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ANALYSIS Pitman-Spencerian Chartier By J. M. REASER, Prin. Com'! Department r / _ . ý _ _ .... u . . ..11 1 . " . _ 55J .- - U .... U , U Lan lnime was naries Dickens. a parliamentary shorthand reporter. He studied and used a system to which I am going to devote reverential atten tion. tike Robert Fulton's steamj)oat it was the first system-at least the English s;:eaking race. T only .ýfr. rence is that Fulton's achievement is unquestionably ilnittor of our mighty ocean greyhounds, our battleships, our - as. Fu:to as craft grew. The parent Pitman did not. It re re approach to the subject entirely different from that for the of which Sir Isaac was knighted, to attain a result whose simpll gs, legibility and reading power destines it to rule the world-the IAN ('HA11T'IER System o Shorthand. Remember those words APPROWil TO THE SUBJECT ENTIRELk DIFFERENT." Iavid Cop lerfield (which is, most of the time, simply a character by Dickens fur his own autobiography) thus describes the trials and as oft ih weary and heart-rending time he had in learning Pit o prepare thmself to report Parliament-AND THERE IS NOT A WHO ATTAINS THIS PROFICIENCY IN PITMAN WHO WILL TELL YOL THIAT HIS TRIALS HAVE BEEN JUST AS GREAT THE TIME HE HAS TAKEN A8 LONG. _I: bought an Inproved scheme of the noble art and MYSTERY of phy, which cost me ten and sixpence, and plunged into a sea of that !,rought me, in a few weeks, to the confines of distrao The changes that were rung upon dots, which, in such position, such a thing, and in such another position something else entirely ; the wonderful vagaries that were played by circles; the unao consequences that resulted from marks like flies' legs; the tre effects of a curve in a wrong place, not only troubled my waking but reappeared before in my sleep. When I had groped my way through these difficulties. and had mastered the alphabet, which - Egyptian temple in itself, there appeared a procession of new ealled arbitrary oharacters-thbe most despotic characters I have llewa. When I had fixed these wretches in my mind, I found that Mi driven everything else out of it; then, beginning again. I forgot : while I was picking them up. I dropped the other fragments of the short, it was almost heart-breaking." Wls is Charles Dickens' own account of his struggles with what may igs the parent system of all shorthand now in vogue. , I a vivid and true picture I the struggles of the best and bright g who undertake, with this medium, to report so exacting and a kind of work as debates and speeches--with this exception: NIEVER LEARN PITMAN, IN SPITE OF EFFORT. OTHERS ACQUIRE A FAMILIARITY WITH WHAT THEY WRITS AS TO ENABLE THEM TO TRANSCRIBE IT ACCURATELY AND 1Q EXAMINE WHY THIS IS SO-TO LAY BEFORE YOU WHY iT I0 WITH THE WONDERFUL SPENCERIAN CHARTIER IY-S r THE AIM OF THESE COMPARATIVE ANALYSES. I) laac Pitman was born in 1$13. o I5 was a scholarly thinker. ~b 1837 he published what he called "Stenographic Soundhand." system, the invention of a trained, logical and well-ordered 3im relects those intellectual qualities. san trace the mental process by which Sir Isaac devised the ail which once ruled the stenographic world. Isaac, a graduate of the British Normal College, fell back en the -setul circle; the angle or slant of straight lines, and finaly snoe is esmposing an alphabet, itself easily remembered, but, used as system, presenting difficulties it requires months sad years se thoroughly as to be able to take testimony, speaces, te.. IL In some istance, a heavy percentage, this mastery Is a-s lck late this, first tracing the steps of Sir Isase's ploneer sed hem analyse why this system, having no reference to English is the Ingrained habit of the mind by which people spell and i- Iuband, requires s much study and work of the student et it - eaI master it. .as took a circle sad eat it ap Into as many parts as weald sn. . is the segments or are as symbols for consonant sounad miem isus This is indiated by the points checked of in the Tura we to FIgure 1 P~Fures .r. ri 'ure .. 1 th 3.cu =}I: I :d = _ =1:. m ,c/ 6` dA 7.0%)?.:~ 4 Z-= : %CRARTER rL &t sANwD COrPANY. 