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Collection: Books and Periodicals > Mining & Scientific Press
Volume 17 (1868) (428 pages)

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Page: of 428

The Mining and Scientific Press.
Corporation Assessment Law.
Frequcnt coils for copics of the Act governing the levying and collecting of assessments of nll incorporated companics in
Culifornin, has induced us to publish the
law,
As Acr Cnncerning Assessments upon the
Stock of Corporations.
{Approved March 26, Is66 j
Tue people of ibe State of CalWorula, reprrseaied In Sua. .
aty and Assembly, do enact as follows :
Section 1. The Trustees of any corporation,
formed under the general laws of this State,
shall huve power to levy and collect, fur the .
purpose uf payiag the proper and legal expen.
sus of such curporatioa, assessinents upon the
eapilal stock thereof, in the manner and form
aud tu the cxteut hereinalter provided, and not
otherwise,
Sez. 2. No one assessment shall excced
five per cent. of the stated amount of the capital stuck of the corporation, named in the
urticles of incorporation, and none shall be
levied whilo any portion of uny provious asscssment shall remain unpaid, or uncollected, cxcept in cases where all the powers of the corporation shall have been exercised in accordubce with the terms of this act, for the purpose
of collecting sach previous nssessment, aud
except, alsn, the collection ol a previous assessment against ono or more stockholders,
restrained by injunction or otherwise; in which
case, further assessinent may be levied and collected necording to this act
Ske 3. No assessment shall be levied except
by order of the Board of ‘I'rustees, concurred
tu by a mnjority of said Bonrd, and entered
u,on the records of the corporation.
See. 4. Every orler levying on agsessinent
shalt specify the amount thereol and the time
when tie person or persons to whom and the
place or places where the same is payable. It
sliall also appoint a day subsequent to the full
teru1 of publication of the assessment notice
on which tlhe stock upon which assessments
remain unpaid shall be deemed delinquent,
which sail day shall not be less than thirty,
nor urore than sixty days, from the time of the
making of the said order levying the nssessment, and u day for the sale of delinquent
atock, which shall not be less than fifteen, nur
inore than sixty days from the tine appointed
for declaring suid siock delinquent.
rc. §. Upon the mak ng of such an order,
the Secretary shall cause to be published immediately « aotice thereof in the following
form:
«(Name in full.] {Location of werks.] Notice ig hereby given that ata meeting of the
‘rustecs of suid Company, lield on the [date],
an assessment of [amoant] per share was levied
upou the capitol stock of said Coupany, payable {when, to whom,and where, particularly . .
any stock upen which said ossessment shall
reaain unpaid on the (day bsed] shall be
dvemed dulinquent, and will be duly advertised forsale at public auction. and unless
payment shall be made before, will be sold on
the [day appointed], to pay the delingnent asseasiuent, togcther with cost of advertising
and expenses of the sale. {Signature of the
Secretary, with particular location of office.]”
Sec. 6. Said reotice shall be published once
each week fur four successive weeks in some
duily or weekly paper published at the place
designated in the articles of corporation as the
principal place of business of the corporation,
wud also in some paper published in the cunnty
in which the works of the corporation are situated, if a paper be pnblished therein; provided,
that if tbe works of the corporntion are wut
situated within some Stote or Verritory of the
United States, thea publication in a paper ol
the Couaty shall not be necessary; prorided,
a's», that if there ig no newspaper published
atthe place desigaated as the principal place
of busiuess of the corporation, then the publicntion shall be inade in the newspaper published nearest thereto; ond provided, also,
that the aotice specified in the 5th section of
this act may be served by delivering a copy
thereof, certified by the Secretary, to ench
stoekholder personatly,-and in case of such service, upon all tbe stockholders, of said corporation, then no aotice by publication shall be
necessary, and guca personal uotice shall be
deemed complete.
Ske. 7. It any portion of the assessmeut
mentioned in said notice shall remaiu unpaid
on the day specified thereia for declaring the
stock delinquent, the Secretary shall, uuless
otherwise ordered by the Board of ‘Trustees,
cause to be published in the same papers in
which the notice provided for in Sec. 3 shall
have.keen published, a notice substantially in
the following torm:
“(Name iu full. Location of works.] Wotice.— There is delinquent upon the following
decribed stock, on accountot assessment levied
on the [date,] [and nssessments levicd previous
thereto, if any,. the several aniounts set opposite the names of tbe respective shareholders,
as fulluws: [Names, number of certibcate,
numbzr of shares, nuiouut.] Aud in accord:
ance with law, nnd an order of the Loard of
Trenstees, made on the {date,] [if any such order
ehatl have been aimde.] so maay shares of cach
parcel of suid stock as inuy be aecessary, will
be sold at the [particular place,] on the ‘dawe]
at (the hour] ot said day, to pay said delinquent aséessments thereon, together with
costs of advertising and expenses of iho sule.
