Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-11-02
VA. & CAROLINA R. K.
THE CONTRACT FOR ITS SALE AP-
PROVED BY THE CITY COUNCIL.
Its Provisions Satisfactory tp All Concerned.
New Name OF the Road-Pstersbnrgs
Interests Well Secured.

PETERSBURG, VA. November L.
(special)-At the meeting of the Common
Council tonight the contract for the sale
of the Virginia and Carolina rail-
road was unanimously approved. Ihe
contract was prepared by city-AttoFney
George Mason and Mr.. Christian, oil
Richmond, and after thorough and care
full discussion OF It's provisions 1t was
decided that the interests Of the city are
amply and fully protected. The pufchas-
ers are allowed fifteen days In wnlch
to deposit their forfeit Of 5000 and or
ganlze and execute all necessary papers.
SATISFACTORY.
II Is understood that the contract is
entirely satisfactory TO the purchasers
and that they will meet here next We'd
nesday for organization. A majority OF
the directory will be citizens OF Peters
burg. 1t is promised that the construc-
ton of the road will be commenced al
once.
THE CONTRACT.
At a late hour last evening the Finance
Committee of the Common Council, 10
whom. with suudry citizens. was desig-
mated that duty. completed the contract
for the sale OF the Virginia ana
Carolina railroad. to Mr.. X. u. DAVIS
attorney OF this city. and his associates
viz. william q. Dacey, Paul +. Mohr'
Oliver w. Barnes. James II. McNreety'
and Archibald 4. Hutchinson. Of the clty
OF New York The contract IS a very
lengthy one. but apparently assures every
Mt. - no
t,cts the interests Of the latter TO the
fullest extent, ln the contract the name
OF the road Is declared TO he the i'ich'
mond. Petersburg. and Carolina kaiiFVda
Company. The city agrees 10 assign d"
OF IT'S interests In the said road upon IN.
delivery by the purchasers ot uveu
conveying all their right. title, anu III
terest in and 10 the franchiies, property
and Incomplete works OF the SAD Ioau
excluding therefrom the agreement OF IN,
cltv to donate $1,000 to the building Oh
depot la the city.
4 GENERAL MORTGAGE.
The purchasers Of the road are mint
diately to convene meeting OF an 'h7
stockholders OF the company, ana organ
ize the same by the election OF nine Ill
rectors and Il president, and u procure
such action as will authorize the eNecu-
ton Of a general mortgage to the city'
which shall BE- first lien on the prop
erty and franchises OF the company IN
trust. to secure an issue of bonds not %
exceed $4,000 per mile from PeterspurS
TO the southern terminus OF the ROAD
I'm North Carolina. This issue OF bonds
shall include the 10000 of bonds 70 ne
paid and delivered to the city of Peters
burg TO be dated January /, 1882 each
10 be for the sum OF $1,000 payable TO
the Central Trust Company OF New
York 30 years after date in gold CON-
hearing interest at the rate Of per cent
PRIORITY LIEN.
In the event OF foreclosure these
bonds are entitled to a priority lien. bu'
if the road shall be completed under the
contract. or as soon as II IS completed
and put in operation. the prior lien, IN
favor OF the bonds 10 be delivered 10 the
city shall cease. The road Is 70 be- com
pleted from Petersburg 10 Warren fIdlhs,
y. G., by July |, 1895, In substantial
and workmanlike manner; the shopS ot
the road are To be located ana Kept III
petersburg. and the purchasers are 10
deposit at once the sum of 5000 IN money
or bonds I'm Petersburg bank as guar
antee of their good faith.