The watchman and southron. (Sumter, S.C.) 1881-1930, January 06, 1909, Image 7
TIE SEMWOLE CASE.
A (?RllAT MANY STOt KHOIJlKItS
WKRK IX COM Mill A ON
TUESDAY.
Oosjipaity ?4 llcorgaoUc| \ppciH |m
iMlgr Watts to Modify lila Action
on Monday Appointing Hecclvera
Columbia, Deo. 10.?As a result of!
the meeting held hero yesterday by
stockholder* of the Semlnole Secu?
rities company, the following thing*
were brought ?bout:
A new organisation was perfected.
Judge Watts is prayed to appoint
the aaw board of directors to be re- i
?elvers In lieu of the three he has
named.
The Southern life of Fayettevill**
has agreed to refund the money paid
for stock In Its <orporstlon. (It waa
this trade through C. I. Hebert whose
commission amounted to about $80,
0?t that the scandal was started.)
Steps are to be taken to prosecute
any who may have violated the laws.
Auditor Hlghlej made an interest
lag* report after an examination of
the Semlnole books in Chattanooga
?and reported that the books had
bean stolen from him In transit to
Colaseofta.
Neither Oarllngton nor Hebert was
present?although Oarllngton in fight
tng for time Is sUd to have favored
this meet In.,
The report of Auditor Hlghley show*
del that Oarllngton, In disposing of his
general agency of the State Mutual
Ufa of Rome. Oa., had received $7aVJ
la stock In tre Carolina Agency
company, and that he had exchang?
ed the $75.000 for an equivalent
amount In the Semlnole company.
' about $60.009 of which he converted
into caan.
XCew directors and new officers were
elected at a meeting of the stockhold?
er of the Semlnole Securities com
aeuty held hers yesterday. There were
aaoat 100 persons present, reprexntlng
ahout $11?.ooo of the stock. and
there has been no gathering of re?
cant years that attracted so much
speculation and Interest. There was
ponsldernble 111 reeling at times be?
tween the friends of The trustees and
the friends of those favoring a reor?
ganisation, but ell of this finally drop
pad and a: the end there was karmo
>gff. Thos? who seemed at the end to
b*ro no friend* were (Darlington and
th* f<>rme; boaid ??' directors. Their
reeta"!: t tons were accepted without
hasatntlat..
!.? aU lilon to the reports given
afterwfcere and the election of offk*ra
thorn were two Important re?o'vtlon?
prtsed- one to instruct the new dir- c
tars to commence proceedings to dls
nontinue the agreement entered Into
fttHh the Southern lAfe company and
the other Instructed the new directors
to take steps at once to collect all
evidence possible against the old
agent*, officers and employee of the
flamlnole Securities company. These
facta, la addition to the resolution
given elsewhere, may result In a mod?
ification of Judge Watts' order ap?
pointing receivers.
The new board of directors elected
gi"es representation to nearly every
?tuts In which there are stockholders.
Virginia Is not Included, although
Mi'. W. H. Lyles. representing Mr.
Fst'.erson of Virginia, nominated him
and called for a stock vote. Follow?
ing are the new d I reo tors.
!R. T. Oaston. Cheraw; Campbell
Courtensy, Newry; T. W. Berry, Lnt
ta: Wi. J. Ktherldge, Leesville; A. M.
Kennedy. Wllllston; C. M. 8neillng.
Oeorgla; J. B. Watklns. Florida; J. 8.
Carr. North Carolins; S. N. Smith,
West Virginia.
Vhe officers elected are: K. J. Eth
eredg?. president; J. 8. Carr, vice
president; A. M. Kennedy, secretar>;
T. W. Berry, treasurer.
The old directors who resigned
watt). J. Y. Oarllngton. W. H. Qllker
son. Jr.. Laurens; J. H. Teague, Lau?
ra ns; M. 8. Jeanes, Laurens; H. C.
Paplneau. Chattanooga.
When the meeting was called to
order yeeterday morning Mr. Caston
was elected chairman and Mr. Jen?
nlngs K. Owens of Bennettsvllle sec?
retary. The Klchland county court
house was crowded with stockholders
and Interested spectators and thero
was considerable difficulty In securing
an organisation. Everybody seemed
to be angry and nearly every one had
some motion to put before the house.
Finally, however, those accustomed to
parliamentary rules and practice ob?
tained control and the meeting opened
with the statement by Mr. Clark giv?
en elsewhere.
