
giving lead ur.i our Acioc iat lor. none useful ami
dignified publicity
ha.ve Leer, preparing a booklet
entitled 'Useful Ir.format ion about Leai* which is
almost completed. As its title Indicates, the book
is intended to answer many technical ar.i practical
questions about lead ar.i its uses ar.d vi 11 contain
reach information not no* available elsewhere. The
work will eoor. bo in press as an initial publication of
the Association.
~s have defended the interests of our caulking lead ar.ufacturere againet unfair competition from a cceueodity ordaining no lead, Leadite, before the Feieral Trade omission. The leadite Company ha3 filed an answer to the complaints of the Cou.r.i?oion, and this caee will be tried in the near future.
TTe have studied plumbing codes and presented facts where the interests of I'.ad were being attached.
,'.'o are cooperating with the Ecreau A Standards and
American ?.as Asocciatior. in a competitive test of pro
tective pipe ccatir.gs ar.i l.ave entered red 1 o..ir this
test. Moreover,
expect :c cooperate f". oor rrith
tne Bureau of Standard- in come proposed tectc cpor.cored
by the American Petroleum Institute along the Ca.no line.
Through the generosity cf many of our .? ?;' nrs no are supporting come Important liedical Research at harvard College ar.d affiliated hospitals v.nlch should result in giving the medical profession a better ur.d- rotur.dir.g of lead poisoning.
Ve have devoted 6ome study to a consideration ot the situation in the lead pigment lniustries vith a vie* to ascertaining ivhat, if anything, the association mi^.t do to aid these industries in expanding their markets.
LIA2 0513
To eu: , t:.e
In `.untrlec Association l u
ccir.i orf ..ii.ai lc' r-o . u-.f ur.xt-.us to uid Its r.uT.t'r
in me e
. n ' . ir c .
t
Aspect fu 11 y ev.t tit ted,
6 Soc t&ry .
T..* rerort or.
audit of the accounts of the
Association u p of Dec er. ter 21,
r,
i cell-.
*as read by the Treasurer and uec-;tcd, uf folic.-
LIA20514
\\
o
\
^ \
i
HASKINS & SELLS
CCftTifiCO CUHI'C ACCOUNTANT*
O'ri'. r* * '"I "
Ci*it*T
- f'i'M O' A-|'C*
l*.l WIM
N|4 >gMt CI'l'M*!, aui- *a ** .* 9*- tTAICT
NIW YORK
'ebrM.-i.ry 10, 1930.
Lea*. Industries Association, 920 Lexington Avenue, ::e-.r york.
Dear sirs:
,e have e-'litel your accounts for the rerioo. free; Kovecber 19, 1928, the into cf organization, to Docorbe-r 21, IS'..-, uri sulc.it the follorin:; exhibits:
Dial'.it A - ralT.ce .>.cot, >?oe~ a cr 31, 1929 ar.d 1929.
1-
*>nt of Taf; ..; . '.1 DhfTCC ents,
by leriolo, for the i-erl-' fro:.
bar 19,
122?, the ..bo of Or^-.-iiraticn, to Ber
ber 31, ls-29.
.bo cor-li rj to the constitution the i-.c'roc:; or t1/- .brjc-1 ' eon
ir "Do collect e;n '.-ubilsh statistical info'.- ation re* .tl ; t a
-oVi
ticn, diatrJ' "tion, carketin.T, ccnsur::.'* ion ar.i use of lc-ai urul l-'a.l
Yroi'uets;
To Ilsserinute accurate infor,.\a tlon r :arlln. lwvl ;.ro n'ts and hov; they bust ray be useij
To level Of n^thais for the i: .rovt-,.ent of V o welfare of those
enlace! in the lead Industries, or in the use of its pro net; -.-! for
'.'oh of er
oc.-.e
f~ U to tl.v.t.-, ' ty be t " 1 euefit ta f.r
lc-ai industries.
Ir. one ml to yroroto tV nerviceiHltby o" t:.-i leu Ir - ubrf,
to t -c.. .f ty t 1 r *<.
LIA20515
V
It is also provided in the constitution that the affairs cf
tv'C Association nivall not ba ooaiuctwi Tor vroflt.
a
.According to the by-lavra, -T!w expense of ocAlucti.nr tho
Lend Industries Ass*'?*ntlon shall be apportlond vonr the Mr;b.*rs and
shall to based uoon the lead production or consumption of tho ncrbers
reduced to units of rtallic loai. In t>-e case of the ninirv:, si-citing
and. t * *"* air..- ^mrs^es cf the load iniustc'les, the lead produced in orc3
and concentrates, or leal vullIon ard rir lead, respectively, shall be
tho tasi3 of the asses:'~nt; in tho enso o" the nanufacturiny, resell} \
or ccrsurinj branches of tho lead industries, the lead ecru-rood, *bthcr
vircir. or secondary, shs.ll to the basis. A schedule of assessments
shall be drawn up based 'upon tvo four major diTinions represented in tho
association, i. t., (a) ruining, (b) na-ltir.f ant r*.finin (cl
faeture of leal prod :cta, Cl) cc-urur.; tier, r' 1-ai if is not resold.
