Knoxville Whig and chronicle. [volume] (Knoxville, Tenn.) 1875-1882, 1875-04-21


Editor grange Outlook.
My attention has been called To- the
two Communications of Chancellor
Temple, published in your widely cir
culated journal, in reference TO TIE as
signmeut of the property of the East
ern Division Fair Association, made
by the directors and stockholders for
the purpose of paying its debts. The
absence from the city of the attorney
for the Association Ina, made it neces.
sary for me to defer answering those
articles, as he alone was cognizant of
certain facts referred to 10y Chancellor
Temple
Without any solicitation on my part,
| was cleo ed by the Directors OF the
Association, rs Trustee, to make a sale
of its property for the purpose of salts
flying its creditors. The assignment
was bona ti1e, and for the laudaOle pur-
pose of paying honest debts. The
stockholders lat meeting at which
about three-fOurths of the stock Was
represented unanimously aud willing
ly voted 10 lose some So 200 worth Of
stock, for which they had paid cash,
and sell at Il sacrifice about IS 600 worth
of property in order to pay off an in
debtedness aggregaung nearly 81, 900,
the most of which had been incurred
in making improvements upon the
grounds. Included in the assignment
was S6S9.43 in money, which sum be
ing too small to justify the trouble and
expense of pro rata payment on the
debts specified, has been, or is to be,
loaned to the largest creditors of the
Association.
The deed of assignment makes IL my
duty to sell the property, if possible, to
a purchaser, or purchasers, who will
organize an association for the purpose
of carrying on a fair at Knoxville for
the promotion of the agricultural and
industrial interests of East Tennessee.
Only in the event of failure to sell
for such purpose, am | instructed to
sell the buildings and twenty acres OF
ground owned by the Association i'm
fee to the highest bidder, mt public or
private sale, without reference to the
use to which it will be applied. This
honest and unselfish act OF the stock
holders deserves commentator, aud /
am glad that Chancellor Temple disa-
NONS ulN Bui lbot " INllGtl III al W ~
upon their act.
AS some cloud may have been
thrown upon the title | can give as
Trustee, by the communications re.
ferred to, | have, after consultation
with many of the stockholders, and at
their request, thought it advisable To
state Few facts. | am advised by
competent attorneys, that the ti;le of
the Association TO the twenty-odd
acres they claim to own in fee is absO-
Lutte aud unincumbered, with the linn
itation hereafter explained The sale
to Mr.. ;. Il. Atkin 10y the Chancery
Court of the twenty acres before re-
ferred TO, am reliably informed, was
confirmed without conditions. That
sale was made i'm bar of the equity Of
redemption. But, by printed
article of association entered into
in the spring of 1873, and which
was made the basis Of the present or
ganizltiun, the old stockholders of the
East Tennessee Fair have the right to
redeem the property bought through
the Chancery Court, at any time with
in five years, by paying the amount
of stock of the new Association, (then
$4,000, together with interest at ten
per cent. per annum. Therefore, in
order to redeem nOtO, the old stock
holders would be obliged to pay about
$4,000. At the expiration of the five
years, the amount necessary to redeem
will be $500. No one disputes this
equity of redemption but, so far from
being an incumbrance, II would, If
there was any probability of a redemp-
ton, be AN additional inducement to
purchase, because the grounds can
now be bought at such price as would
make the Investment, as "a business
venture, one of profit. The present
stockholders would be very glad to
have the old stockholders redeem noC.
In fact, will give them extra induce
ments to do so.
am anxious to sell this property to
an Association that will continue to
use it for fair purposes. The property
consists of twenty acres of good land,
to which the title is good, with the
privilege of redemption above stated,
together with several thousand dollars
worth of buildings, fences, &c. Cou-
pied with this properly, is the privilege
of using for fair purpOses) the forty
acres owned by the State, upon which
the Association has expended some
$1,000 in improvements. BY "a law
passed by the last Legislature, the sue
cessors Of the present Association viii
have the exclusive and prior right t.
use the States forty acres for fair pur.
poses. All this property, together
with the franchises of the present or
ganiZation, can be bought cheap anC
IN reasonable terms.
This property should be purchased
by an association composed Of repre-.
sentative farmers from ever county in
this division of the State. They nigh
combine with them, TO mutual adj
vantage, representatives mechanics
merchants and manufacturers, anC
make il an East Tennessee association
in fact, as well as name. Chancellor
Temple expresses the opinion that (
fair properly organized could be mad,
profitable. His large experience in
such enterprises certainly makes hin
a competent judge, and hope he viii
follow up his late suggestions by aid
ing in such an enterprise. Unless th'
grounds can be sold for such a pur
pose, ! shall be compelled TO tax,
down the buildings, stalls, fences, &c.
sell the lumber and the twenty acre
owned by the association TO the high