The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1880-07-22
THE G2EENTILLE RAILROAD.
No Further Proceedings for Twenty Days
Mutual determinations.
COLUMBIA. July l;

COLUMBIA, July ID.
The expectation was that the first
instalment Of the purchase money for the
sale of the Greenville and Columbia
Railroad, due and payable here under
the terms of sale to-day, would be made
in accordance with those terms, but dur
ing the forenoon telegram was received
by 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..
NJ. Logan and Joseph Bryan, in which
they allege that as committee represent
ing holders of a large majority ofsecoud
mortgage bonds of the Greenville & Col.
umbia Railroad, they attended the sale in
April last and bid on said property to the
amount of s3,993,GO0, at which price
they claim the road was knocked down
to them, and that they rendered the 500,
600 required by the terms Of the sale to
be paid in cash. The second allega-
ton is that protest was entered against
the bidding being reopencd 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 a money consideration,
which proposition they refused to con-
slider. The fourth allegation is that a
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 Of the 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
insolvent 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 al ire
sponsible party to be present at the sale
as bidder.
They claim that no bona ftle bid ex-
ceeding S2,399,60 was made, and that,
after their names had been entered as the
purchasers and $4,000 paid to the
Master, the Master had no authority
to annul the purchase and reopen the
bidding.
These statements are substantiated by
an affidavit of w. P. Clyde.
On the other hand, parties who are
opposed to the representations made in
this statement, say that the whole affair
is plan concocted in Wall street, New
York, as speculation, aud 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 Il matter
of course what is proposed to be done
will not be disclosed previous to ildi-
cial investigation.
It is alleged by several gentlemen who
are in position to understand .he 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
instament but it is deemed best to await
the decision of the court in reference to
tie 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 to
allow the buyers an opportunity Of hav-
ing the points settled by the Court. In
the event of 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 with their contract by paying down
the stipulated sum of money.