{Name of Secretary, with particulur location
of office.]
Sec. 8. Snid last named notice shall state
every certificate of stock with the number of
shares which jt represents, nod the amount
due thereon, separately, execpt where certilicutcs nay not lmve been issued to partics cntitted thercto, in which case the nnmber of
shares nod amount dne thercon, together with
the fact that the certificntes for such shares
have not been issued, shull be stated.
Src. 9. Suid notice, when published in o
daily or weekly paper, orin both, shall be published as follows: When published in n daily
paper, the saine shallhe published for a perjod
ol ten days, excluding Sandeys and holidays,
previous to the day of sale, When published
inn weekly paper, the snme shnll be published
for two weeks previous to tho day of sule.
The first publication of all delinquent sales
shall be at least fifteen days prior to the day
of aule.
Sre. 10. By the publication of the said uotices, as hereinbetore provided, the corporation
shall ucquire jurisdiction to sell and convey a
full, complete, perfect, ond ohsolute title to all
of whe stock descrihed jn the notice ol sule
upou which any portion ot the agsessinent or
custs of advertising shall remain unpaid at the
hour appointed for the snle, but shall sell no
more ol sach stock than js necessary to pay the
uggussu etits due and costs of sale.
See. Ll. On the day and at the place, and
as nearly as may be at the hoor appointed ia
the notice ol sale, the Seerctary, whois hereby
lully empowered and anthorized, shall, unless
otherwise ordered by the Board of Trustees,
sell, or cause to be sold at public auction, to
the kighest bidder fur cash, 80 many shares of
each parcel of said described stock as may be
necessary to pay the assessment and charges
thercon, according to the terms ol said notice
of sale; provided, that if payment be nade
befure Ihe tine fixed for sale, the party paying
sliull only be required to pay the actual cost ot
advertising,
Sec. 12. The person offering at such sale to
pay the assessinent aud costs lor the smallest
number of shares, or traction of a share, shall
be deemed the highest bidder.
Sec. 13. lt, at tbe sale of any stock under
the loregoing provisions of this Act, ne bidder
shall olfer to take and purchase the same lor
the amount of the assessments, aad costs and
charges then due upon the same, then and in
such case the same may be purcbnsed ond bid
ia by the compnny or corporation, through the
Secretary or Presicent, or apy Director or
‘Yrustee thereol, at a sum equal to the amount
of the assessments, costs, and cliargcs due
npon the saine; and in pursunnceand by virtuc
of such purchase, the said assessinents, costs
and charges, shall be credited, as satisfied and
paid in lull, on the books of such corporation,
and entry of tlie traasler of such stock to such
corporation, in pursuauce of such sale and purchase, shall be made on the books of said curporation. While such stock shall remain the
property of such corporation, tbe same shall
uut be assessable, vor shull any dividends be
declared upon the same; but all assessinents
and dividends shall he apportioned upon and
against tbe other stock of such company not
owned by such corporation. All purchases of
its own stock made by such corporatioa, in accordaace with the provisions of this section,
shall be held valid, and as vesting the lewval
title to the snme in snid corporation; und the
stock so purchased shall be feld subject tothe
coutrol ot the remaining stockbolders, who may
make such disposition of the sume as they
may deem fit, in accordance with the by-laws
of the corporation, or vote of a majority ol nll
the remaining shares. Whenever any portion
of the capital stock of any corporatioa is held
by the said incorporation by purchase as aforesaid,n majority of the remaining shares of
stuck in sail corporation shall be held to bea
majority of the shares of the stock ia said curporate company for all purposes of election or
voting on uny question belore a stockhulder's
nevling.
Suc 14, ‘The times or dates fixed in any
aotice ot assessmeut or uotice of delinquent
sale, published according. to the provisions of
thisnct, may be ouce extended for a pcriod of
not more than thirty days, by order of tbe
Bourd of Trustees, duly made and eatered ou
the records of the corporation, but no order
for extending the time for the pertormance ol
any act specifiedia any notice shall be effectual
ualess aotice of such extensioa or postponement be appended to nnd published with the
notice to which [the] order relates.
