The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1885-04-29
TWO PRESIDENTS.
THE REPORT OF ONE Is FULL, EXPLICIT
CLEAR, AND UNM1sTAKABLE 80 THE
LETTER OF THE OTHER Is EVA
sIvE, MYSTERIOUS, AND WITH
HOLDS TEE INFORMATION
TO WHICH THE PEOPLE
ARE ENTITLED.

The Difference Between President
Hfcknn Of the Gr~anitcvillc Man.
ufnrturing Company, md Presi.
dent lIneOod OF tho Carolina. Cum.
bcrIand Gap and Chicago Railway
Company,
Purely for the purpose OF showing to our
reatcrs the difference between IN open
md full statement of the President of IN act
ual company, possessing much wealth, ana
the recent cvasive ami mysterious letter OF
the President OF an imaginary railrohd, the
officers of which are charging nctnai munifi'
cent salaries for their imaginary services, VIC
append the following report Of President
Hickman, the letter OF the President OF the
Imaginary railroad which paysnctual salaries
to It's officers for imaginary services having
appeared In these columns last week.
Presidents Report.
To the Stockholders of the Granltcvillo Man
ufacturing Compnny:
tientlemcn-FOr the first time since nave
had charge of yOnr properly "a years., am
under the Necessity of reporting II loss during
the rast year. II wOuld be a waste OF time I'll
attcmpt 70 explain to you the various causes
which nave conspireI to bring 4no"s t 1o,1So RE- e.
Ill ~ wv SSpSi 'hsN
the condition Of the country are sufficient. II
I um ut fault at all. 1t Is In the fact that q ycnr
ago I refused to sell goods ut II loss, made from
cotton which cost nine and n hall cents per
pound, when Mt the same time | WAS paying
eleven and u half cents. l believed that prices
of goods would to some extent follow INC
price of cotton, but In this l was mistaken
Cotton advanced and goods declincI., Ihis
was very unusual; II never happened belore
In the history OF manufacturing cotton, 20 TAI
aS | know.
Our losses have been increased In consc.
quence Of an unfortunate change IN machin.
cry which was very expensive and proved =
failed. This I was not able to contro! UNI
very recently. am o hard Mt work, and
will soon have everything in good shape.
by reference to the subjoincd statement, you
the payment of interest, insurance., and tax.
es. 'Thc actual loss in manufacturing Is but
little over eight thousand dollars.
We must not be Accommodating is the nrst
loss that we have ever made, anu our prorts
have been very large. our property Is lhtict,
and we still have a large surplus.
The remedy for Il decided Improvement Is IN
the hands or our Southern manufacturers II
they would embrace It.. IT, IL Il fact that we
are making more goods than the country
needs, or moro than they nre able TO fakc,
Shutting down the mills for three or fonr
months would, in my opinion, place them In
n position to make money:
have been harassed BY law salts ever since
I have had charge OF your properly, ana thc
expense has been enormous. The lasf, so
called big bonus Voolfolk suit, has been dc.
cided In your favor BY the highest courts In
the State. I know Of no other real or imas.
mary claim that can he brought against your
property.
The production Of the Graniteville Mill for
the fiscal year ending March LIST, 1855. was as
follows Total :. i59, 79l pounds Of cloth, or O.
$50 go yards. The cotton consumed was j.
1919 pounds. or 7,Gs? bales Of 40 pounds.
The production OF the various styles of goods
ut Vaucluse Mil during same period was as
follows Total l,259.2H pounds Of cloth, or H..
% 5000 yards, consuming l,4sl ,4SS pounds OF
cotton, or 3,At2 bales OF 40 pounds.
The falling off In production was in conse'
Quence OF running short time, which greatly
Increased the cost Of the goods.
Amount ut Credit uf Profit and Loss,
NIurrb I 1894 SoO0 ST. S