Document oDXyL3xG6GgYZJpqxdzgr2qpD
FOR COMPLETE FILE ON SALE TO 5AGLE-PICHER COMPANY OF THE EAST CHICAGO, INDIANA, PLANT SEE FILE - CONTRACTS "INTERNATIONAL SMELTING AND REFINING COMPANY - EAGLEPICHER COMPANY"
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PNYCOC006a79
4 regular ting of tbe Board of Dirotora of
the IBTSRBATIOKAL SMKLTISO ABB HEPIHIBO COUPAKT u bold at the
office of tb Company, Ho. 25 Broadway, How York, K. T., on
Tuaiday, October 22, \%>t at lltOO o'elook a. V.
PBKSSSYi
lUsara. Cornellua r. Kelley
Frederick Lalst Robert s. Deyer James B. Bobblno K. 0. Soverwtne
ABSBSTi
i. B Utoover Clyde S. Bead
The Preaidant, Mr. Cemellua F. Kelley, aoted as Chairman of the Seetin* and *r. C. B, Moran, Aearetary thereof.
The alnitM of feho regular monthly meeting of tbe Board of Dlreetoro held September 24, 1940 were read end, on motion duly made, aeooadad and adopted, arena approved.
The Chairman preaeated to the meeting etateaente of Bet Inocme end of Hot Current Assets, oetlmated as of SoptMbor JO, 1946, ahieb on motion duly made end eeeocded, oere approred and ordered plaeed on file.
On motion duly made, eeeonded end unanimously adopted, it eaai
RI30LYBD, that tbe action of the Offloera of the Company In approring the folloelng Appropria tions be and the same hereby la ratified, approved and eoaflrmedi
Ho.
Description
Amount
UBO 164
Concrete loading platform for Balter Trueka
at Perth Amboy.
H9,OJ8.00
Drilling a third deep veil near reservoir In Pine Canyon and purchasing and Installing new puay for moll at Tooele riant
8,150,00
There vaa presented to the mooting the eontraot of aale between the Company and the Zagle-Plaber Company exaeuted September 27, 1948 covering the aale and transfer to the BaglaPieher Company of a parcel of land on Aleh the Cotm>eny' e Beat
Chicago, Indiana, Plant la located, together with ell buildings and Improvementa thereon, all fixtures, assessorlea, machines end
maohlnery, lead and stne bearing materials, materials and suppliaa, items made especially for the Bast Chisago Plant, items no* on order by the Company end the assignment to the Bagle-Ploher Company
of the Company's 3. 8. Patents Boa, 2,156,420 and 2,174,559 for a oonalderation of $988,000 subject to any actual revision upon the completion of the inventory of materials and supplies, ehloh amount la to be paid aa followsi
a. $500,000 >aa resolved from the Eagle-Pleher Company upon the execution of the eontraot,
b. *475,000 la dapoaltad in the Guaranty Trust Company of Be* Tbrk to be paid ovsr to tha Company upon the delivery to and aooeptanae by tha Bagle-Ploher Company of a deed
and abstract of title covering the realty lnaluded In the eontraot of aale.
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c. Boloneo of purohaoo prioo to bo poll la oooh by tho 3ogle-Piehor Conpany to tho Coopoay on o p bofor* dollTory and *ooptonao of tho dood.
otor potoo, power bill*, pool tot* and poraoool proporty taxes will bo apportioned a* of Ootobop 1, 1946 and flro lnaurano# on tbo building* now la offoot *holl bo Mlritolnod by tho Coapany until tho oloalng of tho tltlo.
