Document nkYzdOEM818z2dyBD16k5qo06

Philadelphia, Pa* December 15, 1947 At a regular meeting of tha Dlraetora of John f Lewie & Brea* Company, hold this dap at thoir offiea in the iridonor Building, thoro were proaonti <F* W. Oardinar. President S P* Beeves, vine President and Treasurer A* M* Wilson, Viee President M H Merritt, secretary L. T. Beale, Director B, A, watts. Director The nesting was sailed to order by Mr* J* w. Qardiaer, who presided, and Mr, it, H, Merritt reported the ninnies of the neatlag* The ninnies of the seating of Novembor 17 were read and approved* Hr* Beeves submitted the following nonparstive figures for the month of November 1944 and 1947 and for the first eleven months of 1944 and 1947* Zn the oaeo of the figures for 1947 the normal steak figures have been eliminated, Jtoveaber 1944 - Profit #68,554*43 U months 1944 - Profit $95,014*7^ Movenber 1947 - loss 2,191*73 11 months 1947 * Profit 483*968*47 The reduction in profits for the month of November 1947 as compared with November 1944 ere due to several factors, our aales of all lead preduets were down 900 tone for the month, duo mainly to a shortage of load. Like wise, in November we bad five weekly payrolls. Attested is eopy of Mr* OardinerM letter of November 24, 1947 regarding financial arrangements made with Angus Churn, Xne, of Blshmend* Mr* Rhsll was asked to attend the meeting and on motion duly mado and aeeondsd was authorised to charge off the following items to bed debts during the year 1947* Wholesale Auto Parts, Xne,, Knoxville, Tsitn* * #418*50 0* L* Dixon, El peso, Texas , *** * 88*84 Industrial holding Co., Oamdoa, M, J* , * * 185*44 Boo* B* wells Co*, Phils* **,, * * 67*08 Hollander Auto Parts, Baton Bongo, La* * 19,10 Oobon Tiro 4 Supply Co*, Aiken, s* C, , , , 49*50 B* C. Auto Supply, Benson* N* 0* 48*50 SaithfisId Tiro 4 Supply* Smlthfiold, N, C* . 40S*80 #1,501.90 continuod WL 000040742 zj l l x ASOUS F* GOUN, IHO. Bovember 24# 1947 Kr* 3* French Reeves, ?iee President J. W, Gardiner, Jr,, president In aeoordanoe with tha following paragraph appearing la oar minutes of November 17th and a telephone conversation with Ur, Uorooa on tha 20th, daring whioh Ur, MsCarron waa aloo liatoning, it la in ordor to proceed with tho plan whiah wo had in mind, namely investing 215,000, in Ur* Chinn*a boainoaa in tho form of that amount of money in frosan credit; in other worda, all above that to bo handled on a discount baaia - "Angus Oman, Xne, of Richmond ia at preaent our only outlet for Out oh Boy Blended Paint and it waa agreed that we ahemld take aone atope to help him out financially ao aa to obtain more adequate gallonage, in aoeord with Rational lead Company viowa on tho embjeet** While ur* Mora on seemed to fool that we ahemld have other distributer#, ho waa willing to leave that to ma and would be of ameh help aa night be nodesaary with others ia the Row York Office la tho event that our arrangement might be erltleiaed at a later date. -i JTOiCC W9-R2-K5-7 NL 000040743 N 26690.01 (December 15# 1947--continued) It was reported that our appile atlona for the following Cft&*s had been approved* $1#720.95 ta purchase a Tala work saver truck* $1,850.00 to eerar erection of now advertising sign on roof of boilding f9 $2,990.00 to cover eoot of building laboratory in Oxide Department. On nation duly made and seconded, it was unanimously RES01VBD, to discontinue and close out our inactive bank account with the Philadelphia Vatlenal sank* On notion duly made and seconded# it mm unaninously RESOLVED, that follouing a long established ousten wo shall continue to give a snail cash Chrlstnas present to certain people outside of the eonpany who reader servioes to the company throughout the year# such as postmen* elevator women in the wldener Building, etc*# at a total estimated coot of |10500* On motion duly made and seconded it was unanimously decided that aoeerdiag to the company retirement policy the following employee will be retired on February 1# 1948, having attained an age of 65 years* Joseph Shindie On motion duly made and seconded# it mis decided that there should be paid to each employee of the company on its payroll Hovember 30 extra compensation equivalent to 5-1/2W of his total compensation (including overtime) up to and including a maximum of $6,000*00 earned during the first eleven months of this year* On this basis the maximum extra compensation payable to any individual will be $330*00* The Treasurer was authorised to ealeulate the proper amounts for each employee and to make payment thereof* On motion duly made and seconded# it was unanimously RESOLVED, that the action of this Board taken at their meeting on December 16# 1940 authorising the grant of a special allow ance to employees entering the armed or auxiliary forces of the United States be and hereby is rescinded* The regular report of shipments for the week ending Deeomhsr 12 was submitted There being no further businsse# upon motion tho mooting adjourned* NL 000040744 N 26690.02