Document zbkNNVVmO4b7yjBOY6OzBYvdm

MuarrBs o f Tas momj& WKmx vamm OF WK BOM OF DHW0T0R9 OF TH OLTOOai COKPADf Minute* of tha regular acathlgr aattlng f tb*Board f Director* of She Oliddoa Ccewiflr hold in tha Director* Boo* of tha offioe* of tbr > Cc*ny, 900 Uaioa Cr,--ir# Building# davelaal# Ohio J Friday# May 17# 1?57 at X0l00>,*f. Tb* following dlftatwriitara prweotJ ; Dvl^bt P. Joyeo JchaP.Butb ' Alexander 0* IMnoiuoi B. y. *n*y John X* Veela Rdbart B/#t*r ' Villi** 0. Phillip# Villard C. Lighter limirit Uiuilibir 0, M. Btlaey 0#orgt 8. Woraor fcr. V. DrridBtallw? ra* net pr***ot at tb* Mating* Mr* Xavia V* BXaeutiv# Vio* Prwideot and Managing Director of tha Conpasy'* Canadian auWldlary# ft* OllMofi Ooogpttoar# Llaitad# attended tb* Mating at the invitation f tht Chatman* Mr* Joyce# camlnaa/Braaldad and Mr* Homer, fleovetax?# raoordad tba atlautaa* ' Coplea tf.tfaia alMtag af tha April Mating af tha director* haring , been mil** to each director* the director* yraMnt# naan aotloa duly ad* and ateadad# uaattlaontly agreed to dlajooaovlththa reading of the . ainute# and agpravad tbati at they appeared la tbeeopla* meiead hy-thea* .. upon aottoo daly aada and aaaoadal tha Dlviiatami iMiaiaonilF ' ' '' ' approved gotten take* tgr the Balmily Oeaitte* tlnee the April adattng af tha Board of Direeter*# aa report** U e*le* of attwtaa of ida BaiouUn. ; Oataittoa aetitims Ballad to aaah dimeter* ': v; . GLD007903 'V V N 2216 ; 5/17in o v> ? The Cbolrnen reviewed the Congpany** paratto* as reflected in -the Consolidated Bal*noe6bo*t and Operating Report* for the noath of April# J57 A wEsorando* prepared by Mr# Veraor# CectroUer# dated Ifey 1V ou tb# subject of `Profit*#" a* also discussed* the Chatman ooqplinented the ftsatrollar 0 the esoslleat profit analysis contained In hi* anmorendmn. Messrs. Dunoon# filnughterand Bslssy ecowwtad, respectively# on theopor*- tloas of the JWnt# food and C^loaa**PiflPant^*taX< Dlvielonf. Hr. Lighter reported briefly on the operating result* of tb*Cheaurgy end Southern Chcalcals Division* Mr* Uvson reported on tb* operations end future outlook of the Goapery** activities in Canada* Mr. lfexey# Tiee PresidanWIinance, eomented on the Ocopeny's profit outlook. Mr* Phllllpe# Tmturer# reported on tbs status of short-torn loans sad on other borneiceS# finished good inventories# and accounts resettable* The regular qosrtery dividend of fifty cents per share vat de clared on the (tataoa'Stock ^tte^fisspoay*' ypt notice duly md* sad seconded, it WUI ^ )3$Ql.VKD# thst hjregalhr quarterly dividend of fifty sat* (1*50) plr share do the Oonaao Stool of this Corporation W ant it hereby is deolsrad payable July 1# 1957 to stockholders of reoord at the close of husiasss My jl> 1957* imrni WSOWID# that the proper Officers of this Corporation be and they hersby are autharUsd to d everything mosseaty to esrry out .'the. terns of .this . rssedutieo* . '.i'-'v.X'1- 1 All rn*s appretad hf the tnStUw nd/sr tb# President# GLD00790A i1 :a .!.- < .\C`W;`.r * i-. V _.,V J>* * ; A-..