The semi-weekly messenger., 1905-07-18

ported by Mr.. Dargan as being on
hand at the meeting June 9Th. could
rot be found. Immediately upon
learning the true state of the COM
rany's affairs Mr.. Williamson called
meeting of the board of directors by
telegraph and long distance telephone.
The meeting was held in Darlington
last Thursday night. and. as result
of the disclosures made by Mr.. Will
hanson. il was decided to place the
company in the hands of receiver
Friday Judge Watts. of the state
court. appointed Mr.. Williamson re-
caiver. upon the application OF the
board of directors.
Federal Court Takes Jurisdiction.
Saturday proceedings were instit,i-
ted in the United states District court
at Charleston in the interest of crcdI-
tors of the comDanv. and Feder;li
Judge Erawley aproined Nessrs. r.
3. Leoby and s. Herbert Sass. of
Charleston. and Mr.. Williamson. trus-
tees in bankruptcy to take charge OF
the affairs Of the cornpany
A Discrepancy of SSOO.0O0.
AS stated above it has so far been
impossible to get q true statement Of
the afiairs of the IndeDenden. Cotton
Oil Company. but The Messenger-In-
telligencer is informed that. up to
Monday night the discrepancy be-
tween Mr.. Dargan's report of the con-
dltion of the company at the June
9Th meeting of stockholders and its
actual condition. as found upon invcs
tieation hy Mr.. Williamson and 9TH
ers. had reached the enormous total
of SS00.000. How much greater the
shortage Will be time alone can reveal
Mr.. Dargan heretofore has borne
sr1cE did reputation as a business man
of rrohity and ability and his friends
are dumfounded at the turn affairs
have taken. He belongs to a promi-
nent family of DARLINGTON and is un-
DER bond in the sum of $4,000. 1t is
said that he has been speculat;ng in
cotton seed oil and that his losses
have been very large.
The Wadcsboro Mill.
The Wadesborc oil mill had been in
operation about two years when it
was bought bv the Independent Oil
Company. The hill had done we'll
and the company paid those Of its
stockholders who did not care to go
into the rev concern 140 in cash for
their stock. Many OF the stockholders
closed ou= their holdings at this price
" blle others went into the 1ndeDen-
dent Gil Company upon basis mutu-
between S25 600 and 100000 of actual
money is the amount the Wadesbcro
and Arson county stockholders will
loose because of the failure.
Mr.. w. C. Hard;son has been resi-
dent manager of the mill here since
it was absorbed by the Independent
Cotton Oil COMPANY. He has managed
it's effairs with his we'll known ability
and in such a way that the mill has
made money.
In this connection perhaps it is we'll
enough to state that the Hill Ginning
Company and the Lilesville Ginning
Company will no- be affected by the
failure. except that the stock owned
by the 0i. company in these ginneries
will. Of course. have to be sold. There
is no reason why the private stock
holders in these ginneries should loose
cent. ard they probably will not suf-
fer anv loss. The ginnery known as
efnnerv No. 1. on the Camden road.
Belongs to the Oil COMPANY and Will
share the fortunes of the other con-
Germs owned by it.
Wadesboro Mill Attached.
Monday morning the Wadesboro
mill was attached by the Murchison
National Bank of WILMINGTON TO Sc
cure the Eayment Of a note for $40. 900
held by the bank against the Inde-
pendent Cotton Oil COMPANY. This at
TAG hnent. we understand. will not
amount to anything. proceedings in
BANKRUPTCY having been previously in
sIitutcd against the company in the
Federal court of South Carolina.