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r* BOARD OF DIRECTORS MEETING Her York, N. T May 17, 1951 . A Beating of the Board of Directors of the Lead Industries Association Iras held on Thursday, May 17, 1951, at 2 tOO p. M., at the Biltmore Hotel, New York, N. Y. , PRESENT i. Norman Hickman I. C. Brownell Clarence Glass k , J. B. Haffner J. M. Bcwlby J. A* Costello . L. Newhouse, Jr J. P. Ruth D. A. Merson F. E. Wonnser George Mixter REPRESENTING American Metal Co. Ltd. American Smelting k Refining Co. Anaconda Sales Co., (Agents, International Smelting & Refining Co.) Bunker Hill &. Sullivan Mining & Concentrating Co. The Eagle-Picher Co. Ethyl Corp. Federated Metals Div., American Smelting & Refining Co. The Glidden Co. (Euston Lead Co.) (Metals Refining Co.) National Lead Co. St. Joseph Lead Co. United States Smelting Refining k Mining Co. Inc. R. L. Ziegfeld, Secretary-Treasurer Mr. Felix E. Tformser occupied the chair. The minutes of the previous meeting of December 6, 1950 were approved. REPORT CF THE TREASURER t' ; The financial statement of the Association, as of April 30, .1951 (Exhibit ' *A" attached) was approved. The treasurer pointed out the large amount of cash on hand, more than necessary for current operations, and suggested it might be advisable to invest additional funds, or to deposit them in savings accounts. He .also called attention to the fact that $3d, 000 in U. S. Treasury Notes would mature on July 1, 1951, and asked the Board's advice on reinvestment of the funds. Since 'details of refunding were not known at this time, the treasurer was instructed /to consult with the financial officers of some of the member companies a few weeks before maturity far advice on reinvestments. . . The treasurer was also authorized to increase the four existing savings ; accounts to the maximum limits and to open a fifth saving account at its mariminn ' limit. This would mean a total increase in savings accounts of approximately , |3d,000. v ELECTION OF OFFICERS / The chairman stated that it was in order to elect officers of the Associa- ..tion, whereupon the following nominations were made, and there being no further , nominations, the secretary was instructed to cast one ballot for the election of /these nominees and they were declared elected: >. .. Felix E. Wormser, President Kenneth C. Brownell, Vice President LIA00440 -W Board of Director* Meeting Minutes - 2- May 17, 1951 ELECTION OF EXECUTIVE COMMITTEE The Board's attention was called to the fact that inasmuch as Mr. L. E. Hanley, president, Hecla Mining Canpary of Wallace, Idaho, had resigned from the Board ani the Executive Committee, there remained a vacancy on the present Execu tive Camnittee, and only five of the present members of the Executive Canmittee were eligible for reelection. i-- laL The Board then reappointed the following to the Executive Camnittee Felix E.. Wormser, Chairman J. M. Bcwlby K. C. Brownell J. A. Martino George Mixter . and appointed Mr. Henry L. Day, president, Day Mines, Inc., Wallace, Idaho, to the Executive Committee to fill Mr. .Hanley's place. MEMBERSHIP Chief Consolidated Mining Co. Silver King Coalition Mines Co. - The secretary reported that both Chief Cons oildated Mining Co., and the Silver King Coalition Mines Co., have again resumed active membership in the Association. Electric Auto-Lite Co. -_ - _ -- North American Smelting Co. - The secretary reported on his visits to these companies and that they did not -wish to continue membership, and, therefore, their resignations were accepted. General Lead Manufacturing Co. - Ihe secretary reported receipt of a letter i from the General Lead Manufacturing Co., of Denver, Colorado, resigning from the Association as the Company was being taken over by a member company who has & membership in the Association. The resignation of the General Lead Manufacturing Co. was accepted. 