The herald and news. [volume] (Newberry S.C.) 1903-1937, 1905-09-26
KEWBERRY MILLS
SOUND and STRONG
The LOSSES APPROXIMATE
TWO HUNDRED THOUSAND
A Statement Gathered By A News
and Courier Correspondent
The I Alings in Cotton
Made in the Interest of
The Mil.

Col. August Kohn, Columbia cor
respondent>o the News and Courier,
was sent to Newberry last Thursday
to see what was in the rumors re-
garding the Newberry cotton mill,
and to report the same for the News
and Courier He spent the entire day
here and sent the following letter
which was printed in Saturdays pa
per.
For some time past there have been
-umors regarding the Newberry Cot
ton mill, but investigation shows that
the mills solvency and credit are not
affected, as was stated in the News
and Courier Thursday. Even should
the surplus and accumulated profits
be wiped Out by losses which have
been suffered, the mill would still be
entirely free of debt.
A suggestion of this trouble was
printed in the Carolina Spartan, Of
Spartanburg, and some comment was
made in the News and Courier of
Thursday. With view of ascertain
ing the facts, this correspondent was
detailed to visit Newberry and in
quire INTO and report upon the facts
without prejudice to any one, and GER
,ainly without doing any one injustice.
An en.ire day was diligently spent
in inquiry. but the conditions certain
ly are very complicated, and the state
.ne0ts directly conflicting. With the
information that is available, after the
most persistent and painstaking ef-
fort. the conclusion must be reached
that the Newberry Cotton mill has
JOS about 100000 in some way. Dl-
rcc;o7s OF the Newberry Cotton mill
claim ,nat this loss has been brought
ao:,. by the injudicious an! unau-
thor ed investments in cotton f. lures
by tac late president Of the New
berry Cotton mill, Mr.. Thomas J. Nc
Crary. On the other hand, friends Ut
EIr NJ: Crary insist that whatever ac-
ton he took in this matter Was au~
thorized by the board. and that there
was not dollar lost by the direct %
indirect action of Mr.. McCrary. .
majority of the directors of the cot
ton mill were seen. and while they do
not authorize any statement upon this
matter and will not give anything out
for publication. I am told that Mr..
McCrary's investments were unau-
thorized. and complete surprise to
most OF them. and that they had no
idea in the world that Mr.. McCrary
was dealing in cotton futures on ac-
count OF the mill.
1t is also stated in Newberry that
explanatory facts have been found re-
ducing the amount Of the losses TO
SI4o.ooo, and it is held by some per
sons in position 10 be we'll informed
that q iull investigation will show that
no losses whatever as alleged have Oc-
CURED. Hence all figures OF the loss
es, pending searching inquiry now in
progress. have but the value OF es-
Inmates.
A Fine Citizen.
Mr.. Thomas J. McCrary was ad-
1nittedly one Of the most prominent
public spirited. generous, and high
toned citizens OF this section. He
stood for that which was good and
was always eager to up5uild this com
munity. The people here do no.
think that he did anything wrong and
in the very many conversations today
it was never suggested that there was
anv moral wrong on the part OF MI
McC7ary in anything he did. and the
most that has been suggested was that
his investments in cotton futures or
account Of the cotton mill were unau'
thorized and without the knowledge
and consent ~ the hoard of directors