The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1905-11-08
catered st the pos'ofice at Laurens,
@, as second class mail matter.
LAURENS, S. c., Nov. s, 1905.
THE TAKE OFFER.

RtSNiPiSRNSo thS
unfortunate troubles in the Laurens
Mills and had bought large blocks of
stock the suggestion came privately
from sources now identified with the
Millikens that the reasonable and fair
adjustment lay in a give-and-take of
fer. This suggestion came to mind
here In Laurens-not to the mind of the
Lucas faction.
VI course we are ready to call names
with time, place and circumstances if
this assertion should be disputed.
AS the Lucas people were in posses
sion it seemed fair that the proposition
should come from the other side-that
they should have the option. However,
the war went on. At last the Lucas
crowd made the give-and-take PROPOSE.
ton, giving the Millikens the option.
They offered to buy the whole mill at
$l70 or sell all their stock at the same
price. The Millikens refused to sell OF
to name any price. But there they did
not stop. They intimated that they
might be induced to pay SLIGO for the
stock of Lucas and his friends.
This means, if it means anything,
that stock in their hands is worth more
than $170, but in any other peoples
hands only $3.50.
Now as long as a coalition exists by
which the Millikens control a majority,
the stock of the minority cannot go up
in price. Nobody will likely buy mi
nority stock. The majority are the only
buyers. AS a matter of fact if the
mill were free the stock would be ten
dollars or more higher now than it was
when the Millikens gained control of a
majority; the mill having been prosper
GUS. No one will deny that they are
keeping the stock down. They will not
deny it themselves. They are the only
buyers.
Since the Millikens will not sell, the
burden of proof is on them to show
that they have no unfair object in view.
There is no law to make them sell. I'm
der the law the majority may squeeze
the minority; may put the thumb
screws on it; may depress minority
stock. The law does not make this rob-
berry. We do not say that the Mill
kens have a wrongful motive in refus-
ing any compromise in this matter but
we do say that their conduct and utter
ances as to four per CEN commissions
Indicates their motive.
But, says an outsider, the Millikens
are not alone; they have allies in Lau-
rens. We content ourselves with re-
plying that such men as John Madden,
Robert Bell, o. B. Simmons, A. H.
Martin and many others of Laurens, j..
L. Carter of Virginia, all the Charles
ton stockholders and a very large ma
Jority In number of all the stockholders
but not in shares (four or five to one
perhaps) are satisfied with Mr.. Lucas
and are standing by him.
A man in whom THE ADVERTISER
has confidence and who is with Mr..
Milliken in the fight is Mr.. John B..
Cleveland. 1t is significant that Mr..
Cleveland has tried'to effect a compro-
mise-that he favored the ''give-and-
take proposition. Mr.. Cleveland in
this matter acted as THE ADVERTISER
expected. We regret that we differ
from him in this controversy but our
confidence in him has not been shaken.
He is committed to the Milliken side
but he would today be glad to see a
settlement on a basis fair to all sides.
1t gives us pleasure to say this of John
b. Cleveland; for we have believed in
him as an honorable gentleman for 25
years and more hat we have known of
him and known him.
II a partner have one-third interest
In a firm he can go to the courts and
force a fair settlement. Persons hold
ing one-third of the stock in a corpora
ton can't do it. If the Laurens Mills
were a firm the minority holders could
force a sale of the property and SO COM
pei the majority to pay full value for
all of it or else to sell.
We are able to prove by Mr.. Milf
ken's own friends that the give-and-
take proposition is fair. Yet he rejects
it.
Therefore, we think the time has
come when the minority stock holders
can bring this affair to the attention of
the whole State and ask the assistance
of the press and the legislature. If the
Millikens can Cypress one body of min
GRITTY stockholders, they can Cypress
them in a dozen other mills. 1t is the
duty of the legislature to devise all pos
sible methods of protection.
We have taken this position only af-
ter the rejection of the give-and-take
offer-which almost amounts to a de-
claration of intention to Cypress.