4 SECONDARY TRAD The secretary called the Board's attention to the fact that he had been instructed to try to inaugurate a series of secondary lead reports which could be issued promptly each month and which would be simple, the need for this report being due to the fact that the Bureau of Mines Secondary Reports, which are very complete, are, nevertheless, issued about three months late. He reported that & simple form had been prepared, calling for one figure each month, namely .the estimated recoverable lead content of scrap receipts by secondary smelters, and that the majority of the important secondary producers had been reporting on these forms for several months. However, one large second ary smelter had been reluctant to cooperate. He stated that if this smelter's fig ures were included the report would cover over 80 percent of the secondary business. The entire Board felt that such a report would be most desirable and asked the secretary to resume his efforts to get the reports froa the reluctant member. Several members of the Board offered personal assistance if the secretary thought they could be of help. LI A C 04 41 Board of Directors Meeting Minutes -3ANNUAL MEETING - 1952-1953 May 17, 1951 The secretary reported that tentative arrangements had been made with the Drake Hotel in Chicago on April 18-19, 1952 for the Association's annual meeting, preceding the American Zinc Institute's meeting in St. Louis on April 2L-22, 1952, and the secretary was authorized to make a definite commitment for those days. Hie secretary also mentioned that if arrangements are made well in advance for annual meetings, dates immediately following or preceding the American Etna Institute's meetings are easier to obtain and thought the Board might well decide the location of the 1953 meeting at the present time. The Board decided to hold the 1953 meeting in Chicago and the secretary was instructed to arrange tentative dates to work in with the American Zinc Institute's dates. LABOR CLASSIFICATION The secretary explained that in getting some information about military deferments for one of the secondary smelter members in the Association, he had found that while secondary smelting was listed as an "essential'' industry in the list published jointly by the Departments of Caanerce and Labor, which was used as a guide by the Selective Service, few occupations within the industry are listed as "essential" occupations. In this connection the member commented to the secretary, by letter, as follows. '_ . "Your mention of specific coverage of the lead industry with respect to deferment of specific job groups undoubtedly stems from the fact that no study has ever been made of the lead industry with respect to occupational titles. Neither Section 1 or 2 of the Dictionary of Occupational Titles, pub lished by the Department of Labor, are shown to list work specifically related to our industry. It is suggested that a worthwhile contribution to your members would be made by initiating such a study." _ The secretary asked the Board for guidance as to whether such a study should be undertaken. In the discussion which ensued it was brought out that specific job classifications might have disadvantages as well as advantages, particularly in connection with labor negotiations. The secretary was therefore instructed to investigate the matter amor^ personnel of members having to do with labor problems and to report to the Board before making any decision. Meeting adjourned at 2:1*5 P.M. L1 AC c__' . ORDINARY FINANCIAL STATEMENT RECAPITULATION OF ALL DIVISIONS (d) January 1 to April 30, 1951 SAFETY AND HYGIENE METALLIC LEAD PRODUCTS RED LEAD VfHITE LEAD Balance, Jan. 1 Savings Accounts Govomnent Securities*........... $51,765,52 TOTAL BALANCE, Jan. 1................ 51,765.52 $13,763.26 13,763.26 $ 6,332.90 6,332.90 Receipts* ' 2 Quarters, Subscription..., 39,180.17 Less* Outstanding Subs........... 610.75 Net Subscriptions.................. 38,569.1*2 Miscellaneous Receipts**...*. 1,800.00 TOTAL AVAILABLE 92,13l*.9U 18,750.00 18,750.00 55.31* 32,568.60 a, 369.32 31*6.1*1 2i;022.91 27,355.81 Disbursaments......... ....................... Advances St Deposits.................. Total . NET BALANCE, Uv 1m.................. 23,327.81 2,975.00 26,302.81 65,832.13 6,1*53 .1*2 300.00 6, 753.1*2 25,815.18 12,605.09 750.00 13,355.09 ll*,000.72 Cash Balance, May 1.......... Special Reserves.................. Government Securities*....... Savings Accounts^................... 65,832.13 U,000.00 TOTAL BALANCE, Hay ......... 