LOAN AGREEMENT                EXHIBIT 10-13


          THIS  AGREEMENT  is  made as of this 30th day of August, 1995 by and
between the following parties:

          SOUTHERN TIER ECONOMIC  GROWTH,  INC.,  a corporation duly organized
under the laws of the State of New York, having its principal office and place
of business at The Mark Twain Building, 147 West Gray Street, Elmira, New York
(hereinafter "STEG"); and

          ARTISTIC GREETINGS, INC., a Delaware corporation  with  a  principal
place  of  business  at  One  Komer  Center,  Elmira,  New  York, (hereinafter
"Artistic")

                       W I T N E S S E T H:

          WHEREAS, the City of Elmira, New York (the "City") is a recipient of
Community  Development  Block  Grant  Funding  through the U.S. Department  of
Housing and Urban Development ("HUD"); and

          WHEREAS,  the  purpose  of  the Community  Development  Block  Grant
Program ("Program") is to promote sound  community  development; to revitalize
distressed  cities; to reverse urban decay; to promote  programs  for  housing
rehabilitation;  to  assist  low and moderate income persons; and to stimulate
growth in a manner as to promote the aforementioned purposes; and

          WHEREAS, all activities  funded under the Program must meet at least
one of the three statutory objectives of the Program as set forth by Congress:
(1) directly benefit low to moderate income persons; (2) aid in the prevention
or elimination of slum and blight; or  (3)  meet  community  development needs
having  a  particular  urgency  and  for  which no other source of funding  is
available; and

          WHEREAS,  The  City  has  contracted  with  STEG  to  implement  and
administer economic development activities  utilizing  funds  from  the City's
Community Development Block Grant Funding; and

          WHEREAS, at least sixty percent (60%) of the funds received  by  the
City  under  the  Program must be used for activities that principally benefit
low and moderate income persons; and

          WHEREAS,  an activity will be considered to benefit low and moderate
income persons ONLY if  it  meets one of the following tests: (1) the activity
must be carried out in a neighborhood  consisting  predominatelyof  persons of
low  to  moderate  incomes  and  provide  services  for  such persons; (2) the
activity must involve facilities which are designated for use predominately by
low to moderate income persons; or (3) THE ACTIVITY MUST INVOLVE EMPLOYMENT OF
PERSONS, A MAJORITY OF WHICH ARE LOW TO MODERATE INCOME; and

          WHEREAS,   Artistic  has  requested  that  STEG  provide   financial
assistance to assist in  the  expansion  of its check printing business at the
former Diven Plaza, Elmira, New York, thus  creating  new  job  opportunities,
particularly  for  persons  of  low  to  moderate  incomes  (hereinafter   the
"Project"); and

          WHEREAS,  Artistic  has indicated that it will initially employ full
time persons and will hire additional full time persons upon completion of the
Project and will have created approximately 80 new jobs; and

          WHEREAS, Artistic has  indicated  that  the  total  project  cost is
approximately  Ten Million and 00/100ths Dollars ($10,000,000.00) and that  it
needs STEG's participation  in  the  amount Two Hundred Thousand and 00/100ths
Dollars ($200,000.00) to successfully undertake this Project; and

          WHEREAS, STEG has relied on these representations in authorizing the
allocation of Community Development Block Grant funds for loan to Artistic.

          NOW, THEREFORE, in consideration  of a $200,000.00 Loan from STEG to
Artistic  and  the promises, covenants and agreements  contained  herein,  the
parties hereto covenant and agree as follows:

                             SECTION 1

                            DEFINITIONS

          For the  purpose  of  this  Agreement, the following words and terms
shall have the respective meanings set forth as follows:

          "BASE EMPLOYMENT" means the number  of full time persons employed by
Artistic within the City, for the period commencing  July  1,  1994 and ending
June 30, 1995 using the New York State Department of Labor WRS-2  forms  filed
by  Artistic  for  such  period.   The  "Base Employment" shall be computed by
taking the sum total of the quarterly WRS-2 forms applicable for said year and
dividing it by four (4).

          "BUSINESS  DAY" means any day other  than  a  Saturday,  Sunday,  or
public holiday in the  State  of  New  York or day upon which the banks in the
County  of Chemung, State of New York are  authorized  or  ordered  to  remain
closed.

          "CITY OF ELMIRA" means the corporate limits of the City of Elmira.

          "FAMILY"  means  all  persons  living  in the same household who are
related by birth, marriage or adoption.

          "FULL  TIME  JOB"  is equal to one person working  thirty-five  (35)
hours per week for a calendar  quarter, or two or more part time persons whose
combined working hours per week are equal

to 35 hours per week for a calendar quarter.  Full time jobs shall be computed
by  taking Artistic's total hours  worked  in  a  calendar  quarter  less  all
overtime hours in said quarter and dividing said total by 455.