0O AMERICA, STATE PARISH O O3R ITTe or NZw OLBANLr thet ea this third day at the in the year soe thoeasad tld sdeves, belore me, Pelx: aetary public, duly commls bi for the ,rlh of Or to New Orleas, therei resid appeared the peruses whose to subsecribed, who declared theellves of the provlies this state, relative to the er tiots, they brave coven uU do. by thes preaeut, yre, bind. form and eonastl e i well as such other per fter Joln or become as Into a eorporatloa and law for the objects and pra t he agreements sad tlpa to-wit : AS TICLE I. le of this eoupvatt N GRAVEL ! IAND ender that name It shall Wl the rights, advastatge p ted by law to tcorpra S torf p-rlo4ot alme t rhall have the power to *e* e sued In its corporate same ; un a corporate seal, end the ow alter at pleasure; to held, ns , aotes and other and employ such kmaa otlier., agents, sad other the latereta and coevemesae m may require; ad i- much by-laws, raise snd the aorporate mnsiseed S r 1,ar of mid epoeatl saeceaarr and .e ue. S ARTICL IL S teid corpsoatsie car he ew Orleans, ai this u bo b eosm r t i -oa uedd, duties and functions shall devolve upon, and be fulfilled by, the vlcs-president. ARTIOIUD IIL The oet and purposes for which this corporatio orn ied, nd the nature of the business to arried on y It, are hereby declared to be: to engage In the buiness of buying and selling building and concrete .atedal In the city of New Or leans, or elsewhere il the state of Loui ae to t g , to produce, c auasl to and deal in sand, gra vel , u', pur ca ._ - el, shells anad other materials of that na tare, and generally to do sad perform any and all h ethin cessaro germane to the ARTICLR IV. The capital stock of this corporatlon is hereby fed at the earnm of ten tbooassand dol la-, divided into ome hunadrd (100) hares of the par value of one hundred dollars ($100 eah. whe share shall be paid for in cash, orIn the purchase of property. All shates of stock shall be full-pa and no"- assessable. No transfer of stoc sall be tooa se baertieates of stock orihe its eon dW cers as may be esignated e rd of directors. AITICLU V. All the corporate ers of this werpor tie. and the mam geft and control of ts sair shall he vested i, and erelss b a board of dlsetors, oemposs of four ste , a sell whh shall con stitute a or or t traao of all bos h dirsetsees shall e elected ao ually by the etsbod at a rnc_ - to be i ea tl t he seyate eer th have Mend of each year in the mnth of Janu ary, said eeting 'e pmecdedl three may be dstrml sd by the b eardr af dirctrs. At'el wrt t s ofta directoarsor of waht elected, shall continue in t ffie for hedr d eleeted d ý have qunifled. No fulureo olet shall -epset the forfeiture of thisn s ltrl. nyl vanc l"ccri-na e ' em i tll abl m am_ h ýy-ure 3 ..... a - ... .. -o .oe Xoo .' -00 v= . n=oav =j = L L.W'L circle of Figure 1, marked with numerals from I to 3. Segment. arc or curve, 1-7, he called "r'; curve, 2-2, "th"; curve, 4-6, "s"; curve, 6-7, "sh": curve, 1-3, "1"; curve. 3-5, "r'. Having thus obtained six con sonant signs or symbols, he dbubles the use of five of these by writing them heavy and thus giving symbols for the heavy sounds of these five consonant signs. Thus the sign for "f," written heavy, becomes "v"; "th" (as in "myth") becomes, written heavy, "th" (as in "with"); "a" becomes "z"; "l" is written upward or downward, the usefulness of this segment of the circle is single; "r" written heavy becomes the vowel sound, "y"! "M" and "n" are the top and bottom of the circle. SIR ISAAC WAS STILL SHORT AT LEAST EIGHT CONSONANT SOUNDS, and he proce'eded to use all possible uncopfusable radii of the circle for these missing consonants: Radius, 2-c, he called "p"; 3-c, "t"; 4-c, "ch"; 1-c, "k." Observe, please, that there is not a single other seg ment of the circle or rallus thereof which can be used without imminent and even hopeless danger or confusion, but he had now all necessary CONSONANT SOUNDS and the EMBRYO of a system. HOPELESSLY NONFLUENT. and DESTINED ABSOLUTELY to require, for the reason of its CUMBERSOMENESS. a vast distionary of word-signs. HE HAD NOT YET A SINGLE VOWEL SIGN. Of these-in the writing of English, :hese vowel signs are absolutely imperative, at least: ah, eh, ee, aw, oh, oo, and (short) a, e. i, (short) o, u, oo. The