Iftor dl*u**lon It woo on notion duly nod*, oooondod and uaoalaoualy odoptodi
RfSOLTTO, thot tho frooidoat OP Tl#o Ppoaldont and Soerotary o p A** latent Soorotopy bo ond thoy horoby aro authorised ond oapoworod on bobolf of tho Coopoay to oxoouto *nd deliver to tho I*t) a-Plahor Coapeay o dood of tho following deoerlbod pool oatoto belonging to tho Coapoay looeted In Cost Chlooco, Iadlaaot
A port of Bloek thirteen (15) la tho *bdlvialoa of tho Soathaoot quarter (Si 1/4) of Sootloa twonty--olght (28) Township thlrtyoroa (57) orth Konaa nlno (9) tut of tho Sooead rrlnolpdl orlaloa la Loko County, Indiana, bolac aopo portloulorly doooribod OS followsi '
Beginning ot tho point of intersection of tho South lino of Sootloa twooty-olght (28) aforesaid with o llao poroUol to oad thirty (}0) foot Vast of tho foot llao of tho oovontyfir* (75) foot right of way of tho Qoltlaorw ond Ohio CMo** topwlaol Kollrood Cowpusyj than00 forth Ighty-olght (88) hpiu ton and o im qwortor (10-1/4) alastu lost o diotonoo of ds hwadrod.twontywtwo and eighty1* hoadpodth* (fa2.8<) foot along tho South lias of onld oootloni than00 forth fifty (U) hlilii and thirty-ona (51) elawto* fact o dlotonoo of oorwn hondrod four oad thro# tenths (704-3) foot | than 00 forth twoaty-nlno (29) dagreee and /Orty-four and on* half (44-V-T wlaotoa foot o dlitonoo of ono hun dred fifty-o o t o c and sixty-two hundredths (157-b2) foot to o point in o llao porollol to aad thirty (SO) foot Seat of tho foot llao of tho *evwnty-Hv# (75) foot right of way of tho Boltlnoro and Ohio ffhloog* T*minel fallrood C0.1 thoaee south six hondrod four oad nlno t oaths (6o(t9) foot to tho plooo of beginning*
a io o port of nook four (4) la tho Subdivision of part of tbo forthroot Quart*? (f.w, 1/4) of Sootloa thirty-throo (33), fowaohlp thlrtyoovoa (37} forth, Kongo nlno (9) awat of tbo Sooond Principal Korldlaa, la r-*- County, Indlooo deoerlbod so follows* fforlnntni. at o point on tbo forth lino of Sootloa'thirty- throw (33) ofor#sold, ono hundred (100) foot
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Seat of the Sorthweat oorner thereofjtbenae Seat on the Worth line of Soot Ion thirty-three
(53) eforeeaid o Io t o t i hundred too and thirty-
four hundredth. (1102.34) foot to ita interaeotlon olth o lino parallel to and thirty (30) foot aat of tho w#at lino of tho oorontj-flT#
(75) Toot right of way or tho Saltiworw k Ohio
Chieago Terminal Hallroad Colony 1 thonoo South on loot deeeribed lino eleren-bundred twenty-one and nlnety-olx hundredth. (1121.96) fo*tj thonoo Southwesterly on a straight lino one hundred eighty and tweaty-oeven hundrodtho (180.27) foot to a point ninety (90) foot Coot of the loot dooorlbod lino end on o lino perellel to end
forty-flee (45) hoot Worth of o lino drown from
o point on tho Worth end South oontor lino nldooy between tho Worth Quarter oorner and tho oontor of wold Sootlan thirty-three (33) Coot to e point on-tho loot lino of SootIon thirtythro# (53) aforeaald. thirteen hundred end twenty (1520) foot South of tho Worthwoot cor ner thereof| thonoo Woet on the loot dooorlbod lino ton hundred fifteen and aovecty-aerea bwodrodtho (10X5*77} foot to lie interseetlcm with 0 lino parallel to and one hundred (100) foot Coat of tho Soot lino of Soot lea thirtythroe (35) aforesaid. end thonoo Worth on loot dooorlbod lloo twelve hundred oovonty-flww end flfty-alx tnandrodtho (1275.5$) foot to the point of haglow tag.
