Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1901-03-23
THE YORK COTTON MILL.

AS was indicated in the last issue OF
THE ENQUIRER, it is now an establish
ed fact that there is nothing at all
alarming in the financial condition of
the York Cotton Mill company. The
directors and stockholders have made
such investigations as were necessary
to fully assure themselves on this sub
ject and they are assured.
The tragic death of President Ashe
did not produce a panic among the
stockholders, as was naturally to be
expected. On the contrary, its princi-
pal effect was a SOLDERING influence up
on all concerned, and the problems
since presented have been considered
in the light of good common sense,
and with exceptional business ability.
Two informal meetings of stockhold-
ers have been held during the week,
and at these the situation was inquir-
ed into to it's minutest details. A num-
Der Of discreet and prudent outside
business men, who have regulations
for business ability, were called in to
advise with those directly interested,
and all suggestions were given due
consideration.
The financial condition of the mill
was as outlined by Mr.. Ashe. The
total Indebtedness, including that for
machinery. is in the neighborhood Of
$4,000 and the book value of the prop
erty s23OOO0 Machinery debt, amount
ing to $4,000. is not pressing. The only
immediate need for money is for the
purpose of meeting notes falling due
during the next few months, the first
one maturing on the 26th instant. In
the aggregation, these notes amount
to some $4,000.
After the financial condition of the
mill had been developed clearly, the
next step was to effect a re-organiza-
tion of the directorate. With the ac-
quiescence Of the stockholders, Messrs.
r. NJ. Carroll, ]. B. Pegram and ]. M.
Stroup resigned, and exercising it's
power under the bylaws of the COM
pany, the board filled the places of
these gentlemen with Messrs. w. Il.
Carroll, S. L. Miller, w. w. Lewis and
M. c. Willis. The new board then car
ried out the indicated wish of all con
cerned by the election Of Mr.. w. F.
Carroll as president and treasurer, vice
the late Mr.. Ashe.
The reorganization completed, the
new directorate at once considered and
decided upon the means whereby the
money to meet the immediate require
ments OIL the mill will be Forthcoming
in ample time. No further difficulty is
anticipated on that score, and as soon
as possible, the corporation will &c;
authority from it's stockholders to is
sue bonds to the amount of $4,000
This step is to be taken by way Of eX.
ira precaution. AS the situation now
stands, it is likely that the necessity
for floating these bonds will not arise
1t has developed during the past few
days, that the impression that the mil
can no longer be run at a profit under
present market conditions, is mis-
take. 1t is fact that there has beer
some considerable loss on account o.
the decline in the value of cotton OF
hand; but basing the calculations OF
the present price of cotton and tn
present price of manufactured yarns
experts say that the mill can easily pa.
off all of it's debts within the next fev
months.
There is a probability that nigh
work will be discontinued after feN
days for a time; but this is not def
nitely settled. The possibility that tn
new management will find it advisabl
to close the mill down altogether,
considered to be very slight.