Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-31

these salaries shall not exceed the follovin,
sums: President $4,000 per annun, So
perintendent $4,000, Secretary and Urea
surer 1000, General Freight Agent $500
General Passenger Agent $500, Engineer
81, 600
II There shall also be paid out of the earnings
of the road the salary of an agent to be ap-
pointed by the Board of Directors of the
Nashville and Northwestern Railroad Com
pany, as hereinafter provided, to superin-
tend the interest Of the company under this
lease which salary is fixed at s.
No other agents or officers shall be en-
pioyed except such az are necessary to op-
Grating the road, and devote their whole
time and attention to the business of the
road and are usual in such cases, who shall
be paid, out of the earnings of the read, the
same compensation which is allowed SINH
lar agents and officers of the Nashville and
Chattanooga Railroad Company for similar
services
The Board of Directors of the Nashville
and Northwestern Railroad Company NAV
elect an agent to hold his Office during the
pleasure of the Board to represent the said
company and protect its interest during the
lease, whose duty it shall be to give a
general supervision of all the business of
the road, and all transactions under this
lease, with the right to have free access at
ali times to the rolling stock, property and |
effects used in running the road, with a
view to ascertain its condition. and |
whether any and what repairs are required, |
and to the books of the business of the two |
roads, SO far as they relate TO or have any /
connection with the business or operations |
under this lease. He shall be consulted as /
70 ali expenses, ordinary or extraordinary,
put without the right to prevent them if
deemed necessary by the lessee. II, how
ever, the agent should dissent from any
extraordinary expenses, and report the
same to the Board of the lessor, and that
Board shall concur in the dissent, the
matter shall be suspended until the con-
iracting parties have come to some agree
nent, or the matter arbitrated as herein
liter provided, They shall make report
% the Board Of the lessor at least once in
Every three months, or oftener if necessary
)r required
All matters OF difference arising under
his lease, either as to the operation of the
Dad, the expense incurred or otherwise,
which can not be amicably adjusted by
committees of the two Boards, shall be sub
nltted at once to the arbitrament and | |
ward OF their railroad officerB or engineers.
me to be selected by each of the parties,
nd one by these two, whose decision shall |
'e final and binding on the contracting
arties.
All depot houses, sidings, buildings and 4
ppurtenances Of the road shall be returned ,
nth the road-bed and rolling stock in good
rider and condition at the expiration Of the I
ease.
Regular cash accounts shall be kept by
be lessee Of all the earnings and expendi-
1res In operating the road, to which the 4
gent above provided for shall have
zee access, and monthly reports and set
ements shall be made between parties.
The lessee Is to have control of the road
nd of its operations under the lease, and
sceiye all the earnings of its business, y
nd shall be entitled out Of these earnings r
} pay the salaries as hereinbefore pro-
ided, and all the expenses Of running the
nd road, and to reimburse itself the
loney advanced to put the road in good n
0ndition, and to furnish rolling stock as =
erein stipulated, with interest. Any sur
lus Of earnings after these disbursements | K
lall be paid to the State of Tennessee
Ionthly, at the expiration of each and eve
: month during the term of the 3
ase, to be credited to the inter-
1t due or to become due to the State
pom the bonds issued TO the lessor, and
hich are lien by statute upon said road
the surplus earnings should, during the .
I'M Of lease, pay of the arrears of interest
lie the State, and exceed the interest which j.
ay thereafter fall due semi-annually, such
lcess shall be paid to the lessor or its
der. It is further agreed, that no agent
officer of either road shall be allowed to N
1gage in any speculation or business con-
ected, or have anything to do with the u
or other business of the road. |
E. w. COLE,
President n and G. r. r. Co.