The Anderson intelligencer. [volume] (Anderson, S.C.) 1914-1917, 1915-02-19
DEFER REPORTO ON
WILLIAMS BILL.
AUTHOR GIVES HIS REASONS
FOR INTRODUCING
MEASURE
WOULD PROTECT
STOCKHOLDERS
Says Certain Cotton Mills Had
Gone to the Bad Specializing
in Futures
Special to The Intelligencer.

Special to The Intelligencer
COLUMBIA, Feb. 17.-The house
committee on manufactures this after
noon decided to postpone until tomor-
row its report on the Williams bill to
require cotton mills and other indus
trial corporations" to furnish state
ments to the State insurance commits
sioner.
At the hearing this afternoon. ?ena-
tor John F. Williams of Aiken. HE au-
thor of the bill told of his reasc ns for
introducing the bill. Certain big
cotton mills in Aiken County because
OF mismanagement. Specializing In flu
lures and such behavior had gone to
the bad, and many stockholders had
suffered great loss. He only intended to
safeguard the interests of stockhold-
ers he said, and mad no other motive.
He read from q report made up by ex-
ports On the condition OF the Aiken
mills, which mad recently gone into
the hands of receiver. Mayor Mos
ley of Aiken also spoke and told OF his
efforts 70 get Information from New
York persons who owned controll-
ing sinterest lsan0ther mill 81 y. Sci Il
y. BafrQn II (sffer!: Of Greenwood
spoke in reply and snid that, he appre.
ciated the good intent OF Senator VIII
, liams. bit. this bill would not accom-
plish the purpose of the author. Il
.Ea..:3 tesa away s.c.s: the .soSi.;io,der
the right to manage their property
and put the power In the hands of one
man, the insurance commissioner, o
man WHO might be good, as at pres
|ent he was, and again might be bad.
the personnel of, the office. however,
had nothing to do with the matter. It
was bill which gave plenary power
to one man. 1t might be entitled "a
bill to take away from stockholders
the management OF cotton mills and
, put came IN the hands OF the State In
aurance commissioner" He then ex-
plained in detail why certain trade &C.
crets could be used to work q mill,
its labor cost. the cost OF its cotton
and all those sorts OF things could be
secured by a competitor or one buying
goods from the mill, all to its hurt
There was no more reason to 1t than
that merchant should be required to
mark in plain figures the cost OF the
articles he exposed for sale. He show
ed that Under, present laws directors
were liable when they paid out divi-
dendB that had not been earned. cited
the case Of Her ys, Jennings, decided
against q director, a case which :, lie
carried tos the supreme court. there
was already sufficient law to curb d.
rectors, they could be made to answer
for crtmihal negligence and ever for
careless ialsmanagement. Mr.. p. A..
Wilcox said that he was Interested In
other corporatoins that might be at.
fected, that IL the words ..other indus
trial corporations were stricken ont
he would not further oppose the bill.
though he saw no particular reasons
for Its passage. Mr.. ]. X. Hood, also
cited inatances wherein. the bill could
be used to the great detriment OF a
cotton mill. y 3, 5 81 @ - IS 4
President Victor montgomery OF the
Pacolet mills, was asked certain prac-
ttcal qtiestions as to possible ilf ei-
fects sof. the bill the Industry and
showed by long experience wherein It
could be used to seriously handicap a
mills selling facilities, and would
/ play right into the hands of stock
brokers' who could hammer down r 4,
stack fors their own pereOiial gains.
The committee after abont half an
hour session decided to postpone q
report ON the bill until tomorrow.
Iiies ~ Bill has already passed the sem
GlS. & s73, - s.