Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-08-25

| FAT FEES FOR LAWYERS IN PROsPECT.-SOme months
since the stock owned by the city of Memphis in the
Memphis and Charleston Railroad Company was
sold to party of gentlemen of that city, of whom
the President of the Company was one by order of
the City Council The President of the Company
advised against the sale, but seeing the City
Council determined on making it, he and some
! friends took the stock upon the conditions
proposed, as they regarded it very valuable
investment 1t so turned out, for in about ninety
days after the purchase the directors of the
Company declared stock dividend of sixty per
cent and have since declared a cash dividend of
twenty per cent, thus enabling the purchasers of
the citys stock to clear IL per their invest
ment together with the 100000 of stock dividend.
The City Council have discovered their mistake in
d;sposng of this stock and the subjectf recovering
has been agiated, and in the Memphis Enquirer of the
22d. we find report of the proceedings of meet
ing of the City Council, held the previous day,
from which we extract follows:
Mr.. Volentine made a report in reference to the
stock owned by the city in the Memphis and Charles
ton Railroad The report traces the history of this
matter from the cOmmencement-the authorizing of
the subscription by the Legslature-the ratification
of it by the people-the making the subscription of
100000 by the cty-its pretended sale, without
cent Of money to the present holders. and at time
when dividends to the amount of S3G0,000 had al
ready accumulated, which, together with the inter-
est paid by the city made tine whole amount involv
ed, 100000, for which the city had never got one
cent. The report argues the legal points involved
in favor Of the city and embraces written opinion
signed by Messrs Carpenter, Yerger Harrington and
Bartell, TO the effect that the city can recover
every cent of the money and what is of more cen
sequence, the contract of that road. The report
! concludes with resolution instructng the City
Attorney to take such action as may be necessary
TO recover the property, and to employ assistant
counsel The resolution WAS adpted-ayes noes g.
The most singular thing connected with this reputed
sale is that it agreed upon at a called meeting
of the Board. at which there only ten members
| present that two members. Street and Forrest,
voted against it that the called meeting was held
| only one day before the regular meeting when
| eight members of the Board without any previous
notice sold out rather transferred. the interest
of the city to other parties
If the City Council should gain this suit, it may
have an important bearing upon other contracts Of
| a similar character.
| The MAXWELL HoUsE.-There IS a very large
force about one hundred hands, now at work on the
new hotel in course Of erection by JOIN Overflow
Esq on the corner opposite the UNION AND AMERI-
CAN OFFICE, and the walls going up with cousd-
cradle rapidity. The Church street front already
presents quite handsome appearance A few
weeks will give the bchOder some idea of the
appearance this immense structure will present
| when completed. Thursday afternoon the corner
stone on the corner of Church and Cherry streets
was placed in post ion the first story, and con-
tanned the following articles:
copy city paper magazine specifications OF the
building and firm fbds current gold and silver from
d0ls piece eigh yard Of lceprce $50
per yard-from R. c. McNaiy Co. lis Of OF the orig
na subscribers Of stock in the resolutions adopted by
the City Council regard the building newspaper articles,
Sci copy the Holy Bible bylaws OF Phoenix Lodge No
1871, Masons
The plate covering the box containing these arti-
cles bears the following inscription:
This building designed for hotel to he styled the
| MAXWELL HOUSE;
the corner laid the r Of August A. D. 1860 and
| the s5th year Il the American Independence,
| IsBAN q. HARRIS
| being Governor Of Tennessee,
S. y. HoLLISGswoRTH
| Mayor the City Of Nashville.
| Population Of NJ shye about IS 0O9
| Population Of Tynnessee, 1881 500.
This building owned built by John Overflow Esq
| Architect and Superintendent,
IsAIAH RoGERs.
| Assistant Arcait Ct,
| WILLIAM NJ. WOoLDRIDGE
1t was expected when the hotel was commenced
that it would be completed in time for the opening
the Legislature or the frs; Monday in October 1861
and every effort understand, will be made TO ac-
cOmplish that object