Document nNRd6xdayw8OXNQgq5exKv02a

New York, N.Y December 7, 1951 A meeting of the Board of Directors of the Lead Industries As sociation was held on Friday, December 7, 1951, at 12:30 P.M., at the Downtown Association, New York City. PRESENT REPRESENTING K. C. Erownell C. Glass Wray Farmin J. A. Costello J. A. Martino F. E. Wormser G. H. LeFevre American Smelting & Refining Co. (nnaconda Sales Co. Agents) International Smelting & Refining Co. Day Nines, Inc. Ethyl Corp. National Lead Co. St. Joseph Lead Co. United States Smelting Refining k Mining Co. OTHERS Vi. E. Clancy L. J. Randall C. R. Ince Neil Taylor American Smelting k Refining Co. Hecla Mining Co. St. Joseph Lead Co. United States Smelting Refining k Mining Co. R. L. Ziegfeld, Secretary-Treasurer Mr. Felix E. Wormser occupied the chair. The minutes of the previous meeting of October 15, 1951 were approved. The chairman welcomed to the meeting Mr. L. J. Randall, presi dent of the Hecla Mining Co. and Mr. Wray Farmin, director of Day Mines, Inc., and expressed particular pleasure at their ability to be present at this meeting. REPORT OF THE TREASURER The treasurer submitted a -financial statement for the eleven months, January 1 to November 30, 1951, attached as Exhibit "A." He further reported that, as discussed at the last Board meeting, he had arranged with the Chase National Bank to waive the custodian fee charged in the past for acting as custodian of the Association's securi ties. Vihite Lead Division - It was regularly moved, seconded and carried that the budget for this division in 1952 be 530,000, all of this amount to be drawn from the reserves of this division on hand at the end of 1951. Red Lead Division - It was regularly moved, seconded and carried that the budget for this division in 1952 be 521,500, the entire amount to be subscribed. Board of Directors Meeting Minutes -2- December 7, 1951 Metallic Lead Products Division - It was regularly moved. seconded and carried that the budget for this divison in 1952 be 50,000, but that of this $50,000, a sum of $8,000 be set aside for certain special projects only to be spent with the specific approval of each project by the Advisory Committee of the Division. Educational Service Division - It was regularly moved, seconded and carried that the activities of this division be termined and that any balance remaining in the fund be transferred to the White Lead Division Fund. The secretary was also instructed to work out a plan for disposal of the painting instruction cabinets owned by the Associ ation. Safety and Hygiene Division - It was regularly moved, seconded and carried that the Safety and Hygiene Division budget for 1952 be 25,000, all of this amount to be subscribed. Ordinary Fund - It was regularly moved, seconded and carried that the Ordinary Fund budget for 1952 be $83,000 but that the membership sub scribe 100,000 and that the Metal Powder Association be requested to increase its subscriptions to $10,000. In discussing the reserves in this Fund, it was felt advisable to maintain a reserve for future contingencies in the neighborhood of *100,000. .The secretary was authorized to make salary adjustments for the Association's staff subject to Executive Committee approval within the limits permitted by the approved budgets of the various divisions and allowed by the Salary and Wage Stabilization Boards. A recapitulation of the approved budgets and subscriptions fol lows: 19 5 2 BUDGETS To Be Subscribed To Be Drawn From Beserves Budget Ordinary Fund Safety & Hygiene Fund Metallic Lead Products Fund Bed Lead Fund White Lead Fund $100,000 25,000 50,000* 21,500 30.000 $83,000 . 25,000 50,000* 21,500 30.000 TOTAL $196,500 $30,000 $209,500 * Of this amount $8,000 is to be spent only with the express approval of the Metallic Lead Products Division Advisory Committee. l i a oca e 5 Eoard of Directors Meeting Minutes December 7, 1951 INVESTMENTS The treasurer pointed out that at the end of 1951 the reserves of the V.hite Lead Fund would consist entirely of savings accounts and government securities. In order that the White Lead Division would have sufficient cash to operate, the treasurer was authorized to trans fer the securities from the White Lead Division to the Ordinary Fund. NON-FEFJ.OUS SCRAP METAL KOEILIZATIOK The Eoard discussed at some length the request of the Non-Ferrous Scrap Metal Mobilization Committee for a contribution of ^24,150 from the Lead Industries Association. It was the feeling of the Eoard that because of the varied nature of the membership of the Association and the fact that many members, because of the nature of their business, would have no interest in the scrap mobilization drive, it would not be proper for the Association to subscribe to it as a unit but that it could properly offer its co operation in other ways and solicity voluntary contributions for the Committee from Individual members. The secretary was instructed