The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1905-12-13

Laurens at the time, and they were
very much surprised at the way in
which legal processes were served in
South Carolina. 1t was at this j~uncture
that q large number of other stockhol-
ders, including all the other local direc-
tors, withdrew from the meeting. l de-
nounced the procedure in the meeting
as being a lick below the belt, and UNI
fair. and ! urged an adjournment for
two weeks. l am glad to state we
have citizens, and a great number OF
them, who believe in upright dealing
and open transactions and who will not
chloroform financially and. financially
sand bag a person, even if he be a citi-
zen of another State. l will state
further that my sympathies have al
ways been with the stockholders of the
mill and that commissions should be as
low as a business could be run honestly
and in a businesslike manner. / do not
know whether this should be one per
cent, or four per cent, more or less,
but there is a proper way to approach
commission houses for this purpose.
THE MILLIKEN STOCK.
So much has been said in the news
papers by my good friend, Mr.. Ball, of
The Advertiser and of The News and
Courier, and generally the press agent
of Mr.. Lucas, about the row being
brought on by Mr.. Milliken, demanding
the pound of flesh, and that Mr.. Lucas
had made a much better trade with an
other house, ETC., until the public may
think there is only one side to the case.
Mr.. Ball is so well known that no one
will accuse him of misrepresenting the
facts of the case, but evidently he has
jumped at conclusions without reading
the entire record, and he has had this
side very prominent before the public
time. l know too we'll the editors of
the principal newspapers in the State
to believe they would, for one minute,
allow their columns to Intentionally mis-
represent Mr.. Milliken or any one else.
These newspapers are very great fac
tors in the development and upbuilding
of the of our State, and their
editors, without a single exception, SC
far as | know, are friendly to all inter
ests which tend to the betterment OF
the condition of our people, and that
they will do everything in their power
to aid, encourage and foster new enter
prices, such as building mills, etc,
Some of them, however, not being ir
possession of the facts of this case,
have made some comments they would
not have made had they been bette,
posted. For instance, it was not pub
lished at the time the injunction was
served that Mr.. Milliken had been en-
joined from voting his entire holdings
and proxies, which was in the neighbor
hood of l,700 shares. When the Mill
kens were forced to withdraw from the
stockholders meeting other partie.
holding large blocks, of stocks alst
withdrew, leaving only 1892 shares GU
of $500 represented, and the holders O,
these shares undertook to elect a new
board of directors. Mr.. Milliken ant
his friends could have elected a boart
of directors ven after the FIVE hundred
shares had been enjoined. AS a matter
of fact, no effort had been made on the
part of Mr.. Milliken, so far as l know
to secure any local proxies, and if sucl
effort had been made it is more thar
probable his side could have secured
good, large number. He had purchased
some stock. Further, it has been helc
up before the public hat the contract
with Stevens & Co. is for 2 per cent
commissions, against the agreement
with Mr.. Milliken for a per cent; fol
the same service, accommodations anc
risk. Now, we will analyze these two
contracts, and see whether or not the
latter is more advantageous to the
stakeholder than the former.
THE QUESTION OF COMMISSIONS.
In the arrangement with Deering,
Milliken & Co. the mill was to pay -four
per cent on bleached goods, three pei
cent on unbleached goods, and it paic
nothing where the goods were sold di.
rect. This arrangement was to termi.
nate at the pleasure of either party; ir
fact, my information is hat there was
no written agreement whatever. Or
the other hand the agreement with
Stevens & Co. is that they are to re.
ceive four per cent on bleached goods
and per 2cent on ~unbleached goods, anc
one per cent on all goods sold else.
where. Not only this, this contrac,
purports to be binding on the cottor
mill for a period of five years, optiona
with Stevens q Co. to have it renewed
for a term of five years additional, still
optional upon Stevens part to annul il
upon six months notice-a very one.
sided arrangement "heads l win, ant
tails you lose" Not only this, it was
signed, according to my recollection, or
the 18th of May, seven days before the
annual meeting was to take place, anc
when the president of the COMPANY
knew a majority of the stock favored 8
change. 1t was entered into without
consulting the directors, so far as
knew. 1t will be seen it depends or
the condition the goods are in wher
they are sold as to whether or not one
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