Aloe the Worth half (I 1/2) of 151 Street (oubjoot to the righto of the publlo therein) dooorlbod 00 follow*, to-wit| The South fOrty-
flwo (45) foot (oxeept tho Kaat one hundred
end twonty (120) foot thereof) of Sloek f our
(4) In a subdivision of port of tho Worthwoot
mortar (W. W. 1/4) of Beotian thlrty-throo (33) Township thirty-seven (37) Worth. Kongo nine (9) Woot of tho Second mctelpel Wortlien. la boko County. Indiana, containing In all tho load hereby eooveyed (thlrty-ooron and o m thousand two hundred and sixty-three ton thou sandths (3? .12$3) oaroa ware or looo.
In aooordoaoo with the eontreat of sals horotoforo ootorod into between tha Cowpany and the Kagle-Plehor Coapany on September 27. 194$ end presented to thU easting. and to exacute or oause to be.executed aueh other and further pro per and reasonable lnatruawsta of tronafor aa say be re quired for the purpose of carrying out tha Intant and pro vision. of tha aaldi oontroat of oale.
Shore being no further bualneaa before tho Boerd. on motion duly mode, seconded and adopted, tha mooting adjourned.
Seoretery.
PNYCOOOOb^82
r^cstST^. irmwATic*t s KiTi k and ixnsno
Resolution to ba adopted authorising the Presidant oorr Vice President and Secretary or Assistant Secretary to execute
and deliver to the Zagle-Plehar Company a deed covering the
sale of the Kast Chicago, Indiana plant and such other
instruments of transfer as may be required in connection with
th$ contract of sale >l H*fft
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After diaouaaian it ama on notion duly uiU, aaeondad
and unaninoualy adopted!
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RXSOLTKB, that tea Praaidant and Saaratary^ba and thay hapaby arm authoriaad and ats oatrad on bahalf of tha Company
to axaauta and dallTar to tea Ka*la-Tlabar Company a daad of tha
raal aatata bolon*ln* to tha Company loaatad, In teat Chicago,
poAyt*.
A (_ '--
m'A-V f *v J
Indiana, In aaoordanaa with tea dootraat af sala haratofora aatarad A
Into batvaan tha Company and tha tecla>Hahmr Oampany on Saptatabar 27,
19W and praaantad ta thla Mating and ta anaamta or aaaaa to ba
axaautad amah athar and furthor prapar and ramaonmkla lutnaiatt.
af tranafar aanmy ha raoulrad for tea purpoma of amrrylncmmt tef
intant and proriaionm of tern amid aantraat af amia.
PNYC00006884
The President reported that the operations at East Chicago, Indiana, had been terminated and the Plant had been closed.
Alter discussion, it was, on motion duly made, seconded and unanimously adopted:
RESOLVED, that the Officers of the Compsmy be and they
*
hereby are authorized to make arrangements to sell and dispose
of the land, buildings, and equipment now owned by this Company
located at East Chicago, Indiana*
,im .nj y|pnn irarrh
terms and inniUtlsi
w'T '
find apnro'grtwee..
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N11111.04
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COPT
September 20. 1956.
Mr. J. R. Hobbins, Proaidant Anaconda Copper Mining Company B u i 1 d in g.
Dear Mr. Bobbins:
Touwlll ba Interested in tha latest auaeaary of the oituation as it pertains to the offer Eagla-PIeher has made for the Bast Chicago Plant.
Below I aa showing Bagla's definite proposals as they now standi
1) Cash payment for plant and equipment as cowered by MS*. Jurden's appraisal, including 37.1 acres of land
i 800,000.00
2) Material and Supplies ..................
36,676.18
3) Storeroom Supplies . .............. .
79,950.12
ip) Items that war# made especially for the Bast Chicago Plant and for whloh so far we hare found no market .
