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VOLUME XXVII clinton; s. c., Thursday, august is, 1927 NUMBER 33 TAX SURVEY IS CONTINUED Piedmont Hearings This Week. Statement From Legislative Group Oatlines Situation As Seen By Members. Columbia, Aug. 15.—The tax com mittee of the legislature met in Green wood Monday, Anderson Tuesday, Greenville Wednesday and will meet in Spartanburg today. The committee announces: . “In our meetings over the |tate we desire it understood by the public that we are anxious to hear from all per sons interested in taxation. We desire to get the views of the various inter ests of the state as to the practicabili ty of any kind of system of taxation that will relieve the present inequit able situation that will equalize the burden and distribute the revenue of the state amongst the people in ac cordance with their ability to pay and in accordance with the benefits re ceived by them from the government. “The committee has formed no plan GREENVILLE MAN SLATED FOR POST R. E. Henry of Greenville, In Line To Succeed Geo. M. Wright As Head of Watts Mill. O ■ mimi Laurens, Aug. 12.—Information has been received in Laurens to the effect that R. E. Henry, president of Dunean mills, of Greenville, may become pres ident of the Watts Mills company, suc ceeding Geo. M. Wright, recently re signed. The news relative to this im portant matter comes from New York by way of Greenville, the story seating that Mr. Henry will probably he se lected for the post having been pub lished in the News Record of New York city. Mr. Wright has accepted the presi dency of the Republic mills at Great Falls, Chester county, and it it under stood that he will sever his official re lations with the Watts Mills company about September 15, when he takes up actively the duties as executive head of the textile plants at Great Falls, one of the important manufacturing units of the state. Mr. Henry, should he become presi dent of the Watts Mills company, will “IT CAN BE DONE” SLOGAN PUT FARM BOY WITH THE MIGHTY to submit to the 1928 session of the ... general assembly, bat is faced with not relinqmsh h,s present official een- nection with the Dunean mills, it has been stated from Greenville. Mr. Hen ry has been in New York during vhe week, and for that reason the report as to his selection for the presidency of the local mill had not been confirm ed yesterday. According to the Green ville version as to the probability of Mr. Henry’s appointment to fill the vacancy caused by Mr. Wright’s res ignation, it is said that he is in line to direct the affairs of both mills. Mr. Henry is pleasantly known hero by a number of friends. He married a Clinton girl, Miss Emmie McCrary. the following facts: According to all the information that can be obtained the 1928 session will be obliged to pro vide for an appropriation of at least $10,000,000 and will be met at this time with a deficit in the neighbor hood of $2,500,000 or more, wheih will in all probability require the raising of appproximately $12,500,000 or more. “At present some commodities are being taxed at such a rate as to make it impossible for merchants within the state to compete with merchants with out the state in the selling of such commodities. From year to year cer tain commodities are being added to the tax list at such unreasonable rates of taxation. Unquestionably, the di rect property levy is working serious injury to certain parts of the state with regard to other parts of the state. Activity In Market Greatest In Sever- “For the purpose of a levy for 1928 *1 ^cars. Smallness of hederal certainly no constitutional changes can t Report Sends Prices I p. be effected. Constitutional changes in ^ ew Orleans, Aug. 14.—The cotton the system of taxation was defeated in ’ market last week witnessed the great- the general election of 1924 by the est activity, as well as the widest flue- people. Certainly the state can not tuations in prices known for a number hope for reKe# by * eoaetkatiayial $1 J>a*t. _ „■ amendment for a period of six or sev- The surprisingly en years, possibly ten years, for the '* * simple reason that if the constitution al changes are submitted for the 1928 general election then the 1929 general assembly must ratify the same, after which laws must be enacted to put in force such constitutional changes. “The passing, of laws changing the WEEK WITNESSES BIG COTTON GAIN New York, Aug. 15.