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VOL. XLII. NO. 118 NEWBERRY. S. C., FRIDAY OCTOBER i, 1905.4WC EK 10YA
T. C. DUNCAN ELECT-.
ED AND RESIGN
E. W.' ROBERTSON ELECTE]
PRESIDENT UNION MILLS.
Report of Committee Says Outstanc
ing Indebtedness of Mills $691,
ooo Above Value of Prop
erty-New Board Elec
News and Courier.
Union, October 4.-The adjourne
meeting of the stbckholders of th
Union 'Cotton mills was called to or
der at io o'clock this morning b
President Duncan. The report of th
committee appointed yesterday to ex
amine -the report of the accountant
was submitted. This report estimate
the present value of the mill plant t
be nearly half a rgillion more than th
original cost of the plant, which wa
the -basis of the value placed upon th
property by the experts, they taking i
from the construction account on th
books. According to the books, as re
ported by the committee, there wa!
including debts and stocks, in oul
standing indebtedness in excess of th
acc&ntant's valuation of property o
Total indebtedness of Buffalo Cot
ton mills, including $6oo,ooo in stocl
two millrons and a quarter. The plan
is estimated to be worth about twi
and a quarter millions. This show
the mills to be solvent.
'If tiecommittee's valuation was ac
cepted and the property sold at -it
figures the debts would 'be paid, pre
ferred stock being of its full valu
and common stock worth 66 2-3 cerit.
provided all debts due the mill wer
paid in full. The plant as iE stand
today is said by this committee, afte
careful examination by experts to b
The -report 6f the committee on by
laws was then received and the sec
tion providing .for the election of a
attorney for the mill by the directpr
caused much' dissatisfaction. A ballo
-was taken, but before the result wa
announced the conflicting interest
became reconciled and the sectio:
Then in a -neat an<d eulogistic speedl
Frances H. Cary, of Baltimore, nonm
inated ;T. C. Duncan for presiden:
and 'the latter was unanimously elect
ed. -Immediately afterwards -Mr. Dun
can submitted his resignation, ther
evidently being an urnderstanding t
that effect, saying he thought it wa
for the best of all that he should d
so. Thereupon Mr. E. W. Robertsor
of -Caiumbi:a, who has been treasure
of the m-ill during the past few week~
was- unanimously elected presider:
Th;e following board of director
c. rosen:-T. C. Duncan, c'hairmar
7. Ro'bertson, of Columbia; Ems
ie Nicholson, Union; John A. Lav
Spartanburg: H. C. Flie,tmann, Ne
York: W-il'iam Winchester, Bait
more; A. E. Wattles, Mass'achusett
Mr. Duncan's future position in 111
mill was not -defined. The -mettin
-adjourned subject to the call of tif
president. There is a decided feelin
of -relief over the solution of the siti
atiion. The new management 'has an
pie financial backing and express
the belief that the situation wou
soon be much improved.
The meet.ing of the Buffalo Cottc
mills was held this afternoon. Ti
proceedings were as at the Unio
namely, the eleotion of Mr. Duncan
president, his resignation and ti
election of E. W. Robertson as pres
dentu and treasurei-. A most encouras
ing report was made by the accoun
ant as to the condit.ion of the mill, b
all inquiries for figures are met I
.a positive refusal to divulge aniyth.in
Mr. Robertson says that -he is n,
sufficiently acquainted with the situ
tion to make any statement. and also
desires the public to know that neither
he .individually nor ithe bank of which
he is president are creditors. He is
not attemptng to work himself out of
a hole but accepts the position on the
earnest request of the larger credi
tors. Fully two-thirds of these are co
- operating in an effort to bring order
out of chaos, and to save the inter
ests of all parties.
The new management relies upon
the conservative action of those con
cerned. The action taken today is
but one step in the scheme of reor
ganizacion. If the creditors are con
e servative and patient it is the opinion
of -the best informed that the situation
will -be saved, and no serious damage
e to any interests result from present
complications. Every effort will be
s put forth to keep the matter out of
litigation, and it is hoped that nothing
of this sort will be necessary. The
suspense :f weeks is at least in a
smeasure ended, and the numerous vis
itors, to Union, there for these meet
t ings, will soon depart.
e A large majority seem well satis
fied with the work done.
