Document wgRO9Jn2137yVdoBJLJGNLKB4

xauiat for EEcunvt comcrnz botg Minutes of previous nesting. 1. R. Selglei (a) Certaintoed. (b) Turner-bcealj.. (e) Celite oonpotitlon. (d) Appropriation of $60,000. to increase Magnesia capacity at iaukegen. (e) Shaeinlgan Poser Contract. 111. E. H. Voorbeeai (a) Central Insulation and Supply Coopany Approval to purchase. (b) Hr. Sartos'p signature on Annual Report to the State of Hebrsska. (e) Authority for discontinuance of our Treasurer't account in tbs Pint Rational Bank of Wsneapnlie, d) Adsertising and Salsa Proactive Progrsn for 1910. al Jobnn-ManviUe Sales Corporation, f) Asbestoeia. e) European Trip. b) Cash and Cash Position forecast, i) Orders and Sales. j) Authority for execution of Acourt!cal Contract at Cincinnati. IT. General Business Conditions. vavsns Of DEC'JTIVfc CCUJITTU. LUSTING Held at 23 TTell Street Eednp*"\-. J: *t 3:50 P.ii. Prer.r: B`- rtor Scirle T.i Jitney Vo.-rhccv, (Ccc;r.) As the Uinutec of the l&st Executive Corr-ltter* Meeting helri on Decenber 15th were read at the Directors1 ^ertir.^ held December 16th, no approval was necessary* h. R. Selgle: (a) was not desirable for ua to obtain an opt'~~ f:rc -.iing an Investigation, but should purely proceed os the basis of taking a look-see* at It before making any proposition whatever due to the character of the management of that company. Ur. Bartow stated be would proceed on this basis and see if this company was willing for us to make the Investigation, hr. Bartow Twit that we ought to be able to obtain this company at a lover cost figure than the present market value. Ur. Whitney stated thst tnere were certain parts of the business, for example, floor oovwrlag, which might not tie In with our operations, that would be desirable to transfer or sell to Congoleun, end there might possibly be other similar operations which would not tie In with us that It would be desirable to dispose of. Ur. Barton Is to advise ue after his contact with the two directors. -8 (b) airacr-BtnJLl. Hr. Bartow stated thrt they hcd recciwed a oablc fron their London office stcting th-1, this company willin' to sell us E,b00,3>0 shores for control. dl-:l c the prit. wit ujoe tlif t e showed actual Interest or had e personal representative visit them In Erg'-r.i. Ur. t'.ltney sold thet it apoeared cdvlstble mt to ' et thc^ give u; . pr'ce at this tine r.s we lcieti nothing about their operationSp and he eurrected that nr prep:rc :: aucsti itb^i:". o." tr.e Inform notion that we desire furnished us, this cuestlonn.-irc to be sent to the luroer-Mewall Co. end the infom-tion comilcd by then. (c) Celite Cometltlon. The notenti&I competition of the Docr-lite Corna-.;* rir ^iccuc Mr* Barter stated that he thought *e rsre buying w.ojwly and wz.b very much surprised to he:.r there t.:-s corr>rtition. Ur. Seigle explained that there were dir.ton' ceoas eertr. deposits all over the world, but it vs.s z question of quality end ch&.rs.eter of each deposit, and although there rcrc none et the present time to compere with Celite, tnere cuy be developed fit any time e deposit of a similar quality, and thourh sar.ll in size, of commercial volume. It was explained th*t our policy was to get the business, and both Ur. hkitney end Ur. Br.rtow agreed on this policy, even insofar as it pertains to the Fleishman Compnny. (d) ftparoarlatlon of S6Q.000. to increase Mr.rr.esla crv.c:tv at -au_ Ue are at present fron four to six weeks behind et all factor urifseturing thie commodity. It is very de3irable th-1 we im mediately proceed with the expenditure of $60,000 to increese haukegan capacity from 15% to 0%. Approved. (e) Sharinlean Power Contract. Hr. Seigle explained that the five year contract provides for e price of ebout .005 per fcilowntt-hour as corn-red to t price of .0045 on the ten year basis, end that it was our recommendation es there wee a potential saving of approximately $1000 per scot that we sign the ten year contract. Ur. .hltney st-ted th-t he objected very muai t. t:.