The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-12-21
FROM PETERSBURG.
status OF the City Towards the Virginia
and Carolina Road. -

icial "A few-daYs ago, JOINT coinmltt
from the City Council and the Chamber
Commerce went over 10 Richmond, and HI
a conference with Colonel Guy, counsel I
the city Of Petersburg in the matter Of q
Virginia and Carolina Railroad as to u
status Of the city in the said road. Colon
Guy by request promised 10 send the COZ
mittee a written report as to how the en-
stands with the road. and on c0mplian'
with his promise ne has sent the foilowin
which will be read with interest
Compromise Agreement-City Of Peter
burg against Virginia and Carolina RAJ
road, &c:
! Whereas in the suit pending in the Cha
lcery Court Of the city Of Richmond eetwee
the city Of Petersburg, plaintiff. and Il
Virginia and Carolina Railroad and u
| guaranteed and common stockholders. d'
PENDANTS. there are several important que
tions in litigation between the parties, an
IT is deemed to be 10 the interest Of the pa
ties that the matter in dispute be- cc'npr
missed and adjusted now. in considerable
Of the premises. ard as 4 compromise an
] settlement Of all matters in dispute hetwee
the parties. il is hereby agreed between th
parties, by counsel. said counsel being full
authorized 20 act :
LIST. That the claim of the guarantee
; stockholders i'm the said railroad compan
| shall be fixed at the face value of the guar
anteed stock held by them respectively. nc
gregating Sl91. $40. and also all accrued an
unpaid dividend or interest thereon.
9d That the claim Of the city of Peters
burg on the bonds Of said company shall b
fixed at the face value of the bonds of In
Virginia and Carolina Railroad Company
held by the said city in exchange for he
own bonds to-wit: At the sum of $4,000
with simple interest thereon from the trs
day Of January. tSS5.
3D.. \ report shall BE- made ut once by In
commissioner before whom this case u
pending. in which the claims of the city O
Petersburg and OF the guaranteed stock
holders in the Virginia and Carolina Rail
road Company shall be fixed in accordance
with the foregoing agreement.
ith. Upon the filing of the said report, q
decree Of the court shall be entered. direct
ing a sale of the Virginia and Carolina
Railroad Company. with MI its property
and franchises, ander the deed Of the said
Virginia and Carolina Railroad Company Il
W. W. Henry and |. h. Winston, trustees
dated 18th day Of MAY, 1888, 10 secure the
said guaranteed stock, and filed as an eN'
hibit with the plaintiffs bill, the said sale
to DE made for the benefit OF the said guar.
antecd stock holders, the conditions OF said
company other than the city Of Petersburg,
and the common stockholders in the order
hereinafter provided. but tO be subject Ia
the claim OF the city of Petersburg as first
lien, passing with and attaching % the said
property and franchises in the hands Of any
purchaser at such sale, by virtue Of the
deed Of trust securing the bonds Of said
held by said city, 10 the extent of
SSl, 900 OF said bonds. aud the interest there
on as liked by this agreement
In case the said guaranteed stockholders,
or any of them. with or without others, he
come the purchasers Of the said property
and franchises of the Virginia and Carolina
Railroad Company, they shall be permitted
to use their guaranteed stOck.with the nc
crued and unpaid dividends or interest
thereon in payment Of their purchase io
the extent that the proceeds Of sale VIII be
applicable thereto, and the said purchasers.
upon the confirmation Of the sale and the
delivery of the property by the order of the
cOrrt, shall. execute mortgage on the en-
tire line, its property and franehises, which
shall be a first mortgage thereon, ana shall
not exceed $4,000 per mile Of the said rail-
road, and the city Of Petersburg shall eX-
change with the -said purchasers the
said bonds Of the Virginia and IarOina
Railroad Company now held, to-wit; For
$4,000 together with the coupons for the
unpaid interest thereon for an equal
amount nj face value Of the bonds to be Is
sued and secured by the said first mortgage,
he amount Of new bonds 10 be given 10 the
said city, 10 be equal 10 the said $4,000,
with the simple interest which may be due
thereon ON the day Ot sale. The
,aid bonds 70 be issued by the said
purchasers 10 the city Of Petersburg
shall carry interest at six per
cent. from day of sale. but the said interest
10 the ist day Of July, 1890, shall be- settled
Dy bonds at par Of The first mortgage aiore-
said, to be exempt by the purchaser; said
bonds 10 carry interest from the lst day oi
Iuly, 1897. And upon the said exchange
being made Of the said $4,000 Of bonds aud
interest. the deed Of trust securing the said
bonds Of the company now held by the said
.ity shall De released.
9Th. As to the money and bonds OF the city
IN the hands OF John Mann, Esq, to VIII.
Sf0.0f0.s2. proceeds Of bonds OF, the city sold
Dy him, and the interest which has accumu-
ated or accrued on the same, and $500 Of
he bonds Of the city and interest accumu-
ated Or accrued on them. they shall be r.
turned to the city by the said John Mann,
Esq. at once; and whereas. $4,000 Of the
l0nds Of the city Of Petersburg, part Of the
donation Of $4,000 % the Virginia and Caro-
ina Railroad Company, has not yet been
delivered, the same shall be delivered 10 the
said purchasers, by the city Of Petersburg,
)n the same terms and conditions as were
heretofore agreed upon with the said Nir-
sinia and Carolina Railroad Company.
7th. The city OF Petersburg, in c0nsidera-
ion Of this compromise and agreement,
hereby releases all claims she now has
against the subscribers 10 or holders Of the
common stock Of sand Virginia and Carolina
Railroad Company.
sth. The proceeds Of the sale which shall
be ordered by the court. shall be applied t)
% the costs of the suit and any preferred
,laims against the Virginia and Carolina
Railroad Company other than Of the city Of
preferred over the guaranteed
itock: % to the said guaranteed stock
holders. CD 10 any unprelerred claims, Ac.;
81 the surplus, if any, 10 the holders OF
COMMON stock Of the Virginia and Carolina
Railroad Company.
9Th. II. at the sale 10 be had under the de-
rec Of Court, none Of the guaranteed stock
holders shall be among The purchasers, then
he city Of Petersburg shall not be bound 10
ettle her claim against the Virginia and
'arOina Railroad Company IN the manner
lerein provided But the release Of the
COMMON stockholders hereinbeiOre made
hall not be interiered with.
Witness the following signatures this the
9Th day of June, 1888.
Thomas Bats (cOlOred). employed at the
Petersburg Iron Works. was seriously in
ured to-day by an iron shaft falling Oh bis
eg and crushing IL.
During the past week Bishop Randolph
las been conducting services at the Epls-
opal Church at -urry Courthouse.
The Circuit Court Of Petersburg, Judge
3. A. Hancock presiding, met at noon to-
lay. When the case Of the Postal 1ele-
,raph and Cable Company against the Nor-
ok and Western Railroad Company was
'alled for to-day. Judge ID. l.. ilOladay
md Major Robert Stiles, Of Richmond, and
hr. George :. Bernard. of Petersburg.
IRE counsel for the railroad, and Messrs.
illiam Il. Mcllwaine, Of Petersburg, and
/. Samuel Parish, Of Richmond. represent
he telegraph company. The argument in
his case will probably take about three
lays.
At this term Of the Hastings Court, Judge
,. NJ. Bernard, presiding, land assessor
will be appointed 10 re-assess the real es-
ate in the city Of Petersburg.
"a. ~ l.