Mineral Point weekly tribune. (Mineral Point, Wis.) 1859-1868, 1862-07-09

Cash on hand, isis Il
81, 4a5 50
The folio wing named persons were elect
ed as directors for the year.
aEN NJ KooP, of Mineral Point
LUTHER BEEcHER, Of Detroit Mich,
5 HoLNER, ,gNew York
IL ". PECK,
OFFICERS.
l.. BEE.HEa, President ana Treas.
G. ". CoBB, Secretary and oupt.,
The following preamble and resolutions
We're adopted which we commend to the
attention of all parties in interest
Whereas, The facts and experiences of
the p ist FIVE or six years have demonstra
ted that with Local business alone, the
Mineral Point Raii Road cannot for years
to come be expected to pay dividends in
addition TO current expenses and repairs,
unless the road is extended SO as TO secure
more business, and
Whereas, 1t Is some eight or nine years
since the road was commenced, and most
Of the timber and ties were cut and deiv-
cred along the line Of the road-it is evil
dent that from this time forward ertra
costs and expenses must be incurred 70
provide for Lew timber-new ties-and
new bridges. Also New locomotives
and for ballasting the road its whole
length Gt never having been ballasted)
and many other additions and improve
ments absolutely required to be done for
the interests of the property. and
WHEREAS, 1t Is both prudent and desi-
rabe that (for the purposes of improving
and adding to the value of the property
A well settled policy to be pursued To-
tue next five or ten years-should be APP
proved of and adopted by the Share
hold therefore it is
Resolced, That the President and ii
rectors are authorized ana fully empow-
cred to dispose of-seli--or hvpothicate
any stocks-ciaims-c othe
property Of the Company--and in any and
every way ractlcable- raise and provide
available means-and use the same toreth-
er with the earnings of the road and
receipts Of the Company-in payment Of
operating czpensos-ordinary and extra
ordinary repairs and improving the road
-DepOtS-roliing stock and machi-
merry cnerally-whenaye aud wherever
necessary and the work can be done to
/ advantage.
Resolred That the President and Di-
rector5 are authorized and fully emp0w-
cred to extend the road to the north line
of Iowa County at some point on the Nil
waukee and Prairie Du Chine Rail Road,
near the Wisconsin River and to use all
practicable nouns and mqasures to push
forward the extension and make the con
nection as soon as possible
ResolUed, That in accordance with the
provision for an extension Of Capital con
tanned ii article seven OF .tarticles of
association of the rcorganized Company
of the Mineral Point Rail Road-The
Capital Stock be, and The s.z1ae as heye5H
increased 10 the 5tess rgf tscclCc hundred
thousand dollars ($l20O, 000l shares of
500 cach-of which five thousand shares
(J0p0) TO five hundred thou
sand dollars $500 000) may be made
constituted and issued as pre- erred stock
and the same shall be first entitled to
receive dividend OF twelve (l2) per cent
per Gnnum out Of the net earnings Of the
road-and receipts of the Company
which dividend shall be due and PAYABLE
sem!annualiy on the first DAYS Of Febru-
airy and August of :ch year-tlte bal
ance OF the net earnings to be applicable
20 dividend on the remaining 100000
OF common stock that until October LIST.
1862, any share holder NAV subscribe for
and take the preferred shares bv surren-
dering one 500 share Of common stock
and paying fifty dollars in cash (S50) for
each 500 preferred share so taken
That, after October lst. 1862. the Presi-
dent end Directors are authorized and
fully empowered 10 dispose of-Sell-or
hypQtkicate upon the best terms offered
all or any part of the common or preferred
stock then remaining uGdIsposed of-in
such amounts and ut such time or times
as opportunity offers, and as shall be
found convenient or necessary TO meet
payments in repairing and extending the
road
Reso7ced, That if the County of Iowa
and the Towns of Mineral Point and
Naldwick, also all stock holders along
the line of the road VIII meet their obi
cations in fair and equitable manner
and III harmony with the interest and
policy of the new reoreanized Company
OF the Mineral Point Rail Road-then
the President and Directors are author
lied and fully empowered to issue and
distribute stock not exceeding Twenty-Five
hundred shares upon the following basis
OF division as to each interest. viz:
Town OF Mineral Point. 600 shares
100000 Townof Waldwick 100. $4,000
County OF Iowa, 1900 shares, Sl5O.0O0-
Old Stock holders 500 shares $4,000.
Total, 23oo shares S250,000
Or Pro rita to any Of the parties who
shall comply cith the true interest and
meaning of this resolution.
Resolution adopted BY the board of
Directors.
Reso'red, That unanimously approve
OF the policy and plans set forth in the
preamble and resolutions as adopted BY
the stock holders at this first annual meet
mg held at the Office of the Company at
Mineral Point, ,ialy eth, 1862, and we
fully believe that By extending the road
ana making through connections, this
WI be dividend paying road