Newspaper Page Text
SOUND AND STRON
(Continued from the First Page.)
to make, he could have no purpose c
jeopardizing his own stock.
Hedging Against Sales.
This method, it is claimed. is no
at all new, and the friends of Mr. Mc
Crary say that if he bought cotto:
futures or sold them, it was with th
view of hedging, and that if he bot]
bought and sold it was with a vies
of regaining the losses that migh
have been incurred by hedging agains
the sales of the manufacutred pro
It seems from what can be learne,
that at the time of Mr. McCrary'
death there was bought on the ac
count of the cotton mills twelv
thousand bales of cotton, and ther
were sold thirteen thousand bales.
Of course, the purchases and sale
through Lehman, and also J. H. Par
ker, who were the brokers, at differ
ent times, were with evident purpos
to hedge. At best it seems very com
plicated transaction to ascertain ex
actly when the cotton was boughi
and when it was sold, but evidentl;
the losses were incurred, if they wer
incurred at all, through ts cotto:
transaction on the sales .c wer
An Excellent Record.
The friends of Mr. McCrary con
tend that when he took charge o
the mill, which has been five and one
half years ago, the property wa
$365,ooo in debt. Most of this amoun
was for permanent improvements, an,
extensions of the plant, and since tha
time, it is claimed, Mr. McCrary ha
made sufficient money during his ad
ministration to pay every dollar o
this indebtedness and to accurnulat
a surplus of about $177,ooo, to hav
earned during the past five month
$75,ooo, and to have paid regularl;
during his entire administration an ;
per cent dividend, and even - shoulI
it be true thatc he did lose money b;
not being able to porperly hedg
his cotton goods sales, there shouls
be no discredit to him becauce, on pre
vious occasions, he made money ii
this same way.
It is most gratifying to be able ti
say without any equivocation o
reservation that the Newberry Cottoi
mill is absolutely solvent, and tha
there is no possibility of this loss im
pairing the solvency or credit of Th
Absolutely No Debt.
Should every dollar of the surplu
and the accumulated, profits of thi
year be wiped out by these allege
losses, the mill would still be entirel:
free from debt. The capitalization a
the mill is only $400,00o, and This rep
resents an actual construction ac
count of something more than $800,
ooo, and it is to be remembered tha
the Newberry plant was put up whe:
construc'tion was much cheaper tha:
it is now.
The mill is thoroughly equippe
with first-class machinery, and ha
never been in a better condition t
earn money for its stockholders tha:
at the present. Therefore, even at 'ch
worst the stockholdres have a mi:
that has cost $8oo,ooo on a conserva
tive basis, and which is capitalized a
$40o,ooo, and there need be no appre
hension on the part of the stock~
holdres or creditors.
Just to show how prosperous th
mill has been the last year, the mi.
made $173,ooo net. Out of this mone
$170,000 was placed to the credit C
the profit and loss account; $32,oo
was used to pay dividends; $25,oo
was utilized for new machinery; $6,
coo was expended on a new schoc
house and $3,ooo was expended on th
installing of a new cotton distributin,
process. The mill has made mone;
right along since it began operat>'r
and the s-urplus account has been i n
ning over the $10',@ mark a grea
many years. In 1900 it was $268,oo<
when a considerable amount was ex
pended for machinery. Up to 189
the surplus account accumulated rap
idly. In 1894 it was $155,ooo, whe:
the surplus was expended upon th
expansion of the mill property.
Has Ample Money.
The mill has on hand ample mone:
for all of its obligations. On Frida:
of last week it had on hand nearl:
$30o,ooo cash, in New York, here, il
Charleston and inl Richmond.
