Historical Newspapers of South Carolina

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HMMMHiSSHaBM I Listen! S "The Busy Bee's" I g longer, so if you haven't B you had better do so at o SB share of Big Bargains of 3 such as Dry Goods, Sho H Pants, Hats, Caps, Trun 9 you an idea of our extren B Our $1.25 Heavy Plow S ?g Our 1.25 Ladies Gate Ci H 500 yards White Waist G M An extra big cut on 9 ^nd Caps. 9 DON'T PORGE I THE BU ze tvt a. rv _ nn Lixexi uoor 10 1 ne a 5EVPN MILLION DOLLaR COMPANY Reorganization of the Union and But'fal Cotton Mills-The Allied Propertie Also Induded in the New Organize tlon?Full Details of the Plan of Rt organization as Worked Out by th Reorganization Gommittee. Columbia, March 12.?Special The reorganization committee o the I'nion ami Buffalo Cotton Mill ami the allied properties has man aged to work out a plan by whicl by which all interests are to be pro tected, and under which the proper ties which were not in the best o -liapc are to be benefitted by th better condition of the allied eorpo rations. The reorganization coin lnittee, consisting of Messrs. Rober I'. llerriek, Francis K. Carey am II. (ioodwin Rhett, has issued let ters, giving the whole plan in de tail. It involves a seven-million dollar corporation, as a result o the consolidation of the I'nion am Buffalo mills and the water powc company, as well as the railroad. The text of the proposition wil be of intense int rest, not only t< those who have a monetary interest !>ut to all who are interested in tin industrial development of the Stat< and in a financial proposition in volving millions. The plan of tin committee follows: The reorganization eoinmitte suh 111 its herewith the offer of the newlj formed Union-Buffalo Mills Coin pany to the stockholders of tlx Union Cotton Mills Company am the stockholders of the Buffalo Cot ton Mills Company in connectioi with the proposed combination o the properties at I nion and Buf falo, S. C. The Union-Buffalo Mills Com pany, the new corporation, hashcci organized under the laws of tin Statd of New York, for the purposi of consolidating the ownership o j consolidating the ownership of tlx Union Cottin Mills, the Buffah Cotton Mills, tne Union A: Ctlcni ' Springs Railroad Company and tlx Union Manufacturing A- 1'owei ('ompany. The authorized capital stock o the new corporation is seven mill lion dollars (7,(100,0/00), dividec into 8B,00(),(XX) in first prefer ret cumulative 7 per cent, stock, 82, 000,mo in second preferred semi cumulative "> per cent, st >ck am ><2,COO,COO in common stock, ant the cori>oration olTersJto issue a por tion of this stock in exchange f<> Ilw. i niu iuu|n;iuus <niM BtxiUUHlB ilWV mentioned. " THE NEW SKCITMTIK*. The first preferred la u consist of thirty thousiind (.'50,(>00] shares, of the par value of one bun dred dollars ($100) each, hearing i cumulative dividend of 7 per cent per annum, which the hy-laws pro. vide is to he payable quaeterly or the l">th day of February, May, August and November in each year, from July 1, 100(5, the first dividend Ix'ing payable November 15, 100(5, and preferred as to principa and accrued dividends in the event of dissolution or winding up of tlu corporation. This stock has ih voting rights while dividends upon it are paid, but is entitled to voU in case the dividends for any firsca year are in default and thcreaftci until sll accrued dividends are paid. It is redeemable at any time at $103 per share and accrued dividends. The second preferred stock is to consist of twenty thousand (20/)00) shares, of the par value of one hundred dollars (8100) each, carrying dividends of 5 per cent, per annum from January 1, 100-S. So dividend can l>c paid on the second preferred stock until all accumulated dividends upon the lirst preferred stock have l>een paid in full. Onelialf of the o per cent, dividend up Listen! | big sale lasts a few days H visited "The Busy Bee" S nee, so you can get your m Brand New Merchandise, es, Notions, Furnishings, fp? ks, etc. Below we give j|| le low prices; M hoes to go at #1.00 |g ity Shoes to go at ... 1.00 S| roods, worth 15c, at 10c g| Pants, Boy's Suits, Hats jpj T THE PLACE, m ISY BEE. | Peoples Supply Co. 52 JONES. 