As so;: snorts shall be apportioned sr.ony nerbers in each of the .dove
divisions acocriiiv; to the fcllo inc ratio pc.- tor: (a) > , (r) 1, (c) 2, 'i) i/7. core ..enters iuy be assessable in tvo or more Jivisions
Fcrei *n rroi`>eticn or cons'ir.rticr. to be asn'-sso- l v~n t> r.?:-e ratio b.:t
fiver, a deduction of 50 r^r cert f-on tv,rt to*-.i asses;. ;nt. far.trilJtic
shall be based upon the previous yoar'3 record of ,ro'. notion and eor.:ur.:r-
tion. rx-1 fhall bo ndo cuartorly."
:The cash on ycuit ras verified by certification obtained
fro;: t c A; a<it-ry, Th* lydtallo Trust Co'r'_-.y of how T?r':,
that
or. hard ras counted.
All vouchers for perchases of furniture rs.-I fixtures vvro ins^ectt.-J ly vs ani fuuai tc lo in order.
> ..'cvi f on hr 3 bo-'n 'do '-.>r di predation.
A ...-: s
r,
rear year 1929 unpai d at Dec>...l or 31,
o
lcvh, or a .rial be ^'hn.aC. T
f u esuuont.; acre collected Jrdry
LIA20516
l
Jo verified the computations upon vrhioh th>\ assessments again:.* r.orders tore lasod Tor the year 1929.
ICo off'Ct has been giver. In the hooks of account or in the ,ncccr. -.r;. i-j Exhibit A. to accrued selnrioa anl other expenses at DeC'.r.ter 31, 1929 -.nd 1928,
u MdhdPY C-dfluY that, subject to the foregoing comments,
in our opinion Exhibit A sets forth the financial coalition of the
Assooicticr. at Tlecer.ber 31, 1929 and 1928, and Exhibit B sots forth
the cash receipts and disbursements of the Assoc latdon for the period
m,fror ::ov-: er
192P, tb.o date o'" ar"vri'-ation, to Dece-.ber fl, 1929,
and its csch lalaroe at Deccrb er 31, 1929.
Yours truly,
V 'N\ mv-4 t '
*
)
LU20517
t 'T ' c_'-n A7_v ; *&:; & t i;::,
31, 1929 yz) 1928,.
......... xsaaia 3i... 1?29.
,i :n 3 " 3
J- 14 * * . W -*
w.U;I.................................................................................................................
3U-$.iru-ui A::j>/xrrj^j (at coot).....................................
X3 7-ui;
..............................................................................
$12,303.02
1,832.43
539. so
33,8^
so;
......................................... ^ii^ii3;3.
lt ir A .*:.i *inl i: --^^ *it t r3j
- -t -j 2 ,-- w ' ..
L-;: rr ,;:
3e:.a-l f;:l rr.iif;'.r.*lti::;r ?tmd3.......................................... le'.ll'?a.l 'iocnarah I'un'l,.............................................................
-olil............................................................
^ ' ~ ._
311,Hi.OS ,;1,352 J.5^2.00
. 14.873,95 .wtiJJi-':
..................................
iOli:
r.o ef:V;ct h;sii
yiv:; i- t'.u lool^ of
acAiimt. ox* iu this l.ilr'jico
to aaoruod.
J&laoieo a.jQ. otN:r o :q
at '.V-r -31,
1029
1928.
^ Lr*205l8
IWI <**>*j
I3BO I..uUoMJSS ^.c^uno!;
VX-*. . J t t*k-TV
B.tv-TBBNT G? c^;i HTCillPTo a 2.'J BI33Ulvli3OT3, BY KJ.IOBu, i'CA ~0i PiZCD 7a CL BX .'.-OI-vH 14, 1928,
H-HICD ;
/-XV
hOrJH.a 14
y b a b :::a3
to
jjjj i~*l'*--"a.: 31, lee <-d --.*3 31,
1S29
152S
K2.iI!l.XS > 03' 'fr
.1103
$ 3.646.70
Yrcn ncnBci'o: UndcrT.Titlr.; fund.................. ............................................. iu>~c-ju~.>.a*c for calendar year It29,.......................... 3'Jj. ori'-'ticno to heeled Meat-arch Ami...................