device by which Sir Isaac attained their expression is hopelessly defective, as will be shown. He made position the expression of the vowel, calling above the line, on the line sal below the line the three positions. "Ah," for instance, is indicated by a heavy dot above the line. That heavy dot on the line or in the middle of the stroke or letter becomes "eh" and in the last place, "ee." Written light, it becomes the short sound of the same vowels. Taking a short dash and writing it heavy in these three positions, he furnished his system the second series of long or heavy vowel sounds, "aw," "oh,' "oo"; and, writing them light, the second series of short vowel signs. "o," "u," "oo" (short). The dip thongs are arbitrary characters, as are "1," "u." That is the alphabet of the system for the invention of which Queen Victoria conferred upon Sir Isaac the great honor of knighthood! With these signs anything can be written, in some sort of a fashion, but be fore a man can take testimony or speeches running from 125 to 200 words a minute, or twice as fast as a clock ticks, he has to acquire a skill, to so make this system a part of him, to so WRITE SOITND (ab stractly) that the apparent simplicity vanishes and he finds that he is against practically the problem whieh kept the immortal Dickens sleep less, hewing down forest after fores of difficulties even in his dreams. This article proposes to discuas this matter to a finality-to show the relative merits of the Spencerian Chartier and Pitman. It is not doing so in a spirit of cavil. It believes in the sublime dignity of the 114-foot craft of Pulton, which made its way laboriously up the Hudson at fie miles an hour. But it is eertain if the restless progressiveness and energy of man had been content with it and declared it the finest possible boat that human genius could build, he would not today be crossing the ocean in a little over four days on mighty leviathans which are practically safe against all storm and which breast the daerset of them without a perceptible decrease In speed! This is the age of progress. Progress is impossible if we oling with blinded eyes to opinions whlah we have accepted for their age and by reason of no thought which we our selves have spent. Progress is possible only as a result of investigation-and investiga tion is the child of freedom from bias, freedom from accepted convention alities. Fogyism has no pines in America. With all honor to the great intellect of the student who has. in spite of all the eriticism to which his system is open, made It possible for men to transcribe thought with the swiftness with whlch it glides from the tongue, THIS ARTICLE ASKS THAT YOU INVESTIGATE WHAT IT IS UgEKING TO PUT BEFORE YOU WITH ALL DEFERENCE AND HU MILITY, BUT WITH A 00NVICTION THAT EVERY CLAIM AND AR OUMENT ADVANCED IS SANE, SOUND, TRUE--WORTHY OF YOUR ATTENTION, INASMUCH AS THE DAY IS FAST ARRIVING WHEN EVERY CHILD IN THE THIRD READER WILL BE LEARNING SHORTHAND (SPENCERIAN CHARTIER SHORTHAND) WITH AN EASE AND READINESS IMPOSSIBLE IN ANY OTHLb SYSTEM. THE GREAT PITMAN'S DIFFICULTIES Before we go say further in this analysis, and while you have the al phabet of the Pitman system fresh before you, let me give you another plate in order that we may make plainer our talk. I pick this pinto at random. It is a Pitman transcript of a uttoer a8ns of the great showman, P. T. Barnum, and here is what he said, writ te in longhand: "As far as business is concerned, I have a particular hobby. My erase is that every young person, of both sexes, should learn at least shorthand sad typewriting. Here you have mental discipline and knowl edge together, knowledge, too, that is almost certain at some time to be eonvenient and practically available. I cannot conceive that one who knows these two branches thoroughly will ever need to go hungry in the present generation, for %hey have a constantly widening use." Know Pitman thoroughly! Truly P. T. is a humorist. P. T. was either Ignorant of his subject or joking. How many there be of these craftsmen in this city of almost 400.000 siols? Count them over--thos' who really apwer P. T.'s description. You or anyone with the slightest sort of memory can learn that alphabet which