The Union times. [volume] (Union, S.C.) 1894-1918, September 29, 1905, Image 7
1st"
^ We've oft
l|l our Shoes
j|| ever mad<
h have nev<
? P Shoes, th
^ while to 1<
IS3
I don't pro a
If we do >
learned w
| money..
J women i
1 |H won't insi
|fj let you be
BThe Bti
Mpi
saw I IVI
. .
LOCAL LACONICS.
Happenings of Interest
About Town.
Mr. Rob. Sartor spent Sunday in
Chester.
Mr. G. C. Glymph spent Sunday
in Spartanburg.
Miss Pattip Thomas, of Spartanburg,
is in the city.
Mrs. J. H. Wilburn is visiting
Mrs. J. W. Sanders.
Mr. O. E. Thomas, of Saluda,
was in town Monday.
Mr. Charles Boineau, of Columbia,
was in the city Tuesday.
Mr. G. I. Lawson is at present
employed in the clerk's office.
Miss Maria Wid is visiting her
sister, Mrs. Brandon, at Buffalo.
Mr. Thomas Dean, who has been
abroad, has returned to the city.
' Misses Bessie and Mattie Wilburn
arc visiting Mrs. David Wilburn.
Mr. V. E. Hector, of Greenville.
passed through the city Tuesday.
Mae. Will Hunter is in town as
the feuest of Mrs. Crown Torrcnce.
Mrs. W. H. West, after a visit
to Wilmington, has returned home'
^ Mr. I. A. Phifer, of the SpartanW
hurg l>ar, spent Monday in the city.
Mrs. D. P. Steel, of Rock Hill,
is visiting her brother Mr. Jno. P.
Gage.
Miss Atkinson, of Chester, arrived
here Tuesday to enter Clifford Seminary.
Miss Julian of the faculty of the
College for Women passed through
Tuesday.
Mr. C. H. Bulkley, of Wilmington,
was in the vicinity Sunday and
' Monday.
Mr. Simon Heide, a member ol
the Charleston bar. was in the cits
last week.
Mr. Walter C. Taylor, of Greenville,
was in the city Monday visiting
friends.
Miss Mary Flynn returned tc
x Greenville, Monday, where she will
again resume her studies in Sacrec
Heart Academy.
LL A1
en said, and still s
i equal in fit and
e, regardless of pri<
ir seen or worn a
ten wouldn't it be w
)ok into the math
^e our claim you los
ou gain, because
.t ? - * * *
nere 10 get tne mos
A complete line
ind children. Tr
ist on your buying
the judge.
liley - Copel
i and Boys Outfit*
saraaBsiiMttSffi
Mr. W. A. Edwards, a prominent
architect of Columbia, was in
town this week.
Lieutenant-Governor John T.
Sloan, of Columbia, passed through
the city Monday.
Mr. Lafar Lipscomb, of Gaffney,
who has many friends here, was in
the city this week. ?
Rev. A. A. James and wife wore
in the city Wednesday to sec their
son Mr. B. B. James.
Mrs. H. F. Scaifc and Miss Mildred
Scaife have returned after an
extended stay out of towni
Mr. J. R. -Jefferies, of Gaffney,
went through Tuesday on his way
to the South Carolina college. j
Mr. L- S. Mattison, a wealthy |
insurance man of Columbia, passed 1
through the city Tuesday afternoon.
Misses Blanche and Catharine
Thomson left Wednesday to enter
the College for Women in Columbia.
Mr. Will Perrin leaves today for
his second year at the University of
Marylan4 in the medical department.
Hon. L. J. Browning, of Sedalia,
was in the city Tuesday and his
many friends were glad to see him
again.
Miss Miriam Switzer, vice-president
of the College for Women at
. Columbia, came through the city
Monday.
Mr. E. G. Scibcls, a prominent
insurance man and capitalist of Columbia,
passed through the city
^ recently.
Misses Leila Blackwcll, Azile
Tinsley and Pearl Briggs spent
Saturday and Sunday at Dr. Prior's
! in Chester.
Mr. Gadsden Shand, the noted
architect of Columbia of tho firm of
" Shand and I^aFaye, was in town
' last week.
. Mr. Wm. Kerr, of Urecnwood,
r spent Sunday and Monday in the
city as the guest of his sister, Mrs.
Thomas Estes.
The Clifford Scminaiy students
have been coming in every day now
since Saturday. The exercises be>
gan promptly at 9 o'clock Wcdncsl
day morning. The jlormitory is
1 full and many day scholars aro in
Attendance.
1;
' IT! ;
ay it, that 1
wear any || "
:e. If you | 1
ny of our |1 1
' ui tn ^uur ^ v
ir? If we i
e nothing. 1 j<
you have If '!
