It affords us sincere pleasure to announce that the question whether Katama was “to be or not to be” the scene of a new settlement and a resort for summer visitors, is certainly “to be.”

We were morally certain of this fact several weeks ago, but refrained from stating it at the request of the parties concerned in working up the enterprise, until all possibility of a failure from any human cause, was removed. It is now a fixed fact, and we but give voice to the expression of our citizens when we propose three times three cheers for the cheering inevitable.

The tide already begins to rise. Low water mark is now out of sight under water, and Edgartown is thoroughly alive with enterprise. A living, healthy public spirit animates our people, and thus early its warming, invigorating influence is experienced and felt.

Katama possesses natural advantages for a popular, pleasant and much-frequented summer resort unsurpassed by those of any other spot along the Vineyard shores. A pleasant grove; a delightfully smooth, land-locked body of water where boat-sailing will be positively safe; fish of various kinds, including delicious clams, quahaugs and other shell-fish almost at one’s doorstep; lying within half a mile of the broad Atlantic, where the pulsations of old ocean’s bosom can be felt as they beat upon the shore and return subdued and calmed; a beautiful, level plain, over which comes the cool southwest breeze to gladden the hearts of heated denizens of the cities; an unrivaled pure sea-air, and immunity from dust and dirt, all combine to render Katama a place to be eagerly sought for, and which, when once found, will never be deserted.

To Capt. Nathaniel M. Jernegan belongs the credit of initiating this enterprise, and which with his indefatigable industry and zeal, and the cordial co-operation of some of our own public-spirited citizens, and live, energetic men abroad, has been carried on thus far towards success.

The preliminary meeting of the stockholders of this company was held at Oak Bluffs last Monday forenoon. The stockholders will be legally notified of the time of the next meeting - seven days’ notice being required - and the day named will be as early as practicable.

The act of incorporation gives the company leave to hold 1200 acres of land in Edgartown, to build wharves and hotels, run steamboats, &c. The capital stock is $50,000, with privilege of increasing it to $150,000. The stock is divided into shares of $100 each, (no individual subscription however, being taken for less than $1000,) and there are signatures and applications enough filed to cover about 1000 shares. The stock is already quoted on the street at $100 and rapidly rising.

The company now owns 600 acres of land for which they paid about $14,000, and will at once lay out their property into lots for building sites. A new wharf will be built immediately.

The plan of the hotel was designed by Mr. S. F. Pratt of Boston, which is an abundant guarantee of its utility and beauty. It will be 160 feet long, 40 feet wide, two-stories high with French roof, and a verandah running all round the lower story. The site for it was selected by Mr. Pratt and Capt. Jernegan last Monday morning.

Twenty-five cottages are already pledged to be built the present season.

All hail Katama! May your success be golden!