Tobacco Documents Online

May 15,. 1940 2 7 A regular meeting of'the Board of Directors of P'. Lorillard Company was held today att the office of'the Company, 119 West 40th Street, New York CitF. There were present Nessrs.: G. H. Hummel G. D. Whitefield E. S. Bowling H. A. Kent J.J. Dri'scolIl J.S. Freeman J.T. Keel Todd Wool J. A. Glascock On motion duly made and seconded, the.reading of the minutes of the previous meeting was dispensed with. On motion of Mr. Bow]:ing,, seconded by Mr. Freeman, it was. unanimously RESOLVED: That a dividend of $1.75 per share on.the Preferred Stock of this Company be and it hereby is declared payable July 1, 1940 to stockholders of record at the close of business June 15, 1940. On motion of 9Ir. Driscoll, seconded by Mr. Bowling, it was u+mrimously RFSOLVEDs That a.dividend of 30¢ per share on the outstanding Common Stock of this Company be and.it hereby is declared payable July 1, 1940 to stock- holders of record.at the close of business June 15, 1940. On motion of Mr. Kent,. seconded' by Mr. Driscoll, the following ad- vertising expenditures were in all respects approved, ratified, and confirmed: Estimate ~/252 of Lennen & Mitchell Inc. dated May 1,. 1940'covering advertising of FRIEISDS Totiacco over the radio for a.period of thirteen weeks beginning May 6, 1940, at a cost of $57,228.72. Agreement d'ated 1Eay 7, 1940 with Programs Concessions Inc. for advertising of' OLD' GOLDCigarettes in programs issued.and offered for sale in connection with events held at Soldiers Field,. Chicago, T111aois, as well as representation and sale of Company products there and in other concessions, for one year beginning June 19, 1940,, at a cost of'$750. On motion d!nly made and seconded, the meeting adjourned. /0'-~ d1'.-,. e Secretary