          "LOAN  DOCUMENTS"  shall  mean all of the documentation executed and
delivered by Artistic to STEG in connection  with  the  $200,000.00  Loan from
STEG to Artistic, including without limitation this Agreement and the Note.

          "LOW  TO  MODERATE  INCOME  FAMILY"  means a family having an income
equal  to or less than the Section 8 Income limits  established  by  the  U.S.
Department  of  Housing and Urban Development, as the same may be amended from
time to time.  Attached hereto in Exhibit A is a listing of the Section Income
guidelines as they exist as of the date hereof.

          "LOW TO  MODERATE  INCOME  JOB".   A  job  will  be considered to be
available to low to moderate income persons only if: (1) special  skills  that
can only be acquired with substantial training or work experience or education
beyond  high  school  are  not  a  prerequisite  to fill such jobs, unless the
business agrees to hire unqualified persons and provide  training; and (2) the
business takes actions to ensure that low and moderate income  persons receive
first consideration for filling such jobs.

          "NET EMPLOYMENT GAIN" means the remainder of a calculation  made  by
subtracting  the  "Base  Employment"  from  the  number  of  full time persons
employed by Artistic in the City of Elmira for the most recent  four  quarters
using the New York State Department of Labor WRS-2 forms filed by Artistic for
such period.

          "NEW JOB" means the creation of a new full-time position at Artistic
in  the City of Elmira.  For purposes of this definition lateral transfers  of
Artistic  employees  who  were employed by Artistic in any location during the
last  four quarters shall not  be  counted.   Lateral  transfer  includes  the
reemployment  of  any  employee who was on Artistic payroll at any time during
the previous four (4) quarters.

          "PROJECT" means  the expansion of Artistic's check printing business
at the former Diven Plaza, Elmira, New York; the retention of jobs by Artistic
within the City of Elmira; and the creation by Artistic of no less than eighty
(80) new jobs, fifty-one percent (51%) of which shall be classified as "Low to
Moderate Income Jobs" and made  available to persons of low to moderate income
families.






                            SECTION  II

                    OBLIGATIONS OF THE PARTIES


1.   STEG shall:

     A.   Loan to Artistic the sum  of  Two  Hundred  Thousand  and  00/100ths
          Dollars ($200,000.00) to be repaid with interest thereon at  a  rate
          of  seven  percent  (7.00%)  per annum, pursuant to the Terms of the
          Note attached hereto as Exhibit "C".

2.   Artistic shall:

     A.   REPAYMENT OF INDEBTEDNESS: Artistic  shall  repay  the  sum  of  Two
          Hundred  Thousand  and  00/100ths Dollars ($200,000.00) to be repaid
          with interest thereon at the rate of seven percent (7.00%) per annum
          pursuant to the terms of the Note attached hereto as Exhibit "C".

     B.   DOCUMENTATION: Artistic shall  supply  such documentation to STEG as
          is reasonably required by STEG to administer  the  Loan  pursuant to
          governmental  regulations promulgated in connection with the  City's
          Community Block Grant Funding and this Agreement.

     C.   EXPANSION OF PROPERTY:  Artistic  shall  expand  the property as set
          forth in the description of the Project herein.


     D.   CREATION OF JOBS:

          (a) Retention of Jobs:  As of the date of acquisition of the Project
          by Artistic there were _____ employees;
          (b)  Artistic warrants that it will create a "Net Employment  Gain",
          on or  before  June  30, 1998, of not less than eighty (80) new full
          time jobs; and
          (c) Artistic warrants  that  of  the  not  less than eighty (80) new
          jobs,  Artistic  will  use  its  best  efforts to  employ,  or  make
          available  employment opportunities, for  not  less  than  fifty-one
          (51%) of the new full time jobs to persons of low to moderate income
          families.

     E.   LOAN COLLATERAL: As Collateral security for the repayment of the Two
          Hundred  Thousand  and  00/100  Dollar  ($200,000.00)  indebtedness,
          Artistic will  execute  and  deliver  or  cause  to  be executed and
          delivered  to  STEG  the  following documents in form acceptable  to
          Counsel to STEG:

          i.   This Loan Agreement.
          
          ii.  A Promissory Note in the sum of Two Hundred  Thousand 
          Dollars ($200,000.00) in form substantiallysimilar to Exhibit C
          annexed hereto.
          
          iii.  A  Security  Agreement  and   Financing   Statement   in  form
          substantially similar to Exhibit D annexed hereto.



                            SECTION III

                              REPORTS

          All reports required to be sent under this section shall be sent  to
STEG; 147 West Gray Street, P.O. Box 251, Elmira, New York 14901-1510.

     1.   COMPLETION OF REDEVELOPMENT REPORTING:  At the end of every calendar
          quarter,  throughout the duration of this Agreement and further upon
          completion  of  the  expansion  and  redevelopment  of the property,
          Artistic  shall  furnish  a  report  to STEG which shall contain  an
          accurate  figure for the cost of such expansion  and  redevelopment,
          substantially  in the form of Exhibit B hereto, together with a copy
          of the Certificate  of  Occupancy furnished by the City's Department
          of Inspection Services if the Loan is secured by a Mortgage.

