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

| slOnS MT. MCIrary actually mace
money for the cotton mill by invest
lnents in futures. and that this money
! was placed to the account OF the mill.
Some OF the directors were asked
specifically ii this was fact, and they
positively denied that they had any
knowledge Of any money having been
made during Mr.. McCrary's admins
tration through cotton futures.
AS far as can be gathered, the mill
has lost. estimating conservatlvely,
about 100000 in some way. The di-
rectors of the cotton mill will not
make an authorized statement, but
from what can be gathered from them,
about the first Of September. when
Mr.. McCrary died, the cotton &C
count ran to the amount OF two hun
dred and one or two or four thousand
| dollars. and at the same time there
was on hand in spot cotton eight hun
dred and seventy bales, which. at con-
sarvative prices. would have aggrega-
ted $4,000. or $4,000.
The Losses On Cotton.
The difference between the amount
OF corton actually On hand, 875 bales,
at that time, and the cotton account
| which aggregated at that time over
S2oo,ooo, represented a difference of
about $4,000. This, it is claimed,
represents the amount of money put
up in margins for cotton and covers
the losses that were incurred or the
cotton account. There may be, from
what can be understood, a credit in
this account OF interest money. In
addition to this $4,000 which was in
cluded in the cotton account and
which represented the margins that
had been already put out and on cot
ton which was not in the warehouse,
| there appears to be similar marginal
account, OF perhaps $4,000 in the
bank accounts.
These two items of $4,000 of mar
gins in the cotton account and the
$4,000 for margins in the bank ac-
counts nd other items represent as
near as can be ascertained the losses
that the stockholders of the Newberry
Cotton mills will have to sustain.
The Newberry Cotton mill has
been carrying large amounts of cot
ton on the first OF September OF each
year, and from what can be gathered,
about the first of September, 1900,
they carried as much as $4,000 worth
of cotton; in 1901 $I34,16o; in 1902
S18o,ooo; in 1908 S272, 900; in 1904
S3o4.ooo. 1t may, therefore, be seen
that report that there was S2oI 900
worth of cotton on hand on the first
day Of September need not have been
surprising, and it may further be men
toned that the Newberry Cotton mills
has been carrying large stocks of COT
ton In fact, it may be of interest
to know thar in 1899 the cotton mill,
in November. carried a stock Of $685.
600; in March. 1900, S349,ooo; in De-
cember, 1901, S543ooo; in March 1902,
S3o3.ooo: in December, 1908, S344,ooo;
in January, 1905. S44o,ooo.
Confidence In The President.
The directors, OF the Newberry Cot
ton mills, as "e.I as the people of
Newbrrry, nave the most absolute and
implicit confidence in the every ac-
ton OF President McCrary, and, from
what I can understand. when he re-
ported to the board that there was
100000 in cotton they. or at least
those who would reply, believed it was
spot cotton and partly margins; no
one among all OF those with whom |
spoke questioned the purpose of Mr..
McCrary to do the very best for the
Newberry Cotton mills. OF which he
was president.
All seemed to think that his invest
ments, while unauthorized, as some OF
them contend. were intended for the
best Interests of the cotton mill and
to make money for the enterprise OF
which he was the head. Mr.. McCrary