The New York herald., 1869-01-22

iund paid by that road U the State gives the charter
the character OF contract the fullest commercial
cerning the future action OF the Supreme Court are
merely assumptions based on surmises that the
Judges VIII be affected In their decisions by the
popular voice. in view OF the adoption OF the new
constitution and the TACT that In that event the
Judges VIII be candidates Tor reelection, with the
prospect OF much larger compensation than
Lhey are at present receiving and probably with the
expectation that their olices Will be made life
enurcs. But at any rate, the report is very indus
trl0usly circulated around here that the railroads
VIII he awfuly disappointed IL they trust to the
action OF the Supreme Court. But then another
Supreme Court, it viii be taken there no doubt by
the Illinois Central. Indeed, SO confident is that
road OF Its right on the subject that am informed
the president Is willing to at once make an agreed
case with the State on the subject Now, then. the
court decides that the state has right to restrict
the Illinois Central viii not that decision hold
good in the case OF every other roads Or in other
words what the State cannot do with one road II
cannot do with another, and the decision would
stand Tor all. day or two, however, will develop
what action the roads purpose to take upon the bill
OF Judge Fuller.
The terms Of agreement between the Cincinnati,
Hamilton and Dayton, Atlantic and Great Western
and the Erie Railroad Companies as signed in this
city on the 11th inst, are as follows:-
!. The Cincinnati, Hamilton and Dayton Company,
party of the first part agrees to lease to the Atlantic
and Great Western Railway Company, party Of the
second part the Cincinnati, Hamilton and DAYTON,
the Dayton and Michigan and the Cincinnati, Rich
mond ana Chicago Railroads for the period OF fifty
years, commencing on the 31st day OF March, 1869.
with an the property thereto belonging. The said
lease to carry with 1t every right and advantage by
way OF contract or otherwise which the party of the
nrst part has in any other road property or fran
chise whatsoever. And the Erie Railway Company,
party OF the third part agrees to guarantee the obl
cations Of the Atlantic and Great Western, party OF
the second part.
2. The party OF the second part is to pay the in
terest on all the mortgage bonds OF the Cincinnati
Hamilton and Dayton, the Dayton and Michigan, and
the Cincinnati, Richmond and Chicago companies
now issued, and also an amount equal to eight per
cent on the capital stock OF $s,5O0,O00 of the
Cincinnati, Hamilton and Dayton Company,
three years; and thereafter for forty years,
an amount equal to ten per cent net. For the Day
ton and Michigan and Cincinnati Richmond and Chi
cagO Companies the party OF the second part IS
also to pay the interest ON s7e5,Ooo OF bonds to be
liabilities to the Cincinnati, Hamilton and
Dayton Company for amounts heretofore ex-
pended In construction; and after three
capital stock OF the two companies amounting to
s295oOo0, free OF all taxes Of every character what
ever Also to pay annual sum OF $40 900 to defray
the expenses OF keeping up the several organi-
cations OF the companies whose roads are hereby
leased They are also to pay In cash. at cost price
on taking possession OF the roads, for all supplies
and materials on hand for repairing and operating
the several roads, not including old rails and not
ceedng In amount $150,000. The payments are to
be made monthly; and in case any part is not paid
as agreed the party OF the first part may forthwith,
after the expiration OF sixty days from such default
re-enter and take possession OF said road leased,
without notice or legal process. the parties OF the
second and third parts being responsible for any
a as @ s o rv ,ne e.
second part, the Erie Company agrees that, within
the period of one year from Marcn 81, 1892 1t will
complete the second track of the Cincinnati Hamil-
ton ana Dayton road from Cincinnati to Hamilton
and within i've years TO Dayton, at It's own proper
cost. Fsf-r-s-se
8. The party Of tbe second part is to assume all
obligations of the party OF the first part to other
roads, for rentals and ali contracts with warehouse
men. shippers and others, for which the said first
party is bOund and the party Of the second part iS
to have all benefits arising from sucn rentals, con-
tracts, &c.
A. The party of the second part is to keep the pro-
perty insured in good and solvent companies for the
same amount as the property may be insured when
possession is given to them and is to pay all taxes
levied on the roads and property herein leased, as
we'll as on the income The party OF the second part
is to keep the several roads in good repair, and to
leave the same In as good condition as received and
in the lease proper provision IL TO be made for that
purpose by clause binding the second party and
giving the first party power to repair the roads and
second part II there be q neglect on their part TO
keep the same In good condition and repair IN all
respects.
S. The party Of the second part agrees to develop
and increase both the local and through business OF
the several roads, In the best way practicable.
The franchise is TO be conveyed oy the proposed
be necessary for the operating maintaining and ex-
tending said roads.
OF opinion should arise the true intent and
meaning OF the lease, the same shall be arbltrated
by persons competent and disntcrested to be chosen
s. The lease to be submitted to the stockholders of
the parties OF the first and second parts and s not
ers, as provided BY their charter and the laws of
the States under which said corporations were cre-
ated.
signed by the Presidents OF the Cincinnati, Hamil-
ton and Dayton, Atlantic and Great Western and
Erie Companies, In New York, January IL, 1869.