The Union times. [volume] (Union, S.C.) 1894-1918, 1905-09-29

| The capital stock liability of the
mills is 100000 for the Buffalo
mills, one-half of which is common
stock and one-half of which is pre-
ferred, and S75S,OOO of stock for
the Uuion cotton mills, 5000, 900 of
which is common and $15S. 900 pre-
ferred, making total stock liability
OF 81 ,35S 900, which would leave
the stock in good shape, no matter
what disposition may be made of
the other Indebtedness.
| Again, the two properties are in
fine running condition and are
moncy-makers. The contracts that
are now in force at Buffalo are upon
export goods and were made upon a
profitable basis.
The Union cotton mills have no
contracts at this time, but the out
look is promising for them to get
profitable contracts also, better than
could have been made earlier.
From what can be understood the
two mills earn as much as $75, 600
per month.
WHAT DIRECTORS SAY.
1t is quite necessary to discuss
what the board thought or knew of
the cotton dealing of the president.
1t may bring about q controversy,
but it is quite sufficient to suggest
that members of the board say that
such dealings were unauthorized on
their part, and the recent losses
were complete surprises.
HELD IN UNION.
1t is understood that majority
of the stock in the new mill is held
by the people of Union; in fact,
from what can be understood, about
five-siXths of the common stock of
the Buffalo Mills is held here and a
majority of the Union stock is held
in Union.
People here are all much inter-
ested in the future of these enter
prises. Regardless of the present
situation, Mr.. Duncan has a great
many warm friends and supporters,
and the people, stockholders and
all here generally regard him as the
backbone OF the remarkable indus
trial development that has done so
much for this commonly, and they
can say nothing but the kindest
things about him.
1t is expected that some feasible
plan OF reorganization and of re-
funding the. indebtedness can be
reached. In the meanwhile it is
utter folly for any one to be impa-
tient or to resort to extreme meas
ures.
Some people may suggest that if
the local board of directors were
not cognizant of the cotton invest
ments they ought to have been.
The January statements of the mills
showed a surplus of s415, 900, which
indicated healthy condition of af-
fairs.
The mills had prospered, and it
is a most common thing that where
there is a strong, honest, robust in
dividual at the head of corpora
ton, to leave matters entirely to
that head and not to interfere or
bother with. his administration.
The stockholders and directors of
industrial enterprises the world over
have their immediate personal busi-
ness affairs to care for, and leave
the administration of corporations
in which they are stockholders en-
tirely in the hands of the executive
head, where they have such entire
confidence in him as they have in
Tom Duncan.
The conditions here were not
different from what they are in
other communities where response
bic heads exercise almost unlimited
authority.
| There has been some newspaper
talk about, cotton getting out of the
warehouses that was under mort
gage to certain banks or individuals;
in other words, it has been stated
that some of the cotton that was
hypothecated for cash loans, and
that was supposed to be in the ware
houses, has not been found there.
| WILL BE PAID FOR.
1t was stated that this cotton was
in the ware houses, and that the
warehouse company is entirely a
distinct corporation and the ware
house company Is responsible for
the cotton that was placed there,
subject to loans. If the cotton is
not in the warehouse, and it is
stated that about three thousand
bales have been used without re-
lease, the mill corporation is re-
sponsible for all this cotton, and