The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1907-08-28
SPECIAL MEETING
OF STOCKHOLDERS.
Affairs at Ware Shoals Dis
cussCd at Length.
/ FULL STATEMENT.
Former President Dial Gives an Account
of Mills Resolutions
Offered and Adopted.

Offered and Adopted.
In obedience to the call issued by Mr..
N. b. Dial several days ago about one
hundred individual stockholders of the
Ware Shoals Manufacturing Co. assem-
bled in the Court House at $3.50 o'clock
on Monday afternoon. DR.. H. X. Aiken
was elected chairman of the meeting
and Mr.. John f. Bolt, secretary. Mr..
Dial made~a comprehensive state
ment giving the objects of the meeting;
he gave brief history of the organiza-
tion or the company, of the work that
he had accomplished and of the difficult
ties that he had encountered. He sta
ted that a majority of the stock had
been subscribed when the Messrs.
Reigel became interested in the plant;
that after several conferences they
came down and brought their engineer
and inspected the plant and were more
than satisfied with the value of same in
comparison with the expenses incurred.
They agreed to take the remainder of
the stock but wanted a majority and
wanted the Office of President and
Treasurer separated and clause in the
bylaws providing that the same per-
son should not hold both Offices This
he acceded to with the understanding
that he was to remain the president of
the company. This was agreed to by
their representatives in the presence of
the local directors Of the company.
That Mr.. B. D.. Reigel, the treasurer
had ignored his authority from time to
time and had assumed entire control of
the property, ignoring the while all
protests that he had made regarding
the management of same. That Mr..
b. d. Reigcl was a young man without
business experience, with extravagant
ideas and had made expensive and un-
necessary improvements on the COM
pany's property against his protests
and without the authority of the direc-
tors. One item of which was dwell
ling for himself which cost the corpora
tion about $15, OOO0 when he was au-
thorized to eXpend only $2,500.O0
same, and another the employment
secretary of the directors and st *
holders meeting at salary of $500 a
year and who resided in the state of
New Jersey, when the work could have
been easily done by member of the
Office force and more satisfactorily, as
the records should be kept at the mill
Offices where the plant was located.
At the close of Mr.. Dial's statement
Mr.. r. A. Cooper offered the following
resolution;
RESOLUTION:
Whereas, our local people discovered,
put together, and made possible the de-
Yelopment of that magnificent water
power on Saluda river, known as Ware
Shoals, and developed the same by
building a power plant with a capacity
of 5000 H. P, and erected superb
mill building with the capacity of so, 900
spindles, built railroad, bridges, store,
Post Office, etc., and started the town
of Ware Shoals;
And whereas, said work was accom-
plished through our local directors, with
the untiring efforts of N. B. Dial, the
President of the Company;
And whereas, we were disappointed
III raising certain stock which had been
heretofore promised us, thereby forcing
us to seek capital elsewhere;
And whereas, the Messrs. Riegel, of
Pennsy ylvania and New Jersey, express
ed desire to join us;
And whereas, after long, careful and
minute examination, an agreement was
entered into, whereby we delivered to
them the majority of the stock of the
said Company, and elected from their
number a majority of the Directors,
upon the express condition that they
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President and allowing him to retain
said Company, and upon the further
agreement that they were to use the
product of the mill direct, without any
commission whatever, thereby saving
the usual brokerage to the Company;
And whereas, they agreed to do GER
tain other things not necessary to
enumerate here;
And whereas, they have, without
cause, reason or excuse violated the
said agreements, thereby forcing the
said N. B. Dial to resign the Presidency
of the said Company;
Now, therefore, be it resolved:
1st. That we, the minority stock
holders have heard with the keenest
regret the unwarranted action by the
majority Of the Directors in violating
their said agreements.
2nd That we appreciate the diff
cultes under which the said N. b..
Dial acted as President of the said
Company, and we hereby express our
high appreciation of his efforts in the
interest of the Company.
3rd. That we also appreciate and
commend the efforts of the local drec-
tors to protect our interests.
4th. That we desire capital TO come
in our midst, and we pledge ourselves
to encourage it's Investment, and we
further pledge ourselves to treat fairly,
equitably and justly all parties invest
ing funds in our community tho
same time we look down upon, dis
countenance and hold IN contempt all
false pretences or treachery in what
ever shape, or by whomsoeyer prac-
ticed.
5th. 1t is the sense Of this meeting
that the Northern investors be treated
fairly, equitably and just, notwith-
standing they have violated their agree
ments without cause, and that they
should in equity and good conscience
sell us their stock or purchase ours at
fair price.
9Th We hereby request the local
directors to be exceedingly diiigent in
the future in looking after the affairs
of the Company, and we pledge our
H. .lz..k IL e IL