- . . ! es veil a* thoeo FfB'e approved by the Vice Prealdeate and Engineering Departments a* net forth in report* prepared by the Amounting Depart* aent dated Hey 9, 1957 eovoring' the nonth of April were, upon notion duly mode nod aeooa&ed, unoainattaly approved by the Director** Mr* Lighters Executive Wot FreaiAant, preaented and the Direc tor*# upon notion duly aade andaeoondefy unenlmoualy approved WK So* ?l-t2S In the amount of $tfc#6T6 providing Major requirement* for fixe proteotlon for tba Southern Cheaioal tyvieloa1*Jeolcectjville plant a* reecweeaded by tbeffcct^In*ur*^ It MMfttatad that la addition to the lneumsoe waving* which thie expenditure would Make poeeible, the equip* nest to be inetallad and other change* to be aade under the FIS would Materially reduce rlake of a Major fire at dacltaooviUe. Hr. Lifter pointed out that each a fire Might eeriouely interfere with the Division** ability to hold caatoaer* for it* new eheoloel product* and that a lot* of cu*toar a* a remit thereof could be of greater ccmoequeaot than the attendant deafcruotion of gfeytlaal a*aett Mr* oea# D* Miller presented the Furehaalog Depertaent** Monthly report 00 development* pertaining to the prloe and avallability of ehenl* / cal*, container*, vegetable oil* aad ether egrioultuxal eaaeodltle*, Mitel*# fuels end other Metarule puroheaed by the Ceapeny* Be alee reported ea the current etatue of the Company'* tee Materiel iaveatcrlee* : " jte* Dunaan nreeentad ew* *W hoards tinea notion dilr Made tag eeeondeds unenlaouely epprovad F>1 Is, l*7ft| 1m the Haed If 'I' oovtrlng parch**# aid iartalletlOn f euUMatlo gu aed itaMdLlgfvg In the power boon* of the Cleveland plant* fide . " ' " ' . : V _________ " - v V--. .v -: g u d o o ^05 ;; v-.-f' C1}- (f*e 'ii\* d vould include reuoval of the stee* returnlinelathe present tunnel and placing it eW* ground. ltetleated saving* serf $30,000 per year. , frojeat approval *o*,,, toftKL .isi*|4%Eiwi' W* CoB`* eittee on March 23, 1957 in connection vith authorisation for rebuilding and rehabilitation of the Cleveland paint plantfoUoving the firevhieh ocourred february 25* Hr, Duneen presented end the Directors, upon Motion duly mdt end seconded, manlaouiiy epprored PIS Doi7-J$5 la the eaount of $21,988 ccverij^ purchwe end installation of fire 1,200 gallon thinning tanks to he installed in the feint Division's Midvest plant at Chicago. Mr. ZXtncan said that the tanks vould he Suitable for vwsoval end reinstellstion la a nev oentrsUeed trade eel** pleat being considered for the Chicago eree. Mr, Oleaster eutaitted end the Directors, epee notloo duly Bade end Seconded, unenliouely spprored fni So. 3*701 in the anoint of $306,391 covering the parched* sod inetaUaUonof nev egulpaent for the Manufacture of eocoout end ooadlasat prcdoet# tgr the food Dlvlelon et Bcthlehen, Pennsylvania* Project apprOml for this expenditure bed been previously granted hjr the Board at ite iprll l9/ 1957 eeetlaf. . Kr. eiaughter reported that's sfrMwr of Wyere led eapreseed interest in acquiring the heading presently died ty the food Division Afr its eoeenut sad eeodinent mDwtesing operations end tmieoslya^ . its vegetable oil refinery et SUfauxat, Ice* Zelasd, .* tor*.. e'issi authorised to negotiate ffrtbfrwith ell lnterestsd kvfri for tlfyfrltl** of this pxvperty d* the ne*t possible Ml U V:`V j. i ) .V ' " " * f.' -v -T ' ;;..y ,- : GLD007906 tin/ft / '. -.> proposed contract for the cola of the building to tb* Board or the Rxeeu- tive Committee for approval. ^. a Mr, Dunoon presented * proposal for a oantrallaed doatlnga ., laboratory. Bit proposal included aoguiaition of a building Bwaad by.thfi'^ Minnesota Mining A Manu^turing Coc^uny located at li&jo, Blswood Avenue, . Cleveland, Ohio at a coat of $265,300* Be eatlasted that th* Initial coat. of converting coo-third of thia building; now uaedforofftoe purpoaea, 'to/- a laboratory would oppr<wimto $75;000. The balance of the building would bo used, ho eald, a* a paint warehouse. Within two to five yeari, bevever, the antIra building; he aald; would be converted to laboratory uae and would provide facllitiea for between 60 and 75 research eaployeea. the / . additional coat of thia further conversion, he aaid; would approsdoata $150,000.