After this enme the following adopt?
ed without debate:
"Resolved, That the board of direc?
tors to be elected be Instructed to dis?
continue the trust entered Into by
their predecessors und csll on the trus?
tees for an account of the assets In
their hands and take charge of all
assets held by them as trustees ss
goon as In their Judgment It Is expe?
dient, and administer the fund In the
Interests of the stockholders."
At this stage there were suggestions
made that the trustess be forced to
resign, and the statsmsnt by Mr. W.
H. Lyl ?* stopped further disorder. Mr.
Lylee said ho had no doubt bot that
Iht trustees had not exercised care In
endorsing the scheme, but no one
would for a moment doubt their hon?
esty and their Integrity. The trustees,
therefore, were not Included In the
motion made that the former board
of directors resign and that matter Is
left with the present board.
Following this almost Immediately
came the resolution that criminal pro?
ceeding be started against the agents,
officers and employes of the company
by the new board. It wan adopted af?
ter several present said a few things
about the condition of the company,
the stock and several other matters.
Several remarks were made about
Former President J. Y. Garlington.
This resolution was as follows:
"Resolver, That the board of di?
rectors to be elected do proceed at
once to collect all evidence of crlml
i nal action on the part of the agents,
officers or employes of the Semlnole
Securities company, and lay the same
before the attorney general and re?
quest that, wherever the evidence jus?
tifies, criminal proceedings be Insti?
tuted and that the directors do give
careful atentlon to Justify the prose?
cution."
At the afternoon session the
very Interesting report of Mr. Highley.
the expert accountant, was read.
Highley brought out a great many
facts. For instance, Mr. J. Y. Gar?
lington now owns two shores of the
stock of the company. Mr. Garlington
was given ITS.000 of stock by the
Carolina agency company for his ser?
vices. It being agreed that when a
semi-annual dividend of 10 per cent,
be paid he would begin to receive
some of the benefits. Garllngton's
Carolina agency stock was exchanged
for ?75,000 of stock in the Semlnole
company. Garlington disposed of e
greater part of this, although of the
$25,447 due agents, In the statement,
about $34,000 is still due him, accord?
ing to the books. The directors, how?
ever?that is the new directors?do
not think that this will be claimed. In
the statement Is an item of $275
given agents for prizes in solicting
stock.
It waa also brought out that Mr.
J. Stobo Young, another director, has
left only two shares of stock In the
company. Incidentally Mr. High lev
remarked that he could not find any
records of the commission said to
have passed between* the officers of
the two companies. He aserted that
Mr. W. A. Clark never had any stock
In the Semlnole company.
The furniture and fixtures in the
statement were estimated at $745.70.
Mr. Tlmmerman asked for a state?
ment about this furniture; did it in?
clude any household furniture Mr.
Highley said It consisted of some
desks and the usual office fixtures.
The estimate is thought rather low by
some.
Semlnole Books Stolen.
Columbia, Dec. 80.?In connection
with the development! In the Semlnole
case aired yesterday at the meeting
of stockholjrs. Mr. Chas. H. Highley.
a well known accountant, would like
to know what became of the stock
books and minute books which he
obtained in Chattanooga from the of?
fices of the company and intended to
bring to Columbia with his report.
The story Highley told yesterday at
the meeting was decidedly Interest?
ing and will result In a thorough In?
vestigation, 'through railroad officials
who will aid the directors In their
search for the thief or for the person
who unintentionally took the records
?few as they were.
After Mr. Highley had completed
his examination of the records ob?
tainable at the Chattanooga office, he
asked for the minute books and the
look book that he might show them
to the stockholders. These were giv?
en him, and after a rather hasty ex?
amination, one of the clerks In the
office, a Mr. Shaw, offered him a dress
suit case In which to carry them.
Mr. Highley very thoughtfully
placed his other records In his own
suit case.
Boarding tho train at Chattanooga
he took the sleeper, and when he
woke up at Asnevllle yesterday morn?
ing the valuable piece of luggage was
missing and along with it went the
stock book and minute book. A hur?
ried search was made of the other
coaches, but Mr. Highley could not
Identify any of the passengers that
might possibly be Interested In the
disappearance of the books.
His reports read yesterday, howev?
er, were sufficiently Interesting to
cause the stockholders to "sit up and
fake notice."
Mr. Stevenson asked Mr. Highley If
Mr. Garlington was not In Ashevllle.
Mr. Highley said he did not know. Mr.
