Minutes - 296

295

have its claim for $442,874.54 made a first lien upon the property and
to come ahead of the Timber Certificates, unless like equality was extended
to the Timber Certificate Committee as to payment of its fee or claim.
That they would however, accept the identical terms of payment, in
this regard, as was extended to the Trustee as to its said claim. That
in no event would they consider an exchange of their judgement claim
for $713,583.60 for the prospect debt certificates; that said loan would
have to be paid in cash. They would agree, however, that in the event
the fee of the Timber Certificate Committee was allowed, and placed on the
same footing as to payment with that of the Trustee, and the loan of
$713,583,60 was paid in cash, that the remainder of their claim
amounting to about $225,000 would be exchanged for debt certificates,
and further, that as to the claim of the Timber Certificate Committee for fees,
viz., 273,000 that $113.000 of that amount, the compensation for the committee
they would consent to its payment in the same manner as similar fees
were paid to other parties, as they did not regard that amount as
bearing the same relation as to priority as their claims for $75.000 and
for $85,000 respectively. In other words, the total of these two amounts,
$160.000 must in any event be placed on the same basis of payment as the
claim of the Trustee, to-wit: ahead of the Timber Certificates, and for the
remainder, payment would be accepted on the same basis accorded
to similar claims.

[red pen left margin:
Mr. Carleton's report recd and ordered spread upon mts]
Whereupon, on motion duly seconded and carried, the said report
of Mr. Carleton was received and ordered spread upon the minutes.
Thereupon, on motion duly seconded, the following resolution was
unanimously adopted.

[red pen left margin:
Counsel for Trustee requested to see John G Johnson in re proposed decree]
Resolved, that the counsel for the Maryland Trust Company.
Trustee, is hereby requested to confer with Messrs John G. Johnson and
John Henry Hammond, counsel for the Timber Certificate Committee and
for Messrs. Brown Brothers & Company, and submit to them the re-drafted
copy, of the proposed decree and ascertain as far as possible any con-
ditions that said Counsel for the Timber Certificate Committee and for
Messrs. Brown Brothers & Company may desire to have set forth in
said decree, and

Resolved, further, that the counsel for the Maryland Trust Company,
Trustee, hold said conference at an early date and if possible,
before the Cmmittee of five, heretofore appointed with reference to said
decree, holds its meeting in St Louis.

[red pen left margin:
Communication from chman Tbr Ctp Com to Chman of Com. to Pass upon Claims]
Thereupon, the Secretary read to the Board a communication, dated
May 22, 1908, from Mr. G. N. Young, Chairman of the Timber Certificates
Protective Committee, to Mr S. H. March, Chairman of the Committee
heretofore appointed by this Board to pass upon claims, enclosing a
statement covering the fees and expense of the Timber Certificates
Protective Committee, amounting in the aggregate to $273.719.64, said
Communication being as follows:-
"Your favor of the 21st inst and has been received. Assuming