1>--.--no ci. .x^jo jatl Inter;:.!. on Bard: Onl .nces,..............................................
To ... .
$29,346.50 5 ,C42 .00 6, HO.00 146.08
$10,0:0.co
3,COO.CO ___________ ___
^40.52-.53
~C.0C
.y44.3Cl.24 313.000.00
1*2 '.oniicsi
Balarlos,................................................................................... .$12,041.7
Hint an", li -ht,..................................................................
2,354.19
A'inlinr,................................................................................... Travail::; orrentos,.............................................................
1,505.42 1,318.69
Telephone ar.l tele:.rayh,.................................................
375.74
j )c c j (s nr - s'Jj -orlptlons,235*52
Stationer/ nr.it otarps,............................................
211,72
jinVirtalnln.', luncheons,etc.,....................................
120.20
Preni'nr cn treasurer*8 'ccnl,.........................................
30,00
ih-ienrcs or .nr.unl r.cetir.-;,,...........................................
60,75
vote :1c lien .lues,.....................................................
102,50
Or.:; -in socle tl. n tents,.
400.00
Intt:* jf on notes payable,........................................... Le :'l ;,<no-io,.......... '..............................................................
227.92
It C1.'ll -'040,... .,,. ....... .................
- ' 7 .51
Total (>'cr -'-.rO ),........................... $15,246.63
$ 6,uS2.50 1-1.07 231.53 7C2.79 5v.l6 132.20
72.1-0 wOj 0 3 $ 6,647,30
In-laior, pro or ;-ui it-on receipts and exponoos.
AfeiiV-^CJ
(Continued) - 1
^ ^^20519 l
O
i "T
*/woH .ZiU .w.,OCI/v7ION
c- :.w. tezzwzz iM DX.TmsaaNTg. K7C
l
k
r
*
w
1XR10C3
rzai
K07133KH 1H
TK*H SKIED
TO
lEGXhSH 31, ILO-Xifea 31,
1929
1928
t
X
TOf.iL - (For'rard.................................
$44.381.28 $13.000.00
hiSfdHoTLhfT..; - (i'orv7ard).... ...............................
tl9.2*6.83 $ 8.647.30
Other:
Kotos paid,.....................................................................
$ 9,CnO.OO
Ea.*vard Jollc-e, for medical research,..................
1,500.00
Furniture and fixtures,..............................................
1,326.W3 $ 506.00
lie funds of dues:
T*Consolidate;; Kinir..: and. Sneltinr, Co.,..............
1,000.00
Utah eop eorp^ry--
Total................................................................... $12.631.43 S 506.00
Totaldisbursements,..... .............. $32.073.26 $ 9.153.30
. J. ui^.i
Va -. -J
On deposit -rith The Tpuitable Trust Company of
Ke Yorif...................................................................................
On hand....................................................... ...................................
$12,278.02 $ 3,846.70 25.00
TOTAL,........................................... $12.303.02 % 3.846.70
*,jrT*\"
\
i
9
`r***ims**n r-#"
-
v-,y- -
LI A 20520
\
1! ' "mmiWl.i.Ji
I
0
I
1
"he Chairman explained for the benefit of the aexbera that stocks of lead in Mexico are Included In the reports of both the L.F.R.A. and the American Bureau of Metal Statistics, thus causing a duplication.
The Chairman stated that it was in order to elect a board of directors for the ensuing year.
Moved and seconded that the Secretary cast one ballot for the outgoing board of directors, who, being eligible, offer themselves for reelection, except that Julius Loeb shall replace C. M. Loeb, retired, as represen tative of the American Metal Co. on the board.
Motion carried. The Secretary then outlined the situation relating to the reduction in the tariff on red lead ar.d lit .arge by the Senate an l tne attempted reduction of t..e tariff on
T. the other lead pigsanta.
Moved and seconded that the Secretary be directed to continue his efforts or. behalf -f the Lead Industries Acrociatlon to havs the existing tariff rates restored.
Motion carried. The Secretary outlined a situation relating to a controversy over the antimony tariff between the national Battery Manufacturers Association and tho American Mining Congress.
~
i
f t t f
>
LIA20521
$i '
Uoved, seconded and carried that the Association
take r.o official action in the controversy over the
antlaony tariff.
The CUlriin ar.i Hr. CorniBh expressed tbolr
pleasure at the conduct of the Assoc>at ion'e affairs
during 1329.
