Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-07-04

i
and including Sept. /, 1871 $4,000 90
| 90 bonds with coupons on from
and including Jan 1, 1872 5000 90
81 bonds with all coupons on. $1,000 90
III s177.OOO 90
The interest on the $1,000, past due
bonds, and the $15,240, coupons drew no
interest, and by exchanging them for $21,-
900 State bonds bearing interest, we are
now earning, or entitled, to 81 ,260 interest
annually, which we would not be entitled
to If this exchange had not been made.
This exchange, therefore, adds annually to
the assets of the Bank $l,260.
This opportunity to make the above ex-
change grew out of a temporary demand
by railroads for past due bonds and cou-
pons to pay their interest with. It would
| now be almost impossible to exchange past
| due bonds with no coupons on for Tennes-
! see bonds with coupons on; and if such
exchange could be made at all, it would
be at heavy loss. Nor can past due cou-
pons be now exchanged for Tennessee
bonds with coupons on, except at a loss.
This exchange being so obviously for the
advantage of the Bauk, thought it my
| duty to make it, believing that
had the authority to exchange one securi-
ty of the same kind for another of greatly
increased value, and if this right should be
| questionable, believing that my action
would be sanctioned by your honor. have
compromised large amount of debts due
| the Bank of Tennessee. In these COM
promises | am sure that I have saved the
Bank upwards of 5000, but respectful
| " request your honor to instruct your
| Clerk and Master to examine these COM
promises, and report the amount saved or
lost by them.
Under the instructions of the Chancery
Court, the United States currency coming
into the hands of the Trustee has been
loaned and. secured as required by lien
upon real estate. The amount of notes DOW
held by the trustee, payable in United States
currency, is S130, 444.23. Every dollar of
this is PROFESSIONALLY good, but l would
respectfully request your honor to instruct
the Clerk and Master to examine the notes
and securities and report upon the sufi-
cheney.
Two or three of these loans have been
paid, and, in two Or three instances, partial
payments have been made, leaving the
amount now loaned as above stated. With
these exceptions the loans stand as original
ly made, and the whole interest on the
S130,444.2 % is still due.
The money loaned has been principally
the proceeds of real estate.
The real estate has been sold, as required
by the act for winding up the Bank, on
one, two and three years. time, payable in
u. S. currency. The trustee or his clerk
has been present al all sales, and they have
been made without cost to the Bank, ex-
cepting the pay of the auctioneer.
The sales have been very advantageous.
ho hox
front on Madison street of "a feet and run
ming back "a feet, with a common two
story brick building, having sold for the ex-
traordinary sum of S51 900.
The Bank property in Nashville has not |
been sold on account of the great depres-
sion of real estate in Nashville, and on aC-
count of the vault being necessary for the |
safe keeping of the assets and valuable pa
pers o. the Bank. The rents of the part |
not used have been $1,000 per annum,
which would pay about per cent. on the |
sum the property would probably bring. If !
converted into money, the money would |
have earned but little more than this, and |
by delay we will probably secure much |
higher price.
The act for winding up the Bank re- |
guires all property to be sold on one and |
two years time. | would respectfully re-
quest your Honor to order further sales of |
property to be made one-third cash and the |
balance in two equal payments Of one and |
two years.
The undersigned has in two instances,
and two only, compromised debts due the |
bank for new issues.
In the first compromise, made upon the |
recommendation of James E. Bailey, ESQ.,, |
L received S2,953, which l converted i'm
mediately into old issue of the bank. j |
was advised by my counsel that | lad
right to take the new issue as property and
when taken that it should be so converted.
The other debt compromised was the draft
of 4. G. Foster, Sd, with n. E. Aloway as
endorser, for $4,365.10. All parties were
insolvent but the endorser, and Hon. Judge
Baxter decided that The notice and protest
was insufficient and consequently he was
legally released; but / succeeded in COM
promising the debt for s., 800 in new issue.
| would respectfully ask your Honor,
whether this money, when paid, shall be
converted into old issue of the bank or held
by me?
1 would respectfully represent that the
collection of debts due the bank has almost
ceased for the past two or three years in
consequence of the disposition of the debt
Ors of the bank to pay in the new issue. A
good deal upwards of $4,000, believe,
have been rendered i'll this issue in payment
of debts. Suits are delayed. And when
judgments are obtained on tender Of new is
sue, the decisions in the lower
courts have been uniformly again
the bank, subjecting the bank
to the expense and costs of appeal if finally
decided against the bank.
,llx,o IL |
the Court as to my receiving new issue in
compromise or settlement of debts due the
bank.
The undersigned has bought about $32,-
600 of the new issue of the Bank of Ten
nessee, on his own account, but has never
sold dollar of the new issues of the bank,
about $4,000 Of this amount bought by me
has been handed to Gen. s. r. Anderson to
pay a note of Hon. W. Barrow held by
Gen. Anderson, on which was security.
The balance is still held by me to pay anoth-
er security debt which the parties interested
have agreed to take in the new issue. 1t
will be paid over as soon as the proper de-
crees can be entered TO relieve me.
The undersigned has in his possession
$6,0S7.61 of the old issues of the Bank of
Tennessee. The remainder of these issues
that have been collected have been burned,
The amount burned was, Of
old issue. 81 ,O79, 75S %
Mutllated currency. ......... 1l,772 6O
New issues. SU,2l4 W
A record of the amount of each denOmina-
ton of notes burned is on file in the Bank,
and is also on file in the Chancery Court of
Davidson county, but no record has been
kept of the number and dates of the notes,
this not being required by the act of the ;
Legislature on the burning of the notes, ,
and it not being the practice of the other
banks of the State. The money was ex-
amined and counted by committee of each
House of the Legislature, the Governor of /
the State, the Clerk of the Chancery Court
of Davidson county, and the Trustee, and
burned in their presence, and the same was i
certified to by these parties. II
The S80,214 of new issue burned came /
into the hands of the Trustee with the as {
sets of the bank. I
The undersigned has had only day or |
two notice of the desire for a report from /
|