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uy LOOK FARM - % The time for sowir L and Whe have a g< ply of GUA at $2.15 { Cash, am Is* be pleasec ply your d ri.w. ARRIVALS AND DEPARTURES 1 Off the Double Dally Passenger Trains, i Union, S. C. Train going North 9:00 a. m. 44 44 South 11:35 a. m. 1 14 44 North 2:35 p. m. 44 44 South 8:58 p. m. These trains only make a few min- 1 ut >s 8top at Union, so that the hours : of arrival are practically the hours of ; ( departure. Any change in this sched- j nl? will 1m nnhliftliRd in Titr Ttmkh for the benefit of the public generally. Local News Notes Points Personal and Otherwise Picked up and Paragraphed by Our Pencil-Pusher. r Dr. J. G. Going spent Sunday at White Stone. Mr. Charles finder was a visitor at White Stone Sunday. Rev. A. Mo A. PitHHflan, of Greenwood, was in the city last week. Mr. Ben. F. Townscnd was in Columbia on business last week. Mis3 Ethel Foster left the city 1 last week to teach school near Al- 1 8 ton. Bishop W. W. Duncan, who was I In the city last, week has returned home. Mr. James W. Duekett, ofGreen woxl, spent Sunday in the city with friends. Mr. J. P. K. Bryan, of Charleston, wlio was here last week, has returned home. Mr. David C. Clark, of Spartanburg, spent Sunday in the city with his parents here. Mr. McGowan Holmes, of Charleston, passed through Saturday on his way to Columbia. Mr. George Perrin came down from Jonesville Sunday and spent the day in the city. Miss Aurelia Gallmon has gone to Sumter to accept a position with a largo millinery establishment. P Mr. Robert W. Beaty left Monday for the South Carolina college for his second year's work there. Mr. John Rodger, who is_ here visiting his mother, Mrs. J. H, Rodger, spent a few days last week in Columbia on a visit to friends. itf*' ^ v - ? HERE IERS! . is here ig Oats at. We ood suplNO Der sack d would i to sun- I - ? lemands. I I Bobo. Mr. 8. H. McLean, the agent of the Southern railway at Union, was in the city yesterday.?The State. Miss Julia Mclvcr, who visited Friends here sometime ago, passed through the city last Saturday night. Mrs. J. W. Mixon entertained at bridge a few friends Saturday morning from 10 to 12. A light, dainty lunch was served. Saturday from 5 to 7 p. m. Misses Hunter and Myra Young entertained very pleasantly quite a number of their young friends. Mr. J. It, McKissick spent Sunday at White Stone with his friend, Mr. Albert H. Wichman, of Walterboro. Mr. Allan Nicholson and Mr. Uonnn -M uxuiiuit iuvii iiuivi arc apenuing their vacation in Brevard, N. C. in the Toxaway country. Union's delegation to the South Carolina college left Monday. Messrs. Roy Fant and John B. Wardlaw went from the city. Miss Bessie Long has returned home for the month of October during which her school at Piney Grove takes its usual vacation. Court Stenographer Mott left Saturday. He has been under heavy fire but came through all right and got it all down on paper. Miss Bculali Gallmon has left the city for Salter's Depot, in Williamsburg county, where she will teach the same school that she had charge of last year. Mrs. E. L. Henry and children left the city Monday for their home in Aahoville, N. C. Mrs. Henry has been here on a visit to her mother, Mrs. Dora Powell. Mr. B. F. Alston, of Cliarleston, passed through the city Sunday on his way to Flat Rock. Mr. Alston is the father of Mr. B. F. Alston, Jr., of the Union oil mill. Mrs. T. N. Timmerman, of Columbia, stopped over Saturday on her way home from the mountains to see her sister, Miss Sara Watson, at the home of Mrs. J. W. Mixon. A dispatch from Gaffney brings the unwelcome news that the barn of Hon. T. B. Butler of that city and other valuable property belonging to our former fellow townsman was destroyed by fire last Thursday night. ABOUT DUNCAP CONDITION IN THE UNI COMP7 Nr. August Kohn Visits the Cifr ful Inquiry?The Indebtedne Aggregates Two or Thre is Closer to the Latter ure, but the Nills are at a Conservative Losses in Cottoi Half a Nillion curred for th Since Jai Union, Sept. 20.?Special: With a running horse in the shafts, and < a load of passengers aboard, it is not at all safe to be bothering with the driver or to throw rocks at the man with the lines in his hands. He is going to do the very best possible to save the passengers and himself. That is the situation here in Union relative to the Union and < Buffalo Cotton Mills. It is serious < and there is no purpose to compli- i cate it. , i The desire is