The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1910-10-19
Gard Prom ,ar. Dini..
To the Editor OF The Advertiser

featuring company. Yesterday / re-
ceiyed notice of the annual meeting
of the company to De held on Oct
9th. Along with this notice. l re-
ceiyed blank proxy. and an envelope
addressed to b. ID. Riegel and stamped
| presume each and every other stock
holder received the same. 1t would
appear from this that Riegel is ask
ing the stockholders to send him their
proxy. 1t occurs TO me that the cheek
of some people is monumental. to say
the least of such actions. trust every
male stOckhoider will attend the meet
ing in person. III 1act. | might say
that stockholders make great mistakes
by absenting themselves from the
stockholders meetings of the corpora
tions. 1t should not only be a pleas
ure, but it is their duty and interest
10 themselves, and to every other
stockholder to attend and post them
selves, as best they can, ~as to the
management of the affairs OF the insti-
tuition.
Last year there was some effort to
obtain proxies from the stockholders.
but presume this year. the conditions
being somewhat changed, there Will
be no great scramble. However. GER
tainly trust that no loyal stockholder
will send his proxy TO Riegei. even if
he cannot attend. and If any have un-
thoughtedly done so it occurs TO me
that it would be to MS best interest
to withdraw the same. 1 also hope
that each stockholder will consider
carefully before giving his proxy to
anyone who would represen, the Rie-
gel interest. However. the stock he
longs 10 the individuals. and it is your
privilege to act just as YOU see prop
er, and | will not fall out with you.
| make the above statements for the
reason that 1 am. and have always
been. anxious for tA.5 institution TO
succeed, and pay the stockholders, at
least fair return upon their money
] know the best interest of the stock
holders are not being locked after by
the dominant interest They are no.
toriously known TO be eXtrayagant,
reckless and incompetent The pres
ident OF the company resides in Penn
sylvania, and only visits the plant
very OCCASIONALLY. Possibly once in
six months. The treasurer OF the COM
pany resides in New York, and for the
last two years has been seldom at the
plant. Perhaps in the last twelve
months. he has only been there once
or twice at the outside and then only
for few days. Notwithstanding this,
he draws princely salary of $4,000
per year. They have a secretary in
name who resides in New York, and he
occasionally passes by the plant and
looks in, but has practically no more
t.. I : with the books of the company
-1an any other stockholder in the com
pany. Yet he draws the magnificent
salary of 1926 per month, stockholders
paying expenses besides. You may
think that since my feelings are not
the most cordial towards these peo-
pie that / did not make efforts hereto
fore to correct there eXtravagancies
| am only sorry you stockholders DO
not know of my actions from the very
beginning TO protect your interests
and to encourage economy and TO
cut off all eXtrayagancies in every
respect. This is the main reason why
these people fell out with me. In sub
stantiatiCn of this position, / beg 10
state that | wrote them a letter on
Jan. To- l906-a short time after they
became interested in the compAny, pro-
gancies, and / kept ii up as long as
1 was director in the company. They
first agreed that their secretary was
TO draw no pay. AS soon as they ask
ed to be paid, | at once objected, as
is expressed in very forcible terms in
my letter of said date. The reason
desire the stockholders TO attend in
person, is that they may hear these
similar questions discussed. and be
posted tor themselves. ~ the last
annuai meeting onered the follow
ing resolutions
Resolved that It Is the sense Of the
meeting of the stockholders OF Ware
Shoals Mig company that the Office
OF secre any OF said company, as now
used, is practically useless one. and
that the salary OF one hundred and
twenty FIVE dollars ($125.oo) per month
paid to said secretary is q useless and
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