[CJ074023] Minutes, July 20th, 1889


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[CJ074023] Minutes, July 20th, 1889

Editor's Notes

Minutes of a meeting of the Board of Directors of the New Jersey and Pennsylvania Concentrating Works held at the Laboratory of Thomas A. Edison, Orange, New Jersey on July 20th, 1889 at 11 a.m.##Present--Thomas A. Edison, Samuel Insull, H. M. Livor, W. s. Perry and Secretary Hutchinson.##Mr. Perry presented a power of attorney from Mr. R. L. Cutting appointing him (Mr. Perry) is attorney to vote at all meetings of this Company.##Mr. Livor reported that the experimental mill at Gilbert Mine required some additional machinery and alterations, particularly for the purpose of reclaiming the fine magnetic dust which , as the mill is now operated, is lost in the tailings. Cost of this machinery is estimated to be in the neighborhood of %5000.00##Mr. Perry moved that Mr. Livor be authorized to purchase such additional machinery, and the motion was seconded and carried.##Treasurer Insull advised the Board that the Capital Stock of the Company--$30,000 had all been invested in the construction of the experimental mill at Gilbert Mine, and that to provide for the extension of this mill, of building additional mills and otherwise carrying on the business of the Company more Capital would be reqired, and moved that the Capital Stock of the Company be increased to $100,000. After discussion this motion was carried and the Secretary instructed to confer with Major S. B. Eaton, Counsel of the Company, as to the necessary legal measures requried to so increase the Capital Stock.##Mr. Perry moved that the additional Capital Stock be so called as to permit the issuing of full paid certificates upon the payment of each call. That is to say, that, instead of issuing instalment receipts and delaying the issue of full paid certificates until the entire Capital Stock is paid up, the full paid certificates of Stock be issued for the amount of the calls as made.##There being no further business before the Board the meeting stood adjourned##J Hutchinson Secretary.




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Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University
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