Saner-Whiteman Lumber Co. v. Texas & N. O. Ry. Co.

On June 1, 1905, defendant in error executed a written contract with the predecessor of plaintiff in error, under which the former leased the latter 15 miles of steel rails for a rental of .$100 per mile per annum. It was agreed at the termination of the contract, as found by the trial court:

“That said contract was to continue for a period of 15 years beginning June 1, 1905, unless sooner terminated, and, should said lumber company’s supply of timber be exhausted before the expiration of said period, it should have the right to terminate said contract after the expiration of 5 years by giving…