The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-01-13

The House Committee on Roads reported
the following on Saturday
! Il ba1 to authorize Che James R;uer and
. Kdna,nha Company TO make sale and
transfer of all its tUoris, property, and
franchises to the Richmond and Alle.
:: ghary Raitroad Company, and to define
4 !. The poacers and duties of the Board of
Public Worries an respect thereto. a12.et
Whereas in the act incorporating the
Richmond and Allegheny Railroad Com
pany the Legislature authorized said COM
/ pany to purchase any OF the property and
franchises OF any work Of internal i'm.
proyement within the limits Of its charter,
and the said company has made certain pro-
positionst to the James River and Kanawha
Company looking to the purchase OF its pro-
perty and uchises; therefore i-Af,s'" 81
I. BE 1t enacted 6y The General ASSEMBLY
| of aVirginid- 81 s.ssi, 5e.etE : ~ /.
j /. That the proxies Of the State Of Vir-
| ginia, representing its stock in the James
Riger and Ranag aas Comp =, are hereby
authorized to vote for the sale and convey
ance OF all the works, property, and fran
chises Of said James River and Kanawha
Company to the Richmond and Allegheny
Railroad Company, provided that tine con-
1
visions, and shall not contain any provi-
sions inconsistent Herewith:
THE CONSIDERATION OF THE CONTRACT.
9, The consideration to be paid and rem
pered by the Richmond and Allegheny Rail-
road Company shall be the construction and
equipment OF the railroad hereinafter de-
scribed, and also the assumption and pay
ment OF all the debts and obligations OF the
| i Y, IL (NNt,nH n
which could be asserted against the James
River and Kanawha Company, without
meaning thereby to acknowledge or give in
any manner any validity to any such debt or
obligation which it would not have il the
same were asserted against the James River
and kanawha Company, and reserving to
the Richmond and Allegheny Railroad Com
pany the right to make any and all defences
in law or in fact which the said James River
and kanawha Company would have the
right to make if this contract had never
| been executed. A schedule OF such debts
and obligations shall be made part OF the
contract.
| CASH PAYMENT.
| 8. A sum of money to be agreed upon,
not less than thirty thousand dollars nor
more than fifty thousand dollars, shall be
paid in cash by the Richmond and Allegha-
nv Railroad Company to the james River
and Kanawha Company, and said sum shall
be expended and paid out BY the president
and directors of the James River and Ka-
nawha Company in payment Of salaries and
wages due officers and employees up to the
hereinafter provided, and in the payment
OF such debts, charges, costs, and expenses
as may have been incurred in the admins.
tration Of the company since the 1st day
of May, 1867: and should such sum he
insufficient to pay all OF such claims the
said president and Board of Directors shall
have full discretion and liberty In paying
such as they may select. But il there should
be surplus remaining OF said sum after
discharging the claims herein before de.
scribcd, such surplus shall be paid to the
Richmond and 'AlleShany Railroad Com.
pany. But the bonds which mny have been
given or which are TO be given to the State
Of Virginia for the maintenance. clothing,
and guarding of conyicts, and which said
bonds are Dy the terms Of the contract with
the State, to be payable five years after thcil
date, shall not be included in the charges
and expenses OF administration payable
under this clause, though fully included
in the debts and obligations assumed by the
Richmond and Allegheny Railroad Com.
pany. ...
EQUITABLE SETTLEMENT WITH CREDITORS.
4. The Richmond and Allegheny Railroad
Company being willing to make this con.
templated purchase only on the condition
That it can negotiate an equitable settlement
with the creditors OF said canal company
; other than those specially paid under the
third section of this agreement, said com
pany reserves the right, on failure in such
: negotiation, to give notice in writing to the
: president Of the James River and kanawbf
Company, or to its secretary, or to any Off
Ger found i'll charge of its principal office ir
: Richmond within sixty days from this date
of the failure Of such negotiation and OF the
consequent annu!ment of this contract. Bu
ii said notice is not given. within SAID sixty
: days the right to give the same shall cease
unless the time be extended by the Boarl
: OF Directors Of the James River and IA
nawha Company, but such extension shal
not exceed sixty days. a..s s...s
,.a A $500, 1000 PLEDGE. '
s. The Richmond and Allegheny Railroad
Company shall deposit with the Board o.
, Public Works the sum Of S500,000 in mar
ket value in United States bonds, or thai
amount in market value in other public Sc
| curities to be approved by said Board, as
{ pledge for the completion OF its railroad
| from Richmond up the Valley of the Jane:
, river, on or near the present location Of tht
tow-Dath, to Clifton Forge. with brancl
of like gauge to Lexington from the moutl
OF North river, within twenty months from
the date OF such sale and conveyance. Wher
the said Board shall be satisfied that twenty
five miles OF said railroad are fully com
| pleted it shall surrender to said company
$50, 900 in value OF said bonds; and for eact
successive section Of oftWenty-fve miles which
NAV be completed an additional amount o.
! $50. 600 in value shall be surrendered, anC
! on The completion OF the whole work the
whole OF the bonds remaining with sale
Board shall be surrendered. But on failure
of the Richmond and Allegheny Railroad
COMPANY to complete said railroad within
the time prescribed rs aforesaid, the sale
bonds SO to be deposited by it as security
shall be forfeited, and the same, or so many
thereof as may remain with the Board o.
Public Works OF the time OF such forfeiture
shall be delivered by said Board to tht
Commonwealth Of Virginia, to be BY he!
received as compensation Tor her preferre(
: stock in the james River and kanaWh'
Company. But il from any unforeseen cas-
!, ua!ties 1t should be found impracticable t
compIetethe line within The time prescribed
the Board,of Public Works shall have power
to extend d>the time for period not exceed
ling six months. The first one hundred aDt
!. six miles CT said railroad shall be construct
ed in eight months from the date OF salt
4 contract and conveyance. and OF said on
lhur,dred and six miles fifty miles shall bt
IAelnov r r n ncffb,Jro and fiftr-Siy miles above