Sec. 15. No assessment duly levied shall be
rendered invalid bya failure to make proper
publicatioa of the noticos lereiabelore provided for, nor by the uon-performuace of avy
act required to be pertoraed in order to entorce
the payment of the saine, but in case of any
substantial error or omission in tlic course of
proceedings for collection, nll previous proceedings, except the levying of the assessment,
shall be void, and publication shall be begun
oaew.
Sre. 16. No action shull be sustained to
recover any stnek, or invalidate the sale of nny
stock fur detiaquent assessments. npon the
ground of any irrvgularity in making the ussessment, or for nny irregularity in or defect of the
notice af such sale, or for any defect or irregularity in the sale, unless the party sceking to
maintain such action ghall first pay or tender
to the corporation or the party halding such
stock so sold, the sum for which the saine was
sold, together with all subsequent asscssments
which may hnve been paid thercon, and inter.
est on such sams from ihe time they were paid;
and no such action shall be sustained unless
the sume shall be commenced by the Gling of n
complaint nnd the issuance of a suinmons,
thereon within six months alter such sale shall
have been made.
Sree. 17.“ An Act Concerning Asscssments
apon the Stock of Corporations,” approved
April fth, 1864, and oll Acts and parts of
Acts, inconsistent with the provisions of this
Act, are hereby repented; provided, that such
repenl shall not affect proceedings commenced
for the collection of assessments heretofore
levied. but nll such assessments may be collected in accordance with the provisions of the
laws then in force.
Src. 18. ‘fbis Act shall take effect immediately.
MINING SHAREHOLDERS’ DIRECTORY.
[Complled for every Issuc, from adverisements In the
Moning ann Scientiric Press and other San
Franclsco Journals.;
Comprising the Names of Companies, Pistriet or County
of location; Amount aud dale of Assegsinenl; Dale ol
Neellng; Day of Delinqneni Sale; and Amount and Time
of lay ment of Dividends.
NAME, LOCATION, AMOUNT,
DATE OF ASSESSMENT.
AND nar
DELINQUENT, OF SALE,
Alpha Cons, Storey co., Nev., June 26, $25 Indy 29—Aug. 24
Apollo, Lander eu., Nev June 15, 310, July W—Ang, 3*
arlahic, Stores Nev., May: 20, $1. une 30—July 15*
en. May 13, $1.. mne 19—dity 20%
videud, $6 per sh -Payable Muy 7
Qacon, Storey co., Nev., div.... Payahle Jnne 19
Bear Kiver, Nevaila co. June 10, $1 Jniy h-Ang. 3*
Bulllon, Storey cu , May 25, $10.... payable Immedlalely
Chinlonena. Mexico, Jnly 9, $5.... ...Aug, 13—Aug. 31*
Cherokee Flat B. G., Bulte co., July 1, $5..Ang 4—Ang. 2)
Crown Point, dividend, 7.51.. Pavahle Jn y 11
Chalk ML, Nevavaco, March 16, $1.60...May 12—Jnly 6*
El Tesora, Mex , Inne 18, 25e... Jnly 20—Aunens) 16
Ennire M. & M., Ney., dividend $6. .Payable May 15
uly 2l—A ug. 19% Forns, Amador en., June 3. $5.
Folsom St € F Vb RR. Gs 19, $5. .Suly 20—Ang 8#
Flora Glazier, Plumas co., May 8, 50c..08 June 25—JInly 15"
Bold UU O M & M—nividemt, $7 50....-.Vayoble July 13
Colden Rule, Tnolunmne co.. Annual Mecting Jnly 14
Gold HUI Tunnel Slorey co.. .Annnal Mecting Jnly 1s*
Glabe, Alpine ea, May 25, $2... . poe aae: dune 30—July 18*
Colden Rule, Tuolumne co, div d0c B sh.. Payable June 26"
Hope Grave), Nevnda co, June 15, $1 .Jnly 22—Ang. 12¢
Imperial, Storey co, Nev., div-.--. «Payable June 18
Kenluck, div., $25. Ver SHATC. + Payable Inly 20
uly 2, Kohler Bros, L.¢ , 32 -Ang. 6—A ng. 27
Kanaka, May 30, Wc.. Jaly 3—July 14
La Vietoire, Mariposa co. Teeling Inly 15
Lady Bryan, Slory co. Ma: July 6—J nly 23.