—Elbert Henry Gary, recognized dean of America’s in dustrial giants, years ago placed up on the wall of his old-fashioned office on the Seventeenth floor of No. 71 Broadway this framed motto: “It Can Be Done.” The creative force repre sented by those words dominated the long career which carried him from the small farm on which he was born at Wheaton, 111., October 8, 1846, to a leading place at the council tables of the mighty. Time has obscured the early years at Wheaton and the beginnings of success at Chicago. Only the unoffi cial retention of the title “judge” has reminded the public^ that the law claimed Mr. Gary when the steel in dustry was but an infant, dwarfed in world markets by the English, German and French manufacturers. Before he turned to steel in 1892 he had practiced law, with the exception of eight years as a county judge, for more than twenty years. He came of New England stock. His ancestry ran back to the early Puritans on his fath er’s side and his mother was descend ed from one of the officers of LaFay- ette. Later, the War Between the States, running away from home in 1864 to join a regiment after previous rejec tions because of his youth. Mr. Gary taught school one year and then read law in the office of Col. Henry Val- ettd, his mother’s brother, at Naper ville, the county seat. Later he entered the Union College of Law of Chicago, which subsequent ly became a part of Northwestern uni versity, and was graduated head of the class in 1868. He became a deputy clerk and then chief clerk of the Illi nois supreme court. This position enabled him to form many acquainatnces which proved val uable when he resigned to practice law for himself. The great Chicago fire of 1871 set him back, but he and his uncle, Col. Valette, established new offices, and his progress thereafter was constant. He won a high reputa tion both for skill in cross-examina tion and shrewd, painstaking prepara tion of his cases. After serving two terms as Du Page CLINTON b. & l. COLLEGE LOOKS HAS GOOD YEAR sma la'll cr^p^orwa^ *®*"^ Gary returned ofthe government on last Monday-1 ^ j served substantial his death twenty-nine years later the steel business was his chief interest. Experience with the Federal com pany made Gary an advocate of a still greater steel merger. He broached the plan to Mr. Morgan, who did not en courage him. THere had been recent instances, remembered too well by Morgan, of steel making paupers in stead of princes. Mr. Morgan ha^#been equally indif ferent to overtures from Andrew Car negie, the greatest of American iron masters, who wished to retire from business in order to give his time to benefactions, and who felt he must go to Morgan to find a buyer. On the evening of December 12, 1900, Charles Stewart Smith and J. Edward Simmons, both prominent in financial affairs, gave a dinner to which Morgan accepted an invitation. Among the guests was Charles M. Schwab, president of the Carnegie Steel company. He knew every de partment of steel making, and to his efficiency as an executive and his prime qualities as a salesman, was added a gift of persuasive speech, potency had been proved in various steel crises. There were speeches at the dinner, but all the others were forgotten when Schwab’s was launched orv the com- w. pany. The steel company of the tu- s vice- ture was his theme. He drew a word picture of a company big enough to assure the fruit of greatest efficiency with greatest economy, with highly specialized departments, able to set a pace that no other country in the world could match. Morgan fell under his spell. He talked with Schwab after the speech, and invited him to call at the banking house the next day to lay out a plan in detail. Morgan w r as so captivated by the plan mapped out for him that he directed Schwab to get a proposi tion from Carnegie and to sound oth ers whose companies were desired in the formation. Action after that was swift. Within a few days Schwab informed Morgan that Carnegie’s price was $492,096,- 160, which he would accept in the form of $303,450,00 in bonds, $98,277,120 in preferred stock and $90,279,040 in common stock. Morgan swung the N*c Annual Stockholders Meeting Held. John H. Young Elected a Direc tor as Successor to Brother. At the annual meeting of the stock holders of the Clinton Building and Loan association held Monday after noon, John H. Young was elected as a director to succeed his