     2.   RETENTION OF JOBS REPORTING:  Within   thirty   (30)   days  of  the
          execution  of this Agreement, Artistic shall furnish to STEG  copies
          of the New York  State  Department  of  Labor  WRS-2  forms filed by
          Artistic for the period commencing July 1, 1994 and ending  June 30,
          1995.   Upon  receipt,  STEG shall compute the "Base Employment"  as
          defined  herein.   This computation  shall  be  attached  hereto  as
          Exhibit E and from the  "Base  Employment"  figure  which  shall  be
          relied  upon  by STEG and Artistic in measuring employment retention
          and compliance under the terms of this Agreement.

     3.   CREATION OF JOBS  REPORTING:   Commencing  with the calendar quarter
          ending September 30, 1995 and within forty-five (45) days after each
          quarter thereafter, Artistic shall submit a  report  to STEG setting
          forth   the  "Net  Employment  Gain"  of  Artistic  with  supporting
          documentation  which  shall  include copies of the more recent WRS-2
          forms filed by Artistic identifying  those individuals being counted
          in the "Net Employment Gain".

     4.   EMPLOYMENT OF PERSONS IN A "LOW TO MODERATE INCOME FAMILY REPORTING:
          Artistic shall provide to STEG, commencing with the calendar quarter
          ending September 30, 1995 and within forty-five  (45)  days  of each
          quarter  thereafter,  documentation  which  adequately describes the
          efforts  undertaken by Artistic to hire qualified  persons  for  the
          jobs available.   This  documentation  shall  include,  but  not  be
          limited  to:  advertisements  specifically requesting persons of low
          and moderate incomes to apply;  the  job descriptions and job titles
          which  meet  the  requirements of a "Low  to  Moderate  Income  Job"
          described in Section  I  hereof;  and  the  notification  of the job
          opportunities  to  agencies and organizations which could reasonable
          be construed as being  able  to  assist  Artistic  in  locating such
          persons.  Additionally, Artistic shall provide documentation, in the
          form  of  an  income  certification,  substantially  in the form  of
          Exhibit A hereto, or similar documentation, for each employee  hired
          that  Artistic  is  counting in meeting the required low to moderate
          income jobs which result from the Project.

     5.   CERTIFICATE OF COMPLIANCE:   Upon the completion of the "Project" by
          Artistic and upon receipt of such  documentation  as may be required
          to evidence that Artistic has fulfilled all of its obligations under
          this Agreement, STEG shall issue a "Certificate of  Compliance"  for
          the Project.  The Certificate shall recite that the Project has been
          completed  in  accordance  with the approved plans and that Artistic
          has fulfilled all of its obligations under this Agreement.


                            SECTION IV

                ADDITIONAL REPORTING REQUIREMENTS

          It is understood and acknowledged  by  Artistic that these funds are
made  available through the use of Community Development  Block  Grant  monies
awarded  to  the  City  of  Elmira by the U.S. Department of Housing and Urban
Development (HUD).  Artistic  understands  and  acknowledges  that the City of
Elmira  and/or  HUD  may  require  additional documentation to be provided  by
Artistic  to ensure compliance with the  conditions  of  this  Agreement,  and
Artistic agrees  to  promptly  provide such documentation as may be reasonably
requested.

                             SECTION V

                       DEFAULTS AND REMEDIES

1.   In the event that Artistic  fails  to comply with any of the obligations,
     terms and conditions set forth herein,  in  the Loan Documents, or in any
     other agreement with STEG regarding this loan and executed simultaneously
     herewith, Artistic shall be in default under  this Agreement and STEG may
     in addition to other remedies it may have, may  take  one  or more of the
     following remedial steps:

     A.   STEG,  upon  written  notice  to  Artistic,  may cause all principal
          installments payable under this loan for the remainder  of  the term
          of  the  Loan Agreement to be immediately due and payable, whereupon
          the same shall become immediately due and payable.

     B.   STEG may take  whatever  action  at  law  or in equity as may appear
          necessary  or  desirable  to  collect  the  amounts   then  due  and
          thereafter  to  become  due,  or  to  enforce  the  performance   or
          observance  of  any obligations, agreements or covenants of Artistic
          under this Agreement.   In the event that Artistic fails to make any
          payment required under the  terms  of  the  Promissory Note executed
          simultaneously  herewith,  the  installment  so  in   default  shall
          continue  as an obligation of Artistic until the amount  in  default
          shall have been paid.

