Tobacco Documents Online

December 23, 1942 ts regular meeting of the Executive Committee of P. Lorillard Company was held today at the office of the Company, 119 "fiest 4Cth Street, cvew York City.. lnere were present Ressrs.: H'. A. Kent G. D. Whitefield E. S. Bowling Wi. J. Halley J'. S. Freeman F. Hopewell J. J. Driscoll J. T. Keel Todd Wool In the absence of idr. Hummel,, Chairman, Mr. Kent, President, presided, and the Secretary acted'as Secretary of the meeting. On motion duly made and seconded, the reading of the minutes of the pre- vious meeting was dispensed with.. Oni motion, of' Mr. Whitefield, seconded by dr. Bowling, it was unanimously RESOLVED: That the action of the President and the Treasurer of this Company in borrowingy, on December 16, 1942, on behalf'of this Company from the National City Bank of' NewiY'ork, 55 Wbal Street, NewYork City, N. Y., the sum of' One Million Dollars ($1„000!,000) and'in, executing and delivering in the name of' this Company its promissory note evidencing said debt, bearing said date and! payable at said bank ninety (90) days from said date, with interest at the rate of 1~~ per annum from saidi date, be and' the same izereby is in all respectss approved, ratified, and' confirmed. On motion of Mr. Freeman, seconded by Mr. Driscoll,, it was unanimously RESOLVED: That the action of the President and the Treasurer of'this Company in borrowiing,on December 22, 1942,, on behalf of this Company from the Central Hanover Bank & Trust Company,, 70 Broadway,,New York City, N'» Y., the swnm of' One Million Do711ars($1,000,000)' and in executin.g and delivering, in the name of' this Company its promissory note evidencing said debt, bearing,said date and payable at said'Bank ninety (90)' days from said date,, with interest at the r•ate. of 12-1% per annum from said date, be and the same hereby is in all respectss approved, ratified',, and confirmed. Om motion of BAr.BowLiung,seconded' by Mr. iiee3l, it was unanimously RESOLVED: That the action of the President and the Treasurer of this Company in renewing on December 21, 1942, on behalf'of this Company', the loann made September 22, 1942, from;the Guaranty Trust Company of'New York, 140 Broad- way,, New York City, in the sum of One Million Dollars (91,00C,000)' and in execu- ting and delivering in the name of' this Company its promissory note evidencing said'debt, bearing,date of December 21, 1942, and payable at said bank ninety (90) days from said date, with interest at the rate of 12% per annum from said date, be and the same hereby is in all respects approved, ratified, and canfirmed. On motion of'6hr. Bowling, seconded by Mr. Hopewell, the following,adver- tising expenditures were in all respects approved, ratified, anid canfirmedi: Estimate #].22' of J. Walter Thompson Company, dated December 10, 1942, .ccovering radio advertising, of OLD GOLDCigarettes over Station WBNY, Buffalo, N.Y.,. January 1 throu;gh Aipriil. 1, 1943, at a cost of $1,950. 68676182 Estimate #124 of J. Walter Thompson Company dated December 10,, 1942, ccovering

144 radio advertising of' OLD GOLD Cigarettes over Station rn'EhF, NewYor;e City, January 1 through March 31, 1943, at a cost of J2I,622.90. The Secretary laid before the meeting Agreement dated~December 8, 1942 between this Company and Danville Storage & Inspection warehouse, Danville, Va., for the lease by this Company of space in the Vratson Shed located at 666 Lynn Street, Danville, Va., for the storage of'leaf tobacco in hogsheads, for a period of'two years beginning January 1, 1943, at a rental of 2©¢ per hogshead per month or fraction thereof, plus iinnGge charge of 25¢ per hogshead,, no outage charge to be made; which on motion of Mr. Bowling, seconded by Mr. Keel, was in all re- spects approvedy, ratified,, and' confirmed. Qn motion duly made and seconded, the meeting,adjourned. Secretary