Minutes - 149

Trust Company of $575,000 --- 3750 shares
To partly secure the indebtedness
of this Company to Messrs. T.S
Smithers & Company of $116,000 --- 1600 shares
Behind a note of this Company
of $150,000, payable on demand
and bearing date June 16. 1902,
placed with Messrs. Brown, Broth-
ers & Company --- 1850 shares.
Mr. Calhoun stated to the Board that
the amount still remaining due upon said note
to Messrs Brown Brothers & Company was in
round figures $67,000.
He stated that there were thus al-
ready in the Treasury of the Company, sub-
ject to its direct loans, 7,200 shares, leaving
a balance in his hands out of said 9,464
shares of 2,264 shares, which he held as a
part of the collateral to secure the in-
debtedness of the Company to him.
Thereupon the following resolution
was offered by Mr. Chas L. Atterbury, seconded by
Mr. S.B. Cooper, and unanimously adopted, Mr.
Calhoun not voting:
Whereas this Company is largely in-
debted to Patrick Calhoun against which in-
debtedness he holds as collateral certain Timber
Certificates and certain Preferred shares of this
Company; Now, therefore, be it -
Resolved that the President of this
Company be authorized in behalf of this Com-
pany to accept the draft or drafts of Patrick
Calhoun or to issue the promissory note
or notes of this Company to said Patrick
Calhoun or his order for the aggregate amount
of not exceeding $100,000, the same when issued to
be charged against the present existing indebt-
edness of this Company to said Calhoun; the
terms of payment of said draft or drafts, or
note or notes, to be arranged between the said
Calhoun and the President of this Company;
behind which evidences of indebtedness shall
be deposited as special collateral $30,000 par
value of Maryland Dryer Company Timber Cer-
tificates and $40,000 par value of Houston Oil
Company of Texas Preferred Stock out of the