The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1905-05-24
Up TO S. M. Miniken.

WV
ton Mills is of course unfortunate fol-
the stockholders. 1t is a great pity
that a splendid property such as this
should be the object of warning fac
tions.
There is but one side to the argu-
ment in the controversy. MI. Millikin
favors paying his own firm four per
cent for what MIR. Lucas hired another
firm to do for two per cent. Mr.. Mill
ken undertook to buy enough stock to
turn Mr.. Lucas out because Mr.. Lucas
had carried his point. Meanwhile the
law suit is on an alleged agreement by
Mr.. Millikin to sell his stock to Mr.. Lu-
cas- at $3.50 the share. 1t will not be
denied that Mr.. Lucas when he disa-
greed with Mr.. Milliken was ready to
let Mr.. Milliken out of Laurens Mills on
MIR. Milliken's w terms. Then to Mr..
L"c2S's surprise, MIR. mifiiken went to
work TO kick Mr.. Lucas out. That Mr..
Milliken's motive is to "get even" with
Mr.. Lucas is implicitly confessed in his
News and Courier interview. In that
interview Mr.. Milliken goes so far as
to say in substance that Mr.. Lucas ut
ters q faischood in claiming that he is
selling the goods to Stevens & Co. at
two per cent and yet the signed and
sealed contract between that firm and
the mill company is in the mill Offices.
The men chiefly interested are the
Southern stockholders. Do they wish
to contribute SIS, 900 a year to the cof-
fers of Milliken?
For the last two annual meetings,
1908 and 1904, Mr.. Milliken has desired
to reduce the dividends to 8 per cent.
Great capitalists always prefer small
dividends and the accumulation of sur
plus. In this way the price of the
stock is held down and they are able to
buy it cheap. People in this ~neighbor-
hood can't afford to own stocks that
pay six per cent. If Mr.. Milliken gets
control, the small stockholders will be
in a hole.
OF course Mr.. Milliken has a right to
buy the mill. He has done nothing il
legal so far as the mill is concerned.
The law suit is between him and Mr..
Lucas.
Does Mr.. Milliken wish to go before
the people of South Carolina as a fair
man, a square man and man that poor
men can risk business association with?
If so, he will take this position: 81
Will sell you people, Lucas and his
friends, all my stock or buy all yours at
such and such a price. will make you
n piyn nr }aln pcnrnc;t;o,
But if Mr.. Milliken does not care how
lie appears before the people Of South
Carolina, he will adopt the cold-blooded
Shylock methods of "frenzied finance"
insist upon controlling the mill in the
interest of eXtortionate commissions
and use the mill to in1ict punishment on
men whom he dislikes who are poor men
in comparison with himself, and so
crafty his private revenge.
We cannot believe Mr.. Milliken will
insist upon being unfair. The way to
be honest is too plain. If he wishes to
buy the whole mill or t sell it, and
makes a give or take offer, it will be
clear that he is disposed to be fair.
We know Mr.. Milliken personally.
His reputation in New York is not that
OF a wreckcr or an oppressor of minor
lty stock holders. We cannot think
that he would acquire willingly such a
reputation in South Carolina.
But, sure as the stars shine in the
heavens, if s.. M. Milliken tries by the
sheer force of money to rule or ruin
the Laurens Cotton Mills, he starts an
agitation that will end in making his
name and the name Of his firm a stencil
IN the nostrills of the people of South
Carolina, that will be n milestone about
the neck of every corporation with which
his name is connected in this state, that
viii cause among the people a spirit which
in matters of legislation will handicap
every mill man and arm every demago-
que with a weapon of unlimited de-
structive powers.
VIII Mr.. Milliken declare open war
upon the people of South Carolina?
Does he throw down the gauntlet? Is
he the challenging party? We do not
think so because we do not believe he
Is Il bad man or a man dangerous to the
public welfare.
But if Mr.. Milliken means war, the
people Of South Carolina are ready for
him. The Laurens mill question is a
mere incident. 1t will soon be forgot
ten in the larger question which Mr..
Milliken would raise.
For Secretary of State.