Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1871-03-16
Define sent Railroads in Nash.
willie Chanccry Court. ~

A very important bill has been fled in
the Chancery Court at Nashville by Messrs.
E. H. Ewing, w. F. Cooper and W. b.
Reese, solicitors for the State, against the
following named railroad companies
Edgeield and Kentucky; Nashville and
Northwestern /; Memphis, GAINESVILLE and
Louisville ; McMinnville and Manchester /;
Winchester and Alabama Southwestern
or Southern ; Knoxville and Kentucky /;
Cincinnati, Cumberland Gap and Charles
ton !; Knoxville and Charleston ; Rogers
vile and Jefferson East Tennessee and
Western North Carolina. The bill is also
filed against the stockholders of the above
named companies. including the county of
Davidson, as stakeholder in the Edgefeld
and Kentucky and in the Nashville and
Northwestern Railroad Companies.
The bill ~recites the act of July, 1870,
appointing commissioners to sell last No
vember, as advertised. The bill further
recites the promising of the act of last
December authorizing the State to begin
proceedings in Court to settle the rights of
stockholders, creditors, and all persons in
terested in the roads, as we'll as to provide
means for the State realizing its claims.
1t then gives the following as the claims
the State presents:
Edgefield and Kentucky. ..S2 ,0S1 ,179 II
Nashville and Northwestern.-.4,5 41 ,120 Al
Memphis, GAINESVILLE and Louis
1922 795 80 %
Winchester II Alabama. 1,790,536 20
Southwestern Railroad ....... $4,000 90
Knoxville and Kentucky SIC, JIG 90
Cincinnati, Cumberland Gap and
Charleston. l,65I,lO1 %
Knoxville and Charleston.... SIG, 500 90
Rogersville and JeffeTson..... 5l3,013 20
East Tennessee and Western North
Carolina. 41S.OOO W
The bill then alleges the insolvency of
the companies and their failure to pay in
%terest, or comply with the internal improve
ment law under which they accepted aid,
and for this reason they nave made a for
fixture of all their rights under the inter-
nal improvement law, and authorizes the
State to demand a sale of all the property
and effects, rights, privileges and franchises
of said ~severals companies, the proceeds of
sale to be applied-frst, to the ~extinguish-
ment of the debt due to the State, with
interes and costs, and the surplus, if any,
to the satisfaction of other debts in the
order of their lines. If the sale should
produce more than is required to pay the
debts, the stockholders would be entitled
to the same pro rata The State claims.
in any event, priority of satisfaction out
of the incomes or sales of said roads
for the whole of the Indebtedness of said
companies as herein before recited, or as
the same may be found to be land the
complainant, the State, reserves the right
to correct errors therein, if any over all
other creditors or claimants of said roads
of every nature and kind whatsoever. 1t
prays for a decree of sale of said roads,
with all their property, franchises and
rights, if necessary or proper upon final
hearing, or manifestly for the interest of
all parties, and expressly or tacitly assent
ed to by such parties, such sale to be made
by the Commissioners appointed by the
Legislature, the proceeds of sale to be
paid to the parties entitled under the or
ders and DEGREES of the Chancellor or up
on the principles settled by such orders
and DEGREES.