Stevenson said he thought he could
produce proof that Garlington was in
Ashevllle. (It had been stated that
Mr. Dunn, attorney for Mr. Garling?
ton, had declared that the latter was
In Ashevllle.)
Mr. Highley previously stated that
he had met Garlington In Chattanooga
and that the latter was present when
an examination of the affairs of the
company was made. The accountant
alao remarked incidentally that the
company "had kept no books;** at
least they kept no regular set and
most of tht information waa obtained
from the stock accounts and the min?
utes of the various meetings. His re?
port wag a very thorough one, and
<U spite the tension of the meeting,
th< rv were many ripples of laughter
OOOaStonad by some unintentional wit.
The first audible smile was produced
win n Mr. Highley described the "book?
keeping" of the Semlnole company,
and later when he told of getting the
books Into a dress suit case, there
was a roar of laughter. When in a
matter of fact way he related the
loss of the books a disgusted <ock
holder exclaimed, "Shucks, that was
a little bit, of a sieal."
BATTLE FLEET PASSES PEHIM.
Due to Arrive at Suez on January 3,
Christmas Fittingly Observed.
Suez, Dec. 29.?The American bat?
tle ship fleet, under Rear Admiral
Sperry passed Perlm, at the entrance
the Red Sea, at noon today. All
on board the fleet are well. The ves
1s are due here the morning of
January 3.
The warships enjoyed perfect weath
on the Indian Ocean, after sailing
from Colombo nine days ago. It It
expected that they will make a quick
passage through the Canal, and then
ill disperse to the various Mediter?
ranean ports, according to their Itin?
erary, wdth the least possible delay.
Christmas was fittingly observed by
he fleet. There wag various athletic
sports among the crews and each V*e
d gave a vaudeville show, had box?
ing matches, dancing and cake walks.
The run from Colombo has b*en the
pleasantest ^>f the entire cruise. The
supply ship Culgoa is two days ahead
f the fleet and the repair ship Pan?
ther two days behind.
RUEF SENTENCE FOURTEEN
YEARS.
Former Political Boss of San Fran?
cisco, Convicted of Bribery, Gets a
Long Term.
San Francisco, Dec. 29.?Abraham
Ruef, formerly political boss of San
Francisco, today was sentenced to 14
years In the State penitentiary at San
Quentln. Sentence was pronounced by
Judje Wm. P. Lawlor, who presided
over / Ruef's trial on the charge of
bribing a member of the Schmitz
board of supervisors in the award of
overhead trolley franchises to the
United railroads. The trial ended in
the conviction of Ruef on December
10 after a trial lasting many weeks.
?There is no case on record of a
cough, cold or lagrippe developing
Into pneumonia after Foley's Honey
and Tar has been taken, as it cures the
most obstinate deep seated coughs
and colds. Why take anything else.
W. W. Sibert.
WRIGHT MAKES NEW RECORD.
_ f
Aeroplanl8t Taken Flight Lasting Two
Hours and Nine Minutes.
Le Mans, France, Dec. 31.?Wilbur
Wright, the American aeroplantst,
beat all previous aeroplane records
here this afternoon with a magnifi?
cent flight that lasted for two hours
and nine minutes. He covered offi?
cially a distance of 73 miles, but as
a matter of fact, counting the wide
curves, he made over ninety miles.
Mr. Wright's feat was the more re?
markable because of the intense cold.
After breaking the record, Mr.
Wright went aloft again with M.
Barthou as a passenger.
Homicide Near Dillon.
Little Rock, Dec. 29.?Hayes Cousar
was shot and killed by John Emman?
uel In a drunken row on the planta?
tion of L C. Braddy, eight miles from
Dillon, last Thursday night. The in?
quest was held by Magistrate John
N. Hargrove, Dr. W. B. Smith holding
the autopsy. The fight was caused by
Joalousy over a woman, Causar accus?
ing Emmanuel of having improper
dealings with his wife. Particulars
are unknown.
?If you will take Foley's Orlno
laxative until tho bowels become reg?
ular you will not have to take purga?
tives constantly, as Foley's Orlno
I>axatlve positively cures chronic con?
stipation and sluggish liver. Pleas?
ant to take. W. W. Sibert.
Ed Huff, colored, has been arrest?
ed on the charge of asaultlng and
robbing R. R. West in Greenville
last Thursday night.
Tills Is Worth Reading.
?Leo F. Zellnski, of 68 Gibson St..
Buffalo, N. Y., says: "I cured the most
annoying cold sore I ever had, with
Bucklen's Arnica Salve. I applied this
?alve once a day for two days, when
every trace of the sore was gone."
