The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-03-05

McCance In the chair, Colonel William p.
Munford secretary.
| Major Johnston, president OF the James
River and kanawha Company. said that he
| had been engaged since Wednesday work.
ing day and night vigorously in the effort
| TO get the matter OF the contract with The
Richmond and Allegheny Railroad Company
closed up. He had been Informed by the
| Richmond and Allegheny Railroad Compa-
nv tha, they were DOW ready u go on; that
taey had deposited, or had sent up to the
Board Of Public Works to ascertain where
the Board Of Public Works would have the
company deposit, the S500.000 required by
the act OF Assembly to be made by the COM
pany; that they were ready also to pay to
the James River and Kanawha Company the
$4,000, and TO the Buchanan and Clifton
Forge railway the $4,000 required by the
contract; and that notice OF this fact would
presently be furnished in writing.
CONGRATULATIONS. .
| Major Johnston congratulated the stock
holders on this consummaiion so devouily
desired, and upon the probability OF the early
construction OF a railroad up the James
River Valley. He reviewed the action of
the stockholders and the efforts in the past
| few months looking TO the construction Of
holders that the Richmond and Allegheny
Railroad Company have now given full evil
dence OF their faith and ability 10 build the
road. and be believed that the con. .tructon
of the road would be the beginniDg OF a
new era in Virginia, from which all would
be more or less benefited.
THE CONTRACT FOR THE PURCHASE OF THE
CANAL PROPERTY.
/ o.
the James River and Kanawha Company,
then read the contract, as follows:
| This deed, made this 4fh day of March, A.
ID. 1880. by and between The James River and
Kanawba Company. a corporation under the
laws OF the State Of Virginia, party OF the
first part, and the Richmond and Allegheny
Railroad Company, also corporation OF
the State OF Virginia, party Of the second
part:
Where's the General Assembly OF the
State of Virginia heretofore passed an act
approved February 27, 1879, entitled An
act TO authorize the James River and Kama
wha Company 10 make sale and transfer OF all
its works, property, and franchises to the
Richmond aud AIlechany Railroad Com
pany, and 10 define the powers and duties Of
the BoIrd Of Public Works in respect
thereto"; which act is in the words and
figures foilowing-to wit:
| whereas in the act Incorporating the Richmond
and Aleghany Raj road Company the Legislature
auihorized said company 10 purchase any OF the
property and franchises OF any Work or internal
Improvement within the limits OF its charter. ano
The James River sud KanaTha Company looking 10
the purchase of its operty aud franchises: there
II. Be il enacted 6y the General Assembly Q,
Vtroinid. That the James River ana KanswhS
Company Is hereby au horzed to sell and convey .S
| ~ and franchises The Rich
| ,nond and Aeghany Railroad Company, and tnal
the proxies OF the STATE Of Vireinia, repre- enilns
lis stock In the James River and Kanaw ma Comps
nv are hereby authorized 10 vote for such sale anf
conveyance: provided that The CONTRACT OF SAFE an.
provisions and conditions. and shall nOl contain any
conditions or provisions inconsistent herewitb: pro
vded that before contract shall be as 10 oS
ihe stale proxies, IL shall be submitted 10 the Aitor
neyGeneral Of the Stae for his advice as TO whether
The terms of this shall nave been compiled WIN
" FIRST The consideration 10 be paid ana rendere,
by The Richmond and Allegheny Railroad COMPANY
ard the conditions OF tie SAFE ana conveyance snsi
| he the maintenance OF the canal as line OF com
1 mprce subject. however. 10 the Interruptions ah'
Abandonment contemplated by the 9Th clause OF thl
lst section: and the construction and equipment
the railroad herensf fer described which shall he
frst-class railroad with steel rails the same gauge
the Chesapeake and Ohio railway aud equipped VIII
ample accommodation for all passenger trave an'
freight transports within the time her. lnsite
i limited, and the performance OF the dniles pre-
scribed by the 9Th clause OF this 1st seclop: an'
. also the assumption and payment Of all the debt
/ and obligations OF the said james River and IA
>
/ James River and Kama wha Company, without mean
. ing thereby 10 acknowled or give In any manne
any validity TO any such debt or obligation which
| would not have If the .ame were asserted agsins
. ! The James River and Kanawba Company, and Ie
: serving 10 the RichmoDd AID Alegbany Ran
road Company The right to make any and al
| defences i'm law I'm fact which the said jaime
River and Kanawha Com Dany would have the righ
TO make II this contract had never been executed
A seke,luie OF such debts and obligatoir lncludin
The bond bonds whieh may nave oes IN gwen =
which are he given 10 the Stale OF Virpinia ior IN
l | clothing, ana gu3rO1nK Oh COnftCif
which shall be pre- eired drpl sha, ps inaoe "a, @
einia for the maintenance of conylcs shail Ue le
on all the properly, rghs, ana iranenises iaiis.ei
red by the James River aud hanaMna COMPANY !
