Historical Newspapers of South Carolina

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NEWBERRY MILLS SOUND AND STRON (Continued from the First Page.) to make, he could have no purpose c jeopardizing his own stock. Hedging Against Sales. This method, it is claimed. is no at all new, and the friends of Mr. Mc Crary say that if he bought cotto: futures or sold them, it was with th view of hedging, and that if he bot] bought and sold it was with a vies of regaining the losses that migh have been incurred by hedging agains the sales of the manufacutred pro ducts. It seems from what can be learne, that at the time of Mr. McCrary' death there was bought on the ac count of the cotton mills twelv thousand bales of cotton, and ther were sold thirteen thousand bales. Of course, the purchases and sale through Lehman, and also J. H. Par ker, who were the brokers, at differ ent times, were with evident purpos to hedge. At best it seems very com plicated transaction to ascertain ex actly when the cotton was boughi and when it was sold, but evidentl; the losses were incurred, if they wer incurred at all, through ts cotto: transaction on the sales .c wer made. An Excellent Record. The friends of Mr. McCrary con tend that when he took charge o the mill, which has been five and one half years ago, the property wa $365,ooo in debt. Most of this amoun was for permanent improvements, an, extensions of the plant, and since tha time, it is claimed, Mr. McCrary ha made sufficient money during his ad ministration to pay every dollar o this indebtedness and to accurnulat a surplus of about $177,ooo, to hav earned during the past five month $75,ooo, and to have paid regularl; during his entire administration an ; per cent dividend, and even - shoulI it be true thatc he did lose money b; not being able to porperly hedg his cotton goods sales, there shouls be no discredit to him becauce, on pre vious occasions, he made money ii this same way. It is most gratifying to be able ti say without any equivocation o reservation that the Newberry Cottoi mill is absolutely solvent, and tha there is no possibility of this loss im pairing the solvency or credit of Th corporation. Absolutely No Debt. Should every dollar of the surplu and the accumulated, profits of thi year be wiped out by these allege losses, the mill would still be entirel: free from debt. The capitalization a the mill is only $400,00o, and This rep resents an actual construction ac count of something more than $800, ooo, and it is to be remembered tha the Newberry plant was put up whe: construc'tion was much cheaper tha: it is now. The mill is thoroughly equippe with first-class machinery, and ha never been in a better condition t earn money for its stockholders tha: at the present. Therefore, even at 'ch worst the stockholdres have a mi: that has cost $8oo,ooo on a conserva tive basis, and which is capitalized a $40o,ooo, and there need be no appre hension on the part of the stock~ holdres or creditors. Just to show how prosperous th mill has been the last year, the mi. made $173,ooo net. Out of this mone $170,000 was placed to the credit C the profit and loss account; $32,oo was used to pay dividends; $25,oo was utilized for new machinery; $6, coo was expended on a new schoc house and $3,ooo was expended on th installing of a new cotton distributin, process. The mill has made mone; right along since it began operat>'r and the s-urplus account has been i n ning over the $10',@ mark a grea many years. In 1900 it was $268,oo< when a considerable amount was ex pended for machinery. Up to 189 the surplus account accumulated rap idly. In 1894 it was $155,ooo, whe: the surplus was expended upon th expansion of the mill property. Has Ample Money. The mill has on hand ample mone: for all of its obligations. On Frida: of last week it had on hand nearl: $30o,ooo cash, in New York, here, il Charleston and inl Richmond. It has been suggested that at on time, about three or four years age tne board authorized the purcahse o three or four contracts of 1.000 bale each for future delivery, but that this was the on1y authority given 'Eo Mr I McCrary to make a contract for fu I ture delivery and that this was foi spot cotton, and that since then there - has never been any authority given f to Mr. McCrary by the board br ad visory board to deal in futures and the memberz of the board insist that t there is no record of said authority, - while, on the other hand, the friends 2 of Mr. McCrary insist that the mem bers of the board did know that these 1 contracts were purchased to hedge against the contracts for the manu t factured product, and *hat even ii t there was no special authorization -'the general authority of the president carried with it a full right to make I such investment in behalf of The cot s ton mill. - It appears that the advisory com e mittee on the board of directors, to e gether with the bookkeeper of the mill, made an examination of the ac s counts of the mill and, according to - their figures, the loss amounted tc - approximately $202,000, but they were e not positive as to the figures being - correct, and wheEher there be any - credits to this that might be discov :, ered, or whether this was the full amount. Auditing The Books. The board then decided to employ e representatives of the American Au diting company, with headquarters in Atlanta, to audit the books and make - a full and comprehensive report ol f the books, and show the exact condi - tion of the affairs. The represenia s tives of this auditing committee are t now working, and the most persistent I effort fails to secure any authorized t statement from the president of the s mill or the directors. - The