Tobacco Documents Online

102 November 20, 1942 A regular meeting of'the Board of Directors of'P. Lorillard Com- pany was helditoday at the office of the Company., 119 West 40th Street,, New York City.. There were present Nessrs.s G. H. Hummel H. A. Kent G'. D. YYhitefield E. S. Bowling W. J. Halley J. S. Freeman J. J. Driscoll J. T. Keel ff . Hopewe ! l Buford Scott J. A. Glascock Todd Wool On motion duly made and seconded,: the reading,of the minutes of' the previous meeting was dispensed with. On motion of Nr•. Halley, seconded by Mr. G].ascock, the follow- ing advertising expeadi'~tures were in all respects approved,, ratiifieri, and' confirmed: Expenditure of'$50 for a page' advertisement of OLD~GOLD;Cigarettes in the Shopper's Guide of Hadassah for the 1942-43 season. Contract dated November 13, 1942 for a page advertisement of OLD'GC/LD' Cigarettes in program to be published in connection with the banquet and entertainment of'the Passaic CountF Retail Confectioners &.Newsdea7lers Assn., Paterson, N.J',.,, to be held Janua.ry 1$,, 1943', at a cost of $35. Contract dated November 17,, 19L,2 with National Foundation for Infantile Paralysis Inc.,, for a half page advertisement of' Compat~y:products in COURAGE,, publication to be issued by the!National Committee for the Cele^ bration of the President''s Birthday on January 30',, 1943, at alcost of $500«. Estimates of J„ Walter Thompson Company as follows: #82 Supplement P dated November 5',,1942, covering newspaper advertising of OLD GOLD Cigarettes during November and December, 1942,,at a cost of' $18,424.96. #103 dated N'ovember 9', 1942 covering radio advertising of OLD GOLD'Ciigar- ettes in Cleveland, Columbus, Steubenville and.Youngstown, Ohio,, November 16 through November 30, 1942, at a cost of $575. #93 Supplement A.dated November 10, 1942 covering radio advertising of' OLD GOLD:CIgaxettes over Station KFI[,,Los a.nge]les, Ca1if., December 66 through December 11, 1942,,at alcost of $276.«. #104 dated November l, 191;2 covering, radio advertising of' OLD GOLD. Cigarettes over Station WBNY,, Bisffa-lo,, N.Y«,, Nowrember 16 through~ December 31, 1942, at a:cost of $1,,0001. The Secretary presentediand' read to the meeting letter dated November 16,, 191,2 from EcustaiPaper Corporation,, aiDe]iaware Corporationy, to. this Company, providing,for the amend'ment of'the,agreement dated. September 25,, 19401between this Compat~y and said Ecusta Paper Corporation, so ase tolincrease the quantity of cigarette paper that this Company may purchase firomiEcustalPaper Corporation from a maximume of the equivalent of

103 201000 s tandard bobbins per month to ~ a maxi~mum of the equivalent of 50,000 standard bobbins per month, all other terms of said agreement dated September 25,. 1940 remaining in full force and effect; unanimously Thereupon, on motion of Mr. Whitefield, seconded by Mr. Kent, it was RESOLVED: Thhait the agreement dated September 25, 1940 between this Company and Ecusta Paper Corporation, a Delaware Corporat3:on,, whereby said! Ecusta PapeF Corporation agrees to se11 to this Company cigarette paper upon the terms and' conditions therei:a set forth, be and' the same is hereby amended so as to increase the quantity of cigarette paper that this Company may purchase from Ecusta>gaper Corporation from a maximum of the equivalent of'20,000 standard bobbins per month to a maximum of the equivalent of'50„00&standard bobbins per month,, all as more fully set forth and •in accordance with the terms of' letter dated November 16, 1942' from~ said'Ecusta Paper Corporation to this Company, which letter:has been produced'and read to this meeting,and is hereby approved, rati!- fied, and confirmed in all respects; RESOLVED FURTHER: That the proper Officers of this Company are hereby authorized and directed to execute said letter dated November 16,,,1942 and to do any and all th"ings that may be necessary or advisable to perform the terms thereof, it being understood that al]l other terms of'said agreement dated September 25, 1940 not amended by said letter of November 16, 1942 sshall remain in full force and effect. On motion of Mr. Scott, seconded by INr., Bowling, it was unanimously RESOLVED: That the div3;d'endl of $1.75 per share on the Preferred Stock ofthisCompany,,wh3lchwoul:df otherwisebepayableomthe fiastbusinessdayiw January, 1943r be andthe same is hereby, by way of anticipation,; dlecl;aredi and made payable,on December 18',, 1942, to stockhoidcrs of record at the,close of business December 4, 1942'. FURTHER RESOLVED: That a final dividend for the year 1942 of 45¢' per share on tb.e outstanding,Common Stock of this Company be and the same is hereby declared and made payable on December 18, 1942, to stockholders of record at the close of'business on December 4, 1942. FURTHER RESOLVED: That the proper Of'ficers of the Company be and they hereby are authorized and directed to deliver, on or before the 17th day of December, 1942, the amount requzred to make payment of the above dividends, to wit*, the sum of $1,0'].4,031.30, to The New York Trust C'ompany,, 100 Broadwayr, New York 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 Company for the payment of'said dY~;v3idends in accordance with the terms of this Resolution. EIIRTHER RESOLVEDr That the aforesaid dividends and each of'them, be charged against current earnings of the Company for the year 1942, '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. On motion duly made and seconded, the meeting adjourned. low ~~RTcsL. 88111 ~' Q ~ Secretary