The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-04-18

|
The committee appointed just before mid.
night Wednesday st the meeting OF tne
bondhclders OF the James River and ka-
nawha Company to prepare plan Tor the
settlement OF the questions at issue between
them and the Richmond and Allegheny
| Railroad Company spent nearly all day yes
tcrday in discharge OF that important and
responsible duty. o.. .... -. ..4. II:
At o'clock yesterday afternoon the
bondholders resumed their business delbe-
ratlons-Maior Dooiey in the chair; Colo
mel W. Z. Munford secretary. >...-
| The Chair stated that when the meeting
adjourned Wednesday night committee
had been appointed to put in writing the
agreement Of the bondholders.
| THE PLAN THE COMMITTEES AGREED UPON.
Colonel j. D. ii. Ross, chairman Of that
committee, then read the agreement sug-
"cStcd by General Ewing and adopted by
the committee, as follows: ..,..
This agreement between the Richmond
and Allegheny Railroad Company oithc trst
mart and the holders Of the first and second
mortgage bonds Of the James River and IA
nan BIZ Company, and or the first mortgage
| bends Of the Buchanan and Clifton Forge
! railroad OF the second part
| wITNEssETH:
| That the llndtrsigned,, holders. OF said
bonds, agree 10 sell the same. TO the skich-
mond and Allegheny Railroad Company,
| and said last named company agrees TO buy
the same on the terms foiIowin g--to wit: j
| 1st. For thetfirst mortgage bonds OF the
James River and Kanawha Company seventy
! cents Oh tn" dollar of princiraf and seventy
| cents on the dollar OF accrued interest.
| ~. For the second mortgage bonds OF the
James River and kanawha Company thirty
cents on the dollar Of principal with four
past-due coupons attached to each bond a> a
! dcliycry.lf any such second mortgage bond
shall hare coupons attached representing
/ more than - per cent accrued intcrcs:, then
! such excess OF annual interest Is TO be paid
g; ior al thirty cents on the dollar II any have
less than II per cent. accrued interest then
! q deduction from tile price Is to he maze 10
! the extent Of 80 per cent. o! such deficiency
CT accrued interest.
Sd. For Tie iirst mortgage bonds Of the
buchanan ard Clifton Forge Railway Corn
panv the same price Is TO be paid rs FOR the
first mortgage bonds OF the james River
and kanaw!la Company.
The Richmend and AllcGhanv Railroad
Cumpanr shall give the notes for the pur-
chase price Of such bonds payable in three
wears from date 10 the order OF the holder
OF each lot OF bonds, with interest at six
per cent. per annnm. payable s"ml-annaalIE
IN advance. which notes shall be secured by
4 dcposit i'm the hands OF ---, as trustee
OF the bonds purchased from each person,
az Il special security for the notes given TO
such person.
At or after tie time when the Richmond
and AlIce hany Railroad Company shall have
had conveyed to it by the James River and
kanawha Company al the property and
franchises Of SAID Ias-namcd company, said
trustee shall. at the request OF the Rich
mond and Allegheny Railroad Company,
cancel and Sllrrcn,lcr to said railroad
comDany the bonds so held by him.
and execute and record release from
the trustees named in such mort
cages Proridcd. That before any such
cancellation or delivery Of the bonds by
said trustee, the Richmand and Alleghany
Railroad Company shall duly execute and dc.
iiverto said trustee decd OF mortgage on al
the docks and w;ltcr-powcrs in the city OF
Richmond, and from EcshPr'S dam to said
ci,v. conveyed TO il By the james River and
kauawha Company, and on all the gross
rents and receipts thcrclrom. TO secure the
pavmcnt Of The principal and interest OF the
notes 50 made Ly said Richmond ana hllc-
nhanv Railroad Company in purchase OF
said bonds. In such mortgage it shall be
stimulated thai such rents and receipts shall
he applied by such trustee in payment :
First, OF interest on the nctrS given III pur'
. chase OF the first mortgage bonds ol Sald
james River ana kan"wha Company; sec
ond. in payment OF interest on the notes
given in purchase of the second mortgage
bonds OF said JameS River ard kanawiia
Comuauv: third. in payment of the interest
on the notes given in purchase o! the first
mortgage bond. Of the Buchanan and Cliff
ton Forge Railway Company; and fourth
the balance to be applied in payment in ad'
vance OF the PRINCIPAL Of the notes given IN
nurcll.sc O! tic first mortgage bonds OF S!ld
James River and kaEawha Company pro
rata.
Andin case of default should be made IN
paymcilt OF the principal Of any o1 SalG
notes, and the property mortgaged TO secure
the SAGE be sold on foreclosure, then the
, proceeds of .such sale to he applied: FWSt
to the payment OF any balance remaining
unpaid OF the notes given TO purchase tIrs'
mortgage bonds of the james River and
! kanawha Company; second, to pay The
notes given in purchase Of the second mort
na~r bonds CT said company; and MlTd, II
paymcut Of the notes given IN purchase o.
/ the first mortgage bonds OF the Buchanan
and Clifton Forge Railroad Company.
And from the date when the james RIvcl
and kauGWha Company shall convey II
nropcriy and franchises to the Rlchmont
and Al!egLuny Railroad Company, the gross
rpceip,s from rents Of docks and water
power ut Richmond and from Bc>icr'S dan
TO Richmond shall be collected and paid tt
said tlus,uc, who shall apply tn" same 10
, the intcrcst and principal OF toe notes above
referred 20 in the order Of priority herein
before prescribed for the application ol
such rents after the execution 10 him OF Inc
mortgage above provided for. On being
notified by ahc Richmond and AIleghany
5 Railroad Company that ii is prepared tn
execute IFS sbid notes and pay the interest
i'm advance thereon, the undersigned agree
to place their said bonds in the hands OF the
trustee above named, subject to the condi-
: tons of ti;ie agreement; and said trustee
Shall, at the faIuest OF The Richmond and
/ Allenbany Railroad Company. 1T any time
lt.fter it shall have received and recorded
such conveyance iran the james Rlver and
Hanuwha Company. allow such heuds to oe
used for the benefit OF said ral'ioad COM
pany for foreclosure and sale OF the pro-
per:y of the James River and Mt'naWha
COMPANY if it Shall lind it eXpedieT to per-
feet the title Jheraio by judicial saIt.
The Richmond and Allegheny Gailroad
lComnany shall deliver 1Le notes ana pay
| the tia:t insta'meut Of intcrcSt thereon III
advance at ar before the tie aal conveyance TO
it OF the property and franchises OF tue
james hlcr and kaaa@Ea Company, ana
| ~ s,y In tpithjn fh,rty