The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1905-11-15
The Laurens Cotton Mill.

| The LaurenS cotton Mill.
Else where In the Press and Banner We copy
a we'll considered article from the Laurens
Advertiser, almost every sentence. Of which
furnit hes suggestions for comment.
The rights OF minority stockholders should
be protected. Nobody should be allowed TO
condscate the stock Of the minority. There
are many ways In which this may be done
within the law. We believe IT. has become
too often the case that the majority rule or
control without reference TO either the wishes
or the interests OF the minority. The remedy
suggested by the Advertiser is a good one.
Let The Legislature protect even The hum
blest stakeholder in his property. The
majority stock holder may elect the directors.
and lie may control the dummy directors
whom he elects. This insures the election OF
the president, with a salary hat may be
regulated only by his own wishes or selfish
interests. Let the Legislature protect the
minority.
AZ TO THE STOCK IN THE LAUREN MILL.
MI. Millikin has no right 10 make charges
Of ineficiency or bad management on The
part Of MIR. Lucas. MIR. Milikin's refusal TO
sell bis STOCK at $l70 disputes any allegation
VI luc " DIV odo"6 LILO ~ . ~ ~
His refusal " give or TAXI shows a principle
or a desire which each stakeholder may In.
terpret for himself.
The fact that the stock Of the mill Is worth
sl7O is all the testimonial that Mr.. Lucas
needs.
AS TO THE GIvE.AND.TAKE OFFER.
The mill itself is composed OF land. houses
a~A nnnhyparr-o oil nf uhtnh Ua nrQanm q
could be duplicated at or below the par cost.
The success OF the Laurens mill and the
esteem in which the stock is now held is
due entirely TO the management OF Mr..
Lucas. II Mr.. Lucas Is removed from the
management. can the stock holders hope to
have as able, as efficient and as successful q
president succeed him ? The quoted market
price Of stock in other mills, as COT. pared
with the price offered for that OF the Laurens
mill best answers this question. In our
opinion the removal Of Mr.. Lucas will
materially affect the value OF the stock, and
that fact added 10 Mr.. Millikin's holding a
majority OF The stock, may cause the market
price to 60 far below sl6O.
AS TO H MINORITY STOCKHOLDERS.
II we we're to give an opinion as TO what the
minority stock holders should do. we should
unhesitstingly say that their interests
would be best promoted by selling. The
premium Is on Mr.. Luoas's good manage
menl and not on the houses and the machin-
cry. MIR. Lucas can build another mill and
manage II just as we'll as he bas managed the
Laurens mill. II the minority stock holders
30 elect they may re-invest their $3.50 In a
new mill, and in q little while the stock OF
the new mill may command a premium far
in excess Of the then possibly reduced mar
ket value OF Laurens mill.
At their par value We would sooner
have stock in a new mill under control Of
Mr.. Lucas than 10 take chances in a success
or To Mr.. Lucas In the Laurens mill.
NOT A HoPEFUL FUTURE.
without going into the merits OF The COD
test now going Oh about the Laurens mill,
the disagreement among the stock holders
will ipjure the stock. A house divided
against itself, etc. Accept Mr.. Millikin's
offer with thanks. Don't keep the stock.
The first offer Is generally the best. While II
Ia no doubt true that other men than Mr..
Lucas could make a great success OF The
Laureps mill, yet there are many chances TO
one that q less successful man will take the
place. Mr.. Millikip is a %hnancier,' and a
most successful one. too. He may under
stand the general principles 'hich should
gosern q cotton mill, but 1t not for a man
In the city Of New York 10 attend to the de.
tails OF the business of q cotton mill, In |
Laurens. Mr.. Millikin tried that expert
ment In Abbeville.
PUBLIC BENEFACToRs. |
We think that Mr.. MillikiR and Mr..
Lucas are public benefactors, and we are
sorry for their disagreement. WitEont MI
MilIikin's help Abbeville could not have
built the splendid mill Of " hich we are all 80
proud. Abbeville had only ono-eighth OF the
capital stock.
Without Mr.. Lucas the stock 10 the Laurens
mill might have been worth much less than
100.
SYNPATH WITH LUCAS.
While our 81 mpathy IL with Lucae, We are
sorry that Mr.. Millikin should, for personal
spite, seek 10 irjure Mr.. Lucas, If he sue
ceeds In oustipg MIR. Lucas the Laure6s mill
will probably suffer, and all minority stock
holders will want to borrow, the use Of a
kicking machine-if they hold on apd do
not sell. :.
LET US HAVE PROTECTION.
But whether the Laurens stockholders re-
fuse a fancy price, and persist in error, let the
Legislature make some EFFORT TO protect the
a. ~~~-. Iaan nolnct L