The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1915-02-18
DEFERREPORT 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
specinl to Tho InieIligencer.

| Specipl to Tho Iniegencer.
COLUMBIA. Feb. 17.-The house
committee on manufactures this after
noon decided to postpone until tomor-
row, It's 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, Sena-
tor John +. Williams of Aiken, the au-
thor of the bill. told of his reasons for
Introducing the bill. Certain big
cotton mills in Aiken County because
of mismanagement. specializing in 'fu-
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 had no other motive.
He read from report made up by ex-
perts on the condition OF the Aiken
mills. which had recently gone into
the hands OF receiver Mayor Mos
ley of Aiken also spoke and told of his
Efforts TO get information from New
York persons who owned q controIl-
ing interest in another mill.
f. Barron Crier. OF Greenwood
spoke In reply and said that he .appre-
ciateS the good intent Of Senator Will
| liams, but this bill would not accom-
plish the purpose of the author. 1t
would take away from the stockholdei.
The right 70 manage their property
and put the power in the hands OF one
man. the ps1ranna eosnfilissioner d
linan who might be good. as at pres
ent he was, and again might be bad.
The personnel Of the oflce, howsyer.
had nothing to do with the matter. 1t
was a bill which gave plenary power
70 one man. II might be entitled "a
bill to take away from stockholders
the management of cotton mills and
put same in the hands of the State in
sni'a:.ee commissioner" He then eg.
planned in detail why certain ,rade Sc
orets could be used to work "a mill.
its labor cost. the cost OF aus cotton
and all THOSE sorts OF things could be
secured by 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 diyi-
dends that had not been earned cited
the case oe Her Her 10. jennings decided
ageinst director, case which he
carried TO. the supreme court. there
was already sufflcient law TO curb tii-s
rectors, they could be made to answer
Tor criminal negligence and ever for
careless acknowledgement. Akr. p. A..
Wilcox said that he was interested in
other corporations that might be af-
fected, that il the words other indus.
trial corporations" were stricken ont
ne would not further oppose the bill.
though he saw no particular reasons
forl Its passage. MIR. ]. X, Hood. also
cited instances wherein the bill could
be used to the great detriment of q
cotton mill.
President Victor Montgomery of tic
Pacolet mills, was asked certain prac,
tical atestions as to possible iii ef-
fects OF the bin on tho industry and
showed by long experience wherein II
could be used to seriously hanficap n
mills selling facilities. and swonId
play right into the hands of stock
brokers who could hammer down 4
stock for their o1n personal gaif,g.
The committee after about half an
hour's session decided To postpone &
report on the bili until tomorrow.
ate s. & : s " ''s t's',s > . s