The Secretary read the following letter addressed
9
to Hr. J. A. 'McCarthy frcu or.e of hlo customers:
The coneunptior. in the United, States cf F.g Lead is quite an ar.oualy for the re .rcn that the total consur.ptior. of rig Lead lc increasing rhile lr. ttar.y directions the~cor.cu.npt ion thereof Is decreasing.
To nahe this plain: There Is a great uni etsudlly falling ccr.ca-c* lor. of leal in rur.y directions xalch la offset only ty the lr.cre_e.l ccr. ,, -;.t ` on of lead in tue covering cf wires for electrical purposes. Tr.is Increase la the use of lead in the electrical field sill probably continue for nary ysars.
"I'r.lCbfc a <. rc.ccrted ;nvc is raids on behalf
the
concuc.pt lor.
load, the decrease lr. ct~cr fields r.iil
. at the rate se ...vc seer, for the pad
but at a greatly accelerated one.
4 .i'.' v..*?w . VCVo
cons --rile:
lead is due to
<u-at is hr.owr. ao iZ has CClirii ITlOli*, l.e. the cou-
, edition c.r replace-.er.t of cne tutorial ty another, but
lr. lead it is not tue re; iuceiv'r.t by or.c uitcriul but
cf c.auy auiterlals.
"At thu outset, we -. ill not include the ex; erit.entation for the replacer-mt of lead !r. storage batteries.
Thile this ie .naiing prtu.-ess, it ic lor Ir.ic-'d, ant it ; notably will be a fe* years at rest before taut will be felt.
H u
r
a
"-A.' V
V.U2<>522 'v -, s .
*7o nano Juat a few of the replacements. Let us lock at the use o' lead ir. plumbing. Here it is being replaced by copper, by trass and t/ tine. This replacement hue gene so far In the plumbing line that cany cities are adopting br-sd u.._ iron pipes for connection to ;..e service mains. Keither one is fitted for the purposo but there is nothing being done by tbe lead Interests to counteract thia trend.
"In paints lead la meeting active competition and growing loos through sine and alxtir.us.
"Also in solder; reduct Jen in the cor..- uc.pt ion of lead is groxir.g due to electrical welding.
"Roller and fc&ll-oeurir.gs take the place of anti friction metals into which lead enters largely.
"Ir. filling metal, Einc-alunir.ua mixtures are replac ing lead.
In the casting of toys, novelties, orr.uments, elec troliers, etc., sluen motal which runs upward of He'S lead is being replaced by zinc-aluminum ..ixtures.
"In many of the above, the .ae of lead is fai tuc bettor practice than these metals tmat have r-pineed it, but :hr ubser.ee of any united front .u.ov ir.g the advantages of lead ever these substitutes has resulted in the con tinued use of less lead.
"It is true in a great ncas_re, that tne producers of l?,,d are the producers of tho ot .er metals t..at are used in substitution t..crefor, and tnis probably has cecr. or.o of the things t. -at ..as jrvvcnted a united uni proper exploitation of the benefits of tne use of leal.
"The producers of metal a huvo lost eignt of or.t thing, and that is outct;u; ling, that the consumption cf these other metals for leai hue not s..ot.n an Increase in tonnage any*-:.tree equal to tne decrease r f the tor.r.a e com'urpt ion of lead, i,o tu.t the proautera ot ....`tuls f i r j r 1 nt their *-- ire output in t .ar.u, e are not benefiting but are really losing by this new competition.
LIA20523
"This little memorandum to thi o&rest outline cf what lc going on, a:.: ib prepared for you at your suggOFtion so that ycu may consider whether you want to go deeply int.* the question or rot. It lc the writer's hur.ole opinion that if there ever wac a chance for an Institute in any line to function for ti.e benefit of that line, there certainly is that opiortur.ity new fer the Lead Institute, and it is simply a question of hew the producers of pl^ lead nay feel that their general interest dictates either active propaganda for lead or indifference as to what becc:..eo of tr.lu article due to their interest in the substituted materials.
"A peculiarity of T:I LE.Y CCAFEriTICa' as suown in many lines, is that at first there is a sub stitution of material ti^at i6 somewhat similar and fairly closely related to the original article, and then later on a tendency to the substitution of materials that is in no way are similar".
The Chairman stated that this brought up a subject of great interest to the directors who had already giver. 1 it much thought without, uewever, arriving at any con clusion as to the mar.-cr in-nhlch the leal In.u-tries sight be benefited the cost by any collective activity of the Association. He stated that euC),.estions fros sealers on the subject were welcome at all times.
The meeting adjourned at 2:4u P. U.
7ics President. ^ c" V/1
-W f. Jecretary.
4
aC D