'IS ?WW?MHal on the second preferred stock, that is, 2 1-2 per cent, per annum, is q cumulative and the other half noncumulative. In the event of dis'S solution or winding up of the corpo| ration, the second preferred stock , will he preferred ove r?the common stock as to principal and accrued 6 cumulative dividends, but will be | subject to all rights of the first preferred stock. The second preferred stock carries full voting rights at all "j- times and is redeemable at any time . at par and accrued cumulative dividends. The common stock is to consist of 1 twenty thousand (20,000) shares, of the par value of one hundred dollars ($100) each. No dividend can be paid upon the common stock before January 1, IDOiS. The common stock has full voting rights and ( is subject in all respects to to the I rights of the first and second prc_ I ferred stocks. t THE KXCHAXOK. The Union-Buffalo Mills Comf pany will issue these stocks as fol1 lows: r Union Cotton Mills Company first preferred stock: In exchange 1 for each share of first preferred > stock in the Union Cotton Mills I'nion-Buffalo Mills Company will issue one half of a share of its first > preferred stock and one-half of a - share of its second preferred stock. Buffalo Cotton Mills Company, first preferred stock: In exchange - for each share of first preferred j stock in the Buffalo Cotton Mills - Company I'nion-Buffalo Mills Comi pany will issue one share of its first 1 preferred stock. Buffalo Cotton Mills (of South i Carolina) preferred stock: In exf change for each share of preferred - stock of the Buffalo Cotton Mills (of South Carolina) Union-Buffalo - Mills Company will issue one share 1 of its second preferred stock. Buffalo Cotton Mills (of South Carolina) common stock: In exf change for each share of common i stock of the Buffalo Cotton Mills > Company (of South Carolina) i I'nion-Buffalo Mills Company will i issusc one share of its common [ stock. KKSI I.T OK TIIK KXCHANOK. f If this offer is accepted, and all - the stock of the Union Cotton Mills 1 Company, of the Buffalo Cotton 1 Mills Company, and the prcfcred - stock of the Buffalo Cotton Mills, - (of South Carolina,) is acquired, 1 the new corporation will issue apl proximately $2,800,(XX) in its first - preferred sloth and 81,1)00,(XX) in r its second preferred stock. In adu dition to the common stock issued in exchange for the common stock of the Buffalo Cotton Mills, (of| I Si >i if )> ?!uiviJimt. i Mlin.lt norfirkii nf j / - - ?' ? ? - r? v'v'li i tlu; common stock as may be considered proper will be issued to ac( quire tbi! Union and (Jlenn Springs KaUroad Company and the Union Manufacturing and Power Comj pany, upon such terms and subject to the assumption of such bonded ' or other indebtedness and expenses ' as the directors of the new corporntion may determine and for such j other purposes as the directors may ^ deem desirable. 5 I'll K I'KOI'KHTIKS. > Union Cotton Mills?A small nor i tion of this mill was built in 1890 i and the larger portion alxmt 181)7. I j It has 1)1,0(X) spindles and 2,100 * looms and is fitted for the manufacture of line goods. The plant ? standsonthe books at ?1, lo7,t>D8.o8 The mill is now being successfully > operated and a careful view of the various valuations that have been made of this mill justifies, in tin; ; opinion of the committee, the present valuation us a going concern of SI, 100,000, or substantially the Ijook valuation. Buffalo Cotton Mills?This is a coarse goods mill, with 68,000 spindles and 2,001 looms. This mill was built in 19011 and ever since finished it has been, as it now is, being successfully operated. 