brother, Geo. W. Young, who had served the asso ciation faithfully from its organiza tion until his death. The other direc tors who were re-elected are: W. J. Bailey, J. W. Copeland, Sr., C. W. Stone, Jack H. Young, E. J. Adair, J. F. Jacobs, Sr., Guy L. Copeland, E. B. Sloan. The annual audit made by Gooding Audit company of Columbia, certified public accountants, showed the asso ciation’s affairs in good shape. The association made a good profit during the past 12 months. According to the audit the resources of the association are $217,428.07. Total number of shares of^stock outstanding are 5,679. The association announced the open ing of its sixth series and authorized the sale of fully paid, as well as in stallment stock. At a meeting of the directors, imme diately following the stockholders meeting the following officers wer re elected : W. J. Bailey, president; E. B. Sloan, president; W. P. Jacobs, Sec.- Treas. Loan committee: W. J. Bailey, E. B. Sloan, E. J. Adair. _ Solicitor: R. W. Wade. The audit, which is a regular annual affair, is open to the inspection of the public at all times, the officers state. It showed a continuous progress, suc cessful opeiation and a growing asso ciation. CALHOUN HIGHWAY GETS NEW BRIDGES tional Tube company into line. The Federal Steel company came in. Oth er component companies, centered 13,492,000 bales—was naturally the c i ien ^ and made a modest fortun . e - His great event of the period under review. ‘ as an a ^ tonie y is indicated , Most traders had looked for a forecast!^ t ^ fact ^ he was President of mainly.^ Pittsburgh, were persuaded the neighborhood of 15,000,0001 the Chlca R° Bar association. Up to that it would be to their interest to in bales and prices had declined to leveU this tim f his attl ^ ies as a business commensurate with a crop of that size.; ! na ? an I d c ° r P ora te organizer had been Accordingly, when it was seen that the 1 ln „• e *. at ^ round - His first important steel connection sume a number of years and persons acquainted with the-passage of legis lation all admit thdt this is a slow process. These laws could not be per 150 points additional on Tuesday mak-lft** F«“r years later Gates interested issue to be divided equally between ing the toul advance as a result of the | h ™ t ,n » . 8 ' ee ' wi™ amalgamation —' government's sensationally small es- intended t0 1 ' ad t0 “ * 80 - timate 360 points of $17.50 a bale. Af. W0.000 company. ter so radical an advance it was not surprising that there should be con siderable profit-taking as well as sell-, u ^ . . ing for a reaction on the part of those! P. any ' , bu j dunn K the negotiations Mr The effort was only partly success ful, resulting in 1898 in the formation of the American Steel and Wire corn- willing to take a chance that the gov- Gary had won the confidence and ad- ernment had led or that an improve-; ?” ration V* J .' p ’ e, T ont Morgan. A - . - ment in weather and crop conditions j feW months la *er the IHmoil Steel from his having. onginated the mer- ' company and the Minnesota Iron com- — :j — *' — may lead the bureau to revise its es- • timate upward at the time of its next jeport. pany were merged into the $200,000,- 000 Federal Steel company. Morgan a ^ ^ , offered Mr. Gary the presidency at As a result of the liquidation which hig own terms From that time unti , has followed prices have reacted 174 j points or nearly $9 a bale from the high point of Tuesday. Despite the reaction which has oc curred from the high point of the ad vance the weather in the belt has been pprogressively unfavorable sineje Au gust 1, and the spread and ravages of the boll weevil have increased. Ux system would, unquestionably con- £ 8 a ;was made in 1832 when the spectacu- million and a half bales less, prices im-1 ar J ° h ” ^' Y ate ?’ bar , b - wire kln *. w mediately shot up 200 points and «" bat n ed b,a ,ega ! a ; d fo 1 rmi 7„, the r. would have gone higher but from the $4 ’ 000 ’ 000 Consolidated Steel and Wire fected within less than a period of four i trading rule limiting the fluctuations ; Steel compaVTo^inte* diffi years after the constitutional changes of any single day to 200 points . | and he rs made general coun' were voted by the people and this As a matter of fact, prices advanced / ^ . . ! e general coun could only be done provided the pro gram *for constitutional change was successful at each and every stage. Any reverse at any stage would ren der the period above mentioned much longer. —i "Every constitutional change Offer ed in the general assembly in the last three years has. been defeated. There is not much hope for constitutional amendments to be submitted to the people in the 1928 general election. The general assembly, seemingly, in the last three years, has assumed that the people do not wish constitutional change on account of the defeat of the ing true there is po hope for consti- 1924 program by the people. This be- tutional changes being perfected with in a period of ten years. “As stated, no matter what may be charged, this committee has absolute ly formed no opinion as yet of any definite program to be submitted to the 1928 session of the general assem bly. Its numbers of meetings through out the state are for the purpose of gathering information sufficient to formulate a plan of taxation to be sub mitted to the next session that will in some way meet the conditions as out lined. “The committee further desires it specifically understood that if any man or group of men can«offer to this committee any feasible plan of taxa tion not prohibited by the constitution and which will not be too great a bur den on the business interests of the country and will in a reasonable meas ure properly distribute thfe burden and do away with some of the glaring in justices of the present situation it will gladly consider the same and receive it with an open mind. In order that there may be no mistake, let us repeat that we are anxouis to receive all in formation possible from any and ev ery source. We have no axe to grind; we are only endeavoring at the present time to get all of the information and assistance possible. We further desire that the various business interests will not assume a hostile attitude, but will give us aid in a spirit of cooperation and attempt to help us in a measure at least to solve the situation.' No one expects a perfect plan of taxation for join. On February 25, in a little more than two months after Mr. Morgan’s conversion to the idea, the United States Steel Corporation was incor porated. The component companies were appraised at $867,550,394. - The financial world gasped at the announcement of an authorized capi tal of $1,100,000,000—a billion at that time seemed something fabulous—the preferred and common issues. There were also $304,000,000 in bonds, mak ing a total in securities of $1,404,000,- 000, a record sum for any commercial enterprise up to that time. The Mor gan syndicate put up $25,000,000 in cash as working capital. This summary^of organization bears on Mr. Gary’s career because, apart Signs of Stir On Broad River. Con tract for Tiger Bridge To Be Let August 22nd. Union. Aug. 8.—Right of way has been cut, banks of Broad river cleared, cement houses built, logs hauled and concrete mixers placed on the ground preparatory to the building of the hxidgB across Broad river near Car lisle just below Fish Dam ferry and immediately below the old fish dam which was built by the Indhins years and years ago, remnants of which can still be seen. M. C. Deaver and J. J. Welch have built small stores near the place where the bridge will be built and everything has taken on ntw life in and around Carlisle. New gasoline tanks are be ing installed and it is believed that the building of Broad and Tiger river bridges on the Calhoun highway will mean great things for Union and the county. The contract for Tiger river bridge will be let August 22nd, this bridge to be placed near Rigers ferry. This fer ry on account of low water has caused much inconvenience to those living in the neighborhood and to tourists general. in Veterans Gather In Annual Reunion ger idea, the policy of the corporation was shaped by him, with the backing of the Morgan interests and over the protest of the Rockefeller, Carnegie (Continued on page seven) Mrs. J. F. Pinson Has Passed Away « Friends in the city of F. C. and J. A. Pinson will regret to learn of the death of their mother, Mrs. Annie Re- cbecca Pinson, wife of J. F. Pinson, which occurred at her home in Ninety- Six last Saturday night. The funeral service was held Sunday afternoon at the residence of her daughter, Mrs. G. Story of South’s Material Advancement Beg gars Description and Staggers Imagination (From Manufacturers Record) Never before in the history of this paper has it been possible to publish such a list of great enterprises now under construction in the South as we are giving today. Hydro-electric en terprises by the dozen, involving ex penditures for individual plants from a few million dollars up to one which j will require an investment of over $50,000,000; great cement plants cost ing from $1,000,000 to $5,000,000; enormous hotels and office buildings; railroad bridges, highway bridges,. Laurens, Aug. 14.