Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-08-15

posed, the bond, upon its face, recitine
the payment of $75, 600 in the bonds O.
the State. The commissioners were salts
fed with the bond, and submitted repor
| to the Chancellor, dated on the 9Th Of
July, 1871, in which they state that they
had received the proposition of Frizzel
10 buy the road and its franchises, order
ed to be sold by the decree of the Court
| and that he had complied with the decree
| of April 6, by delivering to the Governor,
and which had been deposited with the
Comptroller, seventy five thousand dol
lars in legal bonds of the State of Ten
nessee, and had executed the required
bond, with sureties, which, in theil
opinion, was sufficient security. They
make the proposition and bond part Of
their report, and refer to them as exhibits
Nos. l and 2.
The commissioners accepted the prop
osition, subject to the confirmation by
the Court, and agreed to relinquish to
Frizzell, as the purchaser thereof, the
States interest in and to the Winchester
and Alabama Railroad and its franchises,
and suggest and recommend the confrms,
ton of the sale, if, upon notice to all
parties, and particularly to w. N. Wright
Is Co., it should appear to the Court that
the same was legal and proper. This re.
port was presented to the Court, and di-
rected to be filed, and the Master directed
to give notice to Wright s. Co., and to
their attorney, of the fling of the same,
and action on the report was deferred by
the Court.
On the 10th of July, 1871, Wright &
Co., filed exceptions to the report setting
forth new grounds of exceptions, as fol
lows:
1. Because w. N. Wright & Co, repre-
senting the w. & A. r. r. Company,
have until the 9th of September, 1871,
the privilege of purchasing said road at
the minimum fixed by decree of court.
2. Because the rights of W. N. Wright
& Co., have become vested under
the decree OF the court, aud cannot be
Invested except by their failure to pur-
chase within the time prescribed by the
decree.
8. That the court had no right to de-
cree a sale of said railroad without the
consent of said railroad company, or the
stockholders thereof, the company has
not consented to the sale, except to w.
N. Wright s. Co., and those that may
unite with them.
4. That there is no evidence before
this court that John Frizzell is stock
holder in the Winchester and Alabama
Railroad Company. ...N
On the oath of July, 1871, additional
exceptions to the report were filed, the
first ground being about the same in sub.
stance as the first ground of the excep
tons of June 10.
I'd ground, That no sale by the commits
sioners was lawful, in which prepayment
of one-fourth of the amount of sale did
not take place, and in which an
express lien on behalf of the S ate was
not retained by the contract OF sale.
8. That if Frizzell is stoC kho der his
name does not appear on the tomp my or
any other book, and he is not n o iginal
stockholder. ....
On the oath of July, 1871, tie four
commissioners, who made the Iesort of
July 5, 1871, presented a supplemental
report, in which they state that there is
error in the first report in this: that it
substantially states that they had received
S75, 600 in legal bonds of the State of
Tennessee, as the cash payment in the said
railroad purchaser, when they had not at
that time, or since then, received any
bonds from Frizzell. That the error W as
brought shout as follows At the time
that they agreed to sign the report of
sale, inquiry was made as to where the
bonds were, when Frizzen or w. A.
GleaVes, according to their recollection,
replied that the bonds were in the Mech
anic's Bank of Nashville, and it being
after banking hours, and the banks closed
for the day, and desiring the benefit of
the tender on that day, and he wished the
report to show his payment on that day,
that he Gleaves or Frizzell, both being to-
gether and participating in the transaction,
would give check on the bank for the
bonds, and that the Comptroller could 20
down to the bsnk next morning, count
and receive them. When Gov. Senter
enquired if receiving the checks would
be legal payment, and either GleaVes or
Frizzel replied that the Comptroller could
go down to the bank next morning and
count aud receive the seventy five bonds,
the Commissioners Then signed the re-
port with the understanding that the |
bonds were to be placed in the hands of !
the Comptroller next morning, and that |
the bonds were in bank in the city, and |
that they would not have signed the re-
port with any other understanding. And
the Comptroller states that GleaVes called |
at his office, sand with him went to the |
Fourth National Bank. F" l suppose Geave8
went with him around to the Fourth |
National Bank, and there gave him q |
check on that bank for seventy five |
bonds, aud that the check was accepted |
by the Cashier to be paid in thirty days.
The Comptroller then went to Commits |
sioner FOgg, exhibited the check and |
asked his advice; he replied that he |
thought that there would be no difficulty |
il accepting the check and holding it |
until the bonds could be received from |
New York. The Commissioners asked |
that the report of sale be withdrawn |
from the files of the count, or be so |
amended or modified az to conform to |
the facts. At the adjournment of the
Commissioners on the day of making the |
report, it was agreed that the Comptroller
should collect the bonds and finish the |
On the oath of July, 1871, |
Wright & Co., filed an amended petition |
in which among other things 1t is alleged |
that Frizzal had acquiesed in the waiver |
to Wright & Co., to purchase the road,
ard that Fnzzell is estopped from making
the purchase. That Fizzell had no |
bonds in the Mechanics Bank or any
other bank at the time of the sale;
that he is insolvent, ard was pres.
ent when the decree of June
3 was made and made no objection,
And that he was not legal stockhold-
er in the road, charges frsud upon Friz
zell, and that the sale to him was illegal,
AYERS that they are stockholders in the
railroad company, and had deposited sew
enty five thousand dollars in the bonds of
the state with the Governor to make the
cash payment, and executed q sufficient
bond for the balance of the purchase
money, and append as an exhibit to the
petition the Governors certificate to this
effect, and ask to be allowed to complete
The purchase of the road, and that Fritz
cell be made defendant, and that the
petition be taken in the nature of cross
bill and that the report of the sale of
July 5, 1871, be set aside, etc. The ex-
hibit shows that the bonds are of the le