     C.   At its option,  and  if  this  loan  is  secured  by a real property
          mortgage,  STEG  may  pay  real  property  taxes and discharge  real
          property  liens or other liens superior to STEG's  interest  at  any
          time levied  or  placed  on  the  premises  and  Artistic  agrees to
          reimburse  STEG  on  demand  for  any  payment  made or any expenses
          incurred  thereby,  provided, with respect to real  property  taxes,
          that said real property taxes are not paid by Artistic within thirty
          (30) days of their due date.

     D.   If such default is solely  by  reason  of Artistic's failure to file
          with STEG, reports as required herein or  to  provide information or
          documentation as required herein, then Artistic  shall  have  thirty
          (30) days to cure the default.

     E.   In  the  event  of  a  default, STEG shall provide written notice to
          Artistic  of said default  mailed  certified  mail,  return  receipt
          requested to  Artistic  at  One Komer Center, P.O. Box 1999, Elmira,
          New York 14902-1999, or such  other  address as they may designated,
          in writing, giving Artistic thirty (30)  days  to cure said default.
          Any  notice required to be given to STEG shall be  mailed  certified
          mail return  receipt  requested  to  Southern  Tier Economic Growth,
          Inc., 147 West Gray Street, P.O. Box 251, Elmira,  New  York  14902-
          1510.

2.   REMEDIES  CUMULATIVE:   The  rights  and  remedies  of  STEG  under  this
     Agreement  shall  be  cumulative  and  shall  not  exclude any rights and
     remedies of STEG allowed by law with respect to any  default  under  this
     Agreement.   Failure by STEG to insist upon the strict performance of any
     of the covenants  and  agreements  herein  set  forth  or to exercise any
     rights  or  remedies  upon  default  by Artistic hereunder shall  not  be
     considered or taken as a waiver or relinquishment  for  the future of the
     right  to  insist  upon  and to enforce by mandamus or other  appropriate
     legal remedy a strict compliance  by  Artistic  with all of the covenants
     and conditions hereof or of the rights to exercise  any  such  rights  or
     remedies  if  such default by Artistic be continued or repeated or of the
     right to recover possession of the project by reason thereof.

3.   NO ADDITIONAL WAIVER IMPLIED BY ONE WAIVER:  In the event any covenant or
     agreement contained  in this Agreement should be breached by either party
     and thereafter waived by the other party, such waiver shall be limited to
     the particular breach  so  waived  and  shall  not be deemed to waive any
     other  breach  hereunder.  No waiver shall be binding  unless  it  is  in
     writing and signed by the party making such waiver.  No course of dealing
     between STEG and Artistic or any delay or omission on the part of STEG in
     exercising any rights hereunder shall operate as a waiver.

4.   EFFECT ON DISCONTINUANCE  OF  PROCEEDINGS:   In  the event any proceeding
     taken  by STEG under this Agreement on account of any  Event  of  Default
     hereunder  shall  have  been  discontinued or abandoned for any reason or
     shall have been determined adversely to STEG, the and in every such case,
     STEG shall be restored, respectively,  to  its former position and rights
     hereunder, and all rights, remedies, powers  and  duties  of   STEG shall
     continue as in effect prior to the commencement of such proceedings.

5.   AGREEMENT  TO  PAY  ATTORNEY'S  FEES  AND  EXPENSES:   In  the event that
     Artistic should default under any of the provisions of this Agreement and
     STEG should employ attorneys or incur other expense for the collection of
     amounts payable hereunder or the enforcement of performance or observance
     of any obligation or agreement on the part of Artistic herein  contained,
     Artistic  agrees  that  it  will,  on  demand,  therefore pay to STEG the
     reasonable  fees  and  disbursements  of such attorneys  and  such  other
     expenses so incurred.

6.   FURTHER ASSURANCES:  Artistic will cooperate with STEG for the purpose of
     protecting STEG's interest in the project,  and  the  sums due under this
     Agreement and including, without limitation, the execution of all Uniform
     Commercial  Code  financing  statements  requested  by  STEG.    STEG  is
     authorized  if  permitted  by  applicable law to file one or more Uniform
     Commercial Code financing statements  disclosing any security interest in
     the project and the sums due under this  Agreement  without the signature
     of Artistic or signed by STEG as attorney-in-fact for Artistic.  Artistic
     will pay all costs of filing and financing, continuation  or  termination
     statements  with  respect  to  the  project and this Agreement.  Artistic
     shall execute and deliver the instruments  and  assurances  as STEG deems
     necessary or advisable for the implementation, effectuation, confirmation
     or perfection of this Agreement and any rights of STEG hereunder.




                            SECTION VI

                   EQUAL EMPLOYMENT OPPORTUNITY

          Artistic shall not discriminate against employees or applicants  for
employment   because  of  race,  creed,  color,  national  origin,  sex,  age,
disability or  marital status and will undertake or continue existing programs
of affirmative action  to  ensure  that  minority  group members and women are
afforded  equal  employment  opportunities  without discrimination.   Artistic
shall state in all solicitations or advertisements for employees, that, in the
performance of this Agreement all qualified applicants  will be afforded equal
employment opportunities without discrimination because of race, creed, color,
national origin, sex, age, disability or marital status.   Artistic shall upon
request  furnish  to  STEG  evidence  that  such  language  was  used  in  all
advertisements for employment.



