Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1878-03-13

This article of agreement mado and entered in-
to this twenty-third day Of February, A ID. 1873,
witnesseth: That Edward r. Campbell, who re-
sides at the city OF Monroe, in the state OF Mieh-
/ lgan, and Edward X. Potter and William III.
Potter, who reside at the cty OF Alpena. Mlchi-
gan, do hereby enter into eo-partneiship for the
| purpose OF carrying ON the business OF manutae-
| turing lumber and shingles, and procuring the
stock and material therefor.
This partnership shall be known and do busi-
ness under the name and style OF W. IL. " Il. X.
Potter. Said partnership shall begin on the
twenty third day of February, "A. ID. 1878, and
continue Tor the period OF hve years next there
after, and the business OF said partnership shall
be carried on at the city OF Alpena, aud ON lands
situated on Thunder Bay River ana ITS branches,
and such other lands as sand partnership may
from time TO time select or purchase.
said w. III. X T.. Il. Potter TO be general
partners, and said T.. 4. Campbell Is to be
special or dormant partner. Said w II. * h. X.
Potter shall have the sole and exclusive MANAGE
ment OF all the business OF said co-partnership.
said h. L. Campbell shall not be responsible or
in any way liable for any of the debts or obliga-
tions OF sand partnership beyond the amount of
capital which he contributes to the partnership
assets as hereinafter mentioned, nor Is said Camp
bell 10 bind or make liable said partnership for
the payment of any debt or liability whatever,
nor do any act or thing by which the conduct or
legal liability OF said partnership will be interfer-
led with or fixed or charged, nor contract any OBJ
legations IN the name OF said firm.
The capital stock OF said co-partnership consists
OF the lands, buildings, stock, goods and chattes,
Potter Company, situated in the city and coun-
y Of Alpena, and in the counties of Altoona and
Montmoreney, in the State of Michigan The
fair cash value of the aforementioned property is
one hundred and twenty thousand dollars OF the
above named property William IL. Potter owns
one-third, which Is worth IN cash the sum OF for
~ thousand dollars, which he contributes IN the
assets and capital of said co-partnership. OF the
above named property Edward h. Potter owns
one-third which is worth in cash the sum OF forty
thousand dollars, and which he hereby contrib
utes 70 the assets and capital of SAID eo-partner
ship, and of the above named property Edward
Il. Campbell owns one-third, which is worth in
cash the sum of forty thousand dollars, which he
contributes 20 the assets and capital OF said CO.
partnership, on the terms and conditions herein
before stated The said interest and property of
said T.. p. Campbell in said co-partnership is en-
numbered by mortgage 70 the extent of eighteen
thousand dollars, which encumbrance said 4. Z.
Campbell is TO cause to be removed, and leaving
his said one-third interest in said co-partnership
unencumbered.
The three parties TO this agrc ement shall share
equally and alike in the net profits of said BUSH
ness that is 10 say, each shall be entitled 70
third. Each of said partners shall be liable TO |
pay one-third of the debts and expenses Of said |
said Campbell shall be liable TO the extent and |
value OF his said interest and contribution the |
same would be after said encumbrance is remov-
ed and no farther.
first day of January, A. ID. 1879, and on the first
day OF January each year thereafter, balance
sheet shall be made by the person then keeping
the books of account of said co-partnership, and
balance of profit loss shall then be declared and
apportioned among the three parties 20 this agree
nent in accordance with their respective interests
and a general accounting among partn ,rs shall
then be had.
The books of account and all property and
things belonging or appertainug 10 this co-part-
lership, shall be open 10 the examination of any
md all the parties TO this contract at all times,
Il is further agreed that the raid L. X. Potter
md w. II. Potter shall devote their time and en-
,rgies 10 the careful and efficient prosecution of
he business herein contemplated, and they shall
,ach receive an annual compensation of one thou
and dollars out Of the funds belonging to said
In witness whereof the said parties have here
INTO set their hands the year and day first above
written.
ID rANfpDEII