The herald and news. [volume] (Newberry S.C.) 1903-1937, 1905-10-06
7. c. DUNCAN ELECT.
Ed And RESIGNS
e. w. ROBERTSON ELECTED
PRESIDENT UNION MILLS.
Report of Committee Says Outstand-
ing Indebtedness of Mills $6o1,-
600 Above Value of Prop
erty-New Board Elec-
ted.
News and Courier.

News and Courier
Union, October 4.-The adjourned
meeting of the stockholders of the
Union Cotton mills was called to Or
der at 10 O'Clock this morning by
President Duncan. The report of the
committee appointed yesterday to ex-
anime the report of the accountants
was submitted. This report estimated
the present value of the mill plant to
be nearly half million more than the
original cost OF the plant, which was
the basis of the value placed upon the
property by the experts, they taking it
from the construction account on the
books, According to the books, as re-
ported by the committee, there was,
including debts and stocks, an out
standing Indebtedness in excess of the
accountants valuation Of property Of
$6oI 200.
Total indebtedness of Buffalo Cot
ton mills, including 100000 in stock,
two millions and a quarter The plant
is estimated to be worth about two
and a quarter millions. This shows
the mills to be solvent.
If tine committees valuation was &C
cepted and the property sold at its
figures the debts would he paid, pre-
ferred stock being Of it's full value
and common stock worth 66 2-3 cents,
provided all debts due the mill were
paid IN full The plant as il stands
today is said by this committee, after
careful examination by experts to be
worth 81 100000. .,... -. .. ;..
The report Of the committee on by
laws was then received and the sec
6on providing for the election of an
attorney for the mill by the directors
caused much dissatisfaction. A ballot
was taken, but before the result was
announced the conflicting interests
became reconciled and the section
stood. II
Then in neat and eulogistic speech,
Frances H. Gary, of Baltimore, nom
mated T. G. Duncan for president,
and the latter was unanimously elect
ed Immediately afterwards Mr.. Dun
can submitted his resignation, there
evidently being an understanding to
that effect, saying he thought it was
for the best of all that he should do
so. Thereupon Mr.. E. w. Robertson,
Of Columbia, who has been treasurer
OF the mill during the past few weeks
wa Unanimously elected president
and treasurer.
The following board OF directors
>sa.. S3osen:-T. c. Duncan, chairman;
-. -. Robertson, of Columbia; Ems
lie Nicholson, Union; John A. Law.
Spar,anburg: H. c. Fhe'tmann, New
York; William Winchester. Balti-
more; A. E. Wattles, Massachusetts,.
M. Duncan's future position in che
mill was not defined. The melting
adjourned subject to the call of the
president. There is decided feeling
of relief over the solution of the situ-
ation. The new management has am
pie financial backing and expressed
the belief that the situation would
soon be much improved.
The meeting OF the Buffalo Cotton
mills was held this afternoon. The
proceedings were as at the Union
namely, the election of Mr.. Duncan a:
president, his resignation and thu
election Of E. w. Robertson as presi
dent and treasurer. A most encourag'
ing report was made by the account
ant as to the condition Of the mill, bu
all inquiries for figures are met BY
a positive refusal to divulge any thing
Mr.. Robertson says that he is no
sufficiently acquainted with the situa