claim is made that as soon as f the auditing company completes its report a statement will be sent out e to the stockholders, but that until s such a statement is made they have no intention of making an authorized g statement. There is a great deal ol j feeling in Newberry about this matter, and unfortunately there appears to be considerable rivalry in various fiscal j matters, and if there )ad been more freedom the facts might be presentd more connectedly. Four Strong Banks. There are four banks in Newberry, r and all of them are strong institu tions. None of them has suffered a t dollar's loss in any mishap that may - have occurred to the Newberry Cot ton mill, and, while in some commu nities banking institutions have been affected by mishaps to legal enter s prises, it is probably better to make i*i 3 absolutely plain that none of the 3 banks here have been affected, and as has already been outlined, no banks y that hold any paper of the Newberry - Cotton mill can be affectced in the - least. .The incidents here and those thai t have recently occurred in other parts o f the state ought 'to emphasize that .every board of directors should insist on the employment of a $ committee to go over the books, and s that this auditing committee .3 know absolutely no one connecte.d .with the enterprise. Mr. McCrary, it may be added d -id not keep the books of the cottor -mill, but was president and treasurer Sof The corporation. - The board of directors consisted ol -eleven members, all of them from this county, where a majority of the e stock is held. ?' QUEER PROBLEMS OF LAW t 3 Curious Questions English Courts 0 Have Had Occasion to Decide. London Tir-Bits. Hundreds of years of test cases have not yet elucidated all the pos 'sible points of difficulty in the Eng lish law. Here is a remarkable problem with which the Blackburn lawyers have just been confronted: An English gentleman had twin sons who were born within a jew minutes of each other. He made a will 'that his prop erty in Australia should go to which ever of the two sons arrived at the age of 21 first. The youngest of the two emigrated to Australia, while the other one re mained in Englan-d, and 'the former was still in the Antipodes at the time of his coming of age. Now, Austra i an time is some hours in advance of Greenwich and, therefore the young man out there was 21 before his eld er brother at home. Which of these two brothers is legally entitled to the property? The question has not yet been decided, and in the meantime readers may exercise their own ac umen upon it. Are eggs eggs, or are only hen's eggs eggs? This may seem a ridicu lous question, but nice shades of meaning are involved, and a case which turned upon it went through two or Three courts of law. A lady sent an order for a dozen eggs to a dairyman and he sent her duck's eggs. She sent them back as not being what she ordered, but he refused to take them. She, in turn, declined to keep them, and some time elapsing between their journeys from The house to the shop, the eggs went bad, and eventu ally the shopkeeper sued the lady for is. 6d., their value. The county judge ordered her to pay, declaring that duck's eggs were as much eggs as any others; but the lady appealed, and King's Bench re versed the decision on the ground that when a party ordered eggs 'hen's eggs were meant, and if any other contention were admitted any kind of eggs might be sent, such as pigeons', canaries' or even rattle snakes'. Duck's eggs, it was decided, were not eggs in the ordinary mean ing of the term. Are The grandchildren of a man .lso his children? In the legal sense this question is not so absurd as it looks, and some time ago it was most ser iously and laboriously contended in the courts that according to act of parliament they were. The particular act in question, pass ed in the reign of the late Queen Vic toria laid it down that "the father and the grandfather, the mother and the grandmother, and the children of any poor person, being of sufficient abil ity, shall relieve and maintain any such poor person." The argument. was that, according to the context, grandchildren were to be reckoned as children -for this pur pose, just as grandparents were reck oned as parents. On the other side it was argued that if grandchildren were children then great-grandchil dren were children also, and that a man might be called upon to sup port his father and mother, his four grandparents, his eight great-grand parents and as many grandchildren and great-grandchildren as he might be lucky enough to possess. Is skimmed milk milk? A man asked for a glass of milk to drink and was given skimmed milk, and the purveyor was fined for it; but in a higher court the decision wvas revers ed, it being contended at tihe time that skimmed milk was really much more milk 'than milk that was not skimmed, since the latter contained something that was not milk at all that is, cream. HOW TO TREAT WRINKLES. Must be Taken Out Every Day with Steam and Cold Cream. The Pilgrim. To treat a wrinkle as it should be treated requires finesse and diploma cy. You must handle it as though it were a crinkled piece of tissue paper, and you mu'r keep it supplied with food;'and you must pamper it as you would pamper an infant. Taking it for granted that you have discovered the kind of cream which your skin needs, you must now .take and feed this cream to the wrinkle. You must steam a wrinkle, open its pores, and while they are receptive give them enough cold cream to restore them to plu mp ness. "My wrinkles have returned," wrote a duchess to a beauty doctor. "1 paid you a fabulous sum for taking them out of my face, and now they are back agaii." To