The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-08-24
The GreeuvIne and Columbia Rail
road.

DECISION IN FAVOR OF THE DANyILLE RAIL
ROAD SYNDICATE.
On Saturday last Judge Hudson, OF the
Court of Common Pleas, at Columbia, S. c.,
decided the Greenvile and Columbia rail-
road purchase case in favor OF the commit
tee OF the second mortgage bondholders as
claimed by them at S2,393.60O. The fol-
lowing is the order entered in the case:
/. The Masters report OF sales in this case
be not confirmed.
9. That on the said 18th April, A. ID. 1880,
w. p. Clyde, T. NJ. Logan, Joseph Bryan,
and W. A. Courtenay became the purchasers
OF the property OF the Greenyile and Co
Iumbia Railroad Company, then sold at and
for the sum OF $2,393,600 by an executory
contract OF sale complete, which the Master
had no right to rescind.
3. That the subsequent proceedings oil
the Master in re0pening the biddlngs and
making a new contract OF sale were irregu-
lar, and are null and void.
4. That within five days from the filing
OF this decree the Master OF this court do
advertise for thirty days in the papers In
which the sale OF the property was adver-
tised for any and all persons so desiring to
file in lis office an offer or offers Of bid or
bids for the said property big her than 81
393,6O0: Provided. however, tthat no bid
OF less than $4,000 advance upon said sum
shall be received; and provided further,
that each bidder or combination OF bidders
do in support OF his or their bid deposit
with the Master along with the bid bond
in the sum OF 100000, as the stipulated
damages, with sureties to be approved by
the Master, conditioned that they comply
with their said advanced bid, or any other
l. mo a
property.
9. That the sale to the said committee be
not confirmed until the expiration OF the
time fixed for the advertisement above, and,
il at the expiration OF that time, there
should be no guaranteed advanced bid de-
posted with the Master, that the sale to the
said w. p. Clyde, T. NJ. Logan, Joseph
BRYAN, and w. A. Courienay shall stand
confirmed provided that the said purcha.
sers shalt pay 100000 within five days from
expiration OF said time, and shall also exc
cute 10 the Master a bond with approved
sureties in the penalty OF 100000 addition
al, as stipulated damages conditioned for
their full and complete compliance with
the terms OF sale as modified by this
order. That within sixty days after
the payment Of said 100000 and the exc
cution of said bond Of 100000 the said
w. p. Clyde, Il. NJ. Logan, Joseph Bryan,
and William A. Courtenay do comply with
The terms of sale by paying the balance OF
the cash portion Of the purchase-money and
executing their bond, secured by mort
gage OF the premises, bearing date the 18th
day of April, 1880, and payable one year
from the date thereof, with interest from
that date; and immediately thereupon the
said Master shall execute and deliver title
to the said purchasers in accordance with
the terms of the decree OF Sale.
1t is further ordered that the sum OF
$40, 900, paid by the said William A. Court
enay, be returned to him by the Master, and
that The said W. 2. Clyde, 7. NJ. Logan,
Joseph Bryan, and William A. Courtenay
do deposit the like sum Of $4,000 with the
Master within ten days from the date OF
this order.
That il within the appointed time sur
fcently guaranteed advanced bid be de-
posited with the Master, then that the sale
to the said w. Z. Clyde, Il. N. Logan, Jo-
seph BRYAN, and William A. Courtenay be
set aside and the said property shall be re-
sold, after advertising for thirty days, and
at said sale the. Master shall begin ct the
highest guaranteed advanced bid deposited
With him as above. But il there should be
no higher guaranteed bid deposited with the
Master, and the said w. p. Clyde, Il. NJ. Lo-
gan, Joseph Bryan, and VIM. A. Courtenay
should fail to comply with the terms OF sale
as modified by this order, then that the Mas
ter shall resell the said premises at the risk
OF the former purchasers, in pursuance OF
the provisions OF the decree Of sale made by
Judge Mackey on the 10Th OF November,
1879. j. II. HUDSON,
August q, 1880. Presiding Judge.
Colonel w. w. Gordon, OF Richmond,
Va, argued on behalf Of the Clyde commit.
tee, and made the closing argument.
He spoke entirely without notes, and his
argument was remarked upon by members
Of the bar as very able, clear, logical, and
exhaustive.