It has been suggested that at on
time, about three or four years age
tne board authorized the purcahse o
three or four contracts of 1.000 bale
each for future delivery, but that this
was the on1y authority given 'Eo Mr
I McCrary to make a contract for fu
I ture delivery and that this was foi
spot cotton, and that since then there
- has never been any authority given
f to Mr. McCrary by the board br ad
visory board to deal in futures and
the memberz of the board insist that
t there is no record of said authority,
- while, on the other hand, the friends
2 of Mr. McCrary insist that the mem
bers of the board did know that these
1 contracts were purchased to hedge
against the contracts for the manu
t factured product, and *hat even ii
t there was no special authorization
-'the general authority of the president
carried with it a full right to make
I such investment in behalf of The cot
s ton mill.
- It appears that the advisory com
e mittee on the board of directors, to
e gether with the bookkeeper of the
mill, made an examination of the ac
s counts of the mill and, according to
- their figures, the loss amounted tc
- approximately $202,000, but they were
e not positive as to the figures being
- correct, and wheEher there be any
- credits to this that might be discov
:, ered, or whether this was the full
Auditing The Books.
The board then decided to employ
e representatives of the American Au
diting company, with headquarters in
Atlanta, to audit the books and make
- a full and comprehensive report ol
f the books, and show the exact condi
- tion of the affairs. The represenia
s tives of this auditing committee are
t now working, and the most persistent
I effort fails to secure any authorized
t statement from the president of the
s mill or the directors.
- The claim is made that as soon as
f the auditing company completes its
report a statement will be sent out
e to the stockholders, but that until
s such a statement is made they have
no intention of making an authorized
g statement. There is a great deal ol
j feeling in Newberry about this matter,
and unfortunately there appears to be
considerable rivalry in various fiscal
j matters, and if there )ad been more
freedom the facts might be presentd
Four Strong Banks.
There are four banks in Newberry,
r and all of them are strong institu
tions. None of them has suffered a
t dollar's loss in any mishap that may
- have occurred to the Newberry Cot
ton mill, and, while in some commu
nities banking institutions have been
affected by mishaps to legal enter
s prises, it is probably better to make i*i
3 absolutely plain that none of the
3 banks here have been affected, and
as has already been outlined, no banks
y that hold any paper of the Newberry
- Cotton mill can be affectced in the
.The incidents here and those thai
t have recently occurred in other parts
o f the state ought 'to emphasize that
.every board of directors should insist
on the employment of a
$ committee to go over the books, and
s that this auditing committee .3
know absolutely no one connecte.d
.with the enterprise.
Mr. McCrary, it may be added
d -id not keep the books of the cottor
-mill, but was president and treasurer
Sof The corporation.
- The board of directors consisted ol
-eleven members, all of them from
this county, where a majority of the
e stock is held.
?' QUEER PROBLEMS OF LAW
3 Curious Questions English Courts
0 Have Had Occasion to Decide.
Hundreds of years of test cases
have not yet elucidated all the pos
'sible points of difficulty in the Eng
Here is a remarkable problem with
which the Blackburn lawyers have
just been confronted: An English
gentleman had twin sons who were
born within a jew minutes of each
other. He made a will 'that his prop
erty in Australia should go to which
ever of the two sons arrived at the
age of 21 first.
The youngest of the two emigrated
to Australia, while the other one re
mained in Englan-d, and 'the former
was still in the Antipodes at the time
of his coming of age. Now, Austra
i an time is some hours in advance of
Greenwich and, therefore the young
man out there was 21 before his eld
er brother at home. Which of these
two brothers is legally entitled to the
property? The question has not yet
been decided, and in the meantime
readers may exercise their own ac
umen upon it.
Are eggs eggs, or are only hen's
eggs eggs? This may seem a ridicu
lous question, but nice shades of
meaning are involved, and a case
which turned upon it went through
two or Three courts of law. A lady
sent an order for a dozen eggs to a
dairyman and he sent her duck's eggs.
She sent them back as not being what
she ordered, but he refused to take
them. She, in turn, declined to keep
them, and some time elapsing between
their journeys from The house to the
shop, the eggs went bad, and eventu
ally the shopkeeper sued the lady
for is. 6d., their value.