The following direc-tors of Buffalo
Cotton mills were elected: T. C.
Duncan, chairman; E. W. Robertson, 1
f president and treasurer, of Columbia; i
H. C. Flietmann, New Yo*; William
Winchester, Baltimore; John A. Law,
Spartanburg; A. S. Wattles, Massa
chusetts, and T. S. Rennie, Granite
t ville, S. C.
WILL LIVE IN ASHEVILLE.
s Bishop A. ',oke Smifth Has Decided
- to Ma& His Home There.
I Bishop A. Coke Smith, of the South
Sern Methodist church, who is recov
5 ing-from6 a serious illness, has decided 1
r to make Asheville ..his permanent
e home and will take 'residence at No.
4 Asten Place. Bishop Smith 1has been
- in Asheville. for his health ever since
- last spring, and has fond the climate
i of this. section so beneficial that 'he
s will reniove his residence from Nor
t folk to Ashe;ille.-Asheville Gazette.
se The many friends of Bishop Smith
s in Ne.wberry will 'be glad to hear that
i he finds the climate of Asheville bene
ficial and 'hope that he may*soon1be
As A Testimonial.
- The police officers presented Mr.
-Thomas 0. Stewart with a beau-ti
e ful pair of gold cuff buttons on Tules
3 day on his retiri-ng from the office of
s clerk and treasurer as a testimonial
3 of their esteem. Mr. Stewart made a
'very efficient clerk and treasurer an~d
r was always pul-ite and courteous to
s ,those who had 'usiness wi-oh the city.
t Everybody -wishes shim much success
in his new work.
-Portrait of General Robert E. Lee.
vThe fact that too frequently it
Stranspires in American history that
no accurate and authentic portrait of
eher great men is faithfully preserved
ghas caused a nimber of the devoted
eadmirers of General Robert E. Lee
gto interest themselves to cause a per
fect picture of the great General to be
made and to be preserved for all fu
This work after a lapse of forty
years, is now under way by the John
~A. Lowell Bank Note company of
ie Boston, who are using for this pur
~pose the exact photograph made at
s~ General Lee"s residence in Richmond
ie a few days after the surrender, which
-' icture has always been considered
K- bry the Lee family and friends as the!
t- most perfect l'keness ever taken of
at the General at that period.
'y The work, when finished, will be of
!? the 'highest art of steel engraving, so
.> that it will thus 'be. preserved for all
his duty during the coming months
and to throw their full moral and fi- y
nancial ability in the great fight that 's
we have engaged in. The "Bear" i1
speculators of Wall Street and Lon- ;
don are using every device known to a
human ingenuity to depress prices. c
The Internatioaal Cotton Spinners of I
Great Britain have combined to crush p
the present efforts of -the farmers to s
maintain fair prices, and exporters p
are doing all in their power to ham- a
mer down the market. The so3ution t
of the problem is easy and simple. il
The ability of the farmers to win this p
fight is unquestioned. Stand togeth- p
er as brothers, battling for the pro- c
tection of your firesides and your q
homes, your wives, children and your t<
country. Stop selling cotton at pres- I<
ent prices. Call upon your merchants
an'd bankers to aid you in the heroic k
struggle that lies ahead. Store your 11
cotton in the seed wherever possible v
and do not have it ginned until later A
in theseason. Storethe lint cottonun- s,
der good sheds to' keep it dry on the
farm or place it in warehouses, where
the receipts are needed as collateral
to borrow money to meet maturing J,
obligations. All other lines of busi- J:
ness borrow money, why not the 14
farmers, when by so doing they can y
hold their cotton off the market and
materiallyadvance its price? Pay no t:
attention iO'the "bearish" literature ti
being printed and circulated broad
cast throughout the South. This is 1N
done with but one object and that to cl
discourage-and induce you to sell your v
cotton at prices below its' value. As
producers you. know that the crop is d
short and that unless you get good v
prices, at least eleven cents per pound,
there will be but little or no .profit a:
in this crop. b
Hold your cotton and check up the s'
present heavy receipts and- demand
not less than eleven cents for every
pound of middling cotton you have to S
offer. The Sotrthern Cotton Associa
tion, The Farmers' Educational an'd
Co-operative Union, The American
Society of Equity, The Farmers' Al
liance of North Carolina have all
agreed on the minimum price of'
eleven cents and the membership of
these powerful organizations standing
together in unity and harmony, can,
defy the combinations of the world1
and win another notable victory, the C
like of which was never witnessed be- C
Call your county and district meet-'
ngs throughout the entire belt. Build
up your membership in the Southern
Cotton Association and stand firmly
together for justice and protection. ~
If you will check the sale of your cot
ton for 30 or 6o days this Association '
will guarantee an advance inl the price r
easily to eleven cents per pound. Do '~
not rush your cotton on a depressed
market, but sell ~slowly and prove to '
th.e -world beodalquestion of
doubt that Sout-hern farmers have
the ability, the determination and thet
strength to force the world to recog
nize their power in maintaining a fair ~
price for their products.