                            SECTION VII

      MODIFICATIONS, ALTERATIONS OR CHANGES TO THIS AGREEMENT

          This Agreement may not be altered, modified, amended or  changed  in
any manner without the expressed written consent of the STEG.




                            SECTION IX

                             RECORDING


          In  the event of default by Artistic that remains uncured for thirty
(30) days, STEG shall have the right to record this Agreement in the Office of
the Chemung County Clerk and all costs associated with such recording shall be
added to the principal amount owed by Artistic to STEG.


                             SECTION X

                          BINDING EFFECT


          This  Agreement  shall  be  binding upon and inure to the benefit of
each of the parties, their successors and assigns.




          IN WITNESS WHEREOF, the parties  have executed this Agreement on the
day and date first written above.

                              SOUTHERN TIER ECONOMIC GROWTH, INC.

                              /s/ George E. Miner, President
                              By:  George E. Miner, President


                              Artistic Greetings, Inc.


                              By:/s/ Thomas C. Wyckoff
                                 Its  General Counsel


State of New York, )
                     : ss.
County of Chemung. )

          On the 30th day of August, 1995, before  me,  personally came George
E. Miner, to me known, who being by me duly sworn, did depose  and say that he
resides  at_______________________________,  in  the  _______  of ___________,
Chemung  County, New York; that he is the President of Southern Tier  Economic
Growth, Inc.,  the  corporation  described in and which executed the foregoing
instrument; that he knows the seal  of said corporation; that the seal affixed
to said instrument is such corporate  seal; that it was so affixed by order of
the Board of Directors of said corporation and that he signed his name thereto
by like order.

                                        ___________________________
                                             Notary Public.


State of New York, )
                     : ss.
County of Chemung. )

          On  the  30th  day  of  August, 1995,  before  me,  personally  came
____________________________________, to me known, who being by me duly sworn,
did     depose     and     say     that     _he    resides     at     ________
_______________________________,  in  the _______  of  ___________,  _________
County, New York; that _he is the _____________________ of Artistic Greetings,
Inc.,  the  corporation  described  in  and   which   executed  the  foregoing
instrument; that _he knows the seal of said corporation; that the seal affixed
to said instrument is such corporate seal; that it was  so affixed by order of
the  Board  of  Directors  of  said corporation and that _he signed  h__  name
thereto by like order.

                                        ___________________________
                                             Notary Public.


                         LIST OF EXHIBITS


A.   New Employee Income Certification and Low to Moderate IncomeGuidelines

B.   Project Budget

C.   Note

D.   Security Agreement and Financing Statement

E.   Base Employment Computation

                            EXHIBIT A.
                 NEW EMPLOYEE INCOME CERTIFICATION

          In order to make it economically feasible to expand property located
at Diven Plaza, Elmira, New York,  Artistic  obtained  a loan from STEG.  As a
condition  of  this loan, Artistic agreed to hire at least  forty-one  low  to
moderate income persons, as defined below.

          In order  for  STEG  to  be  able to provide the City of Elmira with
documentation regarding our efforts in meeting this goal, it is requested that
you complete this form.  PLEASE BE ADVISED THAT THIS INFORMATION IS BEING USED
SOLELY FOR THE PURPOSE OF PROVIDING THE REQUIRED DOCUMENTATION TO THE CITY AND
IN NO WAY AFFECTS YOUR EMPLOYMENT OPPORTUNITY AT ARTISTIC.

          To complete the form you must:

1.   Look at the chart below.  Determine  you  family  size.   Note:  "Family"
     means all persons living in the same household who are related to  you by
     birth, marriage, or adoption.

2.   Look at the "Total Annual Income" column directly across from your family
     size.   IF  YOUR FAMILY INCOME IS EQUAL TO OR LESS THAN THIS AMOUNT, THEN
     YOU FALL "WITHIN"  THE INCOME GUIDELINES.  IF YOUR INCOME IS GREATER THAN
     THIS AMOUNT YOU "DO  NOT FALL WITHIN" THE INCOME GUIDELINES.  Note: Total
     Family Income means the total income received during the past year by all
     members of your family  including  wages, tips, social security, pension,
     child support, etc.

3.   Check the appropriate box at the bottom of this form and sign it.


                 LOW TO MODERATE INCOME GUIDELINES

          FAMILY SIZE                   TOTAL ANNUAL INCOME

               1                             $19,950

               2                             $22,800

               3                             $25,650

               4                             $28,500

               5                             $30,250

               6                             $32,650


(  ) I, _____________, hereby certify that  my  family  income  is EQUAL TO OR
     LESS THAN the total annual income listed above for my family size.