11 stands upon the books at $1,657, 204.30. A careful review of tin various valuations that have beer made of this mill justifies, in tin opinion of the committee, the pres ent valuation as &going concern o $1,600,000, or substantially tlx book valuation. Union Manufacturing and 1'owc Company?This company is a cor poration organized under a specie charter of the State of South Caro lina. It has a bond issue of $350, 000, in 5 per cent thirty-year gob bonds, protected by a sinking fund These bonds arc held as collatcra to indebtedness of approximate!; the same amount. There is also floating indebtednes other than in debtedness to the mills of approxi mately $175,000. A portion of thi indebtedness is questionable and i is expected that it will "either I reduced or adjusted u^.m term favorable to the combination. Th power plant is situated at Nes Shoals on the Broad river on th Union and Glenn Springs railroad It consists of a newly constructe substantial dam acr<v*> **W rjve, giving a fall o(jibout 23 f ing available power estimated tO/C from 5,000-horse power minltnur to a maximum of 8,000-horse powei There is a modern concrete powc house, in which are installed foil 13,200 K. W. General Electric Com puny generators. The plant has just been complete and is now in actual operation running the Buffalo mill and s far as can bo seen is in first-clas effective condition, capable of util izing all the water power available The power line of aluminum is we] constructed, is new and in goo condition and runs from the powe house, twelve miles to the Unioi mill and thence three miles further to the Buffalo mill. The Union mill is now bein fitted to take electric power and wil soon be actually operated by it The steam power plant of each c the two mills and the water powe can be used together or to supple ment one another, but it is ex pccted that at nearly all times th water power will be sufficient t< operate the mills. Union and Glenn Springs Bail road Company?This is a corpora tion organized under the laws o the State of South Carolina. It ha an indebtedness of probably not ex ceeding $150,000. The railroad consists of a* singV track, substantially constructor road through Prides, (station oi the Seaboard line,) and througl Union, (where it connects wit! the Southern system,) to Buffalo The line is about nineteen milei long and runs directly by the powei station at Neal Shoals. The rail road is in actual operation, carry ing freight and passengers betwcei Union and Prides, and bctwrjei Union and Buffalo. It is ditticultto estimate the valm of the railroad as an asset. It haj been but recently completed at i cost probably about $300,000. Th< committee understands it has showr itself to be already more than self sustaining and connecting as it doei the Southern system at Union, witl the Seaboard system at Prides, i can fairly be said to have a vcr^ considerable prospective value.? News and Courier. Pine Vinegars! Vinegar, an important article of diet in every household frequently receives less attention than it ought. Vinegar should not only be pure and healthful, but it is trul> said that a good vinegai makes a hundred other things good. Contrary to a genera! impression on the part ol many about Cider Vinegar, the most delicate and besl flavored, as well as the puresl *and most healthful vinegar known, is that brewed frorr malted barley by fermentation. At the head of al vinegars for table use in its perfeel purity, healthfulness, flavor and aroma, stands heinz XXX Pure Malt. We sell it in glass bottles, ana retund the money if you do not like it. Union Grocery Co Notice of Withdrawal of Option Notice is hereby given that an option I gave Mr. J. A. Brown on mj land under date March 12, I90H, it hereby revoked, as I have decided not to sell the said land. Pave Fostkk. Union, 8. C., March 11, 1906. -, Publicity of Tax Returns. " j The Spartanburg Journal; com5 monting upon a resolution recently 1 introduced in the Greenville Board 3, of Trade providing for the publica* lion of real estate returns of the ' city, with a view to equalizing and e - of getting something like an ap! proximate valuo on the unimproved r property, thinks such publicity would serve a good purpose. "Wo ' are inclined to the opinion that the .proposed publication is a stop in the J right direction," says The Journal. Continuing, the paper says: "A man who has by hard work saved a little money, buys a lot in y a new part of town foe, $500. Ho a builds a $1,000 house on it and the - chances a^p that it is returned for - taxation at .very near actual cost. 8 But alongsido of this lot there arc it several acres, not down on the tax c hooks as city lots worth $10 a foot, 8 but as farm lands worth aljout $20 0 an acre. So long as the owner of these acres can