The Southern Cotton Association
must be maintained and financed by
the farmers of t'he south. Its power'
to protect the interest of the pro
ducers is recognized and feared by all
the leading- speculative and cotton in
terests of America and Europe. If we
go down in defeat the enemy will be
merciless and it will take twenty
years for the scutih to recover again.
Stand by the association and thereby
protect your individual interests. The
soioth ,is both mentally and financially
able to manage and protect her in
terests from the dominating and dev
astating hands of her enemies.
Last January the price of co .ton
was depressed to 'six cents per pound
and the Southern Cotton Association
was organized at the New Orleans,
Convention January 26, 1904, to bring
about harmony among the producers,
merchants and bankers so as to ad-'1
ance the price to ten cents per pound.
rhe world knows that through. this
iowerful organization the price of
pot cotton was advanced to ten cents
ri the south on July 3 just five months
ater. Not only this but the assist
nce given the "Bear" operators by
ertain officials in the United States
)epartment of Agriculture was ex
osed through -the efforts of the as
ociation and the rascals were
romptly turned out. This work has
]ready saved millions of dollars to
he south and will continue to do so
fostered and maintained by the peo
le. If the south could advance the '
rice of a 14,ooo,ooo bale crop from 6
ents to 10 cents, clearly it would re
uire but a little co-operative effort
> secure not less than eleven cents
>r a iopoo,ooo bale crop.
Let the people know the truth,
now the power of their strength and
ien let them act promptly and the
ictory for higher prices will soon be
,on, then their great staple will be
flling at its real value to the world.
Mrs. Amanda G. Crooks.
'Mrs Amand'a G. Crooks, wife of Mr.
. B. Crooks, of Walton, was born
uly 24, 1842, and died September 27,
)o, thus closing a pilgrimage of 63
ears, 2 months and 3 days.
She was a sufferer for about twen
(-five years, but was patient unto
She was a consistent member of S*.
latt-hew's Evangelical Lftheran
lurch , and attended when health
'Sh;e leaves a 'husband, son and three
augnters, who will miss her gentle
oice and tender steps.
On the following afternoon, after
ppropriate service at -the grave, her
ody was laid to rest beneath the
iade of the trees.
Thou art gone to the grave! but we
will not deplore thee,
ince God was thy ransom. thy guar
dian and guide.
[e..gave thee, He took thee, and He
will restore thee
.nd death has no sting, for the Sav
iour hath died."
J. J. Long.
On To Washington.
Special low rates to Washington,
1. C., one fare plus 25 cents on ac
aunt of the American Bankers Asso
iation, October ioth to 13th, 1905
Tickets on sale October 8th and
th, final return limit October 15th,
An extension of the final limit may
e secured to October 25th, 1905, by
eposit of ticket with the special
gent, Mr. Joseph Richardson, Wash
1gton, D. C., between the hours 8 a.