to write to the Committee-and to the membership along these lines, circularizing the letters to the Executive Committee for approval before transmitting them. LEASE The secretary informed the Board that the Graybar Building had offered to extend the lease of the Association, which expires in April, 1952, for a period of two years at the present rental of J4 per so. ft. Feeling that this rental is reasonable, the Board asked the secretary to see whether the building would extend the lease for two years with an option to renew it for another two years at the same rental, or as an alternative, whether they would extend it at this time for three years at the present rental. The secretary was asked whether the Association had sufficient space and replied that a moderate amount of additional space was needed as the office was currently overcrowded. He informed the Eoard that he was negotiating with the building to try to obtain one adjoining small office which would be adequate if the tenant could be gotten out of the space. The building is currently 100 per cent rented. . Meeting Minutes'; -j cd0a ft 1 a 3aH& CcPcaO>**- 3c* CD Ho, fCaflf r ")I & oo> '-TJ* Exhibit "A" Dec.7,1951 > Co H \vJo"\ 0a5: l ORDINARY FUND Financial Statement January 1 to Nov. 30, 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 $3,90k.18 Less.* Registrations 2,200.00 Telephone and Telegraph Books and Subscriptions Illustrations New Handbook $ 157.H Less: Reserve for Book k,000,00 Miscellaneous Total Expenditures Balance, January 1, 1951 Receipts fromt Subscriptions (Full Tear) Less: Outstanding Subscriptions Metal Powder Association Less > Expenditures Advances and Deposits Balance, Dec. 1, 1951 Cash Savings Accounts Cash Total Balance Deo, 1, 1951 Expenditures 7,0U2.1U 262.39 39,731.55 921.08 5,238.80 2,653.36 377.30 1,381.73 2,077.U8 150i5k 661.8k _1,70k.18 l,kk0.09 37ki83 633.29 -3,8k2.89 l,k3ki>0 $62,2k2.31 100,817.92 2,lkk.00 62,2k2,31 2,k50.00 $30,086.50 61,060.63 $91,lk7.13 $51,765.52 98,673.92 5,koo.oo $155,839.kk 6k,692.31 $ 91,lk7.13 L I A 0 C' SAFETY AND HYGIENE DIVISION Financial Statement January 1 to Nov. 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 $12,1*17.35 222.89 1,826.86 113,80 65.86 232.79 208.13 7lt.03 l,l*Ql*.53 32.50 63.10 109.7i* 280.72 232.51* $17,281*. 81* Balance, January 1, 1951 Subscriptions (Full Year) Receipts from Proceedings (191*8) Less: Expenditures Advance Balance, Dec. 1, 1951 $17,28i*.81* 300.00 $13,763.26 37,500.0Q 70.09 $51,333.35 17,581*,81* $33,71*8.51 L IA 0 f1 4 Q A'' '< ' ; r,: RED LEAD DIVISION Financial Statement January 1 to Nov. 30, 1951 Consulting Fees Salaries Social Security Taxes Travel Expense Telephone and Telegraph Meetings Entertainment and Luncheons Printing Illustrations Research Material Books and Subscriptions Association Dues Mailing Exhibits and Conventions Office Supplies Miscellaneous Total Expenditures Balance, January 1, 1951 Subscriptions (Full Year) Less: Outstanding Subscriptions Less: Expenditures Advance Balance, Dec. 1, 1951 Expenditures $ 1*00,00 8,503*00 219^20 3,283.22 U2U.71 650.39 1*08.60 3,583.73 221.86 763.32 83.15 31.00 889.82 1,100.33 21*0.63 37.29 $20,81*3.25 10,529.00 3.00 20,81*3.25 1*00.00 $11*,095.32 10,526.00 21*, 621,32 21,21*3.25 $ 3,378.07 Ha C?0 METALLIC IAD PRODUCTS DIVISION Financial Statement January 1 to No t , 3Q 1951 Salaries Social Security Taxes Travel Expense Mailing PLUMBERS* FORUM Association Dues Entertainment and Luncheons Meetings Convention and Exhibits Telephone and Telegraph Illustration? Office Supplies Printing Books and Subscriptions Miscellaneous Total Expenditures Balance, January 1, 1951 Receipts from; Subscriptions (Full Tear) Less: Outstanding Subscriptions Less: Expenditures Advances Balance, December 1, 1951 Expenditures ' $13,61*5.91 259.60 9,819.00 1*75.97 2,252.22 223.50 625.59 1,016.58 1,961*. 81* 153.57 261*62 112.16 1,126.03 75.71 270.59 ` $32,282.89 $ 6,332.90 1*0,816.16 80.50 .1*0,735.66 1*7,068.56 32,282.89 750.00 33,032.89 $U, 035.67 LI&0C^71 i WHITE IEAD DIVISION (Formerly General Ercmo-ETon Fund) Financial Statement January 1 to Nov* 30, 1951 Advertising Space Advertising Fees and Production Printing Exhibits & Conventions Travel Mailing Custodian Fee Miscellaneous Expense Total Expenditures Balance, January 1, 1951: U. S. Treasury Notes Series D l, due July 1, 1951 Savings Account Cash Receipts: Interest % Less? Expenditures Balance, December 1, 1951 U. S. Treasury Notes Cash Savings Accounts Cash Expenditures $ 6,611.22 5,696.23 7,687.39 1,118.07 826.1*0 307.91* 26.50 256.69 $22,530.1*9 $314,000.00 20,093.22 3,096.1*2 $57,189.61* $3i*,000.00 16,179.72 29,099.11 79,278.83 ,1*1*1.30 79 720,13 22,530.149 $57,189.61* I LIAOT47? I EDUCATIONAL SERVICE DIVISION Financial Statement January 1 to Nov. 30, 1951 Balance, January 1, 1951 Expenditures: Service Fee Miscellaheous Expense Balance^ D4o. 1, 1951 $1,500.00 158,78 $2,035.13 1,658.78 $ 376.35 LI A0CA73