>Mr. Buncan'a propoaal and a eontract for acquisition of the Elmwood Avenue property, aa aunarixed in a aamorandua dated May 13 addraaaad to aaoh of tha director by Mr. W. P, Btettelberger, Aaaiatant Secretary/ were/ npea Motion duly hade and eeconded, unanimously approved* A At 12*00 Boon the --sting waa receseedby tha Chairman for' luncheon and icaooovanaft at 1*36 P.M. : : Tha Birectors Considereda propoaal whereby the Company would ; " r-t4 </ 'V /V' v'-7 .i - J-; Scholarship Program. Tha proposal waa dated May ife# l$57 addraaaad %y Mr. Phillips aa Chelrpiia of tba'fionatioaa 'Cto--Ittee to each of tha directs--. It *-- v i; t, x, > w proposal GLOCOlfOT ;; JAr/rt t t-h that preference be given to (Hidden eoployoea and their relative* in reapeot to two or the four scholarships to beavarded mob year under the plan. . Conflidrotlon va* Riven to the Controller** report cm unwqwoAeA and overHpeai*d capital PIS requisitions and net capital expenditures for the sooth of Aprils _ : ;; f Mr* Slaughter reported on the status of the transfer of refinery operation* from the Food DiviOien1* Blahuret plant to Louisville *ad Elston Avenue, Chicago a* authorised by the board August 17i 3$$6* . The Director* reviewed' the Secretary**' Monthly' report dated " May 15, 1957 on Batter* on which Director* and/or Executive Ccmltt*e motion had been token and c which otber actlon is paadii*. Mr. Richard 0* VasUey, General Manager f; th# Cbsauror Division, was ncalnatod and, upon notica duly mOa mad seconded* troanlMmely slotted m Vice President of the Ccwpaoy* : Mr. Baleey stated that turn result of investigations he sod Mr. R. 2. Dornaoyer, Director of Acquisition*, had mAo of proopoet* for. wiling th* Chomle*l*Pl0Mat**Mtt*lt Dlvialoa** Somteo, Pemsylvanla white lead plant, *cverel potential tuyers had vialted the plaat sad . - expressed interest in oeytlrjag lt>' A Mr* 'Harris Btroeo* of 'Sow Yort^ vh* reported, bad proposed negotiation of aalea contract with * ooMpstybs ; controlled providing for * Cash parches* pries of 4109,000 for th# pLast** fixed MMtd.apl eoahi peyMdb'fbr Imant^ttmth# t#ii oooi,V.j " .' 1 * ' ' ^ V "<. '- / ' ~ . ; . .. . V ", Market, whichever vaa lever. - A purchase of the. pUaityMr.' Baroe**, :)Mr ; aid, would ho sublet to an sgsntf* finder Fes of DO0 of the prlee of th* fixed asset*, Following discussion of the dealrablllty of disposing of th* g LD007908 Scrontob operation, Hr Beltsy . Hj>on.mtloa duly do wl tocooitd, i, UBanlBoujjly authorlsod to ttsotlAt l\nther Mr* Biwoow for tboftal* of tto ploct ii.vtlx tiw plant on Kr. *., It v t*t if*. ** 10 cogotlationa * fiwd ooatr$t vbuld bt w!h&itt4 to tbt Bseoeutlrt Ccnarittofl f? ppwtl4 : / V;H'v:;' . YAaA; AYA\VyA/vY^ fcho Chalnaw;rfporti4'to'thi Wrootorowfcit -V A:'> th* nosKto ted VolAooU, Oocvftt**;.**** ptrtloultr ottUftcUoo vitfc tho JtcktocYiUo ftcUitlot/ M vtU * ontt^Uw foir tho ftiturt of tb*t oporotlea* "A v .' '; . Y ;.v Y.AA YY/'AA i >' '] .'>. ; ... A,v ' .' ''. fhero 'bolog m htrlbtr bualMM to eat* boftara tbt Blrootoro tho Bootleg wo oAJoumtd Ot tlb$ F*M :i :v. V. ? \W 'f- ` ... *. . , :V/ ' ' ;J <- >'. > i \A\A- ' ,V V A;-y ). .[ : y.' . .; ,..':;At' i'"'A \i v?>v . `J * ' * \t U/AA^:' ' i-m >,t > .'. v. - : -v AAa '-A'A'A- A'v 'v -.';' . :. ; ' .. ' : - \ j-j . . * ;v A* / YAK, a ;. - : -; GLD007909 '