has lst bu n gtven and which, with endless use and practice, can enabhio one to do that speedily, but try, knowling this alphabet, to take a tary-treasurer, who need not be, however, a member of the board. The president and manager shall have the right tb appoint and dismiss the clerks and other employes of said corporation at pleasure, and as the nla terest and business of the same may de mand. He may exercise this authority by proxy. Any director being sick or absent or about to absent himself, shaU have the right to appoint, by written Instrument, an other director or stockholder, to act as his proxy and in his stead, at any and all of the meetings of said boprd of directors dur ng such absence or illsess. Immediately after the srgning, of this charter the stockholders shall, wtthout fur ther torpallty, elect a board of directors who shal serve until the election to be held ia 1912. ARTICLB VI. The fouds of this corporation shall be do posited, frem time to time, in a bank or banks to be selected by the board of direc tors. All checks, notes or other instrumepts drawn, executed or issued in the corpora tion's same and behalt shall be countersign ed by at least two oecers of the corpora tion. No *e ll shall thus sign or enomrse the name of the corporation, save strictly In Its concerns. ARTICLE VIL Stock is taken, hdd and poseed In this corporation under ti following contract and agreement, between the subscrBrs hereto and between all those who may hereafter become owners of any stock Into the cerpo ration, to-wit : 1. No stockholder shall transfor, alienate sell, or otherwise dispose of his stock uatil be shall first sddres a comamanlcation to the board of direeters, sgnfying such intent or desire, and thereupon the board of direc tors shall gve immediate notice thereof to the remainng stockholders. Within ten days after receipt o notice by the board, any or either of the surviving stockholders may purchase raid stck by signifyingo the Intent so to do and shall within ninety daysI from the date f such acetance pay over In cash to the erporaties, n trust for suc owner the value of esid stock, which value shll be estabitahed o the basis of the last annual or semi-annl statement or report of the esmeni used I eomparboe with the lad s n tril balance, tbe which shall he aded -s e ent. lof the vales thus thw e aease the value or s etof bbsuJ ..i M uut W tlfcates of stock and pay over the price thus deposited to the owner or owners of said shares and shall issue new certificates of stock therefor. If more than one stock bolder signifies a desire to purchase the stock in question, the same shall be divided pro rata in accordance with the holdings of such proposed purchasers. 2. In case of the death of any stoekhold er, the option is hereby granted to the re malnig stoek derse to puarchase the stock held by said deceased stockholder within ninety days followlg such death under the same terms and coditlions and by observntg the.formalities herelnabove set forth. 3. The actlye buslness of this eorýea tion may be tdrminated at any time when and it at a meetIng called for that purpose after ten days' written notlee, stock amount ing to one-half of the total stock issued and outstanding shall vote to cease operations and to stop the business, and f within nine y days after such decisions the stockholders Ibal not have voted to liquidate the corpo ration in the manner hereinafter provided, any stockholder may eause a receiver to be appolnted for the purpose of winding up this corporation. The foregoing stipulations 1, Z and 8 are declared to be of the esee of the rights of the parties in this eorporation and all certificates for shares o stock shall contals a refer ee to the same. In order to avold disputes the annual and semi-annual report and monthly trial bal ance shall be made up to the satisfaction of all the stockholders and any dispute, on any or all Items thereof, shall be submitted to arbitratore, one to be selected by the board, another by the objecting stockhtlider and a third by these two acting together. The re port of the majority to be final Provided nothling herein contained eball be construed to prevent the parties agreeing among Abemselves as to the price of such