—The annual re union of the survivors of three Con federate commands was held Satur day at Union (Quaker) church, in Wa terloo township. The companies whose survivors united in annual meeting are Company C. 14th South Carolina regi ment; Company C, Third battalion, and Company A, Sixth Cavalry. Only five veterans of the sixties were pres- ture, the outlines of which we have i ent yesterday and one of these belong- broadly sketched. It? to an « tbt,r 0 * the fam « us Here is a story of material advance- F ™rteenth South Carolina regiment. TO BRIGHT YEAR P. C. “Freshman Week" Begins Sept. 6th Before Upper Class men Arrive. Faculty Person nel Unchanged. * i — Presbyterian college, making new and unufcual preparations to adequate ly care for its freshman class, is grat ified at the large number of applica tions already received. New students will enter the college on September 6th, three days before the upper class men arrive, in order, that each fresh man may receive the individual atten tion deemed necessary by President Parkinson and the faculty. During this so-called “Freshman Week” new students will have opportunity to fa miliarize themselves with the college campus, to consider carefully the choices open to them in the curricu lum, and to realize the aims and pur poses of college in general and of Presbyterian college in particular. Outstanding features of the week will be a series of lectures, demonstra tions in the use of the library and care of college property, and a recep tion by the faculty. Dr. Parkinson will present the “Aims and Purposes of Presbyterian College,” Coach John son will talk on “Sportsmanship,” Pro fessor Woodworth will explain “The Freshman Curriculum,” Professor Hoy will lecture on “Personal Hygiene for the College Student,” and Dr. A. E. Spencer will discuss "Personal Fi nance of the College Freshman.” A demonstration in the use of the libra ry will be given by Miss Helen Com fort, librarian, following an address oh the "Use of the Library” by Pro fessor Coe. J. A. Wertz will speak on the “Honor System” and J. H. Hunter, business manager, and Miss Louise Simmons, registrar, will give special suggestions in the care of college property and instructions for regis tering. Coach Johnson, who has served as director of recreation at Mrytle Beach this summer, has called in 42 of the football squad to begin practice Sep tember first.- Members of the student council, the president of tha Y. M. C. A. and the editor of The Blue Stocking as well as the editor of the PaC—SaC have been invited to come on the 6th to help with Freshman Wfeek. All members of last year’s faculty will return. Professor R. L. Coe has been at the University of South Caro lina where he taught during the sum mer school, and at Columbia univer sity where he took a six weeks’ course. Professor M. W. Brown studied for twelve weeks at the University of Wisconsin. Two new members have been added to the faculty. Miss Louise Simmons, A. B., Randolph-Macon, M. A., University of South Carolina, and former laboratory assistant in the de partment of Rural Social Science at the Univesity of South Carolina, took a special course for college registrars this summer and has reported for duty as secretary to the president and reg istrar. T. H. Grafton, first honor man of the class of ’27, Presbyterian col lege, with a double A record thruout college, will serve as instructor in Mathematics and Bible. Mr. Grafton, whose father is a missionary to China, was born in China and has spent the major portion of his life there. Lieutenant Alfred N. Taylqr, Infan try, born in New York state and edu cated at Kenyon college, Ohio, has been detailed for R. O. T. C. duty as replacement for Lieutenant David R. Nimocks, who after four years service at Presbyterian college as assistant professor of Military Science and Tac tics. has been transferred to Bailey Military Institute. Lieutenant Taylor comes from the 28th Infantry, regu lar, Fort Ontario, Madison Barracks, Speeches were made by Judge F. P. ,N. Y.