|
Montgomery Feby 8th 1865 |
|
|
| A meeting of the directors of the
Montevallo Coal Mining Co was held today. Present T. J. Portis Presdt
T H Watts G M Tigh W W Waller. |
| The President presented another report
which was considered and placed on file. That portion of the report
asking the approval of the board to a contract made with the Shelby Iron
Co and the Mobile & Selma {Mining} Co was
explained as follows |
| 1st The Shelby Iron Co propose that the
value of the joint road of the Montevallo & the Mobile & Selma Co as it
now stands, from the Ala & Tenn R. RR to the mines of the Mobile & Selma
Co shall be assessed. |
|
2nd The Shelby Iron Co come in as a Third joint owner by
paying one third the valuation the payment to be made in Iron
suitable for the new road to be constructed, at government price
deducted one third as their proportion. If the value of the Iron
exceeds the amount due for the one third purchase money then the
Montevallo Co & the Mobile & Selma Co shall pay the Shelby Co two
thirds the amount of the excess in Coal at Government price. If the
amount of Iron is not equal to the amount of the purchase money then
the Iron Company shall pay the full amount due on said purchase
money and then the Iron Company becomes the owner of one-third
interest in the Rail road specified & are to pay one third of the
cost of putting it in repair immediately and one third of the cost
of keeping it in repair hereafter. |
|
The Board approved the contract and ordered that a
written contract in detail between the three companies be written
out and that the President be authorized to sign for this Co. |
|
On motion adjourned |
|
W W Waller |
|
Secty pro tem |