The Randall County news. (Canyon City, Tex.) 1908-1926, 1908-09-25

every mile shall be graded ready for
the ties, beginning at Canyon City.
committee Of three, elected by the
subscribers hereto, shall examine said
work of grading and shall approve the
same and also approve the drafts
drawn in payment for said work on
said grade by endorsing the checks
drawn by the said second party, his
successors or assigns. with the word
approved" and then sign their names
over the word Committee" The APP
proval and signatures Of majority
of said Committee will be sufficient
| or this purpose. The amounts to be
| aid out for the grading under this
ontract are 10 be limited TO Nine
Hundred Dollars C$900.O0) per mile of
Completed roadbcd mile by mile.
For all sums paid into the hands of
! he Trustee to be used in grading, or
for the rights-of-way where necessary
10 pay for the same, and for any ad-
litional amounts paid in cash to said
trustee which may be used in the
construction of the proposed railroad
he second party agrees and binds him
self, his successors and assigns, to de-
post with said Trustee first mortgage
bonds, legally issued by the proposed
railway company. which bonds are to
De delivered by the said trustee TO
| said subscribers who shall have paid
into the said bank or trust company
cash equal to the par value of said
bonds. i'm amounts of Fifty Dollars
(s50.0O). One Hundred Dollars ($lOO)
and Five Hundred Dollars ($JOO.0O)
or multples thereof. The total
issue OF the said first mortgage
bonds is to be limited to an amount
mot TO exceed Twelve Thousand Dol
lars Csl2,00O.00) per mile upon the rail
way TO be built as far south as the
South Tulc Canyon Said bonds are
TO bear six per cent interest (6%o)
the interest payable semi-annually
The coupons representing the semi
annual payment of interest on said
bonds for the first and second years
during the building of said road arc
to be clipped off and destroyed
The remainder of said subscription
namely. lightweight per cent tSS%)
of the whole, or whatever proportion
of said total subscription shall not
have been deposited with the above
named Trustee in cash, shall be eNi
denced by notes executed scverally by
each subscriber hereto, payable to thu
order of Eugene {. Gordon, Trustee
his successors or assigns, for the bal
ance of his, her or their subscription
or subscriptions, which she, he or the!
shall not have already paid III cash
, into the hands of the Trustee as above
, defined: the said note or notes Il
hear interest at the rate of eight pc
cent (SG,) per annum, the interest u
, he payabe semi-annually, and to b.
secured TO the satisfaction of the salt
the second party to be made payable
| as follows
: 1st-Onethird of the eighty-eigh
T per cent (SS%) or Onethird of tn
e amount remaining unpaid, of the sui
scriptions payable for the building @
, the railway through Randall Count!
arc 10 be paid when the said railwa
shall have bccn completed so that
, locomotive and cars shall have actua
~ passed over the same from Canyo
, CITY. Texas in general southeastern
, direction 10 the eastern line of Randa
. County. in the general direction
= Vigo Park or Silverton.
c md. of said subscriptio
!. Of the Randall County subscriber
c shall he payable when the railway
;. completed 10 Silvcrtcn, CT n distano
$ equal 10 the distance from Canyo
!. CITY to Silverton, and the balance whe
Y The said railway is completed to co
:. ucction with some standard gaut
d railway then in operation south or ca
d Of Silvcrton.
y The citizens OF Canyon City, in n
o dition 10 the payment Of their propc
n ton of said fund, are required to III
d nish right-of.way through the subul'