>t for your pi
for men. || ;;
V us, we 1 J
, we will
and Co. 1 \
ers* H
mm! ;
, n
ABOUT DUNCAN'S TWO Mil I S ?
s]
(Continued from 5th page.) -n
f.
| cicring, it is sufficient to say that
the view of Mr. Duncan was that
cotton was going to be lower than ,
ten cents, and as jj result considera- ..
ble loss was charged to the cotton j
[account of the Duncan mills. Theso ,
losses became known, and the result
was that the creditors became .
alarmed and began harassing, and I1
that was the cause cf the whole 1
trouble. I1.
I Mr. Duncan is satisfied, abso- .
lutely satisfied, that the stockliold- !!
era will not lose a dollar of their
investment, and he wants every one 1
to understand that there is no pos- **
sibility of loss unless people lose
their heads, or something happens .
over which he has no control.
of
NEW DIRECTORS. bl
Alnjut a week ago a meeting w^is ft1
held in Union, when Mr. William
I Winchester, of Baltimore. Mr. IT h
IC. Fleitmann, of New York, Mr. w
John A. Law, of Spartanburg, and 8*
Mr. Edwin W. Robertson, of Co- "
lumbia, were put upon the board of ^
directors of the two mills. h
These gentlemen have gone into ^
the undertaking with a full realiza- ^
tion of the financial difliculties.
They will examine into every detail
of the situation and get everything \x
out that there is for the creditors w
and stockholders. d
Mr. Robertson, who has had ab- h
solutely no interest in the property, tl
through the bank of which he is
president or otherwise and whose n
sole purpose is to mako a success of- Bt
this, as he has with every other |>
thing he has undertaken, is in
charge of the financial policy as ^
treasurer. f,
An executive committee consist- p
ing of Messrs. Fleitmann, who is ;v
the largest creditor, Winchester and n
Law, all stand in touch with the
situation and are giving the fullest h
co-operation to the solution of the g(
(problems during thoreorganization. C(
Admitting that the liabilities a
nuuivi iuii up UB iiiuuil }l? HVll IlIHI
ft half millions or three millions of l>
dollars, there will be a considerable 0
margin, in fact a par margin for 8I
the stockholders. 1
From what I can understand, the ^
properties an; in excellent physical ii
condition. f i
An expert mill examiner, who g
has recently been here, figures that
the properties were practically worth f
\
14,000,000; that is not counting
icrtain kinds of investment that are
lot included in the cotton mill
msincss.
The capital stock liability of -the
nills is $<">00,000 for the Buffalo
nills, one-half of which is common
tock and one-half of which is precrred,
and $758,(XX) of stock for
he I'uion cotton mills, $600,000 of
rhich is common and $158.(XX) preerred,
making a total stock liability
f $1,358,000, which would leave
he stock in good shape, no matter
hat disposition may lie made of
he other indebtedness.
Again, the two properties are in
ne running condition and are
noncy-makers. The contracts that
re now in force at Buffalo are upon
YtV)!*f flfAA/la nnrl imvn "
n|/v* v Qwviw Ufitvi II Vi V JilUrUU U JiUll 11
rofi table basis.
The Union cotton mills have no
ontracts at this time, but the outx>k
is promising for them to get
rofitable contracts also, better than
ould have been made earlier,
'rom what can be understood the
wo millsr earn as much as 87o,(XX)
er month.
W1IAT DIKECTOKS SAY.
It is quite necessary to discuss
hat the board thought or knew of
lie cotton dealing of the president,
t may bring about a controversy,
ut it is quite sufficient to suggest
mt members of the lxiard say that
ich dealings were unauthorized on
lieir part, and the recent losses
ere complete surprises.
IIELI) IN UNION.
It is understood that a majority
f the stock in the new mill is held
y the people of Union; in fact,
om what can be understood, al>out
ve-sixths of the common stock of
lie Buffalo Mills is held here and a
lajority of the Union stock is held
i Union.
People here are all much inter?ted
in the future of these enterrises.
Regardless of the present
ituation, Mr. Duncan has a great
lany warm friends and supporters,
nd the people, stockholders and
11 here generally regard him as the
ackl>onc of the remarkable indusrial
development that has done so
luch for this commonity, and they
tin say nothing but the kindest
liings about him.
It is expected that some feasible
lan of reorganization and of remding
the indebtedness can be
cached. In the meanwhile it is
tter, folly for any one to be impa
.Vint or ui resort to extreme measres.
Some people may .suggest that if
lie local board of directors were
ot cognizant of the cotton investlcnts
thcx ' ought to have been,
he January statements of the mills
lowed a surplus of $415,(XX), which
ldicatcd a healthy condition of aflirs.
The mills had prospered, and it
a most common thing that where
lore is a strong, honest, robust inividual
at the head of a corporaon,
to leave matters entirely to
lat head and not to interfere or
other with his administration.