* -.i^ioal twenty-five year cortrret, and that he would endeavor to obtain a five yerr contract at the ten year price if possible. It was explained that the contract had been traded for six months and this was the best we could do end therefore, approval was given to proceed on the besis of the ten year contract. III. E. U. Voorbeeat (a) Central Insulating & Sunaly Coironny - Annrov. 1 to purcf.rje. Our purpose in baying this company was explained aa being to eliminate a contractor that would not prove satisfactory in our Cleveland District, thus permitting the Rankin-Dutney Carp, to operate iaaedintely therein. The approximate bale on which approval was given waet first, the purchase of the net worth 0m -5- an of *'ec:3ber 'let, 1113 subject to c:.tcX or. our -..'Tl, r*.;irvurr.ti..i; roxiU-y *>!-. -t*C3ni, in li--- * -- - $33,0^, r : .: or C*>ntr cts "ti oT 13,533. T/urd, give tnc Cer.tr,'. In:ul tirv o- linuy Co. ID." or, th*.- lhbor co. t of the Cleveland Ter-.!;-.! Joi. rVirth, f c > <;:* jc- i-". i.':t yf C - A 1 r j .ic * t *> t' . v 11 \~ -, -'6 3# T:.c fu:nicir,-rrjtr.ty Corp>r-- tion Is to U-kf over co'tr ct; , .i uf t;.- i.t.iCy re, . . - e* -p-- oer.t, fumitort f.no f!v*--------1 tr,C it t-./ c.-.tl t--1 th t the tctr.l aaxieum actual lor.* as:V*1non in this tr-.r.r* c tlor. would be $5003, to be of! set by additional groe:. profit '.it;. o-teria to be supplied by ui; or. contract: uncompleted bctrc'.r. 113,013 and $15,000. The Trer surer w^s authorized to cio ell the tets nccczzur/ ii* completing this deal. >r,.. Eartan'f p`.-ar;tirt an AcpupI s,3 ill - v:,y- Signature obtained end report, returned to -r. (c) Authority for discontinuance of our Ire:r. jr*..*1 recount in tr# first National bmk of mr-ne-.-^lls._________ Authority granted. (d) Advertising end Seles Promotion Prorren for 1310. Copies of our building ileterial end broke Lining booklets for distributors .ere shown to Messrs, l.hitney and bertow. mri It. wi explained that uuu Seles bronotlon Pro-rso for t: > ye:r 1950 was complete end out approximately three month.- earlier th lest year. (e) Johns-Manvil1e Sales Corporation. It wp.s explained th.t the organiw tion of the Johns-tinville Seles Corporation proceeded very smoothly end thrt tr.i ncr.ufecturing corporation is being held up pending Ur. Urrdwell's legal opinion on doing business in the State ol Illinois. It was also stated thrt the Asbestos Hood & Shir.gic dissolution was being speedily pushed to the conclusion. ( Asbestosis. Ibe surrey of our fectories end mines mode ty Dr. Lensn of the Metropolitan Life was stated as being nearly completed and the preliminary report from Dr. Lanza states that he seer no reason for us to worry about the situation. Our attorneys are working with Judge Clark on the anbulrr.ee chasing tactics of the attorney for the plaintiffs, rnd we ex pect a report shortly on this. U) faraaroa Irlp The Treasurer explained that we hare necrly a nillion dollrr investment In Europe at the present time and rather then take three weeks vacation in the South it w&a most drsircble for him to surrey our internal operations in Europe* he e>m>ect to leave Febs 22nd and return Just before the Annual beeline which ia to be held March 28th. -4 - Cash mi Cl sh Position Forecr.rt. Our cash an Decesiber Slat in banks subject to draft, exclusive of Imprest Fund", wi.a tf, 118,001, epirori-x tcly t4Jl,000 leas than t1" force st, ahich difference css due to poor ccllcctlons from our r: irronu accounts as aeli as e loss of collection momentum in the Santera Division doc to splittlnr the accounts Receivable irn Division bt; dr:--tern to District offices, lie can aer no rt .5u. ety tills uncollected ei'1 not aeerue In the nor.th of Jrnunry. Cash Position Foreei.st ess presented for January. (i) QriWi.md s.tj.ea,. the orders, for the month of December tsrc approximately the same as for tbe month of December lest yetr, and although final billed sales for the year arc. not complete due to the fret that at the year end the billing is held or>en to Include all shiamoat the preliminary firureo ahoa that there srill be a IS or in crease in billed Bales for the month of Dece-tcr (J) Authority .far execution of Acoustics 1 Contnct ct Clr.sl.anrti. Authority granted. IT. General Business Conditions; dr. Bartow stated that business was rather `spotty*, but sea nothing to be morried about.