The Union times. [volume] (Union, S.C.) 1894-1918, 1905-10-06

ton Mill has been reawakened by
the session of the special stockhold-
ders in special meeting which began
Tuesday morning. The meeting
was called for twelve O'Clock in the
morning and many large stockhold-
crs and creditors were present, from
! all sections of the country. Quite
number met at the mill office at
the time set for the meeting, but
this was adjourned until three
O'Clock the same afternoon by Pres
ident Duncan.
The meeting was called to order
at four O'Clock of the same day and
adjourned at six. A committee on
proxies, DR.. H. X. Smith, of
Union, B. F. Arthur, of Union,
and A. S.. Wattless, of Canton
junction, Mass, reported that
6,614 shares of stock were represcn-
ted out of the whole number 7 $50.
A majority was therefore present.
The report of the expert account
ants showed that the liabilities of
the Union Cotton Mills amounted to
about So, $50, 900 and that for some
time the mills have been losing
money.
A committe was appointed to
draw-up bylaws for the Union Cot
ton Mills on account of the non
existence of such bylaws. The
committee consisted of F. M. Carey
OF Baltimore, J. P. K. Bryan, of
Charleston, and Victor DePass, of
Union.
President Duncan made the first
: speech of the meeting and from re-
ports it was evidently magnifii-
cent defense. He criticized as un-
dcrhanded the accountants reports,
saying that they had gone beyond
their directions and that he could
easily explain some of the entries.
Speaking of his personal indebted
!; ness, he declared that he had put
up stock in other undertakings
which was fully equal to the amount
he owed.
He told of his work in upbuild-
ing Union and the Union mills.
From hollows and gulleys, he de-
; clared that he had reared magnifi-
cent mills. He had built the Union
mill for one kind of manufacture
and the Buffalo mill for another.
| To shorten expenses, he had built
splendid power plant which would
reduce greatly the cost of produc-
ton. To lessen traffic costs, he
had built the Union and Glenn
Springs road, saving by that very
, construction many thousands to
the mills.
DR.. Clifford moved that a COM
, mittee be appointed to examine the
reports of the expert accountants
and to report on their investiga-
tions, and also as to the explana-
tions offered by President Duncan.
The committee appointed was DR..
M. w. Culp, w. E. Thomson and
J. G. Wallace.
During the day and while the
meeting was in progress, a dispatch
from Charleston gave information
to the effect that in the United
States Court in Charleston a peti-
ton had been filed against the
Union cotton mills in involuntary
bankruptcy. All the petitioners
were small creditors and two weeks
have been assigned during which
the mill may show cause why it
should not be deemed bankrupt.
The petitioners are: The Chesapeake
Shoe Co., the Snelsenberg Clothing
Co., the Alwa Furniture Co., and
the Spool Cotton Company, in all
amounting to less than 81 900.
The attorneys for the petitioners
are Scaife and Hamblin. Papers
will soon be served on the mill au-
thorities.
The meeting was called to order
promptly on Wednesday morning
and the stockholders went into their
second business session. The COM
mittee on bylaws reported set of
bylaws of the ordinary form and
not differing in any respect from
the usual bylaws for any similar
organization. These bylaws were
adopted. The election of president
came after some minor matters had
been transacted. Mr.. j. H. Carey
of Baltimore nominated Mr.. Thomas
lC. Duncan, seconded by Mr.. Mac
beth Young, and Mr.. Duncan was
Unanimously elected.
| Mr.. Duncan was visibly moved
when this high compliment was
paid him and in feeling speech
danlnrad fhaf he dnonond Il Cor tho