Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-09-25
ALABAMA AND CHATTANOOGA
RAILROAD.

! The Road in Possession Of n Receiver.
The Chattanooga Times of yesterday has
the following interesting article relative to
the Alabama and Chattanooga Railroad:
yesterday morning, in accordance with
the decree, of which a synopsis was given
in the Times Of Sunday, Judge Harralson
took possession of all the property ofthe Al
ALBANIA and Chattanooga Railroad, at this
city, including the depot, shops, track, roll
ing stock, etc, Inventories of the propeCty
are being made out as fast as possible, and
in few days he will be in undisturbed
possession of the entire line from this city
| to Meridian. As soon as this is accomplish
ed a sufficient number of men will be en-
| ployed to repair the track, and the shops
here will be opened and large force of
hands employed in repairing locomotives
and cars.
| 'tMr. j. G. Stanton will arrive this even
| ing and will at once assume the duties OF
Superintendent, under the Receivers.
''Anew comp any hss been organized com
posed chiefly, we understand the holders of
the mortgage bonds, who have paid the
State the fun amount demanded, and who
stand ready to take the road off the han Is
of the Receivers, as provided for under the
decree of the court, as soon as they shall
have raised and expended the Sl,200,o00,
In repairing the road, stocking and COM
| plotting it. siDtc3 G.. cor
"The first thing the Receivers will DO
will be to repair and stock the road. Then
if they have sufficient means they will COM
plete it by building track around Lookout
Mountain to Chattanooga, for which the
right of way has been granted heretofore
by the Legislature of Tennessee.
ave congratulate the people of Chatta
noooga upon the favorable prospect thus
opened to them. 1t is true that the float
ing debt, including ali past dues to laborers
and contractors, is lOst as the Times told
them it would be, but all who have suffer
ed loss of their earnings will now have an
| opportunity to make their loss good by new
business, and it is certain that while the
road remained idle they never could have
| done even this.
awe desire to make, this point as plain as
possible, and we repeat that no merchant,
no labOrer and no contractor will ever re-
ceive a single dollar now due from the
Alabama and G chattanooga Railroad Co.
That debt has been wiped out utterly and
completely by the adjudication in bank
ruptcy, in which the company itself has ac-
| QulcScou, aS well as MI. y. y. OLduJOU, VINO
claims TO be the largest individual credi tor.
The old A. & e. Il. r. Company is defunct
The new company which has been formed
and which has purchased the rad and its
| franchises from the State of Alabama, has
no legal connection with the old corporation
and is not responsible for any Of its debts,
although many of the individuals compos-
| ing it may have been members of the old
company.
"The decree by which the road has been
placed in the hands of Receivers, with pow
er to put it in order, is in our opinion one
of the clearest aud wisest orders that ever
issued from any court. It does credit to
Justice Bradley's legal acumen and eYinces
high order of sound common sense. 1t
provides for almost every possible contin-
gency, and affords the fullest protection to
the State of Alabama and the holders Of
the first mortgage bonds, who are the only
persons having any legal rights in the pre-
misses"