Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-09-23
SALE OF THE RAILROADS.
Report of she Commissioners.

railroads of the State was yesterday pre-
sented to the Chancery Court:
To the Hon. z II. East, Chancellor
We, the undersigned commissioners, un
der an act of the General Assembly OF the
State of Tennessee and under the order
and DEGREES of your honorable court In
the case of the State of Tennessee VS..
the Edgefield and Kentucky Railroad
Company snd others, to sell delinquent
railroads, beg leave to report that On the
goth of September, 1871, after giving due
and legal notice of the time and place OF
sale, they offered for sale such of the de-
linquent railroads as were in condition
to be sold, first announcing to the persons
present that, unless the bids received
reached the minimum price fixed
upon, each road, by dscfee of
the court, the Commissioners reserved the
right to refuse to sell at such bids, but
would take the same into consideration.
and after consultation, would announce
the result to those interested. Under
this announcement, and with full knowl-
edge of it by the bidders, the following
roads were put up at public vendue, and
the last highest and best bids were as
follows: Aft
The Knoxville and Charleston railroad
company, for which $50, 900 were bid by
tbs Blue Ridge railroad company.
The Rogersville and Jeffersonville
Railroad Company, the only bid for
which was $4,000 made by the East
Tennessee and Virginia Railroad Com
pany. A-.taf
The Knoxville and Kentucky Railroad
Company, for which $500. 900 were bid
by w. B. Johnso and others
The Western and North Carolina Rsil
road Company, for which $12, 500 were
bid by G Simerly.
The offer to sell was of course made
upon the terms prescribed in the act of
the Legislature and the DEGREES of this
court, and the bids, if accepted, were
payable in bonds of the State. These
bids were all far below the DEGREES of this
court, and the undersigned thereupon re-
tanned for consideration upon them in &C.
cordance with the public announcement
and after consultation unanimously re-
jected all of them, and notified the bid
ders of their conclusion at once, and they,
therefore, report that no sale was made
by them of any of said roads.
The undersigned would further report
that propositions were made by Frizzell
aud others and w. A. Wight s. Co. to
buy the Winchester and Alabama Rail-
road within the time authorized for the
purchase at the minimum prics fixed by
the decreed which lead to litigation be-
tween the parties, and decree was rem
dered giving preference as between them
to the right of w. A. Wright & Co. under
their offer, which decree, however, fixed
the said Wright & Co., if they became
purchasers, with trust in favor of the
stockholders of the Winchester and Ala
bama Railroad Company. Under these
circumstances Wright & Co. made a
written application to the undersigned as
commissioners to withdraw their offer,
which application is herewith filed. At
the same time w. ]. Wicks and ]. J.
Donegan proposed to become the
purchasers of said road at
the said minimum price, and delivered to
the commissioners one-fourth of said
minimum, with the January coupons,
1871, and subsequent coupons, attached,
and have executed bond, with approved
security, for the payment of the other
three-fourths of said minimum price, in
accordance with the act of the Legislature
and the DEGREES of the Court. The com
missioners are willing to accept this offer,
and to allow Wright & Co. to Withdraw
their offer, if the Court will give its
49,. 4 Il 1
sold to Wicks Z Do6DeesgkzHb,s zbs sag rOS1 as
confirmation of the Court. The commits
sioners would state, in this connection,
that when the bond of Wright & Co,
which was rendered with the original
offer, came to be examined by the com
missioners, 1t was found fatally defec-
tive, and was not approved by them, and
a new bond would be necessary, if the
substitution of the sale to Wicks & Done
gan is not sanctioned by the Court.
The Commissioners further report that
the McMinnvilIe and Manchester Railroad
Company, within the time allowed by the
decree, made an offer to buy their road at
the minimum price fixed, upon the terms
of the decree, and paid in one-fourth of
the price in bonds as agreed upon, aud
gave q bond, (which was received by
some of the Commissioners as the bond
required to be given to coDsummste the
offer. The Commissioners have found
that this bond was fatally defective, and
they have required the execution of a new
and proper bond, upon the execution of
which, to their satisfaction, they agree to
consider the sale of the road to the COM
pany.
The Commissioners further report that
for reasons satisfactory to them, and
unnecessary to be given in this report,
hey did not advertise the Cincinnati,
Cumberland Gap and Charleston Railroad
for sale, and of course made NJ sale o.
offer to sell said road. They ask for q
renewal of the decree for the sale of said
road.
The Commissioners further report that
they have made no sale of the Nashville
and II .rtlwestern road, for the reason
that wriLs of error to the Supreme Court
have been taken to the Cecree of your
Honor by certain stockholders in said
railroad company, upon one of which
supersedeas has been granted and served
upon them.
The Commissioners woald further re-
port that the Edgefeld and Kentucky
Railroad Company having failed within
the time prescribed by the decree of the
1st day of June, 1871, made in reference
to salu road and its company to purchase
said road according to the terms of said
decree, and having as the Commissioners
are informed, formally declined to make
such purchase, thereupon certain stock
holders of said company, including the
county of Davidson, a stockholcer of
said company and Sl.o the following per-
SONS, stcckholdersi in said company: N. +
Alloway, L. o Harris, S. Watkins, Geo.
Nancy, A @. Beech and A. B. Beech,
Macy & Hamilton, Jesse Jourdsn and
William s. Foster, pursuant to the de-
cree made in said cause afor, said, applied
to the Commissioners to purchase said road,
its fixtures, rolling stock, and thereupon
paid in to the Commissioners one-fOurth
of the minimum price fixed in said decree
in bonds of the State of Tennessee, with
coupons attached, as required by the de-
cree, said minimum being 5000, 600, and
said payment 1925, 600; and also gave a
bond which was received by some of the
commissioners, as the bond required t.
be given to consummate the offer. The
commissioners have found that this bond
was fatally defective, and they have re-