Selections From The
-----------------------------------------
AGREEMENT
Between
THE PUEBLO AND ARKANSAS VALLEY RAILORAOD COMPANY (II.)
And the
COMMONWEALTH CONTRACT COMPANY.
For the Construction of the Road of said First Named Company and Payment therefore in fist Mortgage Bonds and Capital Stock of said Company and Municipal and County Bonds.
---------------
THIS INDENTURE made this eighteenth day of November 1875, A.S. between the Pueblo and Arkansas Valley Railroad Company, a corporation created and existing under the laws of the Territory of Colorado and hereinafter named as the said Railroad Company, party of the first part, and the Commonwealth Contract Company, a corporation created and existing under the laws of the State of Pennsylvania and hereinafter called the said Contract Company, parties of the second part,
WITNESSETH:
That wereas said railroad Company desires to have its Railway and Telegraph line built and completed from the Eastern boundary line of Colorado at the Western terminus of the Atchison, Topeka and Santa Fe Railroad to Pueblo in said Colorado and said Contract Company desires to build and complete the same.
NOW THEREFORE it is mutually covenanted and agreed by each in consideration of the covenants and agreements of the other herein contained as follows:
Art. I. Said Contract Company covenants and agrees to construct and complete for the said Railroad Company a single track railroad with a gauge of 4 feet 8-1/2 inches and a telegraph line in accordance with detailed specifications hereunto annexed and marked "A" and made a part of this contract from the Eastern boundary line of Colorado at the Western terminus of the Atchison, Topeka and Santa Fe Railroad to Pueblo in said Colorado an estimated distance of 148 miles under the direction of the engineer of the said Railroad Company and in so doing to conform in all essential respects with the maps and drawings of said Railroad company deposited or filed in the office of the Secretary of Interior in Washington and to the profiles, specifications and requirements of the said Railroad Company both as to quality of material and mode of construction.
It being further understood and agreed that the entire work shall be done and materials be furnished by said Contract Company to the satisfaction and acceptance of the Road of Directors of said Railroad Company and that the general style and finish of the work and quality of the materials in extent and fitness shall be equal to those of the Atchison, Topeka and Santa Fe Railroad at the time the same was completed and ready for commercial business throughout its who extent.
ART. 2. Whereas the Colorado and New Mexico Railroad Company and the Pueblo and Salt Lake Railway Company and the said Railroad Company, party of the first part, have already expended certain sums of money for work necessary to be done in building said road. It is mutually agreed that said Contract Company shall receive and accept the work d\so done, and pay the respective parties, the cost price thereof, and shall further reimburse said Railroad Company, party of the first part for all costs and expenses already incurred or which may be incurred in acquiring the necessary rights of way for the construction of its road and the rounds for shops, depots and other buildings required for carrying on its business, and shall assume, fulfil and same said Railroad Company harmless from all contracts hitherto made and liabilities incurred by said Railroad Company in regard to work necessary for the complete fulfillment of this contract.
Art. 3. Said road shall be built in divisions of such extent and to be respectively commenced and completed at such times as shall be hereafter mutually agreed upon by the parties hereto and taking into consideration the ability of said Contract Company to negotiate the securities to be received from said Railroad Company at reasonable rates but said road throughout its who extent be completely ready for commercial business on or before the first day of May, 1876, A.D.
Art. 4. Said Railroad Company covenants and agrees to pay said Contract Company for the work and materials above named as follows:
In the First Mortgage Bonds of the Pueblo and Arkansas Valley Railroad Company, Two Million, seventy-two thousand dollars ($2,072,000).
In the Capitol Stock of the Pueblo and Arkansas Valley Railroad Company, Three million dollars ($3,000,000). Such municipal and County bonds as have been granted to the Pueblo and Salt Lake Railway Company and the Colorado and New Mexico Railroad Company or may be hereafter granted to the said Railroad Company party off the first part in exchange for stock or said respective companies shall also be credited and paid to said Contract Company subject to the conditions upon which such bonds have been or shall be granted, and which conditions shall be assumed and fulfilled by said Contract Company.
Art. 5. Whereas certain parties desirous of assisting said Rail\road Company to build said road have already subscribed certain sums of money in aid thereof and under the agreement that they shall receive stock and bonds of said Railroad Company therefore.
And Whereas said parties have paid a portion of their said subscriptions and the amount so received has been in part expended by said Railroad Company for work necessary in the construction of said road and for which work said Contract Company is to pay said Railroad Company the cost price thereof as hereinbefore provided. It is therefore mutually agreed that said Contract Company, shall assume said contracts of subscription with all benefits and obligations form them, from the time the same were made and shall fulfil and carry out the same in every particular and so relieve said Railroad Company form any and all liability thereunder, and said Railroad company agrees to credit the said Contract Company with all moneys collected hitherto on said contracts of subscription and to aid so far as lies in its power, said Contract Company in the collection of such balance thereof as still remains to be paid.
Art. 6. Payment for the construction of said road shall be made from time to time but not more frequently than once in thirty days as the work progresses and in the judgment of the engineer employed by said Railroad Company the same is earned and my be safely paid taking into consideration the comparative cost and difficulties of construction so completed to the whole included in this contract to be done by said Contract Company, and also taking into consideration of market value of the bonds, stocks and property to be paid in ascertaining the amounts and classes of payments to and may balance thereof shall be paid upon the satisfactory completion of this contact by said Contract Company.
Art. 7. It is mutually agreed that the said Contract Company shall turn over to said Railroad Company any section of not less that twenty-five (25) miles of said road when fully completed upon the written request of the said Railroad Company so to do and said R.R. Co. shall then execute and deliver to said Contract Co. and instrument in writing evidencing its acceptance of such section constructed and completed according to constrict, or if any further work thereon shall remain uncompleted specifying therein particularly what remains so uncompleted which the said Contract Company shall forthwith complete according to the terms of this contract.
Art. 8. Either party may dislove this agreemnt at any time on giving thirty days notice in writing of its intentio so to do and all accounts shall then be settled as speedily and equitably as may be.
Art. 9. It is further agreed that in case any disagreement or difficulty shall arise between the parties hereto as matter or thing resulting therefrom the same shall be submitted to arbitration to three arbiters, one of whom shall be chosen by said Railroad Company, one by said Contract Company and the third by these tow so chosen and the matter in difference ahs be submitted to the three so selected with such books, papers, proofs and other things as they require and the w\award of such arbiters or a majority of them shall be final as to the subject of disagreement and shall be binding upon and be observed and performed by each of the parties hereto.
In WITNESS Whereof the parties hereto have caused their respective corporate seals to be hereunto affixed and the attested by their respective Presidents and attested by their respective Secretaries hereunto duly authorized the day and year first above written.
THE PURBLO AND ARKANSAS VALLEY R.R. CO.
By JOS. NICKERSON, (SEAL) Prest.
Attest:
THOS. NICKERSON, Secty.
THE COMMONWEALTH CONTRACT CO.
By GEO. B. WILBUR, (SEAL) Prest.
Attest:
EDWARD H. MASON, Secretary.
(CHARTERS AND DOCUMENT - ATCHISON, TOPEKA AND SANTA FE RAILROAD COMPANY - Vol. 3)
Page 63 - 66 transcribed in altered form for the net by Larry Green
Go back to previous section,Go to next section
The Splinters - Volume 7 | The Splinters - Volume 12 | The Splinters - Volume 14 | The Splinters - Volume 19 | The Splinters - Volume 23