Heals all sores. Sold under guarantee
at Slberfs Drug Store. 26c.
William Brltton. who shot and
killed Jim Burgiss in Greenville coun?
ty Thursday night, has surrendered
to Sheriff Gllreath.
?You would not delay taking Fo?
ley's Kidney Remedy at the first sign
of kidney or bladder trouble If you
realized that neglect might result In
Brlght's disease or diabetes. Foley's
Kidney Remedy corrects Irregularities
and cures* all kidney and bladder die
orders. W. W. Sibert.
?NOLE SCANDAL
?LII
SPECIAL COMMITTEE MAKES
FULL REPORT.
Mr; \V. A. Chirk for Trustees and
Others Tells of Examination of
Books?Import a nt, lttxommenda
tions-r-Mr. Clark's Statement.
From the State, Dec. 31.
An interesting report was made at
the meeting of t'.ie stockholders of the
Semlnole Securities company yestcr
day by the trustees, Messrs. W. A.
Clark, Willie Jones and T. S. Eryan.
The trustees aa members of a special
committee were requested to secure
the services of an accountant to ex?
amine the books of the corporation.
The services of Mr. Chas. H. Highley
were secured. The latter is well
known In Columbia, having been em?
ployed by the City of Columbia sever?
al months ago to work on a new sys?
tem of bookkeejiing. Mr. Clark said
that the committee was divided o:n
the proper course to pursue and on
behalf of the trustees he submitted
the following report with recommen?
dations:
"To the Stockholders of the Semlnole
i . .
Securities Company:
\ '.'Pursuant to a resolution adopted
at a meeting of the stockholders in
the city of Columbia on December 12,
I at once. Interviewed Mr. Charles H.
Highley of the firm of Chas. H. High
ley & Co., public accountants, and
entered Into a contract with them for
the purpose of examining the books
and assets of the Semlnole Securities
company and make his report to the
stockholders at their meeting in thl.v
city on the 23th Instant.
"Our committee is informed that:
they (the accountants) commenced
their work on the 14th Instant; theh
^ork required time and the repori
has been delayed. A telegram re?
ceived last night from Mr. Highley in?
forms us that he will reach Columbia,
via Ashevllle* today at 2.30*. We re?
gret that the accountants have been
unable to furnish the result of their
inv< frtigatlon at an earlier date and
we have not seen their report, and are
unable to make any recommendations.
"Our committee would recommond
that the board of directors of the
Semlnole Securities company be re?
organized by adding thereto not less
than nine new members, and the
board as then constituted be then
authorized at once to confer with the
board of directors of the Southern
Life Insurance company for the pur?
pose of reaching, if possible, an
equitable adjustment and settlement
of the recent purchase of 300,000
shares of the capital stock of that
company by the Semlnole Securities
company, and our committee would
recommend that the board be author?
ized to examine the books and as?
sets of the Southern Life Insurance
company through some recognized
public accountant of recognized stand?
ing and ability and on the coming in
of the report, that the purchase of
stock be readjusted on the basis of
the value of the stock as designated
In the report of the accountant.
"We further recommend that in
the event that the board of directors
of this corporation should fail to get
satisfactory settlement with the
Southern Life Insurance company,
that they then be authorized to confer
with counsel and If they then see it is
advisable, that they be authorized to
institute proceedings against the
.Southern Life Insurance company for
the purpose of rescinding and setting
a-dde said purchase and recover from
Southern Life Insurance company the
money or assets paid upon the said
purchase, and all notes in settlement
be cancelled and surrendered. Our
committee, however, feels sure that
the best methods of securing the In
terests of the stockholders will be on
the basis of some settlement as
above referred to and thus avoid liti?
gation in the courts.
"A few days after the meeting of
the stockholders In the city of Co?
lumbia on the I2th, a suit was ir.st'.
tttfud by J. S. Klugh and o lios
against the Semlnole Securities com?
pany, and application was made be?
fore his honor Judge R. C. Watts for
the appointment of a receiver. Tbc
hearing upon ibis application was
held at Cheraw on yesterday a :d
Judge Watts has declared his purpose
to appoint a receiver in the case.