69,832.13 25,815.18 25,815.18 ll*,000.72 11*, 000.72 *1 1 a) See Individual fund Financial Statements for details. $ll*,095.32 $29,099.11 16,179.72 31*, 000.00 ll*, 095.32 79,278.83 10,091.50 111*.00 9,977.50 2l*,072.82 6,751*.87 1*00 .00 7,151*.87 16,917.95 16,917.95 16,917.95 79,278.83 5,01*1.75 . 5,01*1.75 71*, 237.08 2i*,057.36 31*,000.00 16,179.72 71*, 237.08 N 618.01 ORDINARY FUND Financial Statement January 1 to April 3Q 1951 Rent and Light Furniture ,. Fixtures and Equipment Salaries Social Security Taxes Travel Expense "LEAD" Printing Mailing Office Supplies Association Dues Entertainment and Luncheons Meetings Telephone and Telegraph Books and Subscriptions Illustrations New Handbook Miscellaneous Total Expenditures Balance, January 1, 1951 Receipts from; Subscriptions (2 Quarters) Less: Outstanding Subscriptions Metal Powder Association Expenditures $ 2,551*19 181.02 lit,366.59 151.28 1,869.39 873.70 377.30 1*12.11* 657.5U 106.50 99*30 12i*.65 521.31 178.30 69.1*9 1.53 1:83.58 $23,327.81 39,180.17 610.75 Less: Expenditures Advances and Deposits Cash Balance, Mqy 1, 1951 Reserve for Lead Handbook Total Balance,May 1, 1951 23,327.81 2,975.00 $51,765.52 38,569.1*2 1,800.00 $92,13l*.9l* 26,302.81 65,832.13 1*, 000.00 $69,832.13 SAFETY AND RTGIENE DIVISION Financial Statement January 1 to April 30, 1951 Salaries Social Security Taxes Travel Expense Printing Office Supplies Mailing Telephone and Telegraph Books and Subscriptions Research Meetings Association Dues Illustrations Entertainment and Luncheons Miscellaneous ` Total Expenditures Expenditures $1*,582*08 l6oi7l* 161*98 ^67 70.1*3 1*3.92 37^95 1;100I00 -- 35<oo 29 iia -- 219*21* 06,1*53.1*2 Balance, January 1, 1951 Subscriptions (2 Quarters) Receipts from Proceedings (191*8) Less: Expenditures Advance Balance, May 1, 1951 6,1*53.112 300.00 - 013,763.26 18,750.00 55.31* 32,568.60 6,753.1*2 $25,815.18 L I AC 0 4 4 * :j METALLIC LEAD PRODUCTS DIVISION Financial Statement January 1 to April 30* 1951 Expenditures Salaries 0 1*,916.69 Social Security Taxes 137.58 Travel Expense 3,315.12 Mailing 3^8.82 FLUMBUtS* FORUM 31*0.73 Association Dues 105.50 Entertainment and Luncheons 200.51 Meetings 559.23 Convention and Exhibits 756.37 Telephone and Telegraph 67.89 Illustrations 136.35 / -V Office Supplies Printing 70.10 1,37U.77 t Books and Subscriptions 22.37 - - Miscellaneous 253.06 Total Expenditures 12,605.09 Balance, January 1, 1951 Receipts from: Subscriptions (2 Quarters) 21,369,32 Less: Outstanding Subscriptions 31*6.u. $ 6,332.90 21,022.91 Less: Expenditures Advances Cash Balance, May 1, 1951 12,605.09 750.00 27,355.81 13,355.09 $11*, 000.72 sj Ll*ro446 I,- -1 RED LEAD DIVISION Financial Statement January 1 to April 30, 1951 Expenditures Consulting Fees Salaries Social Security Taxes Travel Expense Telephone and Telegraph Meetings Entertainment and Luncheons Printing Illustrations Research Material Books and Subscriptions Association Dues r-- Mailing 1 ; Exhibits and Convention Office Supplies Miscellaneous 0 100.00 3,092.00 109.01 1,009.73 168.33 15U.17 169.70 727.90 30.91 163.71; 38.50 15.00 1*35.63 1*16.70 86.26 37.29 Balance, January 1, 1951 Subscriptions (2 Quarters) Less: Outstanding Subscriptions $ 6,751*t87 10,091.50 111*.00 $11*, 095.3 2 9.977.50 Less: Expenditures Advance Cash Balance, May 1, 1951 6, 751*. 87 1*00.00 2l*,072.82 7,151*.87 $16,917.95 LJ4C044? .\ u WHITE LEAD DIVISION (Formerly General Pronotion Fund) Financial Statement January 1 to April 30, 1951 Expenditures Advertising Space Advertising Fees & Production Printing Exhibits Custodian Fee Miscellaneous Expense 0 U,117.6b 355.30 111.35 ia6,6o 12.50 28.36 Total Expenditures 5, Ola. 75 Balance, January 1, 1951 U. S. Treasury Notes Series D, 1^ due July 1, 1951 Savings Accounts: Bowery Savings Bank Dry Dock Savings Bank Enigrant Industrial Savings Bank Union Dime Savings Bank Cash . U,OU6.72 L,oli0.oo U,oii6,5o U,oU6.5o Less: Expenditures Balance, May 1, 1951 U. S. Treasury Notes Cash Savings Accounts Cash Balance, May 1, 1951 3U,000.00 16,179.72 2ii,057.36 tfk, 237.08 $3^,000.00 16,179.72 29,099.11 79,278.83 5,0ta.75 7l*,237.0d n ii L!AOOAAP EDUCATIONAL SERVICE DIVISION Financial Statement / January 1 to April 30i 1951 Balance, January 1, 1951 Expenditures Balance, May 1, 1951 $2,035.13 $2,035.13 L J A C 04 4 c