“Articles of Subscription of the Ohio Steamboat Company”

Date

1-29-1812

Newspaper

Liberty Hall

Page and Column

Page 3, Column 2 and 3

Newspaper Location

Cincinnati, Ohio

Serial Number

496

Abstract

Advertisement that details the formation of a steamboat company on the Ohio river. States that Nicholas Roosevelt was employed to scout the river from June 1809.

Transcript

ARTICLES OF SUBSCRIPTION OF THE OHIO STEAM-BOAT NAVIGATION COMPANY WHEREAS it is intended by the subscribers hereunto, to build two boats to be propelled by the power of steam engines, to trade between Pittsburg and the falls of Ohio. And whereas Robert R. Livingston and Robert Fulton, of the state of New York, have obtained a patent from the United States for boats to be propelled by steam engines on the waters of the United States. And whereas the legislative council and house of representatives of the Indiana Territory, has passed an act in the month of December, 1810, incorporating the persons associating with them, for the purposes of carrying into effect their laudable views of constructing and navigating vessels on the river Ohio, to be propelled by the power of steam engines. And whereas the said Livingston & Fulton have offered, thro their attorney & agent, Nicholas J. Roosevelt, to grant to the subscribers hereunto all the rights, benefits and privileges, they possess by their patent from the United States, to navigate the river Ohio, in steam-boats between Pittsburg and Louisville, upon the terms and conditions following; viz. After the subscribers or shareholders still have received 10 per cent, on the sum originally subscribed, out of the profits arising from their boat or boats, the overplus profit shall be equally divided in two parts, and the one part divided half yearly among the shareholders, and the other half, beyond 10 percent on the sum subscribed, shall be paid over, half yearly, to the said patentees, Robert R. Livingston and Robert Fulton, their heirs or assignees. Now, therefore, the terms on which these articles are subscribed and made binding, are as follow, viz. 1st. The capital stock of the company, shall in the first instance, consist of 50,000 dollars, and be divided into 500 shares of 100 dollars each, which sum, it is calculated, will build the two first boats; and if the whole sum should not be extended therein, the over-plus shall be returned to the subscribers in proportion to the shares subscribed by them. But should the sum of 50,000 dollars be found inadequate to the expense of building two boats, and preparations necessary for building the same-then, and in that case, the deficiency shall be made up by enlarging the number of shares, for further subscription, on the same terms as the first 50,000 dollars are to be subscribed, or by apportioning the sum among the stockholders, as may be judged most expedient by a vote of the directors of the company. 2d. After the sum of 50,000 dollars is subscribed, the affairs of the company shall be managed by directors, to be chosen agreeable to charter. 3d. The directors are to retain the benefits of the advice of Nicholas J. Roosevelt, who since the first day of June 1809, has been engaged as agent and attorney for the patentees, at a salary of two Thousand dollars a year, in exploring and ascertaining the practicability of navigating the Ohio, and Mississippi rivers, by actual experiments. But nevertheless, to allow him only one thousand dollars a year, from that time, until the boats are commenced building for this company, when his salary shall be at the rate of two thousand dollars a year, and he shall continue in that pay; until the director's of the company, appoint a person to fill his place, or until they may dispense with his advice, when they shall give him a written notice to that effect, and his salary shall, from the time of receiving it, and paying up the arrears due him, cease. 4th. The directors shall cause half yearly dividends to be made of all the profits of the company, among the stockholders, in proportion to the stock they hold, after deducting all expences, and after paying the patentees, Robert R. Livingston and Robert Fulton, their one half the surplus profits beyond ten per cent, to the stockholders on the amount of original subscriptions. 5th. There shall be three subscription books opened, on the first Monday in February, 1812, containing exact copies hereof. The one book by the cashier of the bank at Pittsburgh, one by the cashier of the Miami exporting company at Cincinnati, and the other by the cashier of the bank at Louisville; allotting to each place an equal number of shares, and should any of the shares remain unsubscribed at either of those places, for the term of one week, from the time of opening the books, the deficiency shall be offered by the agent and attorney of the company, Nicholas J. Roosevelt, to be subscribed at such place as he may think proper. 6th. At the time of subscribing, each subscriber shall pay into the hands of one of the cashiers, abovementioned, the sum of ten dollars on each share subscribed, and the remaining sum of ninety dollars, on each share, shall be paid in two equal instalments, on the first Monday in June 1812, and the second instalment on the first Monday in October 1812. 7th. Subscribers not paying regularly and punctually, at the times above stipulated in the preceding article, into the hands of the person who may be appointed by the directors of the company to receive the same, shall forfeit to the company their share, or shares, with all previous payments made thereon. 8th. After the shares are all subscribed, Nicholas J. Roosevelt, agent and attorney for the company, shall cause a written notice to be given to all the subscribers, of the time and place of choosing directors; at which place each subscriber may vote in person, or by proxy. At this meeting the subscribers shall also, by vote, fix on the place for transacting the business of the company. 9th. Each subscriber shall receive a certificate from the cashier who takes subscriptions, certifying the number of shares by him, her or them subscribed, and the amount paid thereon, which certificate, or certificates, shall be transferable by endorsement, until a different mode of transfer shall be directed by the directors of the company; and entitle the endorsee to all the rights, benefits and privileges, of an original subscriber.

Link to Full Text

Share

 
COinS