Johns-Manville Board of Directors Minutes on Capital Spending and Insurance Company Loans (1947)

The 13-page minutes of the Johns-Manville Corporation board meeting of June 17, 1947, chaired by Lewis H. Brown and kept by Vandiver Brown as secretary. With projects running $4,322,000 over estimate, the board approved more money to finish them, including a Transite pipe plant and rock wool facilities at Port Union, Toronto, and an expansion of the factory and underground mine at Asbestos, Quebec, but slowed the next phase of building "so long as the economic trend remained uncertain." It also approved borrowing $20 million from the Metropolitan Life Insurance Company and $5 million from the Mutual Life Insurance Company of New York at 2.7 percent.