The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1906-04-18
LAURENS MILLS
CONTROL CHANGED /.
President Lucas and Board
Directors Resign.
/MILLlKEN BOARD in.
N. B. Dial of Laurens Chosen President
w. S. Montgomery of Spartanburg
Treasurer and Manager.


Courier, who was in Laurens last Thurs
aay for the meeting of the board of di-
rectors of the Laurens Cotton Mills,
sent the following account of the meet
ing to his paper:
Laurens, April IL. Special: The in
cumbent, or Lucas, board of directors
of the Laurens Cotton Mills, held its
expiring meeting this afternoon it's
six members present one by one resign
ing and filling vacancies as they were
made at the dictation of the Milliken
firm of cotton mill agents, who, with
their allies, have bought controlling
interest in the property.
The Milliken board at once met and
\ elected N. B. Dial, of Laurens, presi-
dent of the mill company, and Walter
S. Montgomery, of Spartanburg, presi-
dent of the Spartan Mills, manager and
treasurer. The retirement of the Lu-
cas- board was pursuant to an agree
ment by which the Millikens purchased
500 shares of the stock of Lucas and his
friends.
The cause of this agreement on the
part of the Lucas board was stated by
the retiring directors to be due solely to
the illness of Mr.. Lucas, and they fur
ther stated in writing that they be-
lieved that, barring his illness in the
present emergency, change of admin
istration would be to the disadvantage
of the stockholders.
When the meeting of the old board
began Messrs. c. C. Featherstone, JOS
eph e. Shrine, of Greenville; w. nj.
Bird and W.. w. Ball, of Charleston
j. d. M. Shaw, of Laurens, and Alex
Long, of Darlington, were present.
MIR. Featherstone presided.
The board first, unanimously and by
rising vote, endorsed the administra-
tion of w. E. Lucas and placed on rec
ord its unqualified belief that the ere
markable success" of the company was
to be attributed to the industry, faith
fulness ability and character. A
statement, signed by the Milliken firm,
was then read, stating that the books
of the company had been examined by
an auditor, representing them, and that
they were found satisfactory, this state
ment releasing the retiring board and
Mr.. Lucas of all responsibility in con-
nection with the property.
A vacancy already existing on the
board, G. III. Milliken, of New York,
was elected to fill it. He entered. Mr..
Bird then arose and announced his re-
signation. Mr.. Milliken proposed Wal
ter S. Montgomery, of Spartanburg, to
succeed him, and he was elected and
ushered in. Then in turn the other
members resigned and the Milliken ad-
ditional nominees as follows were elect
ed: John B. Cleveland, H. A. Hatch Of
the Milliken firm, Seth M. Milliken,
head of the Millil<en firm, and N. B.
Dial, j. o. G.. Fleming and j. Wells
Todd, of Laurens.
Mr.. Featherstone presented the re-
signation of Mr.. Lucas last and then re-
signed himself.
Mr.. John B. Cleveland was chosen
chairman of the new board. Before the
old board retired from the room Mr..
Shrine stated formally to the new board
that inasmuch as Mr.. Lucas had been
criticised for building for the company
swimming pool and stable on the
premises of the presidents residence
and buying an adjoining lot, all being
real estate of the company and the i'm
provements, that he personally stood
ready to purchase these premises and
improvements at their cost. So, $50, SIM
ply because he regarded them a good
investment.
Other supporters of Mr.. Lucas volun-
tarily joined Mr.. Shrine in his offer. 1t
was taken under advisement by the
new board.
While the old board endorsed the Lu-
cas- administration with emphasis, the
fact that the annual statement for the
year ending March 81 shows net profits
for the year of little more than one
hundred thousand dollars will be even
more convincing. They leave the mill
with net surplus of $98, 1884, and
during the twelve months the mill has
paid it's two usual six per cent semi-an-
nual dividends on the capital stock of
$350,O00 Members of the old board
say that the company, by selling
through the commission firms of Stew
ems s. Co. at 2 per cent, saved for the
stockholders between and per cent.
on the entire capital stock in the year.
1t is further understood that relations
between the Stevens or 2 per cent firm
were mutually advantageous and would
have been continued under Lucas ad.
ministration. What position the new
controllers of the property and the
stockholders will assume remains to be
seen. Mr.. Cleveland, of the new board
expressed the desire that differences
between the contending factions be for.
gotten, and Mr.. Shrine responded in a
similar vein.
The health of Mr.. Lucas continues tc
improve, and he will, of course, remain
in charge of the Watts Mills.
Mr.. s. M. Milliken was not present
at the meeting.
The Offices of the president anc
treasurer have heretofore been united
in one person, and the of manager ha!
not heretofore existed.
The new president, Mr.. Dial, hat
been the Millikens' local attorney ant