"Our committee would, thereforr,
recommend that a eommltte of stock?
holders be appointed by this meetmg
to file a petition In said case, appear?
ing on behalf of all the stockholders,
that ihe order be rescinded and the
stockholders of the Semlnole Secun
tle* company, through their board ?>f
directors, be allowed to manage the
affairs of said company without tin
intervention of the courts, which the\
pre able to 1>, and so save tee ex?
pense necessarl'y Incident to anv sucn
proceeding, belling that by so doing
the assets of this corporation will be
best preserved and the Interests of
the stockholders best protected.
"W. A. Clark,
"T. S. Bryan,
"Wills Jones."
Following the statement by the
trustees, a number of questions were
asked Mr. Clark, the following being
a stenograph the proceed?
ings:
Mr. Grier?If the chairman will per?
mit, and Mr. Clark will allow me. 1
would like to ask him a question.
The Chairman (Mr. Caston)?That
is left with Mr. Clark.
Mr. Clark?I will be glad to answer.
Mr. Grier?Mr. Clark, how many
shares of the capital stock of the
Semlnole Securities company has been
sold?
Mr. Clark?I do not know.
Mr. Grier?Approximately, about
what?
Mr. Clark?I heard Garllngton say
on the 12th that about 1,100 shares?
no, he didn't say that, he said there
was 1,100 stockholders.
Mr. Grier?He didn't say how many
shares had been sold?
Mr. Clark?No, sir.
Mr. Lyles?Can you tell us, Mr.
Claik, if there are any other assets
of the Semlnole Securities company
besides the stock of the Southern Life
Insurance Company.
Mr. Clark?I can not.
Q?Do you know of any money or
certificates of deposit in any bank
whatever to the credit of the com?
pany?
A?I can not tell you.
q?I believe that it is a fact that
the stock of the Southern Life Insur?
ance that was bought by the Seminole
Securities company has been endorsed
back, or in blank, by the trustees as
collateral for the note or notes of the
Semlnole Securities company held by
I the Southern Life Insurance com
pi .y?
A ?Yes, sir, that is correct and was
so stated In the report of the trustees
I that appeared in the morning paper.
q?Xow, Mr. Clark, in the return
of. the Seminole Securities company,
read before the honor Judge WatUs on
yesterday, in answer to the ru'e to
sl.ow cause, it was stated that when
the company was organized, whon it
wis organized, there was $1B0,0C0 of
the stock subscribed, and that $7i'?,000
was put in good securities bearing 10
per cent, dividends on the par value
of $75,000. Can you now inform this
meeting of what those securities con?
sisted?
A?I can not.
q?Do you know what became of
them? i
A?No.
Q?We just want the information,
j A?No, sir, I do not know anything
about it.
Q?So you don't know of what the
i securities consisted?
j A?No, sir.
I By a stockholder?What do you
consider to be you duties as trustee of
the Seminole Securities company?
A?To receive such assets as they
would place in our hands and hold
them until we were ready to organize
a security company.
Q?What did you receive as
trustee?
A?Some notes given In payment
for stock, and a large number of cer?
tificates of deposit in various banks in
the State of North Carolina. That Is
all fully set forth in our return which
is in the morning paper.
Questions by Judge Carr of North
Carolina.
Q?Was it or not with the knowl?
edge and consent of the trustees that
the books of thi9 corporation were re?
moved from Columbia?
I ,A?No, sir.
q?was it without thfir approba?
tion and consent?
A?Yes, sir, entirely so.
Mr. Jennings K. Owens of Bennetts
ville then stated that he had the
resignation of Mr. Garllngton and the
other managers and board of di?
rectors.
Mr. Lyles then said: "I would move
that the resignations be accepted and
that the attention of the attorney gen?
eral of this State be called to the
condition of this company and the
atrocious crimes that we all believe
have been committed by these very
men who are now tendering their
resignations, and if sufficient evi?
dence can be established of the crimes
that we believe have been committed
Is brought to his attention, that crim?
inal prosecution be instituted against
them."
Mr. E. D. Blakeney then moved
that the trustees be requested to re?
sign, and a warm colloquy ensued,
which finally resulted in this matter
being lefL to the newly elected direc?
tors.
Allan Culpepper, a young white
man of Florence, had his face badly
burned while firing a home-made can?
non. He may lose the sight of one
Ol his eyes.
Capt. Joseph C. Minus will remain
as commandant of cadets at Clemson,
although retired from active service
in the army.
For Eczema, Tetter and Salt Klicum
?The Intense itching characteristic
of these ailments Is almost instantia
allayed by Chamberlain's Salve. Many
severe cases have been cured by It. For
sale by all Druggists.
H. H. Ransford has been arrested
In Chester on the charge of assault?
ing his father-in-law.
