The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1900-07-17
A BIG LEASE
ON FILE HERE
From Edward Statesburg to
Southern Railway.
THREE MILLION DOLLARS
The Property Leased is Cars and En-
gines; New Rolling Stock
HE ALSO FILES A DEED OF TRUST
70 Secure Certain Subscribers TO the South.
ern Railway Trust Company, Series
A." in the Amount They
Have Subscribed.

Papers were filed in the clerks of
flee here, involving property to the
moun Of S 100000. The property in
volyed was q large nloun of the
rolling stock on the Southern Rail
road. The first instrument is a lease
from Edward SALISBURY. Of Philadel-
phia, to the Southern Railway, OF a
large amount of rolling stock.
The second instrument was q deed
Of trust from SALISBURY to the Prov
idence Life and Trust Company, trus-
tee for the subscribers to a fund Of
$4,000, 900 to pay the original purchase
price Of the rolling stock. The South
ern Railway Company is Il party to
the trust deed in order to rarlfy it.
The property involved in the lease
is as OllOws:
Eighteen passenger engines, 1850
double hopper coal ears, 800 fiat cars.
200 coke cars, and 500 ventilated box
ears.
The considerations IRE: \ cash
payment of $759.711.
The payment ON the 3Oth day Of
April and 31st day Of October of each
| year until October 31St, 1907. of q
sum, (a) equal to two per cent on
| So. 000. 600 less the amount that may be
paid by the Southern Railway, (b) =
sum equal to expense incurred by
lessor in enforcing the trust. (c) 4
sun equal to the taxes upon income
or property Of the trust and also a
semi-annual payment Of P~25,000.
The railway agrees 10 keep and
maintain the property IN good repair
at its own expense, and to replace u
r. -,.al $500 4Ic+ ,,~,, IL, Il 90, 49,
ed; to furnish each year an inventory
of said property to the lessor, and to
allow an inspection Of the said prop
erty, and that it viii not transfer or
underlet its right in any Of the prop
erty.
The lease is to terminate by the
default Of the railway company il
CARRYING out any of the particulars
Of the lease.
The lessor agrees to transfer his
entire right in the property to the
railroad company upon the fulfillmen1
by them Of the terms Of this contract
and the payment of $1.0O.
The Deed Of Trust ~recites: That il
Nav /, 1900, Edward l.. SALISBURY
leased to the Southern Railway, Ger
tain ears and railway locomotives.
That DreNel and Company, of Phil
adelphia, Bankers, have secured sub
scriptions to the mount OF $4,000, 0O(
to a fund to be known as "SOutherl
Railway Trust Company, series A.
which fund is to be applied by States
bury to the payment Of the purchaS'
price of the ears and engines, LEASED
to the Southern Railway.
! And hat to secure to such subscrlb
ers in the principal subscribed and IN
terest thereon at + per cent per an
mum. Salisbury assigns to tn
Providence Life and Trust Compan,
as Trustee for the subscribers, all hi!
right and title and interest to tn
said lease.
The trustee agrees to cOntempora
: neously herewith deliver to subscrib
ers to fund three thousand certiti
Gates at $1,000 each.
The trustee to keep a register q
its office in which the holders ma,
have the same registered.
;, Trustee agrees to distribute renta
: to paying the expenses Of the trust
the taxes, h dividends as they be
come due, and the principals of TIL
certificates.
The Southern Railway Company be
! comes party 10 the agreement in or
} der to give it's assent to the assign
lment of the leases. Should the Southern
5 RAILWAY make default in the paNmen
? of the rentals due under the lease
l the trustees shall have the right t
: declare the principal of all car trus
certificates to be due and enforce tn
1 stiDulations of the lease.