Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-05-16
ARREST OF SALE.
FIAT for an EpjuEetion Grsnttd by
chancellor BOrEan RessFainiaE
the sale OF Cestetn Sc
eurities.

Yesterday Chancellor Morgan, Of the
first chancery court, granted fiat for
an Injunction upon the petition OF
! Walter A. Goodman Us. Sam Tate, VIM.
B. Greenlaw, Hugh L. Brinkley, John
P. Trtzevant, w. D. M'COlIum, part
/ ners under the firm name OF Trezevant
| A. Co., and the Union and Planters
bank and Moses I. Wicks Of Californis.
Petitioner alleges that said Tate and
| GreenlaW are indebted to him in the
sum OF Sl3 46S 6S and interest to date,
| by a Judgment from the January term
OF the fret circuit court, the same being
conferred upon a certain series Of
promissory notes executed by them.
Complainant ALLEGES that Greenlsw,
with another person not party to the
suit, about a year ago commenced borrow
Ing from the Union and Planters bank,
until a very recent period, at an average
OF about S24 0G0 per annum, for which
said Greenlaw has paid large and exhor-
bitant rates of interest, the rate charged
being ten per cent. All in excess Of six
per cent. the complainant alleges is
usuriOus, as the bank could legally
charge but this amount, but that said
Greenlaw now owes the bank S9s 4lS AZ
for which he executed pr0misscTy notes
For the payment Of these notes he de-
posted with the cashier as additional col
lateral security $25, 600 stoekOf the Peo-
ple's insurance company, OF Memphis;
$4,000 Mississippi liguidating ievee
bonds, S4S coo Judgment tsgainst Pu
laski county, Arkansas; S20,O 600 first
mortgage bonds Memphis and Little
Rock railroad company, $81, 900 second
mortgage bonds of the same, S34, 600
income bonds OF the same, SIS, 900
stock in the Memphis and Little Rock
railroad company, $1,000 second
mortgage bonds Memphis and Little
Rock railroad company. Complainant
alleges that the notes originally exc
cuted for said Indebtedness have been
reduced from time to time, the interest
in many instances having been paid
or settled, or having been charged up
against the said Greenlaw at each re-
newal, and in some instances the pTin-
cipal being reduced by past payment
thereof, and always on demand of the
bank, the additional collaterals were
furnished, so that the marketable value
of the entire cOllaterals was always kept
down - per cent. in excess of the in
debtedness, and to the margin stipulated
for in the said notes has always been
kept good, and the said Greenlaw has
never been in default in this particular,
as complainant is informed. He Charge
that said bank discounted the notes at
their execution ten per cent, which was
not made to appear in the writing, and
the recital was a fraudulent cover Of the
usuriOus transaction. After making
other allegations, the petitioner
alleges that Trezevant & Co. had adveT-
tised for sale yesterday the various
bonds alluded to. He prays that all the
parties heretofore named SIS defendants
be made such, and that the judgment
debt OF the complainant be recognized
by the decree Of this court, and his right
to have satisfaction thereof out OF the
equity of the said GreenlaW in said Sc
curities may be established, and that an
account be taken Of the matters in this |
bill referred to between the said bank |
and Greenlsw; that the said usury be !
ascertained and deducted out Of the |
claim of the said bank and the advan- |
tage thereof given to complainant, and |
that the right Of the said bank to any |
lien on the said stock Of the Peoples in !
surance company may be ascertained |
and its nature established, and its right |
to sell the said judgment against the |
said county OF Pulaski be settled, and
that in the meantime the said bank, its |
agent and attorney, and especially the |
said firm Of Trezevant & Co., and all
others by the authority of said parties,
may be restrained and enjoined from
selling or disposing of said securities, or
any Of them, until the further order of
this court, and that complainant may
have other and further relief, as the ma
ture of his case requires. And complain |
ant further saith that the said Sam Tate
has an equity of redemption in certain
lot on Main street known as the Fourth
National bank building.
The Injunction was served upon the
parties named in the petition, and the
sale Of the securities thereby stayed.
The postmaster-general, in Washing
ton, yesterday issued an order forbidding
the payment by the postmaster at Gin
cinnati OF postal money. orders drawn to
the order Of L, D. Sine, who is engaged
in conducting gift enterprise. All reg
-Cy..