                                OR

(  ) I,  _____________,  hereby certify that my family income is GREATER  than
     the amount indicated above for my family size.




SIGNATURE:______________________________ DATE:______________________

ADDRESS:  ______________________________ SIZE OF FAMILY:____________


                             EXHIBIT B
                          PROJECT BUDGET



PROJECT DESCRIPTION:

Site Acquisition                        $
Purchase of Machinery
     and Equipment
Working Capital
Purchase of Inventory


PROJECT FINANCING:

PERCENT        SOURCE

               STEG                     $
               Artistic (equity)
               Bank
               CCIDA


                             EXHIBIT E
                    BASE EMPLOYMENT COMPUTATION


     To be completed by Artistic and STEG on a quarterly basis.
_____________________________________________________________________

                          
                          PROMISSORY NOTE

August 30, 1995
Elmira, New York                                      $200,000.00


          For  valuable  consideration  received,  ARTISTIC GREETINGS, INC., a
Delaware corporation, maintaining a place of business  at  One  Komer  Center,
P.O.  Box  1999,  Elmira,  New  York  14902-1999 (the "Borrower"), does hereby
acknowledge that it is indebted to SOUTHERN  TIER  ECONOMIC GROWTH, INC., with
an office at 147 West Gray Street, Elmira, New York  14901, (the "Lender"), in
the principal sum of Two Hundred Thousand and 00/100ths Dollars ($200,000.00),
which sum the Borrower does hereby agree to Pay To The  Order  Of  the  Lender
with interest thereon at a rate of seven percent (7.00%) per annum until  said
principal sum and interest are paid in full.  Borrower shall pay interest only
on  the principal sum from the date hereof to August 31, 1995.  Borrower shall
then  make a monthly payment of principal and interest to Lender in the amount
of Three  Thousand  Nine  Hundred  Sixty  and 24/100ths Dollars ($3,960.24) on
October 1, 1995 and the same amount on the  1st  day  of  each and every month
thereafter until the principal indebtedness is paid in full.   In  any  event,
all  unpaid  principal  and  all  accrued  interest  shall  be paid in full by
September  1, 2000.  Payments shall be applied first to interest  then  owing,
then to the unpaid principal balance.

          In  the  event  that any monthly payment shall become past due for a
period of ten (10) days, a  "late  charge"  of  two  percent  for each monthly
payment so past due may be charged by the Lender, for the purpose of defraying
the expenses incident thereto.

          Any of the following shall constitute a default:
(1)  Failure  to pay any monthly payment within thirty (30) days  of  the  due
date; (2) default  in  or breach of any other agreement or obligation with the
Lender; (3) the furnishing  of  false  information to the Lender in connection
with this Note; (4) the commencement or institution of bankruptcy proceedings,
any assignment for the benefit of creditors,  or any other proceedings for the
relief from, or adjustment of, debts by or against  the  Borrower;  (5) if the
Borrower sells, leases, transfers, conveys or otherwise alienates any interest
in any collateral or security which secures this Note; and (6) if the Borrower
moves  the primary place of its business or the collateral which secures  this
Note to a location outside of the City of Elmira.

          Borrower hereby waives presentment, notice of dishonor and protest.

          Borrower  shall make all payments at Lender's office set forth above
or at such other place as Lender may require.

          Borrower shall  have  the  right to make prepayments of principal in
whole or in part at any time without penalty.
          The terms of this Note cannot  be  changed,  nor  may  this  Note be
discharged,  in  whole  or  part, except by a writing executed by Lender.  Any
acceptance by Lender of partial  payment  shall  not  constitute waiver of the
right to accelerate payment of the Note, nor shall any  delay  or  failure  of
Lender  to  enforce  any  provision  of  this Note act as waiver, nor shall it
prevent Lender from later enforcing any provision hereof.

          Borrower agrees to pay all reasonable costs and expenses incurred by
Lender  in  enforcing  this  Note, including but  not  limited  to  reasonable
attorney's fees and costs.

          This Note shall be binding upon the successors, assigns and personal
representatives of the Borrower.

          This Note shall be construed  and  enforced  in  accordance with the
laws of the State of New York.

          Any reference herein to the Lender shall be deemed  to  include  and
apply  to every subsequent holder of this Note and any reference herein to the
Borrower shall be deemed to include and apply to every person now or hereafter
liable under this Note.

          In  Witness,  the  Borrower has executed this Note as of the day and
year first above written.


                              Artistic Greetings, Inc.


                              By: /s Thomas C. Wyckoff
                                   Its: General Counsel

________________________________________________________________________


                        SECURITY AGREEMENT

                            (EQUIPMENT)


          AGREEMENT, dated August 30, 1995, by and between ARTISTIC GREETINGS,
INC., having an office located at One Komer Center, P.O. Box 1999, Elmira, New
York,  14902-1999  (the "Debtor") and     SOUTHERN TIER ECONOMIC GROWTH, INC.,
having an office located  at Mark Twain Building, 147 W. Gray Street, P.O. Box
251, Elmira, NY 14902-1510 (the "Secured Party").

