The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1905-11-15
THE ~GIVE-AND-TAKE OFFER.
Mueh.Needed Legislation Minority
should be Prohibited o the
Possibility OF the COnfiseatlOn Of
Their Property.
Laurens Advertiser.

Laurens Advertiser.
When the Millikens precipitsted the
unfortunate troubles In the Laurens
Mills and had bought large ssblocks Of
stock the suggestion came privately
from sources now identified with the
MIllikens that the reasonable and fail
adjustment lay In q give-and-take Of.
FER. This SUGGESTION came to mind
here in Laurens-not to the mind Of
the Lucas faction.
or course we are ready to call names
with time, place and circumstances il
this assertion should be disputed.
AS the Lucas people were in posses
zion it seemed fair that the proposition
q should come from the other side-that
they should have the option. How
ever, the war went on. At last the
Lucas crowd made the give-and-take
proposition, giving the Millikens the
option. They offered to buy the whole
mill at $l7O or sell all their stock al
the same price. The Millikens re-
fused to sell or name any price. But
there they did not stop. They init.
mated that they might be induced to
nav $3.50 for the stock of Lucas and
his friends.
This means, if it means anything,
that stock In their hands is worth
more than $40. but in any other PEG.
ple's hands only $3.50.
Now as long as coalition exists by
y G:hich the MiIlikens coutrola MAORI.
he stock of the minority cannot
In price. Nobody will likely
aorIty stock. The majority are
the buyers. AS a matter of fac!
II the mr ere free the stock would
be ten doSS or more higher now
than it wasV the Millikens gained
control of q 1 kity; the mill having
been prosperN ANo one will deny
that they are ] ng the stock down
They will not y 1t themselves
They are the on4 ,lyers.
Since the MillfS ! will not sell the
burden of proof ~:an them 10 show
that they have no unfair object IN
view. There il no lev to make then
sell. Under the law the majority may
squeeze the minority, may put the
thumb-screws on it; may depress mi
.nority stock. The law does not make
this ROBBERY. We do not say that TIT
Millikens have 4 wrongful motive ir
refusing any compromise in this mat
ter but we do say that their copduc'
and ~uttersnce as to four per cent com
missions indicates their motive.
But, q y an outsider, the Mlllikens
are not alone; they have allies in Lau
rens. We content ourselves with re-
plying that such men as John Madden,
Robert Bell, O. r. Simmons, A. II,
Martin and many others of IaureDs
J.. T. Carter of Virginia, all the
Charleston stockholders and q very
large majority in number of'all the
stockholders but not in shares four OF
five to one Ielhaps) are satisfied with
Mi. Lncas and are standing by him.
A man in whom The Advertiser bat
confidence and who ia with Mr.. Mill
ken in the fight is Mr.. John B. Cleve'
land. It is significant that MIR. Cleve'
land has tried to effect q compromise
that be favored the "give-and-take"
proposition. Mr.. Cleveland In thit
matter acted as The Adviser expected,
We regret that we differ from him in
this controversy but our confidence In
him has not been shaken. He fs com
mitted to the Milliken side but he
would today be glad to see a settle
ment on q basis fair to all sides. II
gives rs plearupe to say this Of John b.
Cleveland; for we have believed in him
% an honorable gentleman for Is years
and more that we have known of him
and known him.
II partner have one-third interest
In q Arm he can 60 to the courts and
force q fair settlement. Persons hold
ing one-third of the stock in q corpora.
ton can't do it. If the Laurens Mile
we're q firm the minority holders could
force q sale of b eproperty and so com.
pei the majority to pay full value fol
all Of 1t or else to sell.
We are able to prove by Mr.. Mill.
ken's own friends that the give-and.
take proposition is fair. Yet he rejects
it. lr..
Therefore, we think the time hal
come when the minority stock-noldert
can bring this affair to the attention o.
the whole State and ask the assistance
OF the press and the legislature, II the
Millikens can Cypress n body of mi
nority stockholders, they can Cypress
them In q dozen other mills. It is the
duty of the legislature to devise all pos
sibie methods of protection.
We have taken this position only af
ter the rejection Of the. give-and-take
offer-which almost amounts to 8 de-
~cIarstion o%fintention to oppress.