The home journal. (Winchester, Tenn.) 1858-188?, 1871-08-03
COMMUNICATED.
COMMUNICATED .
The Winchester Il Alabama Rail
II road. aL

coin, as to who shall have the central o
the road In the future, and the manner II
which the control may be exercised, ",
deem 1t proper to state what information
we havoc the subject. During the past
week a fierce contest has been going on II
the Nashville Chancerv Court, between
John Frizzell, who claims to have pur.
chased the road Tor the Nashville 4 Chat,
taNooga road,) and the stockholders, rep.
resented by W. n. Wright & Co, L body
Of stockholders organized under the au-
thority of the company and stockholders
to purchase the road, and have u control
10 somc extent, in its management after II
shall pass into new hands,
In order to fully understand the history
Of the struggle, and the present state OF
the case. it Is important briefly to alludc
to the facts as they stand. The road was
built by the individual capital of the
stockholders, and with the aid afforded by
the State in the form OF its bonds. The
debt Of the State at the time the proceed
ines against the road commenced amount
ed, in round numbers, to about the sum OIL
one million seven hundred and ninety
thousand dollars, for Which sum the state
held a lien on the road When the bill
was fled, the company answered, m
ting the material facts. and agreeing that
the road might be sold on the express
condition that it should be run by thep ur-
chascrs, by steam as now, mt least six
round trips per week from Dechcld to
! Fayetteville. The vast importance Of this
Fundamental condition in the agreement
win be seen in 4 moment. when 1t 10 re-
membcred that without this condition the
purchaser would have had the right to tear
up the track, lemov the iron and fixtures,
and rolling stock, and thus defeat not only
the original intentions of the people who
gave their money aud their labor In the
construction Of the road, but also the OBJ
iect the State had in view in lending its
aid, to-wiv: To build up a system Of In
tcrnal improvements IN the State by which
the people would be facilitated in the
travel, and the great products OF the state
enabled to lind an outlet to the markets Of
the world.
Another condition inserted in and OBJ
tanned WAS, that: These conditions and
limitations were assented to on the part OF
the State. and accordingly Il decree Of the
Court was set down, by consent and agree
ment of the State and the company, by
which the road was to be sold at the mini
mum price of three hundred thousand dol
lars, IL value sufficiently high unless, in
view ofthe extension Of the road, so as to
make it connect with the great lines of
communication on the south of it, and this
was, at that time, problcmatical, to say the
least of it.
On the 18th day of April, 1871, the Court
rendered its decree for the sale OF the
road, providing the terms agreed on, to-
wit: The continued running of the road,
and specifying further, in order to pre-
serve and protect the rights OF the COM
pan, and the stockholders, that the COM
panv should have the first right to pur-
chase for the period Of sixty days, and, in
Gaze of failure Oh their part so to do. then
any number Of stockholders should have
the right to buy the road Tor the space Of
thirty DAYS thereafter. Thus matters stood
until The 18th day Of April following,
when the Directors met to rake counsel rs
TO what they could do in the premises. 1t
was ascertained that, III the way Of pur-
chasing the road, they could do nothing,
for the simple reason that they had no
means with which TO purchase. The road
was hopclessly ingolycnt; its earnings
barely sufficient to keep it running, and
without credit; the stockholders, many OF
| them. dead. or removed from the country.
, and many more rendered insolvent BY the
war, and the enterprise, to say the most
of it, doubtful and dangerous TO capital
lists. Seeing this condition of things,
what could now 5e done to keep the road.
to some extent, tom going into the hands
Of companies or parties who could, and
would disregard the interests OF the COM
pany and its stockholders, and the people
through whose country the road passed
We answer, nothing but just what they
resolved to do, OR, at least, try TODD, that is
to say They being unable to purchase
themselves, determined to try and place
the road in the hands of parties who would
have an eye to the preservation of the
rights and great interests above alluded to.
They accordingly resolved and enacted TO
waive and ~relinquish the rights which the
decree gave them to w. N. Wright q Co.,
an organization composed entirely of
stockholders, who felt that they might be
enabled to comply with the terms OF pur-
chase, or procure parties who could do so
This organization was then. and is now
composed of men tstockholders.) of char
acters as high for Intelligence, integrity
and fair dealing as any body ofmen in the
! counties of Lincoln and Franklin. 1t wa,
expressly understood and agreed that any
| stakeholder who desired TO contribute and
act with these men should he permitted to
do 30. Aud the action here referred to on
the part of the Directors was taken with
a view of obtaining a southern connection
Of the road, whereby our people could find
an outlet to the world for their produce,
without travelling near one hundred and
fifty miles to reach II point not exceeding
forty miles IN distance. Mr.. jain Friz-
zell was present at that meeting, and did
not then object to the action of the Board,
but only asked for a few days more OF
time, at the expiration of which he was
willing to the transfer. But, time was
importaut and failure was ruin. The