Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1878-04-03

This article of agreement made and entered in
10 this twenty third day Of February, A. ID. 1878,
witnesseth: That Edward 7. Campbell, who re-
sides at the city OF Monroe, IN the state OF Mich
igAn, and Edward X. Potter and William III.
Potter, who reside ut the city Of Alpena, Miehi-
gan, do hereby enter into co-partnership Tor the
purpose of carrying ON the business OF manufae-
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. H. H. n.
Potter. Said partnership shall begin ON the
twenty third day of February, A. ID. 1878, ani
continue tor the period of five years next there.
after, and the business OF said partnership shall
be carried on at the city OF Alpenn, ana on Janus
situated ON Thunder Bay River and ITS branches,
and such other lands as sand partnership may
from time TO time select or purchase.
Said w Ii. n \. X. Potter are TO be general
partners, and said 4. L. Campbell u TO be
special OF dormant par tner. Said w. III. * r., n.
Potter shall have the sole and exclusive manage
ment OF all the business OF said co-partnership.
Said 4. Z. Campbell shall not be responsible or
in any way liable for any of the debts or obliga-
tions of said partnership beyond the amount of
capital which he contributes to the partnership
assets, hereinafter mentioned nor Is said lamp
bell TO 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 VIII be nterter-
ned with or fixed OF 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 ehattels,
and credits belonging to the late firm of Campbell,
Potter & Company, situated IN the city ana eouh,
~ of Alpena, and in the counties OF Altoona ana
MontmOrency in the State of Michigan. The
fair cash value of the aforementioned property IL
one hundred and twenty thousand dollars. Of the
above named property William II. iotter owns
one-thrd, which Is worth III cash the sum OF Tor
~ thousand dollars, which he contributes IN the
assets and capital uf said co-partnership. Vi the
above named property Edward X. Potter owns
one-thrd, which is worth in cash the sum OF forty
thousand dollars, aud which lac hereby contrib
utes to the assets and capital of sad co-partner-
ship, and of the above named property Edward
Z. Campbell owns one-third, which Is worth In
cash the sum OF forty thousand dollars, which he
partnership, on the terms and conditions herein
before stated The said interest and property OF
said +. L. Campbell in said co-partn rship, Is en-
numbered by mortgage TO the extent VI eighteen
thousand dollars, which encumbrance said T.. 4.
Campbell is TO cause to be removed, and leaving
his said onethird interest in said co-partnership
unencumbered.
The three parties to this agr6 enent shall share
equally and alike in the net profits of said busi-
ness that is TO say, each shall be entitled TO one
third. Each OF said partners shall be liable 70
pay one-third of the debts and expenses OF said
partnership business, provided, however, that
said Campbell shall be liable TO the extent and
value of his sad interest and contribution rs the
same would be after said encumbrance is remov-
ed and no farther
At the end of each year, that is to say, on the
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
apportoned among the three parties TO this agree
ment in accordance with their respective interests
and general accounting among partn ,rs shall
then be had.
The books Of account and all property and
things belonging or appertaining to this co-part-
nership, shall be open 10 the examination OF any
and all the parties to this contract ut all times.
II is further agreed that the laid T.. h. Potter
orgies to the careful and efficient prosecution of
the business herein contemplated, and they shall
each receive an annual compensation of one thou
sand dollars out of tie funds belonging to said
co-partnership.
In witness whereof the said parties have here
unto set their hands the year and day first above
written.