Document vVLpba9JKop0yvoXx1nqa6rwY

me e t in g o f d ir e c t o r s OF THE SHERLYIN-TELLmS CO>iPA?J?. -3- s* il*T> J-4 U.U 7-26-40 lfr. Martin then reviewed the purchase of the Burgess Titanium Unit at Madison, Wisconsin; the expenditures for the acquisition ef patents, and expense incurred for research. Be indicated technical men who conducted this research now are assured we have a satisfactory product and that the process has been sufficiently developed to warrant going ahead -dth the erection of a Titanium Unit at Gloucester City, S. J. His rcommendation was for an initial unit with a capacity of three thousand <3,000) tons annually, at an estimated cost of $1,900,000. On motion by !ir. C. P. Jarden, secondod by !?r. Geo. T. Bishop, and carried, the expenditures for the Titanium Plant, with a capacity of 3,000 tons annually, were approved. Mr. Martin then asked the Treasurer to outline how the new facilities vould be financed. Ur. Schroeder thereupon read figures showing since 1337 additions to plant have not exceeded the amount set aside for depreciation for this period; further, that over the last four years the Company had added approximately $4,000,000. to its working capital, being the excess of earnings over dividends paid and the redemption of its Pre ferred Stock amounting to about $500,000. a year. In view of the strong cash position of the company, which it was assumed would exceed $3,000,000. on August 31, 1940, it seemed proper to draw on the company's working capital for the financing of these plant extensions. By order of the Chair the meeting adjourned. i 4. 4L Secretary. RECORD BOOK PAGE ATTEST . 0007-SWP-034449 !I N21726