Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-09-28
THE A. & C. R. r.
Particulars Of the Decree Of Judge
Bradley.

Judge Harlason, Receiver of the Alabama
and Chattanooga railroad, arrived Yesterday
from New York says the Chattanooga Herald
bringing with him q cop Of the decree under
which he wa appointed, which is dated
August 18th. The decree states that IL apuears
from atndayits that the road has been deteri-
GRATED and canno be now sold except al a
sacrifice, and that It is agreed upon bv an
parties that the adjudication in bankrnDtev
Is not TO be disturbed, and that all suits inStf-
tuted by the Alabama and C-hattanoora rail-
road and the trustees Of the second mortgaVe.
IN any courts are . be dismissed. The Ke-
celvers are authorized 70 borrow money upon
ceruncates, payable In ten years, bearing
eight per cent. interest, and not to be s0Id ~
les than ninety cents on the dollar.
n case The state Of Alabama sells the Iroad
20 parties paying the interest past due and the
interest and principal OF any money borrowed
of the hecelYers, hen the Receivers are 10
yie,d p6aceabie possession 10 such purchasers.
me receivers are TO eXpend the money
raised on these certificates Of f-ndehfednsSso ~
from running the road, in building ne road.
belonging 20 the Alabama and C6ofto,oSoogs
lLo company, and included in tbe drsf
morigage, ana in stocking the road. The
TO be reasonably compensated.
The Receivers gave bond for two bundra3
tnousaho uoliars ana II they have more than
that amount In their hands, they are III oiya
bond for the excess also. $50
The decree expressly states that NOTHING IN
Il contained Is 70 affect the rights OF ne hrst
mortgage b~ondholders and Of the state III Aist
bamR, aud.deciares that after sale under rms
decree the state may at any time seize tbe
road for default Of Interest under stafntort-
lien. This decree does not declare, except ~
but 20 is very evident that il I'M
plies that no Other persons, whether second
mortgage bondhOlders OF general creditors
have any rights 70 be respected.
The adjudication in bankruptcy IS not TO be
and that cuts OF all the floating
The rights OF Alabama are abundant 3
protected and we sare unable TO see fromry
hasty perusal Of the decree why the result is
not a victory for the State Of Alabama as
as, IL not more than, for stanton. The
state gets nd Of an expensive elephant, with
put compromising its rights, while Mr.. j. G.
stanton, II we are not mistaken, loses his |
heavy claim against the road for construc-
Ion, for which he has attached the road,
oy, reason OF the adjudication in bankruptcy /
confirmed. He has not got possession
Tue road and his present connection with
- only as an employe Of the Receivers, who
tlohe are authorized 70 receive and disburse
and who oannot apply any money 10
my use not provided for in the decree OF the
,ourt without FORGETTING their bond, All per-
Us gre enlulned from interfering with the
accefNeHl N the discharge OF their duties. We
mai there is every prosuect III
pee9y negotiation OF the one mf0iOn two
lundred thousand dollars cerfffcafeS
.utnorized BY h decree, and thai within n
teek or two the work OF r-sorRanfzfng this
,reat railroad will commence.