North Star, dividend, $5.. -..:..-.-.05 Payable June 15
Ophir, Storey co, Ney ,June 25, $1...+ July 20—Angust 10
Okla, Slay 25, Ste.. : .Payable immediately
Payable Juno 18
July 23—Aug. 17
--. Aug. 8—Sept 9
«June ig—July 6*
.Payable Jwy 9
Meeling July 16
Payahle July 1
uly 30—Aug. 21
July 15—July 31*
Pacific Unassessabie, div.
Qua?) HL, Calaveras co., June 26, $10
Rising Star. Idaho Ter., Inne 23, 350,
Rogers, Slorey co., Nev., May 14, $l.
Sanilago, Silver Clty, dividend
Savage, Virzinia, Nev.. oro
Savage. Virginia, Nev, d lend,
Sierra Genoa, Nevada, Jane 3, $3,
Senator, Slorey co, Nev., June 9,
Silver Sprout, luyo co.. Meellng Jnly 11*
Sand Spring salt, divide . Payable Juno 5
Tnited Stales, Slorey co. Nev , June 29, $t.Aug. 3—Aug )9
Union, Storey co., Nev., June 2, $5..1....July 7—July 28
Virginia & C. Lf, Water Co.... Dividend, payable May 15
Whitman, Lyon co., Nev., May 21, $10..June 24—July 15*
Yellow Jacket, Gold HIN, Nev.... Annual Meeling July 20
Yosemite, Lander co., Nev, June 9, 75e...Jduly 16—Aug. 5*
ethosc marked with an asterisk (*) are advertised )n this
jourual.
Latest Stock Prices Bid and Asked.
3, F. STOCK AND EXCHANGE BOARD.
Frinay Evening, July 10, 1868.
MISCELLANEOUS STOCKS. eae Asind,
Onited States 7 3-1ths Bonds, June issue $7
Legit Tender Notes....
Fabre Ihy
Galitornla Stale Bonds, 75, 10 95
San Francisco Bonds, 10s, 1851 . 102 ‘ 104
Sun FErnuelseo Gily Bonds, 63. 1855 2
San Franciseo City aml Connty Bonds, 6s, 1898. 89San Francisco City and Co. Schl B'ds, 7s, 1866, S713 0
San Franciseo City and Co. Boudy, 7s, 1862... 37 =
San Branelsco City and Co. Bonils, 7s, 186: Rt 85
Saa Francisco Gity and Go Bonds, 7s, 1305. 21 85
&. uncisco Gily ant Co. Judgads. Ts. 84 alg
San Francisco Cily und Co. Judy. Ba: 821g 85
Sneramento City Bonds,
2 25
Sacrumenin Counly Bor
Fy a
Marysville Bonds, ls
5 BS
Stockton City Bonds
i 85
Ynba County Bouts,
5 80
Sania Clara County Bonds. 7s. 8 85
aulle Gounly Bonds, 10s, 1860.
u re)
San Matco County Bonds, 7s. —_ 0
Gallfornia Sleam Navigation Co. 69 ral
Spring Valley Waler Co.
66 G7
State Telegraph Uo..
25 as
GAS COMPANIES.
San Franelsco Oas Co
75 i7
Sacramento Gas Co.
& =
RalLioans.
nto Valley Railroad
-Snes eclaee aml San Jose Rallrond ay 45
Omnibus Railroad.
a z
Centra) Railroad.
2il
65 oF
W 12
BANKING INSTITUTIONS,
California, Loan and Savings Soclely = =
Pacltle Bank .... ae BY _
The Bank ol Calhormm . i183
INSURANCE COMPANIE:
Firemans’ Fund Insurance Co. 8S KG
Pacile¢ Iisurunce Co...--ne ia
San Francisco Insurance Co. ee = lw
Merchiuls’ Mulual Marine lusurance Ca. 470 48h
California lusnrance Co. 1900 40U
Vulon Insurance Go 38 x)
Calllornla Home Insurance Co, —— =
Ifume Mutua) Insurance Co. a oxy
Occidental tnsurance Co » 38 Bw
Nationallnsuraace Co, 5 el =
Builders’ Insuranca Co, ae. 600MINING BTOCKS—WASUOR DISTBICT.
47 4Thg
175 «180
26 =
8 &9
35 410
5 a Ate
ae <) vs
135 1S
Gould & Curry.. Md 15
Gald Ih Quartz. . w
Uale & Norcros: » ot Dy
« VS 12h
347 364
Lady Bryan 2 26
Ophir.. Why 15
Overman. 63 69
Savage
Slerra G ¢vad
Yellow Juckct..
Guiden Rule, Callforniu.
San Francisco Market Rates,
Wholeaale Prices.
