accrue quarterly instalments for the current year shall have been declared and
the Company shall have paid such cumulative dividends for previous years and
such accrued quarterly instalments or shall have set and from its surplus
or net profits a sum sufficient for the payment thereof, the Board of Directors may
declare dividends on the common stock payable then or thereafter out of any
remaining surplus or net profits.  But after seven dollars per share in
dividends on the common stock shall have been paid in any year, the preferred
stock shall be entitled (in addition to the preferred cumulative dividend of
seven dollars per share per annum) to share equally with the common stock
in any further distribution by way of dividends during that year, and no
dividends in excess of seven dollars per share be paid in any year on the
common stock unless at the same time that such excess dividend is so
paid on the common stock there shall also be payable (in addition to the
preferred cumulative dividend of seven dollar per share per annum)
a dividend on each share of the preferred stock equal to and payable at the
same time as such excess dividend on the common stock.  In the event
of any liquidation or dissolution or winding up, whether voluntarily or
involuntarily of the corporation, the holders of the preferred stock shall be
entitled to be paid in full both the par amount of their shares and the
unpaid dividend accrued thereon, before any amount shall be paid to the
holders of the common stock, and after the payment to the holders of the
preferred stock of its par value and the unpaid accrued dividends thereon
the remainding assets and funds shall be divided and paid to the holders of
the common stock pro rata according to their respective shares until there
shall have been paid to the holders of the common stock respectively One
hundred dollars for each of such shares held by them respectively; and the
remaining assets (if any) shall be divided among all the holders of the stock
of the Company (both preferred and common) pro rata according to the
number of shares held by them respectively.
     Any stock not own issued shall be issued by the Directors from time to time
as the same may be needed.
V.  This corporation shall exist for a period of ninety nine years unless sooner
dissolved according to law.
VI.  The business of this corporation shall be conducted by a Board of Direc-
tors a President, Vice President, Secretary Treasurer and such other officers or
agents as may from time to time be elected or appointed.  The Board of Directors
shall consists of not less than three members who shall be elected by the stock-
holders at their first meeting which shall be held at eleven o'clock in the
morning on the 27th day of November  1911 (or at any adjournment thereof) and at
each annual meeting of the stockholders (which shall be held at 11 o'clock
in the morning on the third Tuesday in each January) thereafter, or they may be
electected at any adjourned annual meeting of the stockholders.  The
Board of Directors shall elect the President, the Vice Presidents, the Secretary
the Treasurer and any other officers of the corporation at a meeting of said
Board of Directors to be held at two o'clock in the afternoon on the 27th day
of November  1911 (or at any adjournment thereof) and thereafter at a meeting
(or at any adjournment thereof) of said Board to be held at two o'clock in
the afternoon on the third Tuesday in each January.
The President and Vice President shall be elected from among the Board
of Directors.  The Board of Directors may adopt the By-laws of the