| the Richmond and Allegheny Railroad COMPANY
subordinate only 10 the mortgages now eHlsling g,o. o
Ike same and shah be the FIRST ana preierIeo ne
upon all other properly, rgoi iroad aIu Tomnae
now owned or that may be hereafter acquired by J
;. The lien on the property. rights, and iIancnlss =
msie and m or,ga &c shall he executed by the Rich
I, mond and Allegheny Railroad Company On y
property rights, and franchises existing, or 10
= seoiirei by H. 10 secure such debt 10 the state.
.secoud. sum OF money To be agreed upon; no
less Than $4,000 nor more than 10000, snaIi .
| paId In cash by the Richmond and Aegliany Rai
. road Company 10 The James River and kanawh
Company, and sald snm shall be expended and pal
e ont by the president and directors OF the Jane
O Pjyer and Kanawha Company In payment or sala
ries aud wages due officers and employees up to IN
time or the transfer, which may be made as herein
after provided, and in the payment Of such debt
a charges cost, and expenses as may have oeen III
CURED In the administration Of The company sine
: the ST day Of May iS6I ana should sucn sum I'M
dent aud Board Of Directors shal! rave full Oh ere
| tion and liberty in-paying such as they may seec
q hut if there should be surplus REMAINING o. sal
s sum afler dIschsreing the claims herelnbeiore de
seribec such surplus shah be paid 10 The Richnon
J, and Allsghsny Railroad company. But the PONG
C which may have been given, or which are 10 .
!, gwen to the State Of Virginia for the malnenanc'
:. bonds are, by the terms OF The contract WIN VI
State 10 be payable ye years after ;heir date, ma
mol be included IN the chsrses ana expenses on n
mipisrratiCn payable under this clause, ih00sh IuiI
:, included In the debis and obilfaiions nssumea
IS Inc Richmond and Aileghasy Railroad COMPANY.
"A "Thsrd. The Richmond aud AleRnany hairoa "a
= f,om.,any being willing TO make this contemplate
c nurcnase only on the condition that II can neg.
q late an equitable settlement With fha creuitoS
N the said James River and ksDawna Compau
Other than those specially ps,a nS nnue reseryes q
81 right on failure OF sucn nefUtlauon 70 E,ss nos,
~ In writing 70 the president OF the james RIVER ~
y Kama ha Company, or to rs secretary, OF - y,
a Rirhtnond, within sixty days from the ysssaee
tins ACT or tht failure of snch negotiation ailu
the conseauent nunulmeDt OF THIS contrhcts uus
said notice is not given wiin,n ."s sasu sssa -
=, time De- extended by the Board OF DLtet - ot
IL Jsmcs River and Kanawha Company; but sucn e
OF tension .hai MT exceed Sky asys %as ,ry s
= never claiia or deasnd from the staie Of virgi
ic on account OF the payment, purchase or con- y ~
e.. mise ~ the outstanding bonds o. tne Sames ~.
and K.nswns ce%psSys b, wnss' 's ssss wsre of vss
D. larger sum than that which said Richmond =
e. issnsny Railroad Company may expsna is & 2.
sa'; nD DFsssss Ssss sas Il nos e sSe r
nas msy sss dseids hspsss be % STATE j. not liable for
X. 9Foarh. fhe Richmondan AisSnsny ~ ~. a. 9
lt~ xxWsEs ,,n s,,n ~ aSOO(()1. IN market value