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LOSSES AT BUFFALO
AND UNION MILLS
SAID TO BE PROBABLY OVER A
any Reports-Result of Speculation
In Futures and Spot Cotton.
Th- following appeared in the
3re-ville Nexv; of Sunday.
A- the record is being examined,
4hC >li Story of the Union Cotton
Milis trouble is coming to light and
when 'this is formally made public the
-sensation will be even greater than
that in Columbia when W. B. Smith
Whajey was forced to relinquish con
tro1 7i the magnificent properties on
the Congaree. While the new man
agers are silent, it is said that Presi
Jeni Thomas C. Duncan was short
-nore than 6o,ooo bales. and the man
-who -deals in cotton can realize the
e!xtet of this transaction.
The Greenville News is in posses
sion of numerous facts concerning
the situation, but for obvious reasons
it is best perhaps that these be kept
out of print. The truth will be known
in time. Yesterday a week ago Mr.
Duncan went to Washington to meet
7epresen-tatives of the Fleitmanns, of
New York, who have been putting up
his ma-ri -. He arrived in Wash
-ingto: unday morning and left for
.aome, refusing to go to New York.
Later a special meeting of the di
rectors was held at which E. W. Rob
.zrtson was made treasurer. It was
-published in this newspaper yester
day tha- the by-laws had been chang
ed at the special meeting of the di
rectors, and while it could not be
Jearned at first what changes were
-made, it is since learned that it af
:ected the office of presiden-t and
treasurer. Heretofore, the ',wo places,
.as In other mills, have been consoli
-dated, but at Union and Buffalo mills
-they were divorced, Mr. Robertson
having entire charge of the finances,
-while Mr. Duncan is president only
-in name. In other words, he is prac
-tically out, and it is said t'at he will
be so in fact just as soon as the stock
..olders can meet on October 3.
The first reports had it ~That the
:amount involved by speculation.
which was carried on in the name of
-the mills, was $700.000. Other re
ports have it that the losses will ag
~gregate $r,300,000. The amount of
4otton short by Mr. Duncan would
~indica-te that this latter figure is more
Mr. Robertson and the executive
committee, composed of Messrs.
Fleitmann, Law an-d Winchester, will
relly 'h:ave charge of the two mills,
:bu the understanding is that Mr.
ifRdbertson will be in control hereafter.
-T'ht Tfirs't plan was to have receivers
~appoint-d, -but Mr. Duncan and his
OUnion hi-ends successfully resisted
tihtcdffort, -and the new treasurer and
the-exectifive committee are acting ap
The -cre'ditors are doing everything
-possible to lift The mills out of tahe
.16ke inito which they were thrown by
*cotton speculation. It is believed
-that M.. T)uncan speculated more in
spot -cotton than in futures. although
'tie -evidently dealt in both. There is
-much. local interest in the plan which
the creditors will adopt, as at least
one creditor resides in Greenville.
- The whole situation is so terribly
mnixed that it will require the services
of able financier; and expert ac-!
:ountats to get heads and tails of the
Mi-ation. One mill was heavily- in
;iebt to the other. andl there is con
stant talk of "kiting" and other things.
Indeed, complete dem>ralizationi has
swept ov-er Union and the Piedmont.
and much canern is felt. as it is
feared that the credit oi the cotton
-mmiis in general will be hurt in the
east. When it is known. however.
-that the spinners can make money
between the price of the raw product
and the sale of the goods, it would
- eemn that there is no further sense
~r. -speculation, further than to hedge
a?nd thereby protect the mills against
loss shoil.d the market take any sud
den and u'nexpected turn. Even while
appear that the Union and
- . -pr opcrties are heav-ilv involv
-nea. :is said nn good au
hat- -i both plants were making
Nothing definite may reach the pub
.ie until after the stockholders' meet
ly possible that sensational develop
ments will arise in the meantime.
It was learned h-ere that former
Congressman John D. Bellamy, of
North Carolina went to Union yester
day in the interest of the Aclantic
National bank of Wilmington, which
is one of the creditors, and which
loaned money on certain cotton,
which has not been located.
There is a strong belief in t1he town
of Union that the affairs of the cor
poration are safe, in spite of all that
has been discovered. One promi
nent and wealthy citizen of the coun
tv has announced that he will buy
every share of the Union and Buf
falo stock that he can get his hands
on at $ioo a share. Others are equal
lv aS confident, and Mr. Duncan still
has his friends. who believe that
he wil vet come out w lInV1
An Important Change of The Board.
Union. September 22.-At a very
important meeting yesterday an al
most complete change in the manage
ment of 'the Union cotton mills and
Buffalo cotton mills was affected. At
this meeting four directors and the
treasurer, T. C. Duncan resigned and
in the subsequent election the fol
lowing well known and substantial
business men were elected direc
Union cotton mill, Emslie Nichol
son, president Nicholson's bank;
John A. Fant, president Monarch cot
ton mills; T. C. Duncan, president
of Union and Buffalo mills, all of
Union; H. C. Fleitmann, capitalist,
New York; Wm. Winchester, banker,
Spartanburg; E. W. Robertson, bank
Directors Buffalo mills, F. M. Fant,
president National bank; A. H. Fos
ter, capitalis~t, and T. C. Duncan, of
Union; with the same out-of-town
directors as the Union mills.