1. and 8 p. mn., daily except Sunday,
r 'between the 'hours of g a. m. and
2 noon, and 3 p. m.and 6p. m. On
undays not earlier than 'October 8th,
ot later than October 15th, 19o5, and
pon payment of fee of fifty cents at
ime of deposit.
For further information apply to
!our nearest ticket agent, or comnmu
W. J. Craig,
General Passenger Agent,
Wilmington, N. C.
At Bachiman Chapel.
There will be divine service at
Bachman chapel Sunday afternoon at
:3o o'clock. Service conducted by
ey. John J. Long.
The public is cordially invited to
WTICE OF FINAL SETTLE
MENT AND DISCHARGE.
Notice is -hereby given that the un
'ersigned will make a final setlement
s Executrix on the estate of Thos.
F~. Harmon, deceased, in the Priobate
Court for Newberry county on tihe
[4th. day of November, 19o5, at 11
'clock a. m. -All persons holding
:laims against the said estate will
resent the same duly attested by
r'aid date and all persons indebted to
he said estate will make payment.
Adelaide B. Harmon,
HARYIE GORDAN SPEAKS
ON PRICE COTTON
WHY ELEVEN CENTS WAS FIX
ED AS MINIMUM.
Spinners Can Make Money With
Present Price of Goods and Pay
Twelve Cents-Every Man
In South Expected to
do His Duty.
At a meeting of the Executive Com.
mittee of the Southern Cotton Assor
:iation, held at Asheville, N. C., Sep
tember 6-8, i9o5, where representa
tives from each cotton producing state
nd territory were present, a report
:n the condition of the coton crop
made up to August 25th, was care
Fully compiled from returns of more
:han i5,ooo correspondents showing a
:ondition of 73 per cent as compared
with a condition of 8 per cent. for a
:orresponding period of 1904. An es
imate of the crop for this season
)ased on reports from the same cor
respondents indicated a yield oi
),588,333 bales of cotton. Taking this
nformation as a guide in connee
tion with the present enormous de
nand for spot cotton by the spinners
>f the world, the present high prices
)f cotton goods, and the heavy cost
o the producers for cultivating and
larvesting this crop, -vhe committee
greed that eleven cents as a mini
mum price, *basis middling at all in
terior points, would be a reasonable
nd conservative price to be asked by
the producers this season for their
;taple. It has been generally report
d, and not publicly denied, that spift
3ers can pay twelve cents per pound
For middling cotton at the present
time. and. still make good profits in
the marufacture of the raw material
into the finished fabric. Peace has
>een recently declared between Rus
ia and Japan. The whole civilized
vorld is in a most prosperous condi
tion and the spindles in all the cotton
mills of Europe and America are run
ing night and day to supply the tre
,nendous demands for cotton goods.
-The enormous crop of American
:otton reaching the un.precedented
figures of nearly 14,0oo,0oo bales has
beent easily absorbed by the spinners
at an average price of nine cents pes
pound. Of this crop there was only
a small reserve stock of little more
than a million bales to be carried into
the season of 1905-6 on the first day
of September. If no more than ten
nillion -bales of cotton are harvested
this season to be added to the small
reserve stock carried over from the
crop of 1904, the mills of the world,
at the present 'rate of consumption,
will face a famine in raw cotton be
fore another crop can be planted, cul
tivated and placed upon the market.
The mills have contracted for many
months ahead for the delivery of
goods to be manufactured outr of cot
ton yet to be bought from the pro
ducers. The exporters have sold to
the spinners cotton to be delivered in
the future months which is yet to be
bought from the producers. The
spinners and (he exporters are 'heav
ily short, with nothing but paper
contracts in their possession, white
the farmers of the South 'hold the spot
cotton in their hands and control ab
solutely the key to cthe situation. Will
the farmers take advantage of the
splendid position they occupy, and
like men, assert their rights to de
mand a fair price for this crop at the
hands of the buyers? Will not the
mercahnts and local bankers through'
out the South line up solidly in un
broken ranks with the farmers against
the combinations that are so actively
at work to depress prices and defeat
the will of the people?
Must Do Our Duty.
Every man in the South, no matter
at+i avocain, is expected to dc