John M. Gaffney was found dead
In bed
SALVAGE FROH SEMINOLE.
IHK SOUTHERN LIFE WILL RE?
FUND MONEY.
Considerable Sum Iuvohed?All Note?
W ill be Canceled and the Purchase
l?ri<v Returned?A Statement Is?
sued.
Columbia, Dec. 31.?The Southern
Life Insurance company will pay back
to the Seminole Securities company all
of the money and certificates of de?
posit received for the purchase of the
controlling interest In the insurance
company. This was the settlement
arrived at yesterday morning after a
conference between committees from
each concern. There were present at
the meeting, representing tiae Semi?
nole company, President E. J. Eth
eredge, J. B. Watkins, A. M. Kennedy
and T. W. Berry, who were accom?
panied by their attorney, Mr. W. (F.
Stevenson, who had been summoned
from Cheraw. The Southern Life In?
surance? company was represented by
Mr. J. W. McLauchlin, Locke Shaw,
Dr. Lilly, B. W. Lacy, W. S. Cogburn
and their attorney, John Shaw.
From the figures produced it Is evi?
dent that the Seminole company will
have about $200,000 with which to
continue business. This is made up
of $170,000 paid to the Southern Life
company and about $30,000 of col?
lectible assets, which will be ( aced
to the credit of the company. The
members of the trustees and the
Semlnole board and of the Southern
Life board are entirely satisfied with
this settlement and after the confer?
ence Issued the following statement:
"After a continued meeting between
the new directors of the Seminole Se*
curities company and committee and
officers of the Southern Life Insur?
ance company, they arrived at a set?
tlement as follows:
"That the Southern Life Insurance
company would return to the Seml?
nole Securities company all monies
and deposits received by them, said
funds to be returned in four equal
annual installments.
"One of the greatest difficulties in
arriving at a settlement between the
two companies was due to the fact
that the Southern Life Insurance
company had made large Investments
with the greater part of the funds
that thy had received from the Semi?
nole Securities company, and it was.
therefore, impracticable for them to
attempt to make at once a final set?
tlement with the Seminole Securities
company, and it was deemed advisa?
ble' by the two committees to arrange
the settlement along the above lines,
or, In other words, to return to tha
Seminole Securities company their
funds as these Investments matured.
"The officers and the committee
from the directors of the Southern
Life Insurance company feel that they
have acted wisely and for the Interest
of the stockholders of the Seminole?
Securities company. They have not
only agreed to turn back all funds re?
ceived, but also to cancel notes given
them by the Seminole Securities com?
pany, amounting to $162,500. The
new directors of the seminole Securi?
ties company feel that this settlement
is a good one for their stockholders,
and that the Southern Life Insurance
company has been exceedingly liberal
to the interests oif the stockholders
of the Seminole company."
The committee left yesterday after?
noon for ? Fayetteville, where the>
agreement will be ratified.
Stevenson Makes Statement.
Mr. W. F. Stevenson last night be?
fore leaving for Cheraw, whence ha
had been called by 'phone yesterday
morning, summed up the situation aa
follows:
"The board perfected an agreement
with the Southern Life Insurance
company whereby it returns the notes
of the Seminole company held by it
and repays all the money paid to it
by the Seminole for stocks and there?
for gets its htock back from the Sem?
inole company.
"This leaves the Semlnole company
without debt and with about $150,000
to $170,000 cash and assets.
"This action, of course, must hava
the approval of the court, if Judgn
Watts does not modify his order ap?
pointing receivers, or if the bond
provided by statute is not given; but
this is a matter of deail. ?
"The directors hope to get into po?
sition to wind up the concern rapidly
and carry out the desire of the stock?
holders expressed yesterday in reao
lutions to prosecute all the persons
guilty of crimnal conduct In the mat?
ter, but until they can get mattera
fully in their hands they car not ba
too precipitate in this action.
"They rescinded the trust agree-*
ment and called on the trustees for
the assets, but the receivers had
preceded them and of course were
entitled to the assets, if any. Tha
trustees gave them all the Information?
however, for whiich they asked, and
acquiesced gladly In the rescinding of
the trust."
The band of Mr. T. W. Berry, the>
treasurer, was fixed at $25.000.
MaJ. R. M. Peguee of Cheraw wan
elected to fill the vacancy on tha
board occasioned by the resignation}
of Mr. Jennings K. Owens, whe hart
been elected to take Mr. R. T. Caan?
ton a blaee