hold thousands of c dollars worth of land that is con' stantly increasing in value without d being taxed he is not disposed to sell or . to improve his property. L* That is the cause of stagnation in ^ many CiticB. rm> ur uicac n large areas in town, withdrawn ' from public uses, is a disadvantage. r They should be put on -the tax r Iwioks at as nearly the actual market value as the lots that have been improved, d "We may well imagine that the >? publication of the assessments ? placed on real estate in Spartan8 burg would make 'mighty intcrest * ing reading.' " A large number of Greenville H people feel the same way about it, o and, if we remember aright, the r mayor has already indicated his 11 purpose of having such a list '? printed.?Greenville News. Some time ago The Times in an [j editorial advocated the giving of publicity to tax returns both real if nnrl ru?rc/\linl lnvnmUAnf fUn r"w'"" ip.iiuugiiv/uii mniwumj, r but in order to do this it was necessary for the legislature to pass a c special act. The Greenville hoard i of trade passed a resolution which of course applied to city property " tax returns, and this resolution j could he acted upon hy the city g council. This could be done in any . city, hut 110 such action could he . taken as to an entire county. The f5 above shows how unequally returns | and payment of taxes can he made 1 where no standard or uniformity is 1 fixed hy law. 3 Notice of Registration. r Iu obedience to an Act of the GenAssembly Entitled an "Act authorizing an election in Town of Union, 1 South Carolina, for Mayor and War1 dens." Notice is hereby given that the Books of Registration are now ^ open by I). W. Mullinax, Registra, at Mr. Jacob Cohen's store; and all male ^.peisons possessing the necessary qual* ificatfons; namely, having paid poll 3 tax and street tax for Town of Union j n?r previous year ana possessing all olher necessary qualifications and not laboring under the disabilities of the i Constitution of 1005 for this State may l register for the election to be held on ^ the 5th day of June, 1906, for Mayor and Wardens for Town of Union by ^ applying to Mr. I). W. Mullinax, Reg" istra, at Mr. J. Cohen's store. Each person desiring to register should present to the Registra his poll tax and street tax receipt for the previous year. Rooks of Registration will be closed May 10th, 19C0, as required by s law and no person can register after - said books are closed. Done and ratified in Council assem' bled under the corporate seal of the ' Town of Union, South Carolina, on . this 7th day of March A. D. 1006. R. L. MCNam.Y, - W. D. AHTfieR, Mayor of Union. f Clerk and Treas. ll-3t r V. E. DePASS. S. C. DePASS. j DePASS & DePASS, t Law Offices Over Peoples Bank. t 11-1 yr ! I Plant Wood's I Southern-Grown i Watermelon and | Cantaloupe Seed if you want quality, sweet, ness and the best melons that it is possible to grow. ? Northern or Western-grown [ Beed doesn't begi n to com pare 4 0 when you consider the quality of the fruit produced. Wood's Descriptive Catalogue tells all at>out the best kinds to I plant. Mailed free. We are Headquarters for I Cow Peas, Soja Beans, Sorghums, Millet Seed, 1 Ensilage Corn, Alfalfa and all Southern Seeds. Write for prices and Descriptive Catalogue. T. W. WOOD ft SONS, SEEDSMEN. RICHMOND, VA. i' 1 fTowTK tWill leave in a fe ? Eastern j ?1 J where they go prepared to g and most up-to-date lines ft mings, Millinery, Shoes, ft Furnishings, and Small Not V market and at such low pri< J petition. Don't buy until ] -2 We have just received a 1c ? Colored Waistings, Ginghai f Embroideries, Insertions a f make it interesting for yoi ? ^ your Spring Shopping and \ McLure Met 11 The Unde j JUST RE 0 SOLID C/ IAUBURN 1 Guaranteed Foi I COMEANC I OUR PRICES I UNION HARDWH B Union, Special Advertisements Notices will be Inserted in this column at tho rate of 25 words or less for 26o one issue, t foyr issues for 75o. Additional lines over twenty Uvc words 60 a line. BURPEES garden and flower seed grow and they are the best that grow. For sale by E. H. Scaife, WHY don't you get one of our Health ? or Accident policies? Duke & Swygert. It FRESH Eggs, any quantity that you I want. 2 dozen for 35c ; 3 dozen for 50c. The Union Grocery Co. THE Union dress making establishment is now open for business. All h in need of work of this kind should call and investigate. 