per annum, the surplus shall be divided equally on the 
shares retained by J. White, G. F. A. Hauto, and 
E. Hazard, until they receive eighteen per cent. interest 
per annum. 
When the profits amount to, or exceed, thirty-six 
thousand dollars, they shall be divided equally among 
all the shares. 
J. White, G. F. A. Hauto, and E. Hazard, shall 
manage and personally superintend the business until 
the navigation be completed, and the coal business 
reduced to system; for which service they shall each 
be entitled to receive One Thousand Dollars annually. 
The subscribers shall be entitled, if they deem it neces- 
sary, at any time to appoint a person to be associated 
with J. White, G. F. A. Hauto, and E. Hazard, or the 
survivors, or survivor, of them, in the management, 
which person shall have the same authority, devote the 
same personal attention, and receive the same com- 
pensation as each of the other managers. A majority 
of the managers shall govern the affairs of the 
Company. 
Fifteen per cent. of the amount subscribed, shall 
be paid within ten days after the whole fifty shares 
shall have been subscribed. The remainder to be called 
for in instalments, as required by the work, of which 
twenty days notice shall be given. 
Any subscriber neglecting or refusing to pay the 
instalments, within ten days after the time appointed 
for their payment, shall forfeit what he has already 
paid, for the benefit of the Company, and shall cease 
to be a stockholder. 
The stock shall be transferable upon giving notice 
to the managers for the time being, who are authorized 
to give certificates as evidence of stock. 
Should fifty thousand dollars be found an insufh- 
cient capital for all the purposes of the Company, 
additional shares shall be created, which shall be sub- 
ject to the same regulations as the fifty shares now 
PAPER 72: ANTHRACITE IN THE LEHIGH VALLEY 
subscribed for, which new shares shall be added to the 
original two hundred, and the dividends shall be made 
on the whole number of shares. 
J. White, G. F. A. Hauto, E. Hazard, and the sub- 
scribers, shall all be at liberty to subscribe to the 
additional stock, in the proportion of the original shares 
they may hold. 
If any, or all the subscribers, decline advancing their 
proportion to the new stock, J. White, G. F. A. Hauto, 
and E. Hazard, engage to make up the deficiency. 
It shall be the duty of the managers for the time 
being, to keep a fair book of account, of all expendi- 
tures made by them in the prosecution of the business 
intended, and of all monies received by them, or their 
agents, on the Company’s account, so as to exhibit a 
clear, correct, and just state of the concern, which book 
shall be open to the inspection of the stockholders, or 
any of them who shall choose to examine the same. 
Meetings of the stockholders shall take place on the 
first Monday in January in each year, at which by-laws 
for the regulation of the Company shall be made, and 
each share shall be entitled to one vote. 
Dividends of the nett profits, reserving a contingent 
fund to meet the exigencies of the Company, shall be 
made semi-annually. 
We, the subscribers, promise to pay to Josiah White, 
George F. A. Hauto, and Erskine Hazard, or to the 
order of any two of them, One Thousand Dollars for 
each share of stock set opposite to our respective names, 
in the manner, and subject to the terms above written, 
provided that they shall have first executed and re- 
corded a mortgage to us of the whole of their shares, 
as security for the performance of their part of the 
above terms; which mortgage shall cease to be binding 
as soon as the nett profits of the Company shall amount 
to eighteen per cent., or the amount of our subscrip- 
tions shall have been received by us in dividends. 
131 