- McGowan and C. A. Power. B. Y. Cul-j Colonei E> L Glasgow will continue bertson, a son of qne of the late sur- as piofesscr of Military Science.^ ment that really beggars description, and somewhat staggers the imagina tion as one attempts to grasp its full. . „ _ . , .. , meaning and the effect which the en- ;V,V0rs of Company C of the 14th, acted terprises now under way will have in ' ai " master o1 c * remon,e8 - E. Dukes, and interment followed in,bank buildings, harbor improvements, the Bethlehem cemetery at Coronaca. j all combine to make such a showing Mrs. Pinson was in her 76th year 1 for construction work in 'the South as and had been in declining health for!has never before been made in this the past year. She was a Christian wo- i section, and possibly never before man of many lovely traits of character made in any section of the United and was universally loved by all who! States. Here is unrolled a panorama knew her. of vast enterprises of every variety. The deceased is survived by her hus- Capital from other sections is pour« band, two daughters, Mrs. G. E. Dukes in *? into the South b y the hundreds of millions. Southern capital is joining in and Miss Fannie Pinson of Ninety- Six, six sons, R. O. Pinson, Green wood; J. E. Pinson, Greenwood; J. W. Pinson. Greenwood; E. B. Pinson, Dan ville, Va., and F. C. And J. A. Pinson of this city. when we get a perfect plan of taxation we will then be in the period of the millennium and South Carolina will need no plan of taxation. tremendously stimulating further de velopment. Surely Secretary Hoover made a safe prediction when a few days ago in an interview with the Nashville Tenneseean and other Southern pa pers he said: "Industrially, the South is a section 111 Teachers’ Meet Set For Laurens Dr. L. R. Lynn To Speak Sunday Dr. L. R. Lynn will preach next Sunday morning at the usual hour for A meeting of all members of the 1 . ! South Carolina Teachers’ association icongregation of the First Baptist D..r ouulu j8 a - the Fourth congressional district !^ bur <; h . The P^or. the ^. Edward of the world where the largest devel-! wi11 be in Laurens, Oct. 14th and:*r on K- ‘ ‘ ,ut tbt ut J on . . ' ac f onment must take olace in the nexti^th, according to a decision reached ^ be ! n l nVlU? 'L!' 0 fill the in -his absence. The jTbornwell Memorial congregation will the Baptists in this ser- opment must take place in the next 25 years.”- I Monday at a conference held in Green- Shortlv before his dedth Henry M. ville ^ school officials of this section. Flagler, the great empire builder of estimated that from 1.000 to u » lu Florida said to the editor of the Man- L™ 0 teachers will gather in the coun-l^ ce - ufacturers Record in a somewhat ty for the meeting. Details for the stronger statement even than that of two days program are now Mr. Hoover: worked out by Miss Kate “The next quarter of a century of county superintendent of education, material advancement belongs to the South.” ‘ FIRST COTTON BOLL Mr. Flagler had backed his faith in BY C Florida and the South by the invest- \ ment of from $75,000,000 to $100,000,-! The first open cotton boll 000 of his own money, and his predic- season was brought to The Chronicle to the 326th infantry at Fort Mc- the work of Southern upbuilding. In this survey we have not touched on the great highway building work under way, we have not included thousands of smaller enterprises un der construction, but have only select- tion as to his beloved Florida and the office several days ago picked from ed here and there in different parts of South at large, and the predictions of one of C. W. Stone's fine fields. Mr. the, Manufacturers Record for more Stone’s crop this year, both cotton and than 40 tye ars now being fulfilled corn, is unusually good, but like ail almost beyond the dreams of the past, other farmers, he won’t admit it: 4 w offer * Elinton Boys At Fort McPherson Second Lieutenants D. O. RLame, W. STONE i Jr., Chaa. C. Madden and G. R. Bla- |lock are attending a two weeks* tour of the i of active duty training, being attach- the South some striking phases of ma terial advancement, leaving tc( the reader’s imagination to fill in tfy pic- Pherson, Ga. The officers of the regiment are taking an Active interest in the train ing, as welk as the sqciiil and athletic activities at the camp. / / • ’ • 1 { - . - - — t. . . r i -- A ■ -mitt-- ...v.