Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-05-09
An Explanatory Card from
one ofthe Directors. - "
An Inside View OF the Affairs
OF the Concern.

4
The appended explanatory note from
our excellent fellow-cilizen, M. d. l.
Stewart, will amuse, IL not give desired
| instruction. No one believes him Grim
iual, and his exposition Of the conduct
Of an institution which collapsed because
lands became valuelesS, and because Of
other reasons, assigned by Mr.. Stewart
will command universal attention. Hi
EDIroRs LEDGER: ! observed in your
issue OF Wednesday evening last, an in
quiry with reference to tho above named
institution, and having, unfortunately,
for few weeks, been connected with the
same, feel called upon to reply. In the
summer of 1867, after the drawing of the
fret and only lottery, at the pressing so
licitation Of those having thecompauy in
charge, became connected with the in
stitution, and very soon found that by
extravagancein printing, Publishing and
large salaries, the company was hope
lessly insolvent, but not until they had
borrowed of me, in cash, sixteen hundred
dollars, one thousand Of which was
used in paying for land sold in the past
lottery, and the balance in the payment
of salaries of officers due before that
time; which said sum of sixteen hundred
dollars is total loss to me, l expect.
Very soon after my connection, l called
at the Office, and an election of officers
was brought up, and, although / pro-
tested against it at the time, because l
had other business commanding my en-
tire time, the office Of president was con-
ferred upon me. / visited the Office at
two or three meetings, and came to the
conclusion that, owing to the stringency
in money matters, and for other reasons,
the company could do nothing, and, be-
ing unable to be in the Office so as to see
what was going on, at once handed in
my resignation, and afterwards published
the same in the Ardlanche for one week.
Thus the matter rested, and Halpin,
Shacklock, Wills and others, whom l
found in possession of the concern, con-
tinued to run it until the yellow fever
became alarming in the city, when
Shacklock, who was the fnancier, using
the epidemic as a pretext, published in
the city papers that he had removed the
branch office from Memphis to fernando,
Miss Feeling satisfied, then, that !, as
we'll as many others, had been sadly
duped, made no further inquiry, being
away from the city myself, but afterwards
learned, to my little astonishment, that
Shackloek had disposed of the furniture
of the Office, and taken the papers, books,
money, etc., ETC., and gone to Chicago
whence he has never returned. i have
heard that he and Halpin are endeavor-
ing to run the concern in the city Of
Chicago, but with what success l cannot
tell-perhaps like that which crowned
their efforts in this city. They assured
me, during my connection with the com
pany, that they could sell no tickets,
which was somewhat corroborated by
letters from agents which l CHANGED to
see. throwing up their agencies, for the
reason they could do nothing
lam advised that there are many tick
cts outstanding at this time. which l
very seriously regret. l remember,
however, that some property was given
to the company to sell, and the owners
took lot of tickets in part payment for
the same, which said tickets might have
been disposed of by the holders. If so,
their property never having been sold,
they should redeem the tickets. ~
undertook to retrench expenses by
redusing the salaries of officers from
$4,000 to $2500 per annum, and protested
against the extravagant system of ad-
vertising and printing, hoping to sustain
the company by this means, and by
lending them all the money had to
spare, but soon found it was over
whelmed with debts before became ac-
ouainted with the concern. From the
best information / can get, the said
Shacklock and Halpin have the charter,
papers, books, and everything pertain
ing to the company, in the city of Chr
cago, where they will remain, perhaps,
and never again will attempt to have
another drawing I could bear my own
loss great deal better if l did not know
that many good citizens have been also
yietimized by an institution with which
my name was associated; but | cherish
the hope that no persons will blame,
but sympathise with me, because my
losses are so much greater than
theirs, and because / can assure them
that had nothing to do, even whilst
was associated with the company, with
its management, money or anything else,
except in a nominal wsy-had no OPP
portunity of knowing what was collected
or paid out.
regret, also, that gentlemen in the
capacity of clerks and agents have failed
to receive compensation for their SER
vices. And the press, also, from the ne
cessity of the case, have likewise been
greatly victimiEsd, which is the more to
be regretted because, at all times, from
the origin of the company till after its