sale. ARTICLZ VIII. No stockholder shall be held liable or re sponsible for the contracts, faults or debts of the corporation, nor shall any mere ln formality its orgetsltion have the e(ect of rendering this charter null, or of espos ng say stockholder to liability beyond the unpaid balance due on the shares owned by hiF. speaker at 160 words per minute, and see how thoroughly you real know It. See if you don't find your penci with the same sort of fits that af flicted that of the great Dickens. JOKER BARUM'S WORDS IN SHORTHAND The above is the plate showing the transcript in shorthand of Par num's point of view of shorthand. It is probably written by a man who answers Barnum's description, full of word-signs, correctly used--a per fect specimen. First, let us call your attention to the fact that the vowel-signs are entirely eliminated-and believe me when you are taking a speech, ye n have no time for vowel-signs with Pitman shorthand. TIlE REAsON WHY IT TAKES YOU SO MI1CII PRA('TICE TO MAKE TIllS SY1STE11 VALUABLE TO YOU IS THAT YO'It EYE. YOI'R INSTINCT MIUST It: TRAINED SO THAT YOUR EYES A.M.T SUPI'PLY TilE INVISIBLE AND NON-EXISTING VOWEL.S. In ast writing yuui are forced to idrit the vowels. We set forth here one proposition of shorthand which defit. refutation. It is elemental:-The reading power of any system is based on the percentage of vowel sounds you 'esn indicate. Here is a another truism: ITS SPEED IS BASED ON THE SPEEI WITH WHICH YOU CAN DO TIlS. From these two axioms it is implosible to get away. Now, in this light-so clear and self-evident--let us get at the tran script of what Joker Barnum says, as transcribed in the Pitman systpnm. Notice, please, that the very first three words are written as a word sign-the very first three words. These first three words are "as far as. and the Pitman system writes them 'sirs"! There is not a hint of a vowel sound anywhere. In the position! Why should "as" be written in the first position and in the last position, and each time spell "as"? The accuracy of geometry is sadly deserted in this: "Fr," "far." Is there any possible reason, conceding for the sake of argument that the "fr" is in the first position, why this should not be "far," "afar," and since there is mere position visible, wlh it should not be "offer?" It is, however, "far" to the trained eye in Pitman, for the reason that that house there is a house to your familiar vision. In "business." position pretty well indicates the word. You have "bs" and "ns." and require no flight of imagination to make it out. "Pn" is conventionally in the second position, making it literally and meaninglessly "open" with the "o" long, as in "mode" or "pone" (same long o) or "pain" Ilong a), or "pen" (short e), etc. In short, the "pn" in the second position spells "upon", because it is con ventionally so accepted. "Concerned" has a little bit of dot before the in itial circle--s for "con," an "r" cut half its length, thus adding "d and a little "n"-hook--etill the "d." created by the shortening of the "r" is read after the "n"-hook. Here, then, are the consonant signs guiding ' the experienced eye in reading "concerned"-"consrnd." "I" Is the "tick" on top of the "v," and "v" is a word-sign for "have." "Iv," In other words, is "I have." "A" is the dot In the first position. "Particular" is U"p" shortened to half length to show that there is a "t" or "d" soun I somewhere concealed about its person, and the "p" Is begun with an "r" hook, although the "r" is read after the "p." Literally, we have "rpt (or 4d)" spelling "particular." Another word-sign: "Hb" (vowel sounds to be guessed) "hobby." In a sentence of eleven words, thus, we have seven word-signs. - What now is really a word-sign? It is something that has to ne learned and stored away in the memory. When the first eleven woods of the man who says that his hobby is that every young person should learn shorthand "thoroughly," are found to contain seven words that have absolutely to be remembered, it is to be seen at a glance that he Is either ignorant of what he is talking about, or has a large and expansive sense of humor. This system cannot be taken on and carried as a side line. One who learns it has to dedicate himself