I.   Creation of Security Interest.

          1.   Debtor hereby grants to Secured Party a security interest in:

                    the equipment described in Schedule A to this
                    agreement
Debtor should
initial one
line                all equipment which the Debtor now owns or may
                    hereafter acquire, and,

in either case, all substitutions,  additions,  and  accessories  therefor  or
thereto and the proceeds thereof ( the "Collateral").
(If  neither line or both lines are initialed, it is agreed that all equipment
which  the  Debtor  now  owns  or  may  hereafter  acquire  is subject to this
agreement.)

          2.   The Collateral is given to secure the payment  of a Two Hundred
Thousand  Dollar ($200,000.00) obligation of Debtor to Secured Party  of  even
date herewith,  and any and all renewals, modifications or extensions thereof,
and any sums advanced  by  Secured Party under the provisions of this Security
Agreement.
II.  Debtor's Covenants, Representations and Warranties.

     The Debtor covenants, represents and warrants that:

     1.   If Debtor maintains a place or places of business in New York State,
they are situated in the County of Chemung.

     2.   The Collateral is located at the following locations(s):

     City of Elmira, Chemung County, New York

     3.   The Collateral is  not  and shall not be attached or affixed to real
estate without permission of Secured Party; and it is and shall be kept at the
above  locations(s) or other locations(s)  designated  to  and  agreed  to  in
writing  by  Secured  Party.   Debtor will not remove the Collateral from said
location(s)  without  the  prior  written   consent  of  Secured  Party.   The
Collateral  will  not  be  or suffered to be wasted,  misused,  abused  or  to
deteriorate, except for ordinary  wear  and  tear,  and  will  not  be used in
violation of any law, ordinance or regulation of any governmental authority.

     4.   Except for the security interest granted hereby, Debtor is  the sole
owner of the Collateral; it is free and will remain free of any lien, security
interest  or  encumbrance;  and Debtor will defend the Collateral against  all
claims and demands of any person at any time claiming the same or any interest
therein.

     5.   If this agreement is security for a loan to be used to pay a part or
all of the purchase price of any Collateral, Debtor agrees to use the proceeds
of the loan to pay the purchase  price,  filing  fees  and insurance premiums.
The Secured Party, however, may pay the proceeds directly to the seller of the
Collateral.

     6.   The  Collateral  shall  be insured with such carriers  and  in  such
amounts and against such risks as shall be satisfactory to Secured Party, with
policies payable to both Secured Party  and  Debtor,  as  their  interest  may
appear.  All policies of insurance shall provide for thirty days prior written
notice  of  cancellation to Secured Party and Secured Party shall be furnished
with duplicate  policies  or  other  evidence of compliance with the foregoing
insurance provisions.  Debtor hereby appoints  Secured  Party the attorney for
the  Debtor  in  obtaining,  adjusting and cancelling any such  insurance  and
endorsing settlement drafts and hereby assigns to Secured Party all sums which
may  become  payable  under such  insurance,  including  return  premiums  and
dividends, as additional security for the indebtedness.

     7.   Debtor  will pay  when  due  all  taxes  and  assessments  upon  the
Collateral or its operation or use.

     8.   At its option,  and  without  any obligation to do so, Secured Party
may  discharge  or  pay  any  taxes,  liens,  security   interest,   or  other
encumbrances  at  any  time  levied or placed on or against the Collateral  or
Debtor, and may pay for insurance  on  the  Collateral  and  may  pay  for the
Collateral's maintenance and preservation.  Debtor agrees to reimburse Secured
Party on demand for any such payment made, or expense incurred pursuant to the
foregoing authorizations.

     9.   The Collateral will not without the prior written consent of Secured
Party  be  sold,  transferred, substantially modified or disposed of.  Secured
Party shall have the  right  upon reasonable notice to inspect and examine the
Collateral.  Debtor shall immediately  notify  Secured Party of any partial or
complete loss, destruction, or theft of the Collateral.

     10.  Debtor  hereby  irrevocably appoints Secured  Party  as  its  lawful
attorney and agent to execute  financing  statements on its behalf, and hereby
further  authorizes  Secured  Party  to  file on  its  behalf  such  financing
statements in any appropriate public office.   Debtor  also shall execute from
time to time, alone or with Secured Party, any financing  statements  or other
documents  and  do  such  other act or acts considered by Secured Party to  be
necessary or desirable to perfect  or  protect  the  security  interest hereby
created,  and  pay  all  costs  and  expenses  (including  without  limitation
reasonable  fees  and  expenses  of  counsel  and  filing fees) related to the
preparation and filing of any financing statements, continuation statements or
other  documents  related  to  the perfection or protection  of  the  security
interest hereby created.

