The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1897-11-17
STOCKHOLDERS MEETING.
The Abbeville Cotton Mill Company
Decide to Issue Preferred Stock.

The stock holders of the Abbeville Cotton
MIL held an important meeting last Wednes.
day, November 10th.
The meeting was called to order by Judge
Lyon who had been nominated as Chairman.
President Bailey stated the object OF the
meeting, and read the advertisement which
had been published, and the circular which
| had been sent to each stockholder In Whlcn
was fully get forth the plan for relieving tne
mill of the debt which was on the property,
by the Issue Of preferred stock 10 the amount
OF Sl25 900, which preferred stock IL to bear In
terest at six per cent per an mum, payable July
and January q each partsa year ssoretsrv Of the
Board OF Directors, made some remarks In
support OF the resolution, In which ne thof'
oughly endorsed the scheme as the most ao.
was necessary TO place the mill on q safe
footing. In his remarks he was enthusiastic
In his praises OF the architect. Mr. greene,
who had given US good mill ana hsq inter' M
Greene had been very cautious 70 MAKE no
promises, but he had been exceedingly kind
in doing much for us, and without bis help ne
did not know what would have been our 1ate.
1893 Shares were represented In person
or by proxy, and when the vote was recorded
on the resolution to issue the preferred STOCK
1t was unanimously in favor OF the Issue.
Only about 25O shares were unrepresented.
About $40, ,0U0 Of the preferred stock has al
ready been spoken for, and 1t is thought that
the whole issue will be taken.
IQ0 mlll lS now uuo
the cloth Is first class.
Mr.. Cloudman. who represents the Draper
Company, was with US one day last week, and
expressed himself as much pleased With the
President Bailey is proving himself to be the
right man In the right place. He has the
confidence alike Of home subscribers and
northern investors. Under bis management
the mill has had the best Of credit, and there
is no doubt, when his judgment approves,
that he will 60 To the North and get all the
| money and machinery that we will need TO
fill all the floor space OF the mill.
The question as to when dividend will be
declared has often been asked, but up to this
| time nobody is able TO answer. There areyet
some subscriptions that are not due aud
there are others which are past due; After
| these subscriptions have been paid about
s5O. 900 to $4,000 will be needed with which to
buy additional machinery. The mill will
cry on credit. With the knowledge that a
debt of s5O,0 QUO to SIS 900 standing against the
property, any stockholder is as able as any
and Banner believes that the mill and the
stock is all right, and that the stockholders
will be patient they will be satisfied with
| their investment. The Newberry mill PAID
no dividend for five years, but is now val.
| liable property which pays annual dividends.
II President McCaughran, who was an excel
lent mill man and wise and careful fnan-
osr ala not pay @ be 1or 4Ve g.
pay dividend now2 Very few new cor,
porations pay dividends at first. 1twould be
unwise TO do so, even II the money should be
earned. Working capital is needed, and the
corporation which is in too big hurry. 10
pay a dividend Injuries It's own usefulness.
So be patient. Don't sell your stock. Wait
little while, and all will be WE'LL The direc.
tors are showing their faith in the ultimate
success OF the enterprise; they own major
ity of the home stock, and there is not q di.
rector in the mill who would not buy stock
If discounted. and he had the money to In
vest. Whatever the result may be, this edi-
tor expects 10 live 10 draw a good semi annu-
al dividend from the cotton mill on checks
drawn by President Bailey.