to it as did Dickens. An other thing, this system cannot be mastered and allowed to rust. Speed, accuracy, a working order of the possession is maintained by constant practice and that alone. There are sixty-eight words ip the rest of what P. T. Barnum here said. There are over forty wordsigns in this number. Capacious mem Sory at this gait, don't you think, to know this language of lines and arcs and circles thoroughly-a big word-sign store-house necessary; and you cannot pause, you know, when you are writing 150 words a minute to re call how "I have been." "as far as" "that" "particular," et., are writ ten. Pitman is almost impossible with night students. It is strange, almost remarkable, that an analytical genius such as must have been the mind that invented and evolved Pitman system did not reflect that the two greatest impediments In his system were inflict ed unabated on all the men and women who studied and the compara tively few who mastered his system: " A lack of vowel power. A diminution of speed proportioned to the number of veowe signs used r Net result-an absolure necessity of an enormous dietionary of word Ssigns. A difficulty of mastery increased by every word-sign. t A MULTIPLICATION. IN THE CASE OF EXPERTS, O WORD SIGNS SO GREAT AS TO MAKE THE WRITING OF EACH EXPERT A iSYSTEM OF HIS OWN. BASED ON PITMAN, BUT PECULIAR TO THE WRITER AND ABSOLUTELY UNDECIPHERABLE BY ANY ONE I ELSE. " As a matter of my own knowledge I know that Speanearan Chartier Sshorthand can be learned with one-fifth the study required for Pitman; It can be written faster than Pitman--lt makes fewer strokes in writnag tsay given matter---and it can be read with an ease never claimed for Pit Sman. In fact, people knowing the system, correspond in It and reead esdi Sother's writing as though it were longhand or Roman print, may be dissolved, with the assent of the stockholders owning three-fourths of the stock of this corporation, present or repro sented at a general meeting conveaed for that purpose and after at least three days' notice of this. meeting shall have been given through mall, addressed to each stockholder at his last known place of residence. in case of dissolution by the erpiration of this charter, or otherwise, the stockholders shall elect a liquidator from among their own number, who shafu l l authority to settle and wind up the business and affairs of the company. The terms and conditions of, and the compeasation for such services, shall be flied at the time of election. In case of the death or disability of said com missioner or liquidator before the liquidation of the afairs of the corporation, a successor to fill the vacancy may be appoiated by the stockholders. ARTICILE . Any and all notices and delays provided for by this elharter may e waives by the unanimous consent of the stockholders unless prohibited by law. Thus done and passed in my oee, on the day, month and year first above written, in the presence of Frank . Twomey and Jo seph L. Weiss, competent tnee, who have d with the parties and me, the notary, after reading the whole. (Original signed): Sllgnature of subcrib ers and number of shares subscribed. F. B. Twomey, J. L. Weiss. Falz J. Dnaroous, Not. Pub. I, the undersigned, recorder of mortgages, In sand for the parish of Orleans and state of louisiana, do hereby certify that the above and foregoing act of Incorporation of the Southern Gravel & Sand Company was this day duly recorded in my oace, in book -, folio -. New Orleans, August 5th. 1911. (Signed) Emvos LnoxAm), D. 3. I, the undersigned, a notary public in and for the parish and state aforesaid, ,o here by certify that the above and foregoing is a true and correct copy of the oroinal Iat of incorporation of the Southern ravel Sad Company, together with thea ertfiate of the recorder of mortpgaes thereto t parded, the whole on file and of reeord my notarlal dae. New Orleans, August 5th, 1911. FLIX J. Dtsrons, NUe. Pub. oet 12 190 •s te 2 9i 1911 AMENDMENT TO CHARTER 'THE JAHNCHE NAVIGATION COM PANY." OF LOUISIANA, CITY OF NEW ORLEA NS. Be it known, that on this eighteenth day of the month of August, in the year one thousand nine hundred and eleven, before me, Felix J. Dreyfous, a notary public, dul