Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-04-12
QUERIES & ANSWERS.
4 COLUMN or READING MATTER IN
TsResTINo TO THE PUBLIC.
virginia and caroiins Road--An Old Bible
states ofthe German Empirs--A spripg-
Time verse--rsiegraphy.


81. TAxxAsY. Va. April 4. 1891.
To he Editor OF the Dispaich,
To whom do the franchises, rights. OF
way. ETC.. of the Virginia and Carolina
railroad revert In case the charter is for
feited in May? Please answer through the
b. E.
We referred this question for investiga-
ton and report TO our Petersburg CORE
spondent, who writes US as follows;
The city of Petersburg issued S15o, 600 ia
bonds. bearing 6 per cent. interest, 10 aid
in the construction of the Virginia and
Carolina railroad. $4,000 Of which was
given 10 the company topurchase the right
of way through the city and to build the
depot and other necessary buildings IN
that city. The other 100000 was ex-
changed for the like amount OF
the company's first mortgage bonds.
TO be used tin the construction OF
the road. While the city. regularly, paid
the interest on its bonds the railroad com.
pany defaulted IN several instruments OF
interest, and a suit was instituted in the
Chancery Court of the city OF Richmond
to foreclose the mortgage. This suit was
pending for some years before decree
directing a sale was entered-a considerable
amount of liens having attached to the
road IN the mean time. About two years
ago the decree was entered for the sale OF
the franchises aud property OF the road,
subject, however TO the claim of the city
of Petersburg.
Under this decree the property and
franchises of the road were sold and, 1T IS
understood. the purchase price was SUI
ficient to paw off all costs of sale and other
expenses against the road. By an act OF
Assembly. approved February IL. 1890, it
was provided that unless the purchaser
should within one year from the contrma-
ton of the sale and the turning over OF the
property to the purchaser, complete. equip,
and put in operation twenty miles or
said railroad Commencing at Peters
burg), and within two years thereafter
complete. &C.. thirty miles in addition.
and within three years complete. equip,
and put in operation all that portion OF the
road between Petersburg and the North
Carolina line then the charter should be
forfeited, but only 80 far as the said COM
pany and the purchasers at said sale are
concerned. The act of Assembly declares
that 'inasmuch as the legislative purpose
has been and is now To preserve the cnar..
ter rights upon which the claim OF
the city of Petersburg was orlgi-
nallv secured by deed of trust for
the security of her claims. it is therefore
further enacted that for the security OF
the claims of the city of Petersburg against
said railroad company. either In the hands
hands they may have lawfully come, the
charter. rights, and franchises that have
been granted in the premises shall, not
withdrawing the limitations of time i'm
posed upon them. still subsist and
remain in force. and are hereby
granted and extended to tho pur-
chaser hereinafter described and his
assigns-to wit: That the purchaser
| or his assigns Of the property which may
| be sold under the claims of said city at
| any future sale of the same which shall
| take place at the instance OF said city or
| the assignee of its said claims. shall within
| twelve months after the final consumma-
| ton of such sale, complete, &C., twenty
miles of said road, thirty additional miles
| in two years. and in three years complete,
equip, and put in operation the whole oil
said road between Peters burg and the
North Carolina line; but provided
become the purchaser at the sale
| then it shall be lawful for her TO hold
| the said property and franchises-not sub
| ject to the limitations of time heretofore
| imposed, but subject only to the pleasure
and future action Of the General Assem-.
bly,"
The deed conveying the property was
| delivered to the purchasers on the 7th OF
MAY. 1890, and the year for the completion
| OF the. first twenty miles Of the road ex
pires on the 18th of the ensuing month
| No work 20 that end has been done. so the
charter will be forfeited. and the city
| of Petersburg will have the right to en-.
| force a sale of the property and fran.
chises of the road, and the purchaser a,
such sale will be body polite and incor.
porate with the right TO build and operate
| the railroad subject to the same condi.
tions of one. two, and three years as men
| toned above.
The city can sell the road as whole oil
sell her CLAIM as she may desire, and al
such time as she may choose.