The herald and news. [volume] (Newberry S.C.) 1903-1937, 1905-09-26
An Important Change of The Board.

An Important Change of The Board.
Union. September o2.-At a very
important meeting yesterday an al
most complete change in the manage
ment OF the Union cotton mills and
Buffalo cotton mills was affected. At
this meeting four directors and the
treasurer, T. c. Duncan resigned and
in the subsequent election the fol-
lowing we'll known and substantial
business men were elected dlrec-
tors:
Union cotton mill, Emslie Nichol-
son, president Nicholson's bank;
John A. FAINT, president Monarch COT
ton mills; T. c. Duncan, president
of Union and Buffalo mills, all OF
Union; H. C. Fleitmann, capitalist,
New York; VIM. Winchester, banker,
Spartanburg; E. w. Robertson, bank
er, Columbia.
Directors Buffalo mills, F. M. Fant,
president National bank; A. H. Fos-
ter, capitalist, and T. c. Duncan, OF
Union; with the same out-of-town
directors as the Union mills.
E. W. Robertson of Columbia was
elected treasurer of both mills and
has entire management of the fl
nances.
A special stockholders meeting
has been called for Tuesday, October
Z. and an executive committee con-
sisting of H. C. Fleitmann, New
York: VIM. Winchester, Baltimore,
and John 4. Law, Spartanburg, was
elected and given full power to act IN
the interim.
Yesterday and today quite num-
Der OF heavily interested parties nave
been in attendance on special meet
ing of the directors of the two mills
All kinds OF rumors were IN clr-
culation on the streets but it was not
until last night that anything def
mite was officially given out. +. w.
Robertson, when seen by a press
representative. said in substances:
Yes there were changes in the
Union and Buffalo cotton mills man
agement yesterday, but the mills Will
keep ON running just as heretofore;
that is so far as the operatives are
concerned.
"About the mills liabilities, it IS
impossible to say just now what the
conditions are, but several expert ac-
countants from New York are now
going over everything and we
hope to learn the exact status OF at
fairs soon. but it is very probable that
nothing will be divulged until the
stockholders meeting on October 3.
Since it has become known that the
creditors of the mills will make every
available effort to relieve the pres
ent situation and that the affairs OF
the concern are in the hands OF such
strong. able and conservative tlnan'
ciers. the feeling Of confidence IN the
final successful outcome OF situation
hat has been extremely delicate, per
picking and trying since the early
part OF July has grown rapidly and
surely here and i, is believed will be-
come general as soon as these facts
become known
The Union cotton mills was Or
ganized January IS, 1898, and ground
was broken for mill No. that sum-
mer. the mill having about 10000
spindles and $50 looms. In 1896 mill
No. was built for $4,000 sp!ndles
and 1000 looms, this being increased
bv economizing space until now o.
600 spindles and $500 looms comprise
the equipment. The capital stock at
first was S25oooo, but is now $780,
900. These mills employ 1900 per
sons.
Buffalo cotton mills, four miles
west OF Union, connected by the
Union and Glenn Springs railroad, is
one OF the handsomest mills and best