commissioned and sworn In for the parb of Orleans and city of New Orleans, therein reslding personally appeared Messrs. Ernest Lee Jahncke and Paul F. Jahncke, both ofl this city, a special committee appointed for the purposes hereof. Who declared that at a meeting of the stockholders of 'THE JAHNKE NAVIOA TION COMPANY," a corporation organised under the laws of this state, by an act passed In this office on February 20, 1899, recorded in the mortgage ofmce, book 646, folio 240, amended by another act passed in this oace on May 10, 1908, recorded in mortgage omce, book 849, folio 400--held on July 28, 1911, pursuant to notices sent to each stockholder at his last known post oice address, agreeably to Article VI of aid charter, Article V was amendas so as to read hereafter as follows: "ARTICLE V. All the corporate powers of this corpora tion and the management and control of Its business shall be vested in, and exerelised by, a board of directors composed of ive stockholders, a majority of whom shall con stitute a quorum for the transaction of all business. The stockholers shall have the right at any of their annual meetings to re duce the number of directors to three. The directors shall be annually elected by ballot by the stockholders, at a meeting to be held for that purpose on the tlrst Monday in January of each year. Each stockholder shall be entitled. In person or by proxy, to one vote for every share owned by him, and said election shall be held under such rules as shall be provided by the board of direc tors. The directors thus elected shall con tinue h oece for one year, and thereafter ntl their sueessors are duly elected and so failure to elect shall operate a forfeltnre of this charter. Any vaeancy oeeurrlag om sal berd shall be illed by the reasatng Sunset Limited New Orleans, L.ti Ange les,. San I-rancisco via ý SUNSET - Twice \\ccklv. Com mencing I)cc. 4. ll I 'I I ' V , I" - . . * , n - "I , I . 1• I' - , . - i, .t r ,iI. I:. r 'll . ... .I ... . I X, '. , I'' it\ I'.- . . .. l ' ' i" A zInt.ii ". !i n .ir 1 1%I t. I' I .. li t it. i f r 1;..4. . S ,, \ ,i ,i,;--k . .-t!i . .e 2 Str 9"".7. i ili: . I:Xs i;V, udirectso s. ld iii,:.ir 1 at Its firt meeting after iIt dl--ction Ishall appolint frum anioug its unebtrs, a rrc.-illeot. one, or more vice pre i.'l.nts, a tr.:4s4r1-r hand a e1cretary. It m4y., in its dii.-retito,, consoldate.i any two ,tiCes, into one. It ,nla yven I' een t a secre Ti' presidr.nt shall, froll, time to time, ap poInrt and dischairgl- scIlh clerks, agents and other emrployes : liashe may clean expedient in the ,przo;pr conduct and nluanagetruent of the affairs, businesos allt c .oncernt l of said corpo ratioin. All stick in t11h corporation shall we held ulpon a co1lndition Ilpreceilevt and under con ract and agreemient in the nature of vested rights that all nsuch stuck is so held and iposse.alnl anhJct to i.the rules and provisions for the transfer of sanle herelnafter set out, to wit : First. No sale or other transfer of shares of stock in this corporation shall be valid until and unless the oplportunity has been tirat afforded the sharehliders of record at the date of such transfrler, sale or other alienation to plrchase such stock at book value plus twenty-tive per cent., the value to irt ascertained in the manner herein pre scribed. The right u to as ilire said stock hereby first vested in the tother stockholders of record shall follow the stock into any hands to which it may pass and may be ex ercised against the holders thereof within ninety days from the time any sale or trans fer thereof has been offered to be entered on the books of the corporation. It shall be the duty of any holder of stock In this corporation who intends or desires to sell, transfer, alienate or otherwise dis pose of the same, to give ten days' written notice of such intention or desire to the board of directors of the corporation, who are hereby constituted agents of the other stockholders for the purpose of such notice, and said board of directors shall give lme dlite Information thereof, In writlag, to all the other stockholders of record. Before the expiration of the ten days from the re ceipt of said notice by the hoard of dlrectote, any shareholder