Tobacco Documents Online

31 On motion of Mr. Kent, seconded by Mr. Driscoll, the following'adver- tising expenditures were in all respects approved, ratified, and'.conTirmed': Contract dated Alagust 1,1940 with Navy Athletic A'ssociiation, Annapolis, Md. for a quarter page OLD GOLD Cigarette advertisement in the 1940 Army-Navy football game program,, at a cost of $150. Contractt dated August 9, 1940 for a hal.f page advertisement of Company products in the Labor Day 19.40'ed'ition of the Trade Union Courier, New York City, at a cost of $150. Estimates of Lennen & Mitchell Inc. as;follows: J263.datediJu7y 16, 1940', covering magasine advertising of BRIGGS Pipe Mixture during Octobery, November and December 1940, at a cost.of $53',829.98. #266 dated August 5, 1940, cocrering spot broadcasts of racing and other sport news over Station WEN, New York City, sponsored by OLD GOLD Cigarettes, . for a period'.of thiaeteen weeks beginning August 12, 1940, at a cost of $24,310. #267'dated,August.6, 1940, covering five advertisements of OLD GOLD Cigarettes in the Ocean Press, a publication of the U.S. Liner America, at a cost of $96.63. #268'.dated.August 9, 1940;, covering advertising of: OLD GOLD Cigarettes in the Nassau Sovereign, publication of Princeton University, from September 1,'1940 to May 31, 1941,, at a cost of $a,01.52. On motion d1x]'y made and seconded, the meeting adjourned to meet. Hbndiay,August26,. 1940, at three o°cIlock P.M. Secretary

August 21, 1940 A regular meeting of the Board of Directors of P. Loriilard Com- pany was held today at the:office of the Company, 119'West 40th Street, New York City. There were present Messrs.: G. H. Hummel G. E. H. J. J. J. J. D. S. A. J. S. A. T. Whitefield Bowling Kent Driscoll Freeman Glascock Keel l Buford Scott Todd Wool On motion duly madla and seconded, the reading of the minutes of the previous meeting was dispensed with. uoani®ously On motion of Mr. Whitefield!, secondedi by Mr. Bowling, it was'. RESOLVED: That a~dividend of $1.75 per share on the Preferred Stock.of this Company be and it hereby iis declared' payable October 1,. 1940 to stockholders of record at the close of business September 16, 1940:. unani,mously on motion of Mr. Driscoll, seconded by Mr. Keel,, it was RESOLVED: That a dividend of 30¢ per share on the outstanding Common Stock of this Company be and it hereby is declared payable October 1, 1940 to stockhollders of record at the close of business September 16„ 1940. unanimousl'',y On motion of Mr. E+reeman,, seconded by Mr. Driscoll, it was RESOLVED: That the Transfer Books of. the Registered Seven Per Cent Bonds of this Company shall be closed at three o'clock:P.M. September 16, 1940, for the payment of interest thereon, due October 1, 1940,,andi slial7i be reopened at ten o'clock A.M. October 2,,1940. The President called to the attention of, the meeting the Anti- Trust suit brought by the United States in.the District Court of the United States for the Eastern District of Kentucky against various tobacco companies, including this Company and its subsidiary and certain ofthe officers of. this Company, the information having been.filed in said Court on July 24, 1940 and thee summons having been served on this Company on.Juliy 29, 1940, and stated that this Company, its subsidaryand officers are not guilty'of the charges made; that in:his opinion authorityshould.be given to takeall.stepse necessary properly to defend the.action. He further stated that in orderthat there might be no delay in the preparation.of the defense, the,law firm,of Cummings & Stanley of' Washington, D. C', had been,retained. Thereupon, after discussion, upon motion of Mr. Driscoll, seconded by Mr. Keel,, it was unanimously RESOLVED: That such retention of'the law firm of Cummings & Stanley of Washington, D. C. is herebyapproved, ratified, and confirmed in. all respects and' the proper Officers of this Company are hereby authorized and directed'to retain additional counsel if deemed advisable,,to incur ex- penses, and to do all things that they may be advised or deem necessary to defend1the saidl Anti-T'rust action. E381'11813'