The Union times. [volume] (Union, S.C.) 1894-1918, 1905-10-13
BUFFALO MILLS MEET
ING.
Same Program Followed
oS at the Union Meet
ing.

shape than the Union mills, the
stock holders and creditors have and
as il. the case of the Union mills,
alike pledged themselves to lend their
assistance to get the mills out Of
their trouble.
The business was Transacted in
more OF routine way than the dra-
matte session at Union President
Duncan was re elected and immedi-
ately resigned f. w. Robertson
was elected president snd treasurer !;
7. c.. Durcan, chairman Of board Of
directors, with directorate composed
Of A. Wattles Of Canton Junction,
Mass. Fl. G.. Fleitman of New York
T. II. Reese Of Graniteville, f w.
Robertson Of Columbia, John A Law
Of Spartan burg, VIM. Winchester Of
Baltimore. A. II. Foster and f. M
Farr Of Union were dropped from the
board.
The expert accountants 5 report was
read, hut its full details could not
be secured from the officials, though
it is lesrned unoflicially that approx
mitely the Buffalo mills liabilities
are 81 SEQ 600, plus the capital stock
Of $500 900, that the losses in cotton
speculation amount to somewhere
near $500, 900 and that the presidents 8
indebtedness to the mills is some
thing Ike $4,000.
An expert mill man who went over
the entire plant has expressed him
self as delighted with it; that in his
opinion it is one Of the best in the
country and could not be built now
for less than two million dollars.
Th" situation at Buffalo seems not
so complicated as at Union, MS none
Of the 9th enterprises owe it any
thing. As in the case of Mr.. Dur
cans irde bt edness to Union, it is un-
derst >od that he put up more than
the equivalent Of his Indebtedness in
stock representing his one.third in
terest in the Neal Shoals power plant
and the bonds Of the Union and Glenn
Springs road, which he owns entir. Iy.
These, he was negotiating to sci! even
at sacrifice to pay for his indebted
ness and the crisis came before the
matter could be consunmated.
The local and out-of-town business
men show that they consider the re-
suit Of the meetings very satisfactory,
from their minds and confidence
strengthened as to the towns con.
linued prosperity. Everything con
it is said that the expert
accountants who also worked on the
Olympia situation in Columbia two
years ago have stated that the situa-
tion here is not nearly so bad nor
complicated as that of the Olympia,
whose stock now commands a good
price under the circumstances.
While Mr.. Duncan's duties have
not been officially announced it is
understood that he will be executive
officer in charge Of the industrial fea-
ture Of both these magnificent plants,
and with his knowledge and reccg-
nized ability and the fact that he can
now give his undivided attention to
the production Of goods it is believed
that he will be able to do much to
work out success in his departm ent.
f. w. Robertson when seen by a
press representative said
"a meeting of the directors of the
mills will be held here. We expect
all the mills to run without inter
mission just as in the past About
moving the Offices to Columbia the
only thing taken there will be the
books. With reference to clerical
help all who have been faithful will
retain their positions while any whom
it may develop have proved unfaith-
full will naturally be needed no longer.
Whether or not the company store
will be continued cannot be told to-
day, as that remains for the directors
to act upon"
A statement made late by SEEM
ingly reliable party is to the effect
that it is now thought that the Buff
falo Mills preferred stock is practi-
cally unimpaired-S partan burg
Journal.