The New era. [volume] ([Portsmouth, Va.]) 1845-1847, 1845-08-11
MONDAY MORNING, AUGUST II, 1915.

which act will go into operation if ratified by the
General Assembly of Virginia And whereas,
from the present condition of the said Company
1t is believed that its means are not adequate TO
the purchase of the said Rives's interest, and the
continuance OF Rail Road business and operations.
unless the whole Road and stock can be sold out
| to a new Company, which must necessarily he
effected at very low price, SO that the large pc
cuniary interest of the State of Virginia in said
Road, must in any event. be almost wholly lost
and 1t such new Company he organized. it will,
most probably, be by non-resdents of this State
and her interests in the upper Rail Roads will be
greatly impaired in value. And whereas it is of
great importance to the Stockholders in the Pc
tersburg Rail Road Company. of which the State
is one to the extent of S323,500, to prevent the
completion of any such plan is above specified
and the said Rlves being willing, for reasonable
| compensation, TO prevent his portion of the said
Road from being used with his consent for the
purposes aforesaid, the following stipulatons have
been agreed upon by and between the parties to
| these presents:
The Petersburg Rail Road Company hereby
agrees 10 pay to Francis F.. Rives the sum of
sixty thousand dollars, (S60 ,000) in the follow
ing manner: Two thousand five hundred dollars
on the first day of September next, and the same
sum every three months thereafter, until the sum
of twenty thousand dollars shall have been paid 10
him twelve hundred and fifty dollars every three
months after that time. until the sum of ten thou.
sand dollars more shall have been paid and after
| that period, seven hundred and fifty dollars every
three months, until the whole sixty thousand dol
lars shall be fully paid Provided, that during
the whole period aforesaid, that part of the Ports
mouth and Roanoke Rail Road which was pur
chased by him from Weldon to MargarettsvilIe,
and the Weldon Bridge, shall remained unused
| as tall Road for the transportation of persons
and produce, but in case the said Road and Bridpe
shall be used, then from the day when thew or
either OF them shall be so used for Rail Road pur-
poses, the payments aforesaid shall cease But
in case the said Rail Road shall he put in ordina-
ry operation, by any legal proceeding, or being in
operation shall be the subject of any legal pro-
ceedings, then as such proceedings shall
terminate by decision in favor of the said Rves's
rights, the payments to him shall recommence
and be continued until the said sum of sixty thou
sand dollars shall be paid as aforesaid without in
terest and provided also that if any other Rail
Road be constructed to connect the Portsmouth
Rail Road with any point Roanoke river,
then the said payments shall utterly cease, from
the time when such other Road shall be used for
Rail Road purposes. And in case the Weldon
Bridge shall at any time within three years be
sold under mortgage held it by the State of
! North Carolina, then the Petersburg Rail Road
| Company agree to advance and paw TO the said
Rives in case he shall be the purchaser thereof
as much money as will be sufficient to satisfy the
debt, interest and expenses due The State under
the said mortgage: and upon the purchase of the
said Bridge by the said Rives, which he hereby
binds himself to do, if required by the Petersburg
Rail Road Company the said Company shall be
entitled to moiety of the said Bridge, with
all the appurtenances, rights and advantages be-
longing TO and arising from the same, and the
said Rives shall be entitled to the other moiety
thereof. Provided, that if Rail Road from
! Weldon TO the Portsmouth Rail Road be then in
regular use and operation this article shall be of
no effect.
In case the said Rves shall sell the said
Road Excepting the iron,) or the same shall be
by any legal means condemned for the purposes of
i Rail Road, then it is agreed that the price or dam
ages allowed to the said Rives shall be applied in
the first instance to satisfy the said sum of sixty
thousand dollars, or much as shall remain un-
paid, and if the whole shall have been paid to the
said Rivestthen the said Company shall receive
the amount which it has paid, without interest.
and so if the whole shall not have been paid by
the Company, then after the debt to Rives shall
have been paid, the Company shall be reimbursed
without interest the amount paid by it, provided
the amount of such damages, or price, be suffici-
ent for that purpose and if the same be more than
sufficient, then the surplus shall be paid one mole
ty TO the said Rives, and one moety to the said
| Company.
1t is understood that nothing contained herein
shall be so construed as to prevent the said Rives
from disposng Of the iron and spikes contain
ed in said Road for his sole use and benefit
1t is also understood that this contract shall be
binding on the Company until special meeting
Of the Stockholders can be assembled to ratify or
! reject it..
Witness, the hands and seals of the parties to
this contract this 18th day of June. 1916
(Signed) FRANCIS f.. RIVES,
III. ID. BIRD,
! President p. r. II. G..
At special meeting of the Stockholders of the
Petersburg Rail Rail Road Company, held after