The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1854-02-16


keeping the same, the machinery, rolling
stock, structures and other works OF the
companies and Of each of them, in repair,
and for keeping up and providing the nee
essary equipments and accommodations
for the business of said railroands, and
all the current interest becoming due
by either company, or its bonds, or
other debts bearing interest already ere.
ated, and now existing, or which may
hereafter, or from time to time be created
and exist under this agreement, as we'll
as all taxes upon the property Of both
companies, shall be paid out Of the gross
earnings Of the two companies, but this
article is not intended TO apply to any ex
rendiutre properly chargeable to the con-
struction account of the said roads.
ART. 4th. The two companies may at
any time set apart and appropriate such
portions of the gross earnings as they
may mutually deem reasonable, for the
purpose OF keeping up the respective
roads, or so much thereof as may be
finished and in use, replacing worn oul
iron, or any other decaying or worn out
structures, works or property Of said
comPnies. or for any purpose of keeping
up in good repair and condition, the value
Of the said roads, their appurtenanceS or
property, or as sinking fund for the
1uture payment OF debts Of the said two
companies.
Ant. 9Th. After deducting from the
gross earnings Of the two companies the
amount that may be required under the
third (3) and fourth (4) articles of this
agreement, The residue shall be applied
first to the payment OF the dividends ol
the TWO companies, which dividend shall
at all times be equal; that is 10 say the
same per centum on the stock of each
company shall be made by the concurrent
action OF the two boards of directors. No
dividend ever TO be made by either com.
pany without a like dividend by the other
company; and after paying such dividend,
the surplus, if aLy, shall be divided be.
tween the two companies, or otherwise
disposed of as The two boards of drec.
tors shall from time to time, by concur
rent action, order and direct; provided
that said surplus fund shall always be
equitably divided between said two com.
panies.
ART. 9th. The machinery, cares, roll,
ing stock and equipments now owned by
either company, for the purpose OF work.
ing OF either Of said roads, together with
such improvements and additions as shall
be hereafter made thereto, shall be held
in common in the proportion hereinafter
stated, each company being charged with
its proporlionate interest, acquired by this
agreement, in the machinery, cares, roll,
ing stock and equipments OF the other. to
be accounted and paid for as other in.
debtedness, and for the purpose of as,
certaining the proportonate interest Of
each company therein, the value thereof
as the same shall be at the time of the
taking effect Of this contract, shall be
ascerlained by an estimate 10 be made by
The joint committee hereinbefore provided,
and, if they cannot agree. by such um-
pire as they may choose for the purpose,
and all future purchases of machinery,
cares, rolling stock and equipments, for
said railroads, or either OF them, shall be
made and held by said companies in com.
mon, and the basis for the ownership OF
all such equipments of the two roads,
and other movable property, held and
used jointly for the use and working of the
roads, shall be determined by adding 10
the capital stock of eac hn railroad com.
pany, lis debts, deducting therefrom the
cash on hand and the credits, and the
sum OF the two capitals, so ascertained.
shall from the said basis, and the interest
of each company in the said equipments
and movable property, shall be in the
ratio which their respective values, as
certained as above, shall bear to the tot |
sum, and such basis shall be determined
once in each yeur until said roads are
....
ART. 7lh. No real estate shall be pur.
chased, nor construction account ncreas.
ed, nor contract or debt created by either
other than for works already
under contract, or such as may be nee.
essary for the completion Of the two lines
of road. as Eerenbeore provided for, or
for working the roads, or for repairs,
without the consent of the board of di.
rectors Of the respective parties hereto.
and neither company shall Issue any stock
or less than the par value thereof, or &C.
,ept in payment therefor anything other
han cash or cash obligations, without the
concurrence of both boards of directors,
md no subscriptions of stock in either
company shall be accepted, which are
lot payable in full in cash, without the
of both boards oil directors.
ART 9th, All earnings and incomes
# each road, whether from the transpor-
alton Of freight and passengers, or from
nail service, or from rents of houses,
ands, real estate, franchises or any other
ource whatever, whether the same arise
nder contracts now made or hereafter
0 be made with other roads running in
onheclion or run by either for pay, and
Il other incomes arising and accruing
'om any other railroad or stock therein
D either Of these two contracting parties .-
hall be added 10 and go to make up the