Minutes - 73

72

Meeting of
November 26 1902

Proceedings of a special meeting of the board of directors of the
Houston Oil Co. of Texas, held at the office of the company, in
the City of New York, on the 26th day of November, 1902 at 11:00 o'clock AM
a quorum being present to wit:

Thornwell Mullally
Patrick Calhoun
S. L. Shober Jr.
C. L. Atterbury
J. A. Whitaker

The meeting was called to order by Mr. Thornwell Mullally
Second Vice President, whereupon, on motion duly seconded, the
reading of the minutes of the previous meeting of the Board of
Directors was waived until the next meeting of said Board.

$100,000 loan
With U.S. Mtge
& Tr. Co.
(see 73 & 104)

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

Whereas alone of $100,000 has been negotiated with the
United States Mortgage and Trust Company of New York City, by
Messrs F. R. Pemberton & Company, for account of this Company,
said loan to run for a period of six months from this date, to
their interest at 6 per cent per annum from date, and to
be secured by $150,000 par value of 6 per cent Maryland Trust
Company Timber Certificates of Beneficial Interest in Kirby Lumber
contract; therefore be it

Resolved that said loan as negotiated by Messrs F. R.
Pemberton & Company with the United States Mortgage & Trust
Company be, and is hereby ratified and confirmed, and that
Mr. Thornwell Mullally, Second Vice President of this Company,
be, and he is hereby authorized and empowered to make, execute
and deliver to the said United States Mortgage and Trust Company
such promissory note of this Company, and such other instruments
of writing, and to take such other steps in the premises,
as may be necessary in connection with said loan; the signature
of said Second Vice President to be attested by the Secretary of
this Company with the corporate seal affixed.

Thereupon, on motion, duly seconded, the following
resolution was unanimously adopted:

Resolved that this Company pay a commission of
$5,000 to the United States Mortgage and Trust Company on the
loan of $100,000 this day made with it.

On motion, duly seconded, the meeting was
adjourned.

J. A. Whitaker
Secretary

This. H. Franklin
President