The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-02-12

cd The exact figures are not given, but
sufficient 20 satisfy the inquiries made. Tue
amount OF divisional boids is about 90 OOO,-
600. The sale on thursday under the con-
solidaied mortgage was SS,G05 600; to be
paid the State, $500, 900; other claims and
liabilities, say S2O0,O00-aggregating these
figures:
Divisional bonds. S.o0o o0 oo0
I Consolidaicd mortgage. s,6o3.O00
To be paid the OUV', ~
, O,her claims AMI hasii.ies.....'. '..''. zo"'VVo
sI4,3O5 ,O0e
Divide by 420 (number of miles Of road),
and IL will be seen that tue cost was, rs
stated, over $4,000 per mile. 1t may be
| said further th,t all cf these divisional
/ bonds are and per cents, and cOnSldcra-
! bly above par. Il should also be noted, on
the one hand, that there is = fund in The
| treasury that gOe, 10 lhe purchaser, ana on
The other. that the issuance oi a prOpor-
ZION OF stock to The old holders Will more
than represent this in the general balance.
We mentioned Yesterday that contract
had been made by Mr Clarke and associates
with the Board Of Public Works OF the
State. Upon application to the secretary
Yesterday for copy OF the contract. we
were told that tie Beard met al } p. ". on
THURSDAY, The day Of sale, and. after fnll
discus sion Of the matter. majority Oi
the Board-MessrS. Massey and RoyOoldS-
voted to enter into the agreement Tor INC
sale OF the states interest 10 the new pur'
cbasers. The Governor, after giving hl'
reasons for so doing, voted against the mea'
sure. About 4:4j T.. NJ. the agreement was
sicred by MeSsrs. Massey and REYNOLDS
and The seal Of the State attached, and the
contract given TO the representatives oi
/ Clarke e Co. TO be signed by them IN
order 10 make the contract valld ana
complete Up to a late hour last
evening, however, the original contract
! had not been returned TO The Board OF iuO'
! lie Works, though there is no doubt u VIII
be returned properly executed by the par
ties Of the second part. The name OF Mr.
! Clarke. as will he seen. does not appear ~
the agreement. The following Is copy oi
! the contract
/ Memorandum Of Agreement made this lOth
| dav of February. 1881, between the Board
| OF Public Works OF the state OF Virginia,
acting for sid state, party OF the hr>t
nart, and L. l.. Boyce and +. j. kimball,
! acting for them>e elves and their associates,
parties Of the second part-witae>seth
Whereas, bv an act of the Virginia Legis-
/ llture, approved June II. 1870. authorizing
the formation OF the Atlantic. Mississippi
and OHIO Railroad Company, II l. providcd
that the state of virginia, in consideration
Of the assignment Of certain stocks and
! claims therein named, shall receive a
second mortgage upon The property
OF said road 10 secure the payment
| OF a, ,000, 900, either in money or bonds
! OF the State aS therein provided
/ and whereas by decree OF sale entered hy
] ~ - F,sf tafn ftp
! the Eastern District Of Virginia on the OH
dav of May, 1879, in the cause OF Skiddy
and ais Us. The Atlantic, Mississippi and
Ohio Railroad Company and 0iS., therein
pending. the Board OF Public Works and
the State Of Virginia stand forever barred
and forecloscd OF and from all claim, lien,
and equity OF redemption Of, in, and 10 the
works, properly, and franchises embraced
in or covered by a prior encumbrance to
the plaintiffs in said cause upon the pro-
petty Of said railroad; and whereas the
said parties OF the second part, L. +. Boyce
and f. J. Kimball. acting for Themselves
and their associates, have offered the Board
Of Public Works ef Vir2inia for the lien
aforesaid the sum Of Sj00.000, TO be paid as
hereinafter provided: now, therefore.
The Board Of Public Works Of Nirglni1,
believing it to he for the best interests Of
the public to accept said offer, and that 1t is
their duty to avail themselves OF this OppOr-
tunity TO save TO the State The amount thus
offered, have granted, bargainCd, and sold,
and do hereby grant, bargain, sell, assign,
! and set over, in consideration Of the sum OF
$500 goo 10 them paid, or promised 10 be
pad H. hereinafter provided. unto the afOre-
said parties OF the SecOnd part, all t1e right,
| title, and interest OF the STATE Of Virginia
| in or 10 or against the Atlantic, Mississippi
and Ohio Railroad Company, by virtue OF
the covenant or mortgage executed by >ild
company dated December -. 1870.
The aioregOing sale and transfer is made
Subjecl TO the ratification OF the General
A ssembly OF Virginia Provided, how
ever. that unless the said patty OF the sec
ond part shall within Ginety days from the
date hereof, or a. som thereafter IL the said
court Shall confirm their purchase OF siid
road. dcuosit with the Board Of Public
Works the sum of 100000 IN money. or IN
public securities satisfactory 10 said Board
Of the m1rket-valuc Of 100000, aud shall
on the ratification Of such sale by the Gen
cral Assembly Of Virginia pay over tn said
Board in cash the further sum of S4O0 OG0,
the balance Of such purcJa>e-moncy,
then this agreement shall b. void, else
TO remain in full force and virtue. Pro-
yided, further, that slid Sum OF 100000.
ii paid in money, shall be invested in public
securities by the Board Of Publ.c Works, 10
be approved by the parties OF HE second
part aud that such securities and all acc.u
ing intereS' thereon, or money, shall be held
in trust by tie Board Of Public Works until
the General Assembly OF Virginia shall rali.
~ or reject said sale. In the event that the
ltr cha OF 70
the Board OF Public Works shall have the
same control over said securities, or money.
as il has over other assets OF the State under
its control or custody, and on the payment
of the said balauce Of S400. 900 this sale,
transfer, aud assignment shall become COM
plete, aud the title OF the parties Cf the Sc
cond part TO said claim shall then and in that
event become absolute.
II, howeytr, the General Assembly shall
fail 10 raiiy and confirm this sale at lis next
session. then the Board OF Public Works
shall redeliyer all the said securities. inter-
est, or money intact. unto the parie. OF the
second part.
But It is expressly understood that this
contract Is subject to the condition that the
parties OF the second part Shall become The
purchasers 0f said road upon terms agreed
upon between themselves and the president
sld Board of Directors OF the said road.
In testimony whereof the Board OF Pub.
hc Works OF Virginia have berennto affixed
their signatures, aad the seal of the Com
monweallh of Virginia hereunto affixed by
ils Board OF Public Works, and the said
parties Of the second part have signed The
same in their own proper persons.
The RVER.-Late-la,t eyenIng the water
had nesrIy reached The Old-DominIon
" Hharves, and was still rising. The river
.nn rnnnri.d Ia lie ahnuI tnr L ol hlgher