III. Events of Default.

     Occurrence of any of the following events shall, at the option of Secured
Party, constitute a default hereunder:  default by Debtor in the payment, when
due,  whether  by  acceleration or  otherwise,  of  any  debt,  liability,  or
obligation to Secured  Party;  default  by  Debtor in the terms of any note or
agreement with Secured Party; default by Debtor  in performance of any term of
this  Security Agreement: if any representation or  warranty  made  by  Debtor
herein  shall  prove to have been incorrect in any material respect when made;
loss, theft, substantial  damage  to  or  destruction  of  the Collateral; the
making of any levy, seizure or attachment of or on the Collateral.

IV.  Secured Party's Remedies.

     Upon the default in payment of any obligation, liability or claim secured
hereby, Secured Party shall have the rights and remedies of  a  secured  party
under the Uniform Commercial Code as in effect in the State of New York at the
date  hereof.  Without limiting the generality of the foregoing, Secured Party
may exercise the following rights and remedies:

     1.   Secured  Party  may  peacefully  by  its  own means or with judicial
assistance enter Debtor's premises and take possession  of  the Collateral, or
render  it  unusable, or dispose of the Collateral on Debtor's  premises,  and
Debtor will not resist or interfere with such action.

     2.   Secured  Party may require Debtor to assemble all or any part of the
Collateral and make it available to Secured Party at any place designated in a
Notice sent to Debtor.

     3.   Debtor hereby  agrees  that  a  notice  sent to it at least ten days
before the time of any intended public sale, or of  the  time  after which any
private  sale or other disposition of the Collateral is to be made,  shall  be
deemed to be reasonable notice of such or other disposition.

     4.   Secured  Party  may incur reasonable attorney's fees and expenses in
exercising any of its rights and remedies upon default which shall become part
of Secured Party's reasonable  expenses  of  retaking,  holding, preparing for
sale of the like.  Debtor will reimburse Secured Party for  all such expenses.
After  payment  of  such expenses or deduction of same by Secured  Party  from
proceeds


of collection or sale of Collateral, the residue of any such proceeds shall be
applied to the payment  of principal and interest on liabilities in such order
of preference as Secured Party may determine.

     5.   The Debtor shall  remain  liable for any deficiency resulting from a
sale of the Collateral and shall pay any such deficiency forthwith on demand.

V.   Miscellaneous.

     1.   No failure on the part of Secured Party to exercise, and no delay in
exercising, any right or remedy hereunder  shall  operate as a waiver thereof,
nor shall any single or partial exercise by Secured  Party  of  any  right  or
remedy hereunder preclude any other or future exercise thereof or the exercise
of  any  other  right  or  remedy.   All  rights and remedies of Secured Party
hereunder are cumulative.

     2.   This  Security  Agreement  and the rights  and  obligations  of  the
parties hereunder shall be construed and  interpreted  in  accordance with the
laws of the State of New York.

     3.   Any  notice  or  notification required to be given by  mailing  such
notice, postage prepaid, to Debtor's address as it appears at the beginning of
this Security Agreement or to the Debtor's last known address.

     4.   The terms "Secured Party" and "Debtor"  as used herein shall include
the heirs, executors, administrators, successors, or assigns of those parties.

     5.   If more than one Debtor  executes  this Security Agreement, the term
"Debtor"  shall include each as well as all of  them  and  their  obligations,
warranties and representations hereunder shall be joint and several.

     6.   This  Security  Agreement  may not be changed orally, but only by an
agreement in writing and signed by the  party  against whom enforcement of any
waiver, change, modification or discharge is sought.

     7.   This  Security Agreement is not delivered  upon  any  condition  and
constitutes the entire  agreement  between  the  parties  with  regard  to the
collateral and secured Party's security interest therein.

          IN  WITNESS  WHEREOF,  the  parties have caused this Agreement to be
duly executed as of the date first above written.


                              Southern Tier Economic Growth, Inc.


                              By  /s/ George E. Miner

                                   Its President



                              Artistic Greetings, Inc.

                              By /s/ Thomas C. Wyckoff

                                   Its General Counsel


WARNING:   IT  IS  A  CRIMINAL OFFENSE IN NEW  YORK  STATE  FOR  A  DEBTOR  TO
KNOWLINGLY SELL OR OTHERWISE  DISPOSE  OF  COLLATERAL  IN CONTRAVENTION OF THE
TERMS OF A SECURITY AGREEMENT.

                            SCHEDULE  A

          One   Kugler   Checkbinder   Type   380  including  Drive,   Central
          Lubrication,  and Electrical Equipment,  with  12  Hohner  Stitching
          Heads, Serial No. 1247-376-2.


                                   Artistic Greetings, Inc.



                                   By

                                        Its


                                   Date:   AUGUST 30, 1995




(If this schedule is completed, Debtor should sign above to indicate that this
schedule contains an accurate  description  of  the  equipment  covered by the
Security Agreement)