The county judge ordered her to
pay, declaring that duck's eggs were
as much eggs as any others; but the
lady appealed, and King's Bench re
versed the decision on the ground
that when a party ordered eggs 'hen's
eggs were meant, and if any other
contention were admitted any kind
of eggs might be sent, such as
pigeons', canaries' or even rattle
snakes'. Duck's eggs, it was decided,
were not eggs in the ordinary mean
ing of the term.
Are The grandchildren of a man .lso
his children? In the legal sense this
question is not so absurd as it looks,
and some time ago it was most ser
iously and laboriously contended in
the courts that according to act of
parliament they were.
The particular act in question, pass
ed in the reign of the late Queen Vic
toria laid it down that "the father and
the grandfather, the mother and the
grandmother, and the children of any
poor person, being of sufficient abil
ity, shall relieve and maintain any
such poor person."
The argument. was that, according
to the context, grandchildren were to
be reckoned as children -for this pur
pose, just as grandparents were reck
oned as parents. On the other side
it was argued that if grandchildren
were children then great-grandchil
dren were children also, and that a
man might be called upon to sup
port his father and mother, his four
grandparents, his eight great-grand
parents and as many grandchildren
and great-grandchildren as he might
be lucky enough to possess.
Is skimmed milk milk? A man
asked for a glass of milk to drink
and was given skimmed milk, and the
purveyor was fined for it; but in a
higher court the decision wvas revers
ed, it being contended at tihe time
that skimmed milk was really much
more milk 'than milk that was not
skimmed, since the latter contained
something that was not milk at all
that is, cream.
HOW TO TREAT WRINKLES.
Must be Taken Out Every Day with
Steam and Cold Cream.
To treat a wrinkle as it should be
treated requires finesse and diploma
cy. You must handle it as though it
were a crinkled piece of tissue paper,
and you mu'r keep it supplied with
food;'and you must pamper it as you
would pamper an infant. Taking it
for granted that you have discovered
the kind of cream which your skin
needs, you must now .take and feed
this cream to the wrinkle. You must
steam a wrinkle, open its pores, and
while they are receptive give them
enough cold cream to restore them to
plu mp ness.
"My wrinkles have returned," wrote
a duchess to a beauty doctor. "1
paid you a fabulous sum for taking
them out of my face, and now they
are back agaii." To this the doc-.or
replied: "'I gu.aranteed that I wouldb
take Out your wrinkles, not that 1
wouild keep them out. WVrinkles must
be taken out every day. You must
remove them as you remove soil from
your gown or spots from your
hands Wrinkles come in a day and
must be banished every night, or ev
ery time they return, if it is twice a
To take out you' wrinkles, steam
your skin. Now, steaming the face
in the hands of an ameteur is extreme
by difficult. The tendency is to burn
the face. Don't try a regular st:amer.
ITake a pan of water and keep it warm
over a flame and then apply hot cloths
to the face. Keep on till your ski:.
feels tender, but never until it is sore
Now !s the tiz-ie to apply the col
cream, which should be very soft
The best wrinkle cream is of the con
sistency of the cream of milk and i
can be spread on the face very quick.
!y. If your cream is too thick, hea
it slightly and thin it with the oil o:
sweet almonds. It should be soft t<
the finger tips. Then let it cool an
apply it to the skin. Never try to ap
ply a skifi lotion when it is cold. I
should always be slightly .heated. Se
the jar in a basin of hot water an
when it is warm it will be ready tc
put on the face. And another rule
Always bathe the face with hot wa
After a man fails to make mone]
his wife loses all awe of his bunch o
When a boy helps his mofher witl
the lishes, how do the oti.r boy
find it out?
Ihere is no greater fallacy in thi
world than that sense comes with ag<
It is going to make a mighty poo:
jam for your crust in poverty to ea
it remembering what you spent oi
foolishness in youth.
