The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1881-04-08
Sale Of ths spar.apsurs ANA A.hevilo Road

SPARrAxDURe, April AT 12e . ,ck, 10. day,
Messrs. J. ID, Cleveland md " a Inmau, the
. ttustecs Appointed by tie Uu;'cJ States Court,
assembled the Courthouse steps nc this place.
They we're followed by Ssm'. lord and Frank
j.. Ty DOR of Charleston, X. Y. McAden of Char
lotte, Joseph Walker of Spnrtanburg. J. L..
aounS of Caios> x. l. Coleman Of AshevIlle
anu other celebrities.
COL James II. Rion announced that the Spar
tanburg and Asheville Road will now be sold
under the decree of the United States Court
which he read. lie stated that j. V Goodlett
was authorized by the trustees to sell the road,
VINO at once began to cry the sale, when r. L.,
coleman came forward and said: al forbid
the sale because Rice aud Coleman have claims
for work against this road which, under the
mechanics lien law of North Carolina, are prior
TO all other claims"
MIR. Cleveland said TO the auc .ioncer, go on
with the sale
Bids were then called for, and Col. Joseph
Walker bid $4,000. After crying this n few,
minutes, Col. Coleman said 100000. This,
was cried n few minutes, when q voice came;
from the crowd in 'front.' $4,000. 1t was as \
certained that DIR. Il. NJ. Smith made this bid j
This was cried about three minutes, when Col
Walker raised il to S1ll,OOO.
After this bid was cried few minutes, Col
Iiion announced that only short time would
be given unless other bids were made.
Goodlett then proceeded TO give n final call ,
o"' Se''"S Ho 'espOnsc Hc kCOckcu uOwn the
property to Col. Joseph Walker, chairman of
the committee of some Of the bondholdcrs, for
Sill 900.
Immediately after the sale meeting was held
anu new company organized under the title of
the Asheviile and Spartanburg Railroad Com.
pany, with Il. Y. McAden, President, w. II.
lnman - ice President, James Anderson, Super
intendent, \. Dulls, Treasurer.
TX. \. McAdcn, Frank f. Taylor, W. III. In.
man, Joseph Walker, W. S. Thompson, Alfred
Austell and ID. II. Duncan dire ctors.
Steps will be taken at an early day TO com
plete the roal to Asheville
One third of the cash has been paid, and
bonds given for the balance, and the titles trans.
ferrcd. All this was done within six hours
Evening.-lt was generally supposed that the
clyde Combination would secure the road. |,
is certain that the Sparanburg and Union Road
has not been bought, as heretofore reported,
hy the Clyde Company. 1t is believed that the
Asheviile and Spartanhurg Company will pro.
ceed Mt once to finish the road and watch an
opportunity to sell out to advantage in the fu.
ture. Ii is understood here that the road has
been purchased in the interest of the Spartan
burg, Union and Columbia Road, by which id
has been operated. The probability is that an
effort will now be made to consolidate the two
roa'!s and run them under management anil
in the same interests. IL is also rumOred ii
such consolidation is Effected that the roads
will probably be in the market for sale, bu,
there is nothing in the present outlook to war.
rant such n conclusisn. Mr.. Coleman who made
bid for the road, is one Of the lien creditors,
and of Or. Il. NJ Smith as railroad man, no tll-
ing is known in Charleston.
In Augusta il IS thought that the purchase of
the SpartanGurg and Asheyille Railroad by the
bondholdcrs, and the promise of its early com.
pleion insure the success Of the Augusta and
Knoxville Railroad.-.Ntms and Courier.