Document jNEegVx2w3YR9N2zmrBnpKb25

MEETING OF DERECTORS OF THE SHERffm-WlLLlAJ COMPANT 21A7V 300 82* 3tOX A meeting of the Director* of this Company was held at #601 CanalBoad, Cleveland, Ohio, at 11:00 A. M., Tuesday, July 21st, 1$25* The following Directors were present: Mr. G. A. Martin Mr. S. P. Penn Mr* H. D. Whittlesey Mr* Z. E. Martin Mr. J. C. Beardslee 'Mr. 5. M. Richardson y Mr. W. B. Albright Mr. Harris Creech The President presided and the Secretary took the minutes of the meeting. The President, after presenting reports relating to the operations of the various departments of the Company and its subsidiaries, asked the approval of the Board for the following proposed plant expenditures: Fourth Boaster for Sulphide Ore at Coffeyville 150,000 Additional Dryer at Coffeyville 25,000 Additional Block at CoffeyvilleSmelter 150,000 Additions to Lithopone Plant at Chicago 100,000 Additional Presses for Linseed Oil Mill at Cleveland 40,0C Dry Color Extensions at Chicago 79*^50 Changes in Chicago Power Plant 36,093 Additions to Laccpie? Plant at Chicago 12,333 Installation of Oil Burners under varnish fires 11,990 Repairs to dock at Newark 35,000 Changes and additions to Acme White Lead & Color Works Plant at Detroit 70.000 Total 709,866 It was thereupon moved by Ur. Albright and the motlon^Snly seconded that ""Board approve the expenditures for plant as recommended by the President, being put to vote, the resolution was unanimously adopted. RECORD BOOK PAGE ATTEST. SBCftCTARV 0007-SWP-000005262 -a- me e t in g o p d ih e c t o r s OP THE SEEHffltt-WlLLlALE COMPAHT mrt j o o h is ms s Acting upon the recommendation of the President, the following motion was Bade by Ur. Creech, duly seconded and being put to vote, unanimously adopted: B520LVED: That the Resident be authorised to tell the following properties of the Company: The Acme White Lead & Color Works property at Dallas, Texas. The Acme White Lead & Color Works property at Lincoln, tfebr. The Acme White Lead & Color Works paint plant and warehouse , at Boston, Mass. On motion made by Mr. E. M. Richardson and seconded by Mr. W. B. Albright, the following resolutions were unanimously adopted: HJSOL7ED: That a quarterly dividend of Two Percent (2$>} and an extra dividend of One-half Percent ($) be and the same Is hereby declared out of the surplus profits of the Ccmpany, on the Issied and outstanding Common Capital Stock of the Company, payable August .15th, 1925, to stockholders of record at the close of business July 31st. 1ES0LVID: That a dividend be and the same is hereby declared out of the surplus profits of the Company, payable September 1st, 1925, to preferred stock holders of the Company on record on the books thereof at the close of busl~ ness August lpth, 1925, as follows: (a) The regular quarterly dividend of One and Three-fourths Percent (lf$) to September 1st,' 1925, on the outstanding shares of Series "A" of Seven Percent (756) Cumulative Preferred Stodc; (b) The regular quarterly dividend of One and Three-fourths Percent (lf>0 to Septonber 1st, 1925, on any outstanding shares of (old) Seven Percent (7$) Preferred Stock; (c) The regular quarterly dividend of One and One-half Percent (1^6) to September let, 1925, onany outstanding shares of the first is- , aue od (old) Six Percent (6$) Preferred Stock. RECORD BOOK PAGE ATTEST. CCAVTAftV 0007-SWP-000005263 - 3MEETING OF DIRECTORS OF THE SEES?IN-WILLIAMS COMPANY 2JA78 500 H16 JAM * A* It is deemed advisable and to the hast interests of the Company to trans fer the Company's account from the Wells-Fargo Bank & Union Trust Company, to the United Bank and Trust Company of California, on motion, duly seconded and unahimously adopted, it was - RESOLVED: That as of August 1st, 1925, the United Bank and Trust Company of California be created the depositary of The Sherwin-Williams Company for its "Cleveland Account" carried in San Francisco, California. That - W. H. Cottingham, Chairman'of the Board 6. A. Martin, President S. P. Fenn, Vice President L. H. Schroeder, Treasurer H. J. Douglas, Assistant Secretary, and R. B. Clark, Cashier Executive Department, be and hereby are authorized to sign and/or countersign all checks drawn against this depositary; also to sign and/or countersign all notes, acceptances, and/or bills of exchange issued in the regular course of business, two signatures being required in each and every case. On motion, duly seconded and unanimously adopted, it was - RESOLVED: That as of August 1st, 1925, The Barnett National Bank, Jacksonville, Florida, be and hereby is created the depositary of The Sherwin-Williams Company for Its "Cleveland Account" to be carried in Jacksonville. RESOLVED: U-/K That, effective, iamedi at ely, /authority to sign and countersign checks for The Sherwin-Williams Company against the'account carried with The Mechanics & Metals Nation al Bank of the City of New York,b and hereby is granted to - Mr. J.A. Bowman, Sales Manager, Mr. B. M. Van Cleve,Assistant Manager, and Mr. F. R.Turner, Manager, Credits and Accounting (in place of Miss M. Levy, resigned), two signatures of the three being required in each and every case. This resolution cancels all previous signature authorities. RECORD BOOK PAGE ATTEST. SCCRITASV 0007-SWP-000005264 -4MEETING- 07 DIBBCT0H3 OP THE SHIHWIN-WILLIAMS COMPANT 21A78 $00 Hl MM The Secretary Is Instructed to forward a copy of this resolution to The Mechanics & Metals National Bank, Nevr fork City, for its guidance until further notice. On sustained motion the meeting adjourned. RECORD BOOK PAGE ATTESTS /?L CCftCTAftV 0007-SWP-000005265