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Vault Early Papers of the University Box 1 Document 11
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13 | Titles Secured Acres | In nego-tiation " | |
---|---|---|---|
Brot. over | 6195 | 1017 | |
is willing to sell a[t?] a nomi-nal price, & | |||
No. 14. | Barnes Tract | 50 | |
Recapitulation | |||
Secured by Deed _ | 6195 | ||
In negotiation | 10[6?]7 | ||
Note as to informing claims. | A claim has recently be set up, & may be well founded, on the part of the Heirs of {large blank space} Thompson, which interferes with the Survey of the Lands deed-ed by the S. M. Co., to the extent of 1750 acres. The agent of the present claim-ants has agreed to release this claim for $1750~ which |
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the Citizens of Franklin Co. profess themselves willing to pay.
The Sewanee Mining Co., by their agreement were to give to the University 5000 Acres of Land, & have, in pursuance of their agreement, given a Deed for 5000 acres.
This quantity has diminished to the extent of 896 acres by the interest of the Heirs of Estell - in such Tractl & will be further diminished 1750 acres if Thompson's claim is held good. For the 896 acres in such 5000 acres belonging to Estell's heirs, the Sewanee Mining Co., under their agreement, are bound to give us compensation
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for [out?] of other lands owned by them on the Sewanee Mountain.
They are also, under their agreement, bound to make to the University, a compensation in land for their proportion of the 1750 acres of the 5000 acres conveyed by them to the University which may be covered by the Thompson claim, which would be the quantity of 1396 1/3 acres, & with the 896 acres of Estell's interest in said 5000 acres, to be provided for, would require a conveyance from the Sewanee Mining Company to the University of the quantity of 2292 2/3 acres.
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Recapitulation, Of prospective Titles.
Lands secured by absolute conveyance 6195
Lands in negotiation, if secured, will add _ 1067
Lands to be conveyed by S. M. Co. 2292 2/3 Note 9 1/[2?] added 86
9640 [2?]/3
Recapitulation of Actual Titles
S. Mining Co. & Estells. 5000.a Thompson's claim 1750."
[Leaves?] Ne[t?] 3250."
All other deeds include 1195." " 86."
Lands probably of unquestionable Title _ 4531.a
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Note in reference to the amt. to be conveyed by the Sewanee Mining Company [}?]
The 5000 acres of land conveyed by the Sewanee Mining Company was part of the 15000 acres owned by them with the heirs of [W?]allace Estell. The undivided interest of the 13 heirs of Estell amounted to 1/3 of the 5000 acres, or 1666 2/3 acres.
By a suit in Partition, the interest of 7 of these [heirs?] was set apart [to?] them out of other lands owned in joint ownership outside of this 5000 acres. The interests of the 6 others, who are adults, were deeded to the University by them
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by a valid conveyance, as it is understood. These so owned by the adult Es[t?]ell heirs & deeded to the University, amount together to the quantity of 896 acres, ([throw?]ing out of view the Thompson claim,) & these 896 acres the S. Mining Co. would in any event have to provide an equivalent in other lands owned by them.
Since the deed of the S. M. Co. was executed to the University, a claim of the heirs of Thompson for 1750 acres included within this 5000 acres survey & deed, & as is understood, with a probable good foundation. The
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effect of this interfering would be as follows in reference to the lands deed to the University by the Sewanee Mining Co.-
The 5000 acres would be reduced to 3250 acres owned jointly by heirs of Estell & the S. M. Co.
Their proportion of this dimunition would take from the Estell heirs 583 1/3 acres, & from the S. M. Co. 1166 2/3; but as only the interest of the Minors has been taken out of the Survey which proportionately [share?] in the deficiency occasioned by the Thompson claim, & which may be thus stated;
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S. M. Co. deeds [per?] 5000 a Deduct Thompson claim - 1750 "
And remaining 3250
Share of this of S. M. Co. 2166 2/3 a " " " Estell heirs. 1083 1/3 "
Of deeds for 5000 ac S. M. Co. - 2166 [2?]/3 & Estell Minors - 581 [2?]/3
Leaves a sum[y?] of 2747 2/3
Whole amt. deeded _ 5000 ac Amt. Ti[t?]le good for _ 2747 2/3 "
Deficiency _ 2252 1/3 " to be made up by Sewanee Mining Company.
The Committee took a recess.
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6 o'clock P.M. The Committee reassembled.
{note in margin beginning 5th line} The Shaphard Tract - extinguish -ing Title to [?] {end note}
The question with regard to the Shaphard Tract being under consideration, it was on motion ^of the Secretary Resolved, That the Commissioners be authorized to raise the sum of $4500, to extinguish Shaphard's title to the Shaphard Tract, to be refunded out of the funds of the University until the people of Franklin Co. shall [raise?] said amt. under the authority of their Charter for constructing a Turnpike to the University, & which they are pledged to do by their original agreement.
Mr. Fairbanks offered the following Resolution, which was adopted.
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"The Commissioners having Reported that the sum of ($500000.00) Five Hundred Thousand Dollars had been secured,
{note in the margin lines 5 - 11} Laying the Corner Stone of the University. {end note}
Resolved, That the Corner Stone of the principal Building of the University shall be laid on Wednesday, the 10th day of October next; provided that the Committee herewith appointed shall deem the obstacles now existing sufficiently removed to make it expedient & proper to do so; & that the nescessary arrangements be made for that purpose.
On motion, it was further Resolved, That Bishops Otey, Polk & Elliot, Dr. Pise, & [Messrs?]. Bass & Fairbanks be a Committee to make all nescessary arrangements for laying the corner stone _ any three of whom
{note in the margin lines 18 - 23 only partially visible} Laying [t?]he Corner Stone, & m: on [?] [w?]_ {end note}