this the doc-.or replied: "'I gu.aranteed that I wouldb take Out your wrinkles, not that 1 wouild keep them out. WVrinkles must be taken out every day. You must remove them as you remove soil from your gown or spots from your hands Wrinkles come in a day and must be banished every night, or ev ery time they return, if it is twice a day." To take out you' wrinkles, steam your skin. Now, steaming the face in the hands of an ameteur is extreme by difficult. The tendency is to burn the face. Don't try a regular st:amer. ITake a pan of water and keep it warm over a flame and then apply hot cloths to the face. Keep on till your ski:. feels tender, but never until it is sore Now !s the tiz-ie to apply the col cream, which should be very soft The best wrinkle cream is of the con sistency of the cream of milk and i can be spread on the face very quick. !y. If your cream is too thick, hea it slightly and thin it with the oil o: sweet almonds. It should be soft t< the finger tips. Then let it cool an apply it to the skin. Never try to ap ply a skifi lotion when it is cold. I should always be slightly .heated. Se the jar in a basin of hot water an when it is warm it will be ready tc put on the face. And another rule Always bathe the face with hot wa ter first. After a man fails to make mone] his wife loses all awe of his bunch o office keys. When a boy helps his mofher witl the lishes, how do the oti.r boy find it out? Ihere is no greater fallacy in thi world than that sense comes with ag< or experience. It is going to make a mighty poo: jam for your crust in poverty to ea it remembering what you spent oi foolishness in youth. STATE OF SOUTH CAROLINI - NEWBERRY COUNTY - Il COMMON PLEAS. The Newberry Savings Bank, Plain tiff, against John G. Wolling, Jr. and J. E. Matthews, as Trustee.i Bankruptcy of J. C. Wplling & Son defendants. By virtue of an order of the Cour herein, I will sell before the Cour House at Newberry, S. C., on the firs Monday in October, 1905, within thi legal hours of sale, at public outcry all that tract or plantation of lan situate and lying and being partly h Newberry County, in said State, ani partly in Union 'County, in sai< State, containing four -hundred an seventy-six and seventy-two one hundredths acres, more or les! bounded by lands of D. A. Thoma! estate of Mrs. Susannah Oxner, de ceased, J. M. Henderson, by th "Orange Hall" plantation, and by th line between Newberry and Unio counties, the same being compose of two tracts of land which the lat Sarah E. T. Chick died seized an possessed; one of wihich tracts con tains four hundred and four and seV enty-one one-hundredths acres, an lies wholly within the County c Union, in said State, and the othe tract contains seventy-two acre! more or less,' and lies partly withi: the county of Newberry and parti: within the county of Union, all c which was conveyed to me by Ja! M. Henderson, as the executor of th last will and testament of Sarah E T. Chick, deceased, and James M Henderson and Eliza Henderso: Whitney, by deed bearing date th 5th day of January, 1903. Also all that other tract or planta tion of land situate and being i Township No. 1. in the County c Fairfield, in tihe State of South Caro lina, containing One Hundred ana Fifteen Acres, more or less, knowl as the "Betty Coleman" place, bound ed on the north by lands of H. C Coleman and T. E. Dye, on the eas by lands of T. M. Beam, on the souti by lands of 3. G. Wolling and on the west by lands of J. G. Wolling an< T. E. Dye. Terms of sale: One-third of th, purchase money to be in cash an< the remainder on a credit of twelv, months, with interest from day o sale, to be secured by a bond of th< purchaser and a mortgage of th, premises sold the purchaser to pa: for all papers and recording of same H. H. Rikard. Master's Off ce, Master. Newberry. S. C.. Sept. 8, 19o5. MISS JEANNE PELRAt, A. B Granlt8of Ci 1cg for 'WlOm, Columbia, S. C. PRIVATE PUPILS, Primary grades and pupib desiring tutoring for college entrance. School opens Oc. tober 1st, 1905, at Dr. Pel hi's residience. The poorest thing you can -ffer I a filend is an excuse. When you think yourself over ix - the middle of satisfaction you give t mighty poor satisfaction. t STORAGE NOTICE. Newberry, S. C., Aug. 26, 1905. To all merchants and whom it m . concern: The following circular from South ern Car Service association, office of manager, circular No. 13, Columbia. I S. C., August Ist, 1905: "The lines interested in South Carolina, in order to avoid claim of discrimination have - found necessary to absolutely dis continue the practice of giving free storage to any article in or on their r property at all their s-ations. Yom are hereby instructed that on and af ter September ist, to allow nothing too be stored at your station in your locaL depot, on plaEforms or in other prop erty belonging to the railroads unles:1 full storage, as allowed by the rules of the South Carolina Railroad Com mission and the railroads, is collect: r ed." (Signed) J. C. Haskell, Man'r. Please take notice and be advised that the storage rules at our stations will be enforced as above. This ap plies to everything for this place, i.e cluding fertilizer. J. P. Sheely, Agent Southern R. R.. J. W. Denning, Agent C., S. &. L. R. R. Hll Slih More Goods FOR Same Money. Same Goods. FOR Less Money Your Money's Work Or Money Back ~BillHill &Bob Sli gL Newberry, S. C. Just received; - 2 car .loads of Buggies. I car load of Wagons. and a lot of up-~ Jto-dlate and first :class Harness. All to be had at REASONABLE PRICES at A T. BROWN. Dr. R. M. Kennedy, DENTIST. Newberry, - - S. C. OVER NATIONAL BANE. SBest Mineral As phalt Roofing. C. H. CANNON, N ear C. N. & L. Depot