The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1905-11-15
KEITH DARGAN ECL1PsED.
The Wreck of the Union Cotton Mills
Followed by Sensational Rumors.

Columbia, November l3.-The an
nouncemeut that has come from Union.
that the directors OF the Union and
Buffalo cotton mills have cut of the
pay as director Of former President T.. >
G. Duncan, have offered a 81. 500 re.
ward for two ledgers recently disap-
pearing and to which he had access.
have demanded that he remove the
Offices Of the other concerns be is IN
trested in from the cotton mill Office.
and have closed out future contracts
tor cotton which Mr.. Duncan made at
prices far above the market for
seven years supply, is Of course sensa-
tlonel and it is causing much talk.
bat the information does not cause
any general surprise. as bank men
and others throughout the State have,
been lo"king for sensations to come
out Of Union for over gear. And.
YET other and bigger sensations are
exected tor the immediate future.
The Union situation is more collosaE
mess tnan that which has developed
three snicide, from the Darlinton fail
ure, and nothing which usually fol-
lows ,r the wake of wild cat business,
methods and reckless speculation on
the capital of other people is altogeth-
or unlocked for in the case of Union.
These two business catastrophes, the
one at the hands of bishops son,
and the other through ali idolized
member of one of the Oldest families
in the State, has caused untold dam
age to the industrial progress of the
State, not to mention the suffering
that has come to hundreds Of families.
These two failures and the Whaley
failure at Columbia, together with
depreciation in smaller way out but.
by the same methods elsewhere have
wiped out ten millions dollars worth
of stock in South Carolina concerns
in the last few years. Too much of:
this was held outside CT the State, but.
even this debt has to bepaid in loss Of:
confidence, and there were great
quantities of the stock in each Of
these enterprises distributed in small
lots among struggling people in this,
State.
The present management of the
Union and Bzffalo mills has been
making valiant fight for reorganl-
zation that will save the property
from the damaging effects of bank
ruptcy proceedings, but it has been
uphill work so far, and the toughest
places have not yet been passed al
though those behind the reorganiza-
tion scheme appear to be hopeful. One
of the greatest obstacles in the way is.
said to be the fact that in number
OF instances cotton on which RECEIPTS.
had been casbed had afterward been
disposed of leaving those who ad-
vanced money absolutely without pro-
lection Many have been looking for
criminal prosecutions to follow these
transactions, but the losers have been
lead to believe that they would finally
get their money, as>~they are more
deeply interesting in getting out whole
or partially whole ttan in seeing any
body placed behind the bars the
matter has been allowed to remain.
The story is going the 1ounds in this
connection that a member Of big
Baltimore whiskey house, aod VINO
was mentioned in the dispeDsary in
vstigatipg commissions sessions last
sumner as having attempted to bribe1
former commissioner with large
annual sum, was caught for some
So, 900 in a transaction of this kind. z
This whiskey man is also interested III
another whiskey concern with. which
the state dispnesary has had large
dealings, amounting to about mil
lion dollars a year recently, SO he is
hardly in position to whine about his
South Carolina experiences.
y strlking feature or this Union
affair is the TACT that MI Duncan
emerges through the debris smiling
and self-contalned. if not jolly and
debonier. A few weeks before the
first general crash came be wss in Co.
lungbia. mensiouing the fact to laugh
at it that all sorts of wild rumors had
been afoat atoat him. including one
to the eject chat be had lost his
mind. He admitted then having lost
much money, but did not seem to
doubt he would pull cut by means of
a scheme he was trying to perfect to
bond all of the properties be was in
ter.sted in for about three million
dollars. And people who have seen
him only within the last week speak
of how bouyant he seems and in what
devil-me care atmosphere ne seems to
move.
McCaw.