Fripay, July 10, 1868.
Flour, Extra, B bb). -36 25 $7 0
Do, Snperfine.. . 5 50 6 25
Corn Meal, @ 1U0 dbs, % OU 3
Wheal, @ 1uU tbs. 1 & 220
Onis, @ 100 Ds. 235 255
Barley, @ L00 tbs, 1 80 195
Beans, } 100 bbs.. 3 00 10 00
lotatocs, 1U0 Ibs. 75 160
TV, wp (Oller eres 10 WwW 15 WO
Liye Oak Word, B cord 9 00 10 00
Beef, exira, dressed, PB Ib 8 10
Sheep, on foot... 300 3 bu
Hogs, on loot, B Ib. 5 a7
Hogs, dressed, @ b. § 10
Sugar, crushed, @ My 15
Do, Chin Ww @ Ws
15Z@ 16
VW
65 85
ou 125
5 tb _ 9
China Rice, Bb.. 6 or
Coal oll, @ gallon. 40 45
Candles, @ Ib 15 18
Ranch Buiter, Fb 30 85.
Isthmings Butler, @ tb 30 32g
Cheese, Calilornia, Bb. 13. 15
Eggs, ® dozen, 35, 40
Lard, % b.-13 15
Ham and Baeon, @ bb. tbs 16
Shualders, 7 I.. .sereee 9 Ww
Ketall Prices,
Outer, Calllornia, fresh, Bb 35 40
do. pickled, @ bb. pe 35
do. Orcgon, 7 b. 15 23.
do. New ¥ 35 40
Cheese, 20 25
Boney 25 3u
BES, 7 do 4b 5
aed 8 Ib 15 Bg
Hanis and B; b 2 25
Cranberries, RB gallon. 85 lw
Polatocs, steecees 2 3
Polaloes, Sweet, B db. a =
Tomalocs, 7 Ib. >Onions, BN ied 5
Apples, No. 1, 4 5
Veurs, Table, 7 ib 5 7
Plants, dried, @ tb. i 13
Peaches, dried, B tb. 10 i
Oranges, FB dozen . 51 _
Lemons, 7 dozen a0 =
Chickens, anlece 50 75
Turkeys, @ Ib .. 20 25
Soap, Pale and ©. 7 12
Soap, Casille, Bb.. 15 16
os a oe
San Francisco Metal Market.
PRICES FOR INVOICES.
Jobbing prices rule from ten to fiftren per cent, higher than the
following quotations.
Faipay, Joly 16, 1868.
Tron.—Duty: Plg, $9 per ton; Railroad, 60c $3 1C0 tbs; Bar,
1@) ec A lb; Sheet, polished, 3c # hb; common, 14E@lijc
@ Di; Plate, lise # Ib; Pipe, lige PB kb; Galvan)zed, 235
Bd.
Scolch and English Plg tron @ ton. $4250 @S15
While Pl PON . cee. sseeceeereee -40 00
Refined Rar, bad assoriment Pb — 02 =
Refined Bar, good assortment, @ bb —02y@~ —
Boiler, No. Mae. BAe ——
Plate, No.5 to 9. 3
Sheel, No. 10 to 13 k
Sheet, No. 14 10 20.
Sheet, No, 24 to 27 Of =.
Corren.—Duty: od Bar, 2i4e AD
Sheathing, BD su 32
Sheathing, ae
hing, ——
—2
— 2
13 ou
11 5b
1) oy
— 3)
Sreet.—English — 12K
QUICKSILYER.—@ — GL
Lean.—Plg, Bb. 7#@— 8
Sheet ad w —-—
Bar -9 — og
Zine —Shecls, Ft =— —)n
Borax.—Califoruin, B —20 — 23
San Francisco Prices of Copper Ores.
Saw Franotsco, July 3, 1868.
We give the following as an approximate
price nt which copper ores can now be sold
in this city. There is no sale for ores which
assay less than 12 per cent. The late reduction in price is on account of the ndvance of freight:
Per ton.
$43 36
Per ton.
12 per cent. ore...$16 00/22 per cent, ore.
130~«SY Che ¥
18 82j33 tt es
Woo« a 2920124 « “
is «, 23 35125 = * “)
16 « 26 23126 . “ c
iG & ” 99 1927 «
aed “ 29 91/238 « «,
19 te [Td 4 90/20 ce ee ig
20 4 A, 37 78130 « «)
a «TUT 40 671 (eis 69 55
These prices, we believe, will be found
substantially correct, and can be realized at
this date.