to give such infor- 1 mation as is available at this junc- ] turc that will be strictly in accord with the facts, without holding back a thing that will explain the situation here as it really is, as far as can be ascertained. : A great deal of wild and sensational talk has been afloat. The situation here is remarkable in many ways, and perhaps the most strik ing feature is how very little is really and accurately known by.i those who ought to know, as well as by those who think they do know. ; THE GROWTH OK UNION. One can hear almost any kind of talk and the wildest sort of rumors. Ten years ago Union was a bit of a village of 1,600 souls. Today, as a result of the cotton mill development, of which Mr. Thos. C. Duncan wap the pioneer, it is a flourishing city of over 10,000 people, with half a do/en cotton mills. It is not at all unusual for a cotton mill to have considerable bills payable and a large floating debt, but it is unusual for mills to have a loss account of more than onehalf a million dollars in less than a year's time on cotton. As a matter of fact the directors. the officers and others arc really ignorant of the real and exact condition of financial affairs with reference to the Union and Buffalo Cotton Mills, but from all that can be gathered, with due regard to conservatism and at the same time giving the conditions as they exist, the indebtedness of the two mills, outside of the stock obligations, aggregate more than two millions of dollars, and is nearer the three-million dollar mark than it is the two-million dollar mark. This is, it might be stated, about in the proportion of two to one, that is, 82,000,000 of debt oa the Union Cotton Mills and $1,000,000 on the Buffalo Mills, with an obligation of a considerable sum from the Buffalo Mill to the parent mill, the Union Cotton Mill, of this amount. Of this indebtedness, which covers money borrowed for current operations, machinery and losses, more than 8-300,000, it is estimated, has been lost on cotton investments, and some figure that the cotton losses will easily aggregate as much <18 8750,000. EXACT FIGURES NOT TO BE HAI). The exact figures as to the amount of the indnbtcdess. as wall n? tlm amount of cotton losses, cannot be definitely ascertained, and no one here will venture an expression until the professional auditors, Messrs. Menzies, Robinson & Co., of Now York, make their official report to the stockholders on Octolier 3. As has already been stated, the stress of this situation was brought about by the heavy losses in cotton and fluctuations, and whatever may be said in blame it is also to be said in extenuation that whatever profit was received, had there been any, would have gone to the corporations, just as the losses were charged against them. From what I can understand President Duncan docs not regard that he has done anything wrong in going into the cotton market as he did, and ho simtllv holds thAt hfi mnfln on Sfrmr in judgment in thinking that cotton would go down instead of going us, and it was because of this error of judgment that the corporation, in which he is the largest individual stockholder, lost so heavily by the cotton transactions which he directed. HE WAS NOT ALONE. Mr. Duncan did not think that cotton would go over 7 1-2 cents for spot cotton between January 1 and the first of this season, and it was because of his conviction that cotton would range around this price that L ' ?s&s=ss===-?s-?a I'S TWO MILLS. 1 ON AND THE BUEEALO g INIES. I / of Union and Makes a Care- fi ss of the Two Corporations M e Millions of Dollars and S Than the Former Tig- ? Worth Tour Millions ? : Estimate ? The m n Amounted to gg or More, In- 35 ie Most Part ? luary I. K such a volume of money was lost on 9p cotton. jg? Ten yeais ago when Mr. Duncan ^ first went into the cotton mill business, he did not think that a cotton 52 mill ought to buy from hand to gjg mouth, nor did he think that a cotton S mill ought to buy cotton between the 8y first day of Scptemlxjr and the first of January and store it. In his opinion this was more of a specula- . live venture than the mode of buying cotton which he inaugurated here. Mr. Duncan's idea was, and from what I can gather he was the first to inaugurate it in this State, ^ to buy. cotton on what is known as W "call contracts." This system ob- p viated having buyers in the field and having cotton stored for the gg bulk of the season. ^ In other words, he made con- J tracts, with responsible firms like