The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1881-08-04
SOUTH CAROLINA RAILROAD.
The sale Thursimy--Who Were the Bld.
ders-TlIc TermsA Talk with the Pnr-
chnsers.
.Ncu. nnh tpAn.n,.

\
the bidding al apD,C,p. Almost before
| the auctionacr could repeat the figures
| Mr.. Samuel Lord bid Sl,WnWD. which
figure waS cried for about five minutes,
during which The competing bidders
were conycrsinG pleasantly, appearing 70
layo no further interest in the proceed
| ing. 10 cry "onc million dollars Ill a
monotone. with the mercury AT 90 de-
| grocs il not q very pleasant job, but It's
| tcdiOusnesS was liRhtencd by number
| of changes Of accent whic,G varied the
| monOtOny and gave the bidders time Tor
| dclibcration and reflection. Ur million
dollars! AT Il million dollars. AZ me
| million dollars! At a miHipn dollars! At
| IA million ho,inr' for the South Carolina
| Railroad, was the burden Of the auction
| ccr's cry, until diversion was made by
| the appearance Of Mr.. John W. Sterling,
| one Of the counsel for the Purchasing
| COMMITTEES. who after Glowing his way
from the outer edge OF the crowd to the
| stand. had short conference with Mr..
| Brawley Mr.. Brawloy then bid $1,000
| 600. which was promptly followed by Il
bid Of 81 100000 from Mr.. Lord.
Al this poiEt Mr.. Fisher asked Mr..
| Lord forw hom he was bidding. to which
Mr.. Lord replied that he represented
Messrs Geo. w Williams, +. Pclzer
| and X. NJ Gourdin.
Mr. Fisher said II WAS his business 20
| satisfy himself AS to tho ability OF the
purchasers 10 pay the cash portion Of the
purchase money. whcrcup0n Mr.. Lord
produced certified check for one hum
| drcd thousand dollars.
| The sale then proceeded, the auciipnccr
| ringing the changes upon ''cne million
| one hundred thousHiil' and 'clcvcn
hundred thousand for about thirteen
| minutes, during which frequent appeal,
were mad" for better bids. During this
| interval the Receiver remarked that il
| IL l,,p
Ger appealed to the bidders to spnrc lis
| lungs, an cntrcaiy to which til" bidders
seemed 10 lend Il deaf ear
| Mr. Geo. W Williams once remarked.
son, ,ocr. "Wcll. knock it down The
CRYING continued also the appeals uf the
! Major Brawlov responded 10 the appca!
and bid 81 ,200, 900. which was inmtdi-
atclv followed by Il bid of 81 ,2jO.Wo from
| Mr.. Lord.
| After few moments, Mr.. Brawl"y bid
| 81, 10000. unl the bidding halted for
| upon the auctionocr, who appealed tn
somebody tn bid 81 l!~p.mo. Just I"
| change the tune" but To this there was no
rc-;o!:.e. Tho Master suggested that the
Mayor might buy the road for the city,
but the suggestion failing t. cv"k" Il bid
from the Mayor. he asked for Col.
| Pickens. suggesting that he might rur-
chase the road and consolidate i with
the Enterprise Railroad. But even this
| failed To evoke another bid, and the case
seemed hopeless Finally about II
| o'clock, one hour after the confluence
ment Of the sale. Col. Lord announced
| that he had no further bid 10 make
The Sale.
| Th. auctioncer asked col Lord il ho
| WAS satisfied that the last bid OF 81, 10,
900 was Major Brawley bid to which he
| replied in tho Affirmative few mo-
mcnts later. after the usual notice of last
| call p! three tincs!" the road was knock
ed down. At $l,215.nr the highest bid.
| Major Brnwlcw presented 10 tho special
/! Master II certified check on the National
| City Bank. Of New York. $l00n0o, drawn
by NJ. n. Sca,l"s, for and the Master an
| nnlincc. that in obedience to the order
! Of Court the South Carolina Railroad had
been sold for STD 900. to j. ;. barnes,
Samuel Sloan, J. J lIigginson. +. a
Stout and w. II. Brawlcy, trustees for
| theinsclvc, and others.
| The sea of umbrellas melted like SNOW
beneath the rays of the sun, and in five
minutes tho scene presented tho usual
! appearance of Broad street undisturbcd
| b.: SD important event us tho Salo of Il
| railroad.
! The sale WAS conducted admirably.
| and the arrangements ofbOth Mr.. Fisher
| and auctiOncor Blake l.. White could
| not have been better.
| Talks with bidders and Purchasers.
| In All interview with IL reporter Of the
| .Ncus and Courier Major w. II. Brawley,
| a member Of the Purchasing Committee,
! said:
Il have nothing to sny, but that tho
property has been bOul ut by the Pur-
| chasing Committee in the interest of tho
reorganization OF the road for those
whose securities have been entrusted to
| them. Tho one hundred thousand dol
| lars has been paid to secure the sale, and
| the remainder of the purchase money
will not bo paid until tho salo has been
| confirmed. Mr.. Fisher, tho Receiver,
will probably file his report of the sale Mt
| once, and 1t will remain on file until tho
| Circuit Court opens, when it will proba-
bly, be confirmed. The Circuit Court
will open on September ) by sl,isoiai ap-
polntment, but as Judge Bond. who is
now travelling in Europe, will probably
not return before the middle of Septem-
ber, the sale will therefore not he coll
iirmed before Octobe !. AS soon as the
sale has been confirmed tho now compa-
| ny Will he organized under the name Of
tho South Carolina Railway Company,
and the securities OF tho new company
| VIII be distributed among those entitled
thereto under the plans of reorganization.
Until then tho road will remain in the
hands of the Recover. The Recover
will in all probability be elected Presi-
dent OF tho new company. Tho road
brought enough to pay the claim of the
| syndicate, II the Court orders it to lie
paid, and sufficient amount of money
will be kept in Court until that claim is
| adiudicatcd. bid in tho property mt the
| request of Messrs. Sherman & Sterling,
the regular attorneys of the Purchasing
Committee in New York ! had moi
expected to bid in tho property, but in
the absence of other members of the
committee did 40 at the request Of tho
! attorneys. The title to tho property will
he taken i'll tho name Of the Purchasing
Committed"
Mr. Samuel Lord, Jr, the leading
counsel for the Charleston syndicate,
said: ''Tho road has brought a sum
which makes the payment duo the syn
dictate matter of absolute certainty
Tho effect of tho sale, in my Judgment
will be to destroy every non mortgage
bond not in the pool, nlso, every share of
stock not in the pool represented by the
Purchasing Committee, and to pay the
second mortgage bonds not in tho pool
between thirty and forty cents i'll the
dollar. The transaction certainly can
no. be wound up before Judge Bonds
return, which will bo about the first OF
| November.
Major G.. Lamb Buist, of the firm OF
Buist & Buist, the lawyers for tho iudg.
mont creditors, was next approached by
the newsgatheier. He was in most be.
witching humor, and declared that his
clients, from what he had heard, would
be satisfied with the sale OF tho property,
and that they would no taken care Of
IIo would not say exactly how or by
whom; but tho ruinor in circulation on
the street, before the sale, that the Pur.
chasing Committee had "arranged will,
Judgment creditors uoems to have been
pretty. we'll established. This report was
that Mr.. George Parsons, of New York
who holds judgments against tho rail.
road to the amount of about Si2, 800, had
sent to Cochran & Alexander the Broad