chare dividend on the Class A PreferentialPrticipatng stock
:.uld require approximately $16,717.50, leaving an excess of
$200,000 of undistributed earnings for 1941, and also a balance
in excess of $450,000 in the earned surplus account. Following
a discussion, Director E. P. Hamilton offered the following
resolution:
"WHEREAS, it appears that net earnings of the cor-
poration for the first thirty-two weeks of the year
1941 were in excess of $250,000 after depreciation,
bond interest and estimated taxes on income, and
WHEREAS, all accumulated dividends on the First Pre-
ferred stock of the corporation have been paid to date,
and quarterly dividends have been paid on the First
Preferred end Class A Preferential Perticipating stocks
of the corporation to June 30, 1941, end
WHEREAS, a quarterly dividend of 1-3/4/o on the First
Preferred $100 par stock and a quarterly dividend of 250
ner share on the Class A Preferential Participating
stock would reouire approximately $16,717.50, leaving
in excess of $200,000 of undistributed earnings for
1941 and also a balance in the earned surplus account,
now therefore,
BE IT RESOLVED, that this corportion pay a dividend of
1-3/4%, payable in cash, on the outstanding $100 par
value First Preferred stock of the corporation, this
cash dividend being paid on September 30, 1941, from
earnings of the year 1941, to all stockholders of
record at the close of business on Sentember 23, 1941,
said dividend covering the period from July 1, 19141
to September 30, 1941.
RESOLVED FURTHER, that this corporation pey a dividend
of 25 per share, payable in cash, on the outstanding
Class A Preferential Participating stock of the cor-
poration, said cash dividend being paid on September
30, 1941, from earnings of the year 1941, to all stock-
holders of record at the close of business on Septem-
ber 23, 1941.
RESOLVED FURTHER, that the Treasurer be and he hereby
is authorized and directed to pay or cause to be paid
spidi1-T/ ton the First Preferred stock nd sPid 254