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

tuS AAct1 LII t1S purposes VI Lnis of,AAASAi
they are these: g s&eA-z s.
From the proceedings in the cause it ap'
pears that there was due the State from the
Winchester and Alabams Railroad Com
pauy on the LIST of January, 1871, 81,
790, $50. 20, to secure which there was a
lien on the road, its property and fran.
chises. On the 4th of April, 1871, the
company and stockholders, being repre-.
scented by their Solicitor, 1t was agreed
that the State had prior lien ,pJ1n the
road, its property and franchise; that the
company was insolvont and unable to pay
the debt, and that it Was to the int crest of
the State, the company and stockholders,
and al other persons interested in the
company, that the road should be sold,
with all the franchises and privileges of
the company, to pay said debt. And the
company snd its stockholders assented,
and agreed to sale of the road and all its
property, real and personal, Except tract
of land inArkansas, and its right of way,
franchises and privileges, and the interest
of the stockholders and other persons
thereto, upon the condition that the pur-
chaser thereof should keep up, maintain,
operate and run the railroad as public
railroad, operated by steam power, in the
same manner that the road was then run
and operated, that is to say, by at least
one trip daily, Sundays excepted, each
day over said road, by an engine and one
or more passenger cars, and such other
cars as the transportation of freight and
passengers offered on the road might re-
quire; reserving to the present stockhold-
ers of the company, or auy one or more
of them, the right to compel the execu-
ton of the said condition, duty and obi
CATION of the purchasers or purchaser, his
or their heirs, successors or assigns.
And by consent of parties it was agreed
that said company or any of its stock
holders might purchase the road and the
property and franchises of the company,
within ninety days from the confirmation
of the Masters report ordered by the de-
cree, at the present minimum value of the
road, its franchises and property,
payable in the legally issued bonds
of the State, to be paid under the
provisions aud restrictions of the Act of
Dec 81, 1870. ."Thaf is, the com
pany 20 have the right for sixty days, and
the stockholders or any number of them,
TO have thirty days after the expiration
of the sixty days, to purchase the rail.
road" The master was ordered to report
after having proof, the fair and reasona-
BILE value of the road, its property and
franchises, paysblein bonds of the State,
and also the value in cash. 1t was fur
Their agreed that the minimum value
should not be fixed at less than $500, 600,
in the bonds of the State, with the cou-
pons attached, from and after Jan. l,
1871. And it was by consent ordered
that upon the confirmation Of the mas
ter's report, as the same might be modi-
fed by the Chancellor, if the railroad
company and any of its stockholders
should fail to purchase the road as in the
decree agreed, within ninety days from
such confirmation at the minimum, as
fixed by the report, or as modified by the
Chancellor, and which should not be less
than $1,000 600 in State bonds; that then
the commissioners on the part of the
State might proceed to sell all of said
property and franchises of the Winches-
ter and Alabama Railroad Company to
the best advantage, either at public or
private sale, or at their discretion, sell the
deb. of the State against said company,
but with the condition that the purchaser
comply with the conditions specified in
the first part of the decree. And de-
cree was accordingly entered.
The master took proof and reported
the minimum value of the road, in bonds,
to be $500, 900 in cash. 49, ..
On the 9Th of April, 1871, and on the
9th of this month it was confirmed by de-
cretal order, and by this order the right
for sixty days to the company to purchase
the road at the minimum value, and of
the stockholders or any number of them,
for thirty days after the expiration of the
sixty days, in the event of the company's
failing to make the purchase, is fully re-
cognized.
On the 18th of April, 1871, the Board
of Directors of the Winchester and Ala
bama Railroad Company, by resolution to
that effect, transferred, or rather waived
the right of the company to purchase the
road within sixty days, TO, or in
favor of W. N. Wright, William Bon
ner, j. H. Holman, W. D. Hampton
and others, their associates, stOckhold-
ers in the company, and substituted
the said Wright and associates to al the
rights, powers, privileges and preferments
vested in the Board by the decree of sale,
provided Wright and associates should
comply with the terms of sale on or be-
fore the 9TH of July, 1871. And pro-
vided, further, that Wright and associates
should embrace all persons, stockholders,
who should bona fide contribute their
means for the above purpose under such
regulations as they might adopt.
On the I'd of May, 1871, at stock
holders meeting, the resolution of April
Is was ratified by vote of l,202 to 1874
The meeting refusing to accept resolu-
ton, offered by John Frizzell, proposing
to Iatify the resolution of April I3 or
condition thai, within the ensuing ten
days, 1t should be found that no arrange,
ment could be made by he Board of Di-
rectors by which the lien might be re-
leased by efforts of the Directors for the
benefit of the stockholders of the COM
pany.
On the application of w. N. Wright
and associates, known IS w. N. Wright
& Co., by decretal order, this court, by
assent of the counsel of the State, ex-
tended the time to w. N. Wright & Co.
to purchase the road and its franchises
ninety days from the Sd of June, 1871,
subject to the conditions of the decree of
April and 6, 1871, and, when 80 pur-
chased by them, they 10 be vested with all
the rights and franchises of the railroad
which would have vested in the railroad
had it become the purchaser.
This decree recites that it appeared from
the petition and exhibits of Wright & Co.
that the railroad company, through its
Directors and stockholders, had trans
ferred to and waived all their Fights in
favor of said Wright & Co. to purchase
said railroad under the decree of April 4
and 6, 1871, and that it further appeared |
hat Wright & Co. had q reasonable pros
pect of securing q southern connection |
tor said road, thereby rendering it more
valuable, sNcd its sale at the minimum,
therefore, fixed by the court more certain,
provided the time allowed to complete the |
purchase of the road by the decree of |
April is extended. At the same term of |
he court the decree of June was so
as not to bind Frizzell as con
senting TO the action of the Board of |
Directors and stockholders in the assign
nept of the rights Of the cOmuanv to |