5,000.00
TOTAL ... t 921,626.30
In addition to the above, there is a good possibility that Bagla may buy the following as indicated]
5) Lead and sine bearing materials, ineludlng the approxi mately 22% lead end 5)1 antimony slag
60,000.00
6) Items on order not yet delivered, estimated fair value
10.000.00
TOTAL . . . . | 70,000.00
In addition to the above, we can r easonably expect to derive some additional r avenue, either indirectly because of the pur chase of the plant by Bagla or by dlreot sale to ether parties.
7) 25.7 aarea of lend ............................................................................................$ 75,000.00
8) Pensionsavings if Bagla purchases our property...
35,000.00
9) freestorage forprivate ear AIACOMDA three years . .
10,000.00
10) Payment for power line easement ......... ..
5.000.00
TOTAL . . # 125,000.00
OHAMD TOTAL . .$1,115,626.30
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Rr. J. R. Bobbin*
2-
September 20, 19I4.6
A few comments concerning son* of the Items above may help to clarify the situation.
Item 4) This $5,000.00 sun would include such Items as car borundum retorts mad* * specially to fit our French furnaces, special sised silver room bottles, one old and one new refinery kettle whose dimen sions only fit our refinery, and some carborundum and clay mixed that is designed for use in the construction of muffle furnaces. With the except ion of the last item, Regie, according to their present plans, would have no use for any of the Items for several years, but they have agreed to pay $5,000.00 for the lot, end Mr. Johnson and I are convinced that we cannot obtain that muoh from: the sal# or salvage to others.
Item 5) The lead end sino bearing materials, particularly the 800 tons of high lead slag, would probably only bring approximately $50,000,00 If sold to others. Vs undoubtedly can get $60,000.00 gross from other sources far these Items, but the freight end loading chargee would cut the net as Indicated to about $50,000.00.
Item 6} This consists mainly of lad-ln-oil cans of various slsss that have been lithographed with our t radsmark. These cane are being re-palnted and will be classed, more or less, as second-grade Items on account of the re-palntlng. *r. Stolls does not have all the details, but we believe $10,000.00 la a fairpries that can be recovered.
Item 7) The Wood River Oil * Refining Company ere apparently very interested in the 25*7 saves of land and I have asked them #87,500.00 for the acreage. They believe this 1e a little high, but I am Inclined to think if they buy at all they will pay that amount for It. If they
do not purchase the lend, there are others who will, although it la questionable whether we can realise over $3,000.00 per aore In other directions.
Item 8) The willingness of the Xsgle-Pieher Company to use our crews because they wish to operate the sntlmonlal lead part of the refinery, white lead, lead-ln-oll and al no oxide, would save us directly on two pen sioners1. one a flve-yser eontraot and the other on a three year approxi mately $35,000.00. Indirectly, the feet that they will employ most of
the mam ever JO dm ao far have been unable to find suitable jobs, will In my opinion, indicate indirect savirg to us ss well as s great deal of trouble trying to plasm these men.
Item 9) Tbs proposal for free storage of the private ear in
volves free rental
the Anaconda Company to pay for heating the car
shed and for any actual aervleea performed in taking care of the oar.
The Trafflo Department in Chicago has indicated that a minimum of $10.00
a day would be charged for storage In the abed unless we can find e suit
able building in one of our Western plants that eould be had free*
oo^61 L0
Mr. J. a. Bobbins
September 20, 1946
It** 10) Kagle-Pich*r ha* agreed to ohange th* pore lin* easement fro* a location parallel and adjacent to th* n*n*: to on* parallel to the trteki on th* east aid* of th* plant, northern Indiana hare agr**d t o pay ua f4.000.00 for th* saaement and the paper* ar* now being prepared.
Ton understand, of course, t hat tax** will be prorated accord ing to the date the .property la transferred to Eagle. On Insurance, all of ua so far who hare discussed the matter bellere that it would be beat for ua to pay the premium on the Insurance which we carry up to the day we tranafer title and for Eagle to take out th*lr own Insurance accord ing to their own Ideas, starting the date th*y take over the plant.
Tours wary truly.
P.0.Case:Kc
ee - Mr. V. H. Hoorer Mr. F. La1st
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