Parallel Anthology Track 28
No image of record label available.
Neither Anthology booklet assigns authorship, nor does www.78discography.com. Harry Smith's Anthology booklet says that "The tune itself is in almost every collection of 'fiddle' music", while the Where Dead Voices Gather blog says that it "is a part of the standard repertoire for any country fiddler".
"Paul Wells of Middle Tennessee State University states that the song was collected around the turn of the 20th century and seems to have been common to both black and white traditions." 
According to wikipedia, the last member of the 1930 lineup of the Tar Heels died in 1967, which would mean that this composition is in copyright until 1st January 2038.
There are good grounds for treating this composition as public domain.
Sail Away Ladies by Guy Carawan recorded in 1956 (according to www.folkways.si.edu): Spotify The liner notes for this album treat this song as traditional.
Sail Away Ladies by The Wagoners recorded in 1959 (according to www.folkways.si.edu): Spotify The Liner notes for this album treat this song as traditional.