Lancaster enterprise. [volume] (Lancaster, S.C.) 1891-1905, 1900-07-11

ter Cotton Mills was held In the
Office Of the president Monday.
The reports of the president and
of the secretary and treasurer
were exceedingly ratifying to
all and afforded a genuine, but
agreeable, surprise to most of
those present. The president
recommended that the resolution
adopted by the board of directors
at recent meeting to increase
the capital stock of the mill from
$150,000 to $1,000,00O be adopt
ed by the stockholders and that
there be issued $500,000 of pre-
ferred stock and $500,000 ofcom-
mon stock. Not a voice was
raised against the proposed in
crease, as huge as the under
taking is, because the stockhold
ers have unbounded confidence
in the ability of their president,
Col. Leroy Springs, and his val
liable assistant, Mr.. Waddy @.
Thomson, secretary and treasurer,
to carry to successful completion
whatever they undertake. The
board of directors was reduced
from nine TO seven and the fol-
lowing gentlemen were placed
upon that board Leroy Springs,
w. T. Gregory, L. S. Garter, Jas.
Heath, Waddy @. Thomson, Ste,
phen A. jerks of Pawtucket, r.
l., and Geo. III. Bayne, of New
York city.
Immediately after the adjourn
ment of the stockholders meet
ing, the board of directors met
and elected the following officers:
Leroy Springs, president; W. L.
Gregory,vice president, and Wad
dy G. Thomson, secretary and
treasurer.
The directors authorized and
instructed the president to pro
ceed at once to have the charter
changed and 10 proceed with the
construction of the necessary
buildings and equipments.
The plans for the main build
ing are now being prepared by
Mr.. w. B. Smith Whaley, a mill
architect of Columbia, S. O., and
as soon as they are completed the
contract will be let and the work
started. The building will be
about 100 feet by 800, and four
stories high. The work of enlar-
ging will not interfere with the
operations of the mill as il now is.
That will run right on as usual,
day and night. The addition will
be placed at the east and south
side Of the present building.
When completed the entire plant
will be operated by electricity to
be developed at Landsford, on
the Catawba river, only seven
miles away. This mammonth
undertaking marks the beginning
of new era in Lancaster's his
tory and places her easily in the
front rank of towns of her size in |
the matter of industrial develop
ment. We are all proud Of the
phenominel success of our cotton
mill and prouder still that it is to
be increased to nearly seven
times its present proportions. The
common stock will be taken by
the peesent stockholders as well
as a good portion of the pre-
ferred. There will be no trouble
to place the stock. 1t it Is not
taken here it will he taken away
from here without a moments
delay. Colonel Springs the pro
moter of this enterprise made
arrangements for that in advance.
To show, in a public way, some
thing of the feeling of the stock
holders toward their ofFicerp, a
motion was made by Mr.. J. r
Knight that a vote of thanks be
rendered the president and the
secretary and treasurer for their
able, faithful, efficient and sue
cessful management of the affairs
of the mill. The motion was sec
onded by a chorus of voices from
all parts Of the room and was
carried with a roar Of unanimous
aVea