STATE OF SOUTH CAROLINI
- NEWBERRY COUNTY - Il
The Newberry Savings Bank, Plain
tiff, against John G. Wolling, Jr.
and J. E. Matthews, as Trustee.i
Bankruptcy of J. C. Wplling & Son
By virtue of an order of the Cour
herein, I will sell before the Cour
House at Newberry, S. C., on the firs
Monday in October, 1905, within thi
legal hours of sale, at public outcry
all that tract or plantation of lan
situate and lying and being partly h
Newberry County, in said State, ani
partly in Union 'County, in sai<
State, containing four -hundred an
seventy-six and seventy-two one
hundredths acres, more or les!
bounded by lands of D. A. Thoma!
estate of Mrs. Susannah Oxner, de
ceased, J. M. Henderson, by th
"Orange Hall" plantation, and by th
line between Newberry and Unio
counties, the same being compose
of two tracts of land which the lat
Sarah E. T. Chick died seized an
possessed; one of wihich tracts con
tains four hundred and four and seV
enty-one one-hundredths acres, an
lies wholly within the County c
Union, in said State, and the othe
tract contains seventy-two acre!
more or less,' and lies partly withi:
the county of Newberry and parti:
within the county of Union, all c
which was conveyed to me by Ja!
M. Henderson, as the executor of th
last will and testament of Sarah E
T. Chick, deceased, and James M
Henderson and Eliza Henderso:
Whitney, by deed bearing date th
5th day of January, 1903.
Also all that other tract or planta
tion of land situate and being i
Township No. 1. in the County c
Fairfield, in tihe State of South Caro
lina, containing One Hundred ana
Fifteen Acres, more or less, knowl
as the "Betty Coleman" place, bound
ed on the north by lands of H. C
Coleman and T. E. Dye, on the eas
by lands of T. M. Beam, on the souti
by lands of 3. G. Wolling and on the
west by lands of J. G. Wolling an<
T. E. Dye.
Terms of sale: One-third of th,
purchase money to be in cash an<
the remainder on a credit of twelv,
months, with interest from day o
sale, to be secured by a bond of th<
purchaser and a mortgage of th,
premises sold the purchaser to pa:
for all papers and recording of same
H. H. Rikard.
Master's Off ce, Master.
Newberry. S. C.. Sept. 8, 19o5.
MISS JEANNE PELRAt, A. B
Granlt8of Ci 1cg for 'WlOm,
Columbia, S. C.
Primary grades and pupib
desiring tutoring for college
entrance. School opens Oc.
tober 1st, 1905, at Dr. Pel
The poorest thing you can -ffer
I a filend is an excuse.
When you think yourself over ix
- the middle of satisfaction you give
t mighty poor satisfaction.
t STORAGE NOTICE.
Newberry, S. C., Aug. 26, 1905.
To all merchants and whom it m .
The following circular from South
ern Car Service association, office of
manager, circular No. 13, Columbia.
I S. C., August Ist, 1905: "The lines
interested in South Carolina, in order
to avoid claim of discrimination have
- found necessary to absolutely dis
continue the practice of giving free
storage to any article in or on their
r property at all their s-ations. Yom
are hereby instructed that on and af
ter September ist, to allow nothing too
be stored at your station in your locaL
depot, on plaEforms or in other prop
erty belonging to the railroads unles:1
full storage, as allowed by the rules
of the South Carolina Railroad Com
mission and the railroads, is collect:
(Signed) J. C. Haskell, Man'r.
Please take notice and be advised
that the storage rules at our stations
will be enforced as above. This ap
plies to everything for this place, i.e
J. P. Sheely,
Agent Southern R. R..
J. W. Denning,
Agent C., S. &. L. R. R.
Your Money's Work
Or Money Back
~BillHill &Bob Sli gL
Newberry, S. C.
- 2 car .loads of
I car load of
and a lot of up-~
Jto-dlate and first
All to be had at
REASONABLE PRICES at
A T. BROWN.
Dr. R. M. Kennedy,
Newberry, - - S. C.
OVER NATIONAL BANE.
SBest Mineral As
C. H. CANNON,
N ear C. N. & L. Depot