E. W. Robertson of Columbia was
elected treasurer of both mills and
has entire management of the fi
A special stockholders' meeting
has been called for Tuesday, October
3, and an executive committee con
sisting of H. C. Fleitmann, New
York; Wm. Winchester, Baltimore,
and John A. Law, Spartanburg, was
elected and given full power to act in
Yesterday and today quite a num
ber of heavily interested parties have
been in att'endance on a special mee'
ing of the directors of the two mills.
All kinds of rumors were in cir
culation on the streets but it was not
until last night that anything defi
nite was officially given out. E. W.
Robertson, when seen by a press
representative, said in substance:
"Yes, the e were changes in the
Union and Buffalo cotton mills man
agement yesterday, but -the mills will
keep on running just as heretofore;
that is so far as the operatives are
"About the mill's liabilities, it is
mpossible to say just now what the
onditions are, hu-t several expert ac
ountants from New York are now
going over everything and we
hope to learn the exact status of af
fairs soon, but it is very probable that
nothing will be divulged until the
stockholders' meeting on October 3.
Since it has become known that the
reditors of the mills wvill make every
available effort to relieve the pres
ent situation and that the affairs of
the concern are in the hands of such
strong, able and conservative finan
iers. the feeling of confidence in the
final successful outcome of a situation
:hat has been extremely delicate, per
plexing and trying since the early
part of July has grown rapidly and
urelv here and i: is believed will be
ome general as soon as these facts
The Union cotton mills was or
ganized January 18, 1893, and ground
was broken for mill No. 1 that sum
me. the mill having about 10.000
spindles and 250 looms. In 1896 mill
No. 2 was built for 72.000 spindles
and 2,000 looms, this being increased
by economizing space until.*now 96,
ooo spindles and 2,300 looms comprise
the equipment. The capital stock at
irst was $230,0oo, but is now $.0.
ooo. These mills employ 1.200 per
Bufalo cotton mills, four mi.es
west of Union, connected by the
Union and Glenn Springs railroad, is
one of the handsomest mills and best
Work was begun on it in igoo and it
was completed eighteen months later.
The mill now has 64,000 spindles and
2.ooo looms and employs Soo persons.
No Change At Seneca.
Seneca, September 22.-Col. T. C.
Duncan, who 'has retired from the
management of the Union and Buf
falo mills, is also president of the
Seneca co~tton mills. The mill are
running as usual today. and so far
as can be learned today no change
is contemplated here.
FOR THE FATHERLESS.
Odd Fellows' Home in Greenville Is
Opened.-Members of the Order
The following from the Greenville
-News will be read with interest
by the local Odd Fellows:
In receiving five orphan children as
inmates Aesterday morning the Odd
Fellows' home was actually opened.
There are numerous applications
but the board of trustees is careful
in approving them and yesterday,
three more children were told they
could enter in addition to those al
ready enrolled. As time passes, how
ever, the number will be increased.
There are new applications alrhetime
which receive the attention of thetrus
tees and as they are approved the en-,
rollment will expand.
The first meal. was served at i
o'clock yesterday, and seated with
Superintendent Vaughan and the lit
tle people placed under his care, were
Grand Master J. J. McSwain, Chair
man C. J. Pride, of the board of trus
tees. and the mothers of the children
who accompanied them to the city.
The table was well supplied with sub
stantial food, and -the inmates are to
receive just what Superintendent and
Mrs. Vaughan have at meal time. In
addition, Superintendent Vaughan is
well educated and has been a suc
cessful teacher. In this respect the
Trustees were peculiarly fortunate in
securing him, for the children are not
only to be given a home, but are to
be educated and given all the ad
vantages of high school training.
It was a happy occasion for Chair
man Pride. For several years he has
set his heart on the home and as
much to his efforts as to any o'ler
Odd Fellow's is the institution -due.
t has been aIn unselfish task with
im, and in placing him at the j
ead of the home, the order not only <
recognized his business ability, and
inegrity, but acknowledged in a
reasure the part he had taken.in the
The spiritual side of the inmates
f the home is not to be neglected.
Ministers of various denominations
will be invited to conduct services
n -th:e institution, and the Rev. WN.
B. Sams, of this city is an enthusi
astic Odd Fellow and editor of the
l'r-State Odd Fellow, published in .
A more delightful location could
not have been selected for the home.
The old Carpin residence isr a
splendid brick buliding, three stories
high, and rests on the brow of a high
bill. The place has been remodeled
and fitted up wit.h a complete system
f water works for the convenience
>f the inmates and a protection
against fire. The rooms are large
and well ventilated with plentry of
light. fr? fact, it is a handsome
residence adapted to the purposes of
The children admitted yesterday
were from Pelzer. Their fathers'
were Odd Fellows at the 'ine of
their deaths. The children arc Della.
Esie and Albert Cooper and Beulah
and Mabel Dunnaway. Three other
children are expected to arrive to
(lay or tomorrow from Lexington.
Notice is hereby given that the
books of registration for 'the Town
>f Newberry, S. C., are now open,
ad the undersigned as Supervisor of
Regristration for said town will keep
said books open every day from g
a. mn., until 3 p. in., (Sundays ex
cepted), including the 1st day of De
Thos. 0. Stewart,
Supervisor of Registration.
September 6, 1905.
It pays better to find fauh wvith
yourself than the weather.
Youths of eighteen always envy a
50, 60, 75
40, 50, 75;
65, 75, $1.00,
charge just wh;
The Right E
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