Note 98 — 1863

The agreement made on April 8, between Mr. Philbrick and fourteen gentlemen, all but one of Boston, provided that Mr. Philbrick, in whose name the land should be bought and who should have complete responsibility for managing it, should, after paying the subscribers six per cent. interest, receive one fourth of the net profits. Mr. Philbrick was to be liable for losses and without the right to call for further contribution; on the other hand, no subscription was to be withdrawn unless he ceased to superintend the enterprise. On his closing the business, the net proceeds were to be divided pro rata.