of record may offer to pur chase, and may acquire the right to pur chase, said stock by notifying the board of directors in writing ani thereafter hall de posit the price of said stock in cash with the corporation on or before the expiratios of eighty days from the last mentioned date. Upon the receipt olf the rat meotosed notice, the board of directors shall adtvise the persona owning said stock, his aent or representative, to join with meld boahrd in iling the value of samid stock, which value shall be established on the bess of the last aennual or sem i-annual statement or report of the corporation and the last monthly trial balance preceding the date of sucb notie and to the value thus found and establihed there shall be added twenty-ive per cent, and the sum thus found and established shall constitute the value and price of said stock. If within twenty-four hours after suca notice, the owner, his agent or representa tilve, does not join with the board in estab lishing the price or value of the stoch, the hoard may proceed onthout further delay to fi the rid value, utlng the report and trial balance aforesaid for that purpose, which writingos are declared to be conclusive ev-l dence for and against all parties in lterest Ina the premises, whether the vallue i estab Itshed by the joint act of the owner, his agent, widower, hes or representative or by the board of directors acting in default of the co-operation of said person or persona, Upon receipt of the ofer or acceptance of any shareholder to purchase saiud stock sad upon obtainlar guarantee satisfetory to said board flor the price thereof, the hoard of directors shall thereupon give notice thereof to the owner of the stock, his agent or representative, and before the expiration of the period ofl eighty days ioresnid shall call in the certlrfate or certlacates repre. sannting such stock and pay the prite or value thereof and cause the same to ho transferred on the bhooks to the purchaser. Second. The preference, oition and right of purchase heretofore vested by pavnagraph First in the other shareholders ah all exi in frll force and effect in their favor to ac quire the shares of stock of a deceased stockholder, and the formalities and course of procedure. the terms, conditions, httpoi tlons anrd delays hereinabove established la said paragraph shall apply In all respects to the procedure to be followe, in case of death. immediately uopon receipt of llnor mation of the death of any shareholder, it shall be the duty of th. board of directors to cause the necessary steps to be taken to scarr out and enforce these provisions. rd The preference, option and right of purchase hereinabove establlshed shall run ain favor of each shareholder ofl record for his virile share in proportion to his ex itlatn holdings in the stock, but should any shareholder ail to exerclse his right is this regard hl rights shall pass to and be ab sorbed by the other shareholders, provided that the owner, his widow, bhelrs or legal representatives, as the case may be, shall not be obliged to deliver said stock unless the offers to purchase the same shall include and cover the entirety ofl the offerlns under paragraph First or all of the holdings under paragraph Seond, Fourth. All certllcates ocf stock shall bear upon their face a brief riference to the rights herein established in favor of the stockbolders." As the whole mnore fuly aplesra by the annexed certified cropy of the milnats of usaid meeting, made a psrt hereof. Thus .l-,ne an'i ps.sed In my :.oCe. 7n the day, mon'h ant year, first atove dvrittn n.dn the prth.. lr' eI rlrank I. Tworey and lrankl J. taslt'. competent wttnces.,,- who bar signed with the appear. re and rue, the no tarh after reatdial the nwhole. (Origlnal signed) : Ernest Lee Jnhnck-. P3nt F. .tahncke F. it. ' womey. F. J. " nsile. i. the wnhersthrnd. roerielr ofl l1orte:Ise*, in anil fir the parI-h 'f Orlennai and sta of loluslaana. ad l erlly ertifyl that aholy- ant f.r pagn d Imendmeni to the inrportILon ofn "The fJahlirke ra Coreln'e wts this day r andly re my t ,,jlcr. in bdk --- -, folio - New Orelnd, : A 'Irst I e a, 191 A true c(014 fret, £ or o lnh . F.l !204 .w. F L & . Buldiag, .oct 1 19 26 nov 2 9 1r 1911