PJ Knoop, Frerichs & Co., Inman, f* Weil Brothers, Knight & Yancey gg and the Jones Cotton Company and ? others. Of these firms he would ask at what price over the New ^ York market would they sell 10,000 or 20,0(X) bales for future delivery, w so many bales a month, from October to February, inclusive. They gg would seemingly sell cotton at New York prices plus 40 points on each ^ month's contract, he having the t* right to fix the day for the call, which would fix the price during gg the particular month that the de- gg liveries were made. THE CALL FOR CONTRACTS. ^ These call contracts were made at 40 points above New York prices, ^ but this varied for the current month in" which the deliveries were made, the prices to l>e called during iL. - me inonin or any one day. The 40 points covering carriage of the cotton and the delivery at the warehouses in Union. ? Whatever day was received for tho "call?' fixed the price for the particular month in which the do- ? liveries were made for the entire @ month, and settlements were made >? on this basis at the end of the *?* month. Sometimes the firms had ? to make up the difference in the ? month's settlements, but recently *?* the balances have gone to the cot- ? ton buyers at the end of the month. For instance, if last June cotton ? was selling at 7 cents in New York, ? he could call a contract any day ? that month for June deliveries at 7 cents, plus the 40 points for ex- ? penses, and that would fix the price ? during the entire month for the de- *?* livcred cotton. <? The price of cotton went up con- ? stantly while Mr. Duncan had these "call contracts," and in that way ? he lost considerable money for the ? mills upon the basis of tho "call <$ contracts." In fact, the losses run quite upon the call contracts basis. If, however, cotton luid gone down, he ? would have made considerable for ? the mills. So, to reduce the aver- ? ages, Mr. Duncan sold cotton futures for the two mills, and with a constantly rising market money 4* was lost on both ends, that is, at one time on contracts, as well as upon the futures that had been sold in the eJfort to reduce the averages ? \J1 VUDf* I ^ Hedging the lows, it is claimed, ? would have done no good. ? THE LUCK CHANGED. ? It is claimed that this system was p* worked out all right heretofore for p* the Union cotton mills, and that p* the only considerable loss was that p* which was undergone during the p* last twelve months;" in fact, the p? bulk of it since the first of last Jan- p* uary The Union and Buffalo cotton p* mills consume about 35,000 to 37,- j* 000 bales of cotton per annum, but ? it has been suggested that in his j* effort to retrieve the losses that had ^ been sustained cotton futures were pf handled upon a larger scale on Mr. p* Duncan's personal judgment, and p* that as much as three or four cents pf a pound was lost on the cotton. V n.iA J - _ ? ^ v/oitun utiiumg at lis Dcst is very ^ complicated, and it is rather a difli- * cult matter to explain these delicate x details to oven those who have somo Jr idea ol the complexities of such ? transactions, but whatever may be & tho "ins and outs" of such finan- 2 ? (Continued on, page 7.^ ?3? ?i ...WE PA 4 PER GENT I On money deposi SAVINGS DEP. compounded semi November 1st am TUC Drnni r l 11JU I JL-rVy r" L/CCapital and Surplus o wmmmmmmMmm YES, IT'S TURNER & MA that you will find a pretty line ( and sizes, also Roll Foot Bed money on the market. TRUNKS! ALL SIZES AND ^ PRICES. Have you bought oneIF^li of our 36 pound featherwSjK beds for#10? They can't GIVE US A CALL BEFOR1 THING IN OUR TURNER & M NEXT TO FLYN1 ^ -A "A -\A New Ar Every E Fresh Oat Flak Fresh Cream o1 Fresh Shreddet Fresh Postum < Fresh Force In Fact we have no old < no left overs or carry dollars worth of Delicic our mammoth stock i wholesome and desirabt New arrivals of Walni Pecans, Brazils, Coco; Expected this wee Cranberries, Saratoga < on everything we sell s as the lowest. Quali good as the best. r H J,. I ^ union orop Clean, fresh Gi \ K if... I NTERESTj ited in our ? \RTMENT | -annually, g| 1 May 1st. ? S BANK,! ver $80,000. iwiawaigMiiB AT \ YFIELD'S * )f Rockers, all kinds jk s the best for the 4 * * E BUYING ANYLINE. * AYFIELD j n'S. 4 rivals i f >ay! | & ? es | f Wheat | 1 Wheat S Cereal | & & z & & f" or stale stock, overs. Every >us Edibles in J ? , s new, crisp, ? e. ? & uts, Almonds, ? muts, Etc. ? k: Lemons, $ Chips. Prices ? ilways as low ty always as * & ery Co.,: ? ocerics. | $