True American. [volume] (Steubenville [Ohio]) 1855-1861, 1856-06-04


" The following are the main fea.
lures of the contract recently entered into
between the Pittsburg and Steubenville
Railroad Company and MessrS Thomp-
son & King, of New York, and which
has been ratified by the stockholders al
most unanimously. The lease is for 20
years. and The opinion is expressed that
the road will be forthwith prosecuted to
its completion. Mr.. Thompson is a
Wall street broker, and King is an exten-
sive Railroad contractor, and a man of
large means. He has had large expe-
rience in the business:
The Pittsburg and Sleubenville Rail-
road are parties of the first part of the In
denture, and John S. King, ofthe village
of Geneva, in the county of Ontario and
State of New York, and Ambrose w.
Thompson, of The city of New York, in
said Stale, parties to the second part.
The party Of the first part for and in
consideration Of The covenants and agree
menls hereinafter mentioned, have grant
ed, demised, lei and leased, unto the par
ties Of the second part, their executors,
administrators and assignees, for the term
hereinafter mentioned, all the property
and personal estate known as the Pitts
burg and Steubenvile Railroad, and all
lights of way which the parties of the first
part have acquired, or may hereafter ac..
,quire, with right to work and use the
same for all purposes.
The party of the first part covenant that
the premises are free from incumbrance
except as set forth in this article, and
agrees to pay over to the party of second
part, coupon mortgage bonds of the road
10 the amount of 81 500, 900, bearing six
per cent. interest, and twenty FIVE years
to run. They also agree to issue stock
to amount of 5000, 900, and to hand over
the scrip which represents it, TO the par
ty of the second part. The above named
bonds to be paid over in monthly install
ments, as the work progresses in ratio
proportionate to the time agreed upon for
finishing the road.
The parties of the second part agree to
apply the bonds aud stock to The compile
tion Of the road, including the bridges
across The Ohio and Monongahela rivers,
and 10 the payment of existing debts and
liabilities of the road, to contractors and
others, 10 an extent not exceeding $3.50,
900.
They also agree to complete the con,
nection with the Steubenville and Indi-
ana Railroad within ls months after the
completion Of the Sieubenvlle Road, pro-
vided no obstacle beyond their control
arises, and to pay the interest upon the
bonds issued under this agreement, and
to pay four per cent. per annum upon
81 100000 Of the stock of the road to the
stockholders during The continuance of
this lease.
Upon the completion of the lease, the
road, it's appurtenances and securities are
to be delivered 10 the parties Of the Sec
.ond part, together with all The rights of
action. The lease is to be binding on
Ahe railroad Company as soon as approx
ed by the Stockholders, and shall contin.
ue in form twenty years from its date
and for further period of twenty years,
at the option Of the lessees, al an increase
Of two per cent, upon 81, 500, ,0OG Stock;
and making provisions for the .coplinu-
ance Of the issue of bonds unless the les
sees give notice in writing six months
prior 10 the lease.
AT The expiration of the lease the lessees
shall surrender the Railroad and premises
and such equipments as properly belong
to the party of the first part, in good run
ming order.
This lease is subject to the existing
contract with the Charter Valley railroad,
and is to be void upon the defalcation Of
the lessees 10 pay the interest on The mort.
gage bonds.
lf'he party of the first part fail to per-
form their contract, thay are liable 10 such
damages as shall compensate the party
Of the second part for such neglect or fail
ure.
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