The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1880-07-22
THE GREESYrLLE RAILROAD.
no Further Proceedings for Twenty Days
Mutual Determinations.
COLUMBIA, July Is,

SOLoMbiA, July 10.
The expectation was that the frst
inata!ment OF the purchase money for the
| sale Of the Greenviile and Columbia
Railroad, due and payable here under
the terms OF sale to-day, would be made
10 accordance with those terms, but dur.
ing the. forenoon telegram was received
oy Master N: B. Barnwell informing him
that Judge Hudson had granted an order
postponing all proceedings in the case
for twenty days. A petition has been
filed by the attorneys Of w. P. Glide. T.
III. Logan and Joseph Bryan, i'm which
they allege that as a committee represent.
ing holders of large majority of second
mortgage bonds Of the Greenville & Col.
umbls Railroad, they attended the sale in
April last and bid on said property to the
amount of S3,393,600, at which price
they Gam the road was knocked down
to them, aud that they rendered the S20.-
QUO required by the terms Of the sale to
be paid in cash. The second allepa.
ton is that protest vas entered against
the bidding being reu .,ened after it was
thought to have been closed. The third
allegation is that during the progress of
the bidding several messages were re.
ceived from the party bidding against
them proposing that he would cease
bidding for o money consideration,
which proposition they refused to con.
slider. The fourth allegation is that o
number of holders of second mortgage
bonds refused, after invitation, to unite
with the petitioners for the protection of
their Interests, conspiring together to run
up the price e he property in order that
they might secure larger dividends on
their bonds, without the intention or
ability to comply with the terms OF the
sale or to purchase the road. To accom-
plish said purpose parties notoriously
;nsoIvent were employed to appear as
bidders at the sale. The fifth allegation
states that parties who believed them
selves interested in having the road
bring higher price induced an irre-
sponsible party l5 be present at tho sale
as bidder.
They claim Il a. no bona fdc bid OK.
ceeding $2,393 o. was made, aud that.
after their nam % had been entered as the
purchasers ano $4,000 paid to the
Master, the Master had no authority
70 annul the purchase and reopen the
bidding. n,
These statements are substantiated by
an affidavit of w. P. Clyde.
On the other hand, parties Who arc
opposed to the representations made in
this statement, say that the whole affair
is plan concocted in Wall street, New
York, as speculation, and that it was
known two weeks ago that the purchas.
ers could not comply with the terms of
the sale. Parties interested on either
side have equally strong opinions as to
the purpose of the other; but as !, matter
of course what Ia proposed to be done
will not be disclosed previous to Judi.
ciaI investigation.
1t is alleged by several gentlemen who
are in o position to understand the de.
signs of the purchasers that the money is
not lacking; that the whole amount is
now in bank ready to be used for the first
instalment, but it is deemed best to await
the decision of the court in reference to
the point raised as to the legal bid at
which the road was first knocked down
to Mr. Courtenay. This extension of
time, it is said, was granted in order 10
allow the buyers an opportunity Of hav-
ing the points settled by the Court. In
the event of q decision being rendered
adverse to the position assumed by the
purchasers they will not appeal, and
thereby prolong litigation and cause un.
necessary delays, but will at once COM
ply W.;h their contract by paying down
the stipulated cum of money.
FH