The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1878-11-01
s'NuMBl,ER a.
THE sPARTANBURG AND AsHEv1LLE Rar1-
ROAD. N~~-
4 Statement from Hon. II. Y. Mcdd., (,,,..,,,-
ing ITS -4Hdiys


4 Statement from Hon. r. Y. McAden Concern
ing is A6dirs.
10 tie Editor Of the Observer IS tho
pubic very properly takes deep interest
IN the affairs OF the Spartanburg and Ashc.
vile Railroad, and as there is very repcr.
al desire to know the real situation with
your permission l will make a short state.
mcnt:
At ttho annual meeting of the stockb,,d-
ers IN llendcrsonville, in September las.
Mr. Duncan, the president of the companv
stated that owing to the action of tho St,to
authorities in North Carolina, in ,aking
S Asa 4sus s4s lqssAsF sS s IT. iAa
unable TO employ free labor, unless some ar.
rangement could be made by the stockhold-
ders and creditors to furnish him with
means, the construction must stop.
|, as president of the Spartanburr. Union
and Columbia Railroad Company, which
company was large creditor of the Spar-
burg and Asheville Railroad proposed that
the creditors, both creditors secured bv
mortgage cand the unsecured creditars, should
so arrange their debts that means could bs
furnished the president to prosecute the
work; that was willing, and proposed to
place the contractors and other unsecured
creditors and the secured creditors on tho
same footing; that.I thought that could be
done and all protected alike, and the road
finished to Ashevillc. This seemed to meet
thc>approval Of every one, several parties
sp.saSiRg Gut. IN the aieeting, "that is RIGHT
aadsaskto a!ls;2s:Ruexpneditor reniarLiog,
IS all right and very liberal. if the
secured creditors will do it. VIII Mr..
McAden pledge his honor that he will
carry out his propositions ~ l replied that
L could only speak fer the Spartanburp.
Union and Columbia Railroad Comnany'
which had both secured and unsecured
debts; that as far as that company could
act or influence others, tho proposition
should be carried out, and that / would ~o
| to work to persuade the secured creditors
to accedc to the proposition, and that |
thought L had such position that | could
accomplish it. With this understanding
the meeting adjourned, the creditors to meet
on the 10Th inst, to hear my success in the
matter.
went Immediately to work among the
secured creditors. l ut first. of nau..e,-..,et
with opposition, as it was pretty bald
prqposi.iol Coz secured creditor "a rvs,
Sup hrs
footing with, an unsecured creditor h1s
SheQxl psessnted tho fact that his secuf4ty3,
~ason d. ndsshed road, by the arfapss6ss
| hhent proposed his security waala ,bSsStI ~
inished equiana8 ~ stc1s'
ri!y sal Sy'sss tse secured cred cred
1880 fcdfly assehted to the proposition. At
the meeting at Spartanburg |, as the rep
resentatlve OF the secured creditors, pressn-
ted the proposition. The proposition was
this: The secured creditors to surrender
all of the first mortgage AaaAshk the road 10
I 4s6eYillc, which would be about S175 900,
not to exceed $200,000-the bonds not, to
be sold belsY saSs. S. .Gf GGifrialx any morey asked
Mrs b. "No." said Mrs. A.1AAb2Rt lX!
: zxafuss5s5u 81: :, ss a.a"or T,Ic and
"l"pplng enc sRnic; to place a second mort
gage on the property sufficient to psy eyery
creditor, secured and unsecured alike. This
proposition was freely and fully discussed
and the meeting adjourned over a dav In
allow parties to act adviscdly. When tho
meeting came together again all the credi-
tors present representing some $50 900 Of
Indebtedness, willingly asseuted to the prop.
kwbS sya . ~ 80 ~ ana peal,
fs $4,000 o. ss's ssse sasssa Assss
attorney they could not accept, but thai
they would reduce their claims provided
they were paid in cash. The meeting then
adjourned, all expressing regret that no
agreement could be made to prosecute the
great work. ,',f-.- .'-
ASshes spasAsihr gnion and colS,,ss..:
bta Railroad was Operating tho Spartan.
burg and Asheyille Road under a leose
aud with the hope that somc amicable ar.
rangcmcnt would be made to continue the
construction, was laying down the iron in tho
direction of Ilcndersonville, no arrange
'hent having been made, I as president of
the Spartanburg, Union and Columbia Rail.
road discontinued laying track. | have
ro,scSsi n OF the Spartanburg and Ashc-
vile road under lease and will continue
to operate it as heretofore to it's western ter
minus, six miles this side of Henderson,
VILE. ours respectfully,
II. Y. MCADEN, Prcs't.
S. u. & G. r. r.. Co.
Cough SYRUp-Put five cents worth
OF pine pitch into pint OF water. Let it
simmer until the water is we'll imprepnated