Tobacco Documents Online

74 November 21, 1941 was A regular meeting of the Board of Directors-of'i'. Lorillard Company held today at the office of the Company, 119 West 40th Street, New York City. There were present Nfessrs. ; G. ff. Hhammel G. D. Whitefield H. A. 1Kent Y9 . J. Halley J. J. Driscoll J. S. FTeeman F., Hopewell J. A. Glascock Todd Wool On motion duly made andiseconded, the reading of the minutes of the previous meeting, was dispensed Rithi. On motion of' Blr. Freeman, seconded by Mr. Halley, it was unanimously EtE~.SOLSIED « That tln dividend-of $1.75 per share on the Preferred Stock of this Company, which would' otherwise be payable on the first business day in January, 191+2, be and the same is hereby, by way of anticipation, declared and made payable on December 19,, 1941, to stockholders of record at the close of' business December 5, 1941. FFURTHER RESOLVED: That a final dividend for the year 1941 of 30¢ per share on the outstanding Common Stock of'this Company be and the same is hereby declaredand made payablle on December 19,, 1941, to stockholders of're- cord at the close of'business on December 5, 1941. FLTEiTHER' RESOLVED: That the proper Officers of' the Company be andd they hereby are authorized and directed to deliver, on or before the 18th day of December, 1941, the amount required to make payment of the above dividends,, to vrit, the sum of $733,1187.27, to The New York Trust Company, 100' Broadwcay,, New Y'ork City, N. Y.,, which said sum in this manner is hereby irrevocably set aside for and allocated to the payment of said dividends and shall be used by said Trust Compaqyyfor the payment of said dividends in accordance with the terms of this Resolution. FURTHER RESOLVED: That the aforesaid dividends and each of' them, be charged against current earnings of' the Company for the .year 1941':,, out of' and with respect to which they are intended to be declared and paid, and that to the extent such earnings are not sufficient for that purpose they be charged against surplus and undivided profits of the.Company. The Treasurer reported to the Boardi that on October 30,, 194,]l he had purchased with the funds of the Company, S500,,000 (face value) tI.S.A. Treasury Notes of' Tax Series B',, withlaccrued! interest, for the sum of $500,,1,00.. Whereupon,, on motion of Yr. Ylhitefield,, seconded' by Mr. Driiscoll„ andi unani- mously adopted, said purchase was approvedland!the Treasurer directed to deposit said securities in the Treasury of'the Company at Guaranty Trust Company of New York, 14.0'Broadway, New,7Cork City, for safekeeping,until the further order of the Board of Directors or the bcecutive Committee. On motion of-Mr. Hal.ley; secondled' by Mr. Kent, the following a&- vertisiing expenditures were in all respects approved, ratified, and confirmed: Estimate #476 of Lennem8a Mitchell Inc, dated-November 5, 1941 covering radio advrertising, of RIPPLE Tobacco~ over Station KRGV, Weslaco, Texas, for a periodl ofthixteemweek&fromNovember110,, 1941,: at a cost of'$210.6&.

75 Estimate #477' of Lennen & Mi'tchell Inc. dated November 10, 1!941 covering radio advertising of BEECH-2+NT Cigarettes over Station 'PPNN, New York City,, for a period of thirteen weeks from December 15, 1941, at a cost of $15,395'.25'. Estimate #46 of Ji. Walter Thompson Company c3ated' November 6,,1941 covering broad= cast of the OLD GOLD Cigarette Variety Program over radio stations throughout the. United States listed therein, November 3 tkm; owgh December 29', 1941, at a cost of $110, 098.32 . On motion duly made and secondlcd, the meeting ad!jiournedi. /4`C(~ A~b~ Secretary