The stockholders and directors of
ldustrial enterprises the world over
avc their immediate personal busiess
affairs to care for, and leave
ic administration of corporations
1 which they are stockholders enrely
in the hands of the executive
cad, where they have such entire
infidencc in him as they have in
oni Duncan.
The conditions here were not
ifferent from what they are in
ther communities where responsiIn
lino/Iu nvni*nion n 1 iv?al4
iv nvtkvto vaviviov annuel uilllllUliUU
uthority.
There has been sonic newspaper
ilk about cotton getting out of the
archouses that was under niortige
to certain banks or individuals;
1 other words, it has been' stated
lat some of the cotton that was
ypothecated for cash loans, and
mt was supposed to be in the ware
ouscs, has not been found there.
WILL BE PAID FOR.
It was stated that this cotton was
i the ware houses, and that the
arehouse company is entirely a
istinct corporation and the ware
ouse compivny !s responsible folic
cotton that was placed there,
lbject to loans. If the cotton is
ot in the warehouse, and it is
tatcd that about three thousand
ales have been used without re:ase,
the mill corporation is rcponsible
for all this cotton, and
rom what can be gathered it apears
that the cotton, whatever the
mount may be, was used in the
lill and will be paid for.
Between the mill and the ware
ouses the holders of the paper will
ct their money for every bale of
atton that may have liecn used in
pinch, if at all.
The mill investments here are
ona fide. All of the mills and all
f tho oniemriKOH worn Imilf
lock that was actually paid for at
00 cents on the dollar. There
as no high financing or skyrocketig.
All of tho money was gotten
rom actual stockholders and no
ratultous or bonus stock was issued.
Erom what can be ascertained,
ully four millions of dollars are
/hat s
Going
Ahoi
I IF YOU C
A $3 Bed for $2;
H 75c; a $2 Rocket
jfj Rocker for $ 1.98
fH for $3.98; a $10 (
ft $7.50; a $4 Saf
H Dining: Table fo
H tress for $2.50;
? 60c; a $9 Go=C
|| $1.50 Pair Lace
la $2 Boy's W
H $9 Pair Silk Fi
jgjj for $7.50.
i bailey eur
ini n hi
ug ^ *?4 a?^ ill
j WAG
|j You cannot m;
fe by buying an
fe Wagon, whk
1 the test for i
j| years.
j| ....SOLD
I Peoples S
represented in the actual cost of the "
property and accessories. The
properties are here. They are upto-date,
and with Mr. Duncan and
Mr. Fleitmann and Mr. Robertson j
(iiid the entire Ixiard cooperating,1
some sensible, safe and sound plan ,
can, and will be, mapped out ^
whereby the creditors will get their
money and the interests of the stock 1
holders here will be protected.
The stockholders' interests are 1
now secondary to the outstanding 1
obligations of the mills.
This is always the case with corporations
that have no bonds, and
with the debts paid or arranged for
the stockholders will be I Hitter pro- (
tcctcd. It is only fair to say that
IJdion's other enterprises?banks, '
mills and industries?are in no wise |
affected by the situation at Union
and Buffalo.
Certain individuals are largely
interested, for this has l>oen a
united community, and in Union
there has Ixjen the added strength
of union, and these people are the
real stuff and are iroiiu/ to fsdl intn
line.
Bring your job work to The
Times. We can please you.
<r
Osi? liars
ire You I
to do |
Jt it J
:an buy 1
a $1 Chair for gg
* for $1.48; a $3 |
; a $5 Bureau ^
Dak Dresser for ||
e for $3; a $3 s
r $2; a $3 Mat= gjj
a $1 Lamp for ||
art for $6.50; a f|
Curtains for $1; |
agon for $2; a IS
inished Portiers if
INITURC CO. |
.? ?-?? n-augm TfiTITi flEl
HBBaMBBflBwBWBBBBWBWw
r.kT>Dvl
ONsP * I
ake a mistake 1;
Old hickory ||
:h has stood m
i number of ?|
I
=?=1
I
upply Co. I
THE ONLY THING
That troubles a smoker's mind
,vhile he enjoys a good cigar is the
thought of its expensiveness. We
iiave found the way to reduce to the
minimum that troublesome thought.
Wo are selling a splendid smoke,
"The Red Snapper," at three for
live cents. Many five cent cigars
give no hotter satisfaction. We are
selling "The, Rice Drug Co.'s Repeater"
three for ten cents and
eight for twenty-live cents. Many
of those who smoke them nlllrm
that they arc as good as any five
cent cigar they ever smoked. It is
really a five cent cigai?guaranteed
to he "all havana filler." A trial
will convince you that we are making
no idle lioast.
TI1E RICE DRUG Co.
vr.