Greensboro, March 10—An order providing for the sale at auction of the four cotton mills of the Mecklenburg Mills Company was filed in the federal district court clerk’s office here today, the order being made by Judge E. Yates Webb of Shelby, judge of the western North Carolina district.
The sale will be held at Newton on a day to be set by the special master, who is also named in the order. He is Sidney S. Alderman, an attorney of this city. The property to be sold consists of the Mecklenburg Mills at Charlotte, Newton and Clyde Mills at Newton, and Nancy Mills at Tuckertown, Montgomery County.
It is provided that no bid be received for less than $250,000.
The property will be sold to satisfy the bond holders, represented by the Coal and Iron National Bank of New York. The amount due the bond holders, who secured by a deed of trust on the properties of the mills company is $610,802.
The bonds were sold April 1, 1922. The mills company went bankrupt October 17, 1923.
J.D. Norwood, formerly of Salisbury, now of Birmingham, Ala., was president of the Mecklenburg Mills Company. He was tried in federal court here last December on a charge of violation of the national banking laws and sentenced to serve three years in the federal prison at Atlanta. He has appealed from the sentence and the appeal is pending. He was chairman of the board of directors of the Peoples National Bank of Salisbury, when it was closed in June, 1923, and much paper of the Mecklenburg Mills Company was found in the bank.
From the front page of the Concord Daily Tribune, Thursday, March 11, 1926
newspapers.digitalnc.org/lccn/sn92073201/1926-03-11/ed-1/seq-1/
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