0-tf BIG stock Fresh Candies, fine assort- ^ ment, none better made, in bulk, c from 10 to 50c per pound ; packages in proportion. If you want something nice, give us a call. The tl Union Grocery Co. b INSURANCE?It costs very little to insure your residence or store against burglary. Burglary Insurance. Fire Insurance, Fidelity Bonds. See H. B. O'Shields, at People's Bank. 7 tf. THE quality is the best if you got it at the Union Grocery Co. ^ WE do not sell cheap Health or Accident Insurance, but the best at cheap rates. See us ! Duke & Swy- " gert. It FRESH shipment every week of Fer- R ris's Unsurpassed Hams and Break- 3 fast Bacon; Fresh supply Swift's Premium Hams and Breakfast Bacon. Your orders solicited. The Union Grocery Co. ALL kinds of Seeds! Irish and Sweet Potatoes, Onion Setts, Garden and Flower Seed in big variety. Make your selection before stock is broken, u Wonder Store. ' It BIG supply Cubano Cigars! A treat in a small smoke. The Union Grocerp Co. ** YOU will find it at The Union Grocery Ji Co. STILL have a little of Hein/.'s Celebrated Chow Chow or Mustard Piekle worth 26c per quart, which we are ei running off at 15c. The Union Gro- p( eery Co. w IT is fresh if you got it from The Union Grocery Co RUTABAGA Turnips, Dannish Cabbage, Fresh Florida Cabbage, Lima Beans, Boston Beans, Sweet Potatoes, Irish Potatoes, and other essen- H tials to good eating; big stock. The C< Union Grocery Co. Jt THE price is right if you got it from The Union Grocery Co. Change of Law Offices, in I of DcPass & DePass have moved their Law oflices immediately over the Peoples Bank. ll-6t jM mET) I iw days for Je $ 'f f Markets *' i lay in one of the largest J ; of Dress Goods, Trim- 2 > Hats, Clothing, Men's ions ever brought to this j# ces that we defy all com- J# w you have seen our line. J 'I vely line of White and jf. it. ms, Bleachings, Calicoes, 2 ^ rd Laces that we can u on. Come to us for ^ & we will save you mojjij^y- jj eantilo: Co. i rsellers. / ^ B?^^^^^111B^^"* - _ ?ce!ved1 1 VRLOAD 1 * WAGONS I 1 ?St $55.00 B * r 18 Months. ' j J SEE us. y ARE RIGHT. I IRE COMPANY, 1 s. c. I _ PERT PARAGRAPHS. It is nice to be at home when a good bing comes your way. * c Some people who are good for nothng else make good catspaws. _ / . | Periodic lapses of memory with the teriods well trained are remarkably ' onvenleut. Don't have It In for a homely man. Ie may not be as ugly as he looks. The bump of hope is very large In Liose Individuals who a/e always tryag to reform. One needs to have some of the gainler's Instinct In order to play a sucessful game of matrimony. Instead of calling a saloon In prohlbl- ? Ion territory a "speak easy" It should e n "wink easy." , . . i. .. ANNOUNCEMENTS. FOR ALDERMAN WARD 1. ^ ? I hereby announce myself a candiate for alderman of Ward 1, subject to ie Democratic primary election. ^ J. H. Schoppaul. Advertised Letters emaining in the Post Office at Union, , C., for the week ending March 17. A?Melie Adams, E W Anderson. B?Pauline Belue, H 8 Baxley. C?Ida Cagle, Willie Coleman. D? Susan Dockery. F?John Felks. G?Nannie Gilliam, W C Garrison. VB II?May Holbert. Lillie Hunter, Mil,rd Hannan, W E Hughes, Thomas uggins. J?John Jones. K?Aletha Keet.--_. L? James Lorings, Bob Little, Milley owe. M?James Moore, Reuben W Moss, imes McJnnkin. N?Susie Niplers. R?Bertie Roothers, S?Davis Smith. Harrison Suber. W?Charlie Williams, Martin Wilkison, J T Whiteside arsons calling for tho above letters ill please say if advertised, and will 5 required to pay one cent for their divery. J. C. Htjntkr, P. M. Final Discharge. Notice is hereby" given that R. G. ill, Administrator of thejastate of A. ole Lyles,deceased, has-* applied to ison M. Greer, Judge of Probate, in id for the county of Union, for a ml discbarge as such Administrator. It is ordered, That the 18th dayif Jflfr v-^ pril, A. D. 1906, be fixed for hea*- ~ g of Petition, and a final pettlemei.t 'said estate. Jason M. Grskr, Probate Judge Union County. 8. C. Published in Thb Union Times aroh 16, 19C6. , lMt V