The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-11-24
PRESIDENT DUNCAN WILL FIGHT
Friends Claim Observation-Disclosures
That ES-President Duncan. Of Union
and Buffalo Mills. VIII Make Known
His Position at Bankruptcy Hearing
the 9th

The Union and Buffalo cotton mill
situation seems To become steadily
more complicated as the days 20 by,
and all are looking forward with great
interest to the bankruptcy hearing
which is to be had in Charleston OH
the 9th, when importan. new develop
ments are expected to le brought out
in definite form. At that hearing it
is thought that ex-PreSident L. c
Duncan's position will he fully outlined
and some of the various rumors afioat
about him definitely answered.
Just now the int:mation comes,
strong and straight, that ii is his in
tention to fight in the courts the ac-
ton of the new directors in closing out
the cotton contracts made in his name
for over zoos 900 bales, il being clear
now that, hal the directors waited a
few days, they would Lave heen $50
coo ahead of the game IN this transac-
ton instead of half a million behind,
the total loss being a million dollars.
And Il friend of Mr.. Duncan here today
said that L was of record that the di-
rectors promised him rot to close out
these contracts before The 10Th of this
month. For seven years he had been
kiting these properties through storms
successfully. i'll the full knowledge of
the old directorate, it is said. and Mr..
Duncan's friends claim a conspiracy
has been formed now to down him, and
that he will fight to the bitter end.
Mr.. Duncan's attorneys have forbid
den him to speak for publication, but
$500 IL 80 hnn CO..
that he is as anxious as anybody TO
/ recover the ledgers which recently dis
appeared from the company's offices
at Union. They assert that these
books were last in possession OF Mr..
Fleitman's expert accountants: that
the two experts Mr.. Duncan brought
from atlanta to also go over them
were refused access to them: that the
day before they turned up missing Mr..
FIeitman's men had them upstairs, and
it was presumed that they returned
them to the safe: that Mr.. Duncan was
out of the city ut the time of their dis
| appearance. On the other hand it is
asserted that there were a dozen or
more people who knew the combina-
ton to this safe. It appears to come
from Nr. Duncan that these books
SnOW6i Dr. idilSuttltiiS dSdibS NAN
Buffalo mills, which it IL Mr.. Flelt-
mans interest to steer away from
bankruptcy shoals.
1t is further asserted by Mr.. Dun
cans friends tina these books showed
that instead of some half a million
! dollars standing against Mr.. Duncan
on open account, h fof
which he drew on Nh. Fleitman from
s-.1 cnnrrOd Inv S1tHllk IN
of Union and Glenn Springs Railroad
bonds. some 100000 of Union and
Buffalo stock and over 100000 OF
bonds of the power plant at Neil
Shoals. Mr.. Duncan has Mr.. Fleit-
mans receipts for these securities, and
has recently exhibited them to friends.
In this connection it is also asserted
that a leading Richmond banking con-
Germ offered to pay the Fleitmann con.
Germ all Mr.. Duncan owed on the secur-
tiles tbe FIeitman concern had at that
time
On the other hand the story Is go
ing the rounds that Mr.. Duncan q
short time before the crash came rais-
ed over 100000 from three separate
and distinct sources on the same bunch
of warehoused cotton which q nc
existence except in b imagination oil
Mr.. Duncan.
When'your correspondent asked one
of Mr.. Duncan's closest friends today
how Mr.. Duncan explained disposini
of cotton on which warehouse receipts
had been used TO raise cash, he replied
that there has been q custom amone
the mill people to use such cotton as
they require. and let the credit of tho
mill stand for the amount due-Colum'
bia Special to Charlotte Observer