Minutes - 75

74

Lumber contract; and in accordance with said arrangement this
company, acting by its second vice president, Mr. thornwall mullaly,
executed it's two promissory notes dated November 4th, 1902, one for $50,000,
to the order of the United States mortgage and Trust Company, and the
other for $100,000 by direction of the United States Mortgage and Trust
Company, to the order of the Commercial Trust Company of New Jersey,
each for six months from December 4th, 1902, and to bear interest at
the rate of 6% per annum from said date; Therefore, be it

Resolved that said loan as negotiated by said Messrs F. R.
Pemberton & Company with the United States Mortgage and Trust Company
be, and is hereby, ratified and confirmed; and that the execution by Mr.
Thornwell Mullally, Second Vice President of this Company, of the two notes,
as aforesaid be, and the same is also hereby ratified and confirmed;
And the said Second Vice President of the Company is authorized and
directed to place with said United States Mortgage and Trust Company as
said security the said $225,000 par value of 6% Maryland Trust Company
Timber Certificates of Beneficial Interest in Kirby Lumber contract.

Therefore, on motion, duly seconded, the following resolution
was presented and unanimously adopted:

Resolved that this Company pay a commission of 5%
to the United States Mortgage and Trust Company on each portion of
the loan of $150,000 negotiated with it on December 4th, 1902 as may
be taken by this company.

Thereupon, on motion, duly seconded, the meeting was
then adjourned until 11:00 o'clock AM, December 17th, 1902.

J. A. Whitaker
Secretary

Thos. H. Franklin
President

Meeting of
December 17, 1902

Proceedings of an Adjourned Meeting of the Board of Directors
of the Houston Oil Company of Texas held at the office of the Company
on the 17th day of December, 1902, in the city of New York, a quorum
being present, to wit:

Thos. H. Franklin
S. L. Shover Jr.
C. L Atterbury
Thornwell Mullally
Patrick Calhoun
F. C. Marshall
S. B. Cooper
Jay O. Moss
J. A. Whitaker