The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1888-10-03
THE SIMPLICITY OF IT.
THE WAY THE TEXAS FARMERS HAVE
BEEN SWINDLED BY THE FAR
MERS ALLIANCE.

|
Vile County Who May COntcm-
plate Becoming GudgcOns or
slaves TO Support Richly Paid Of
Gcers ..- Report of the Committee
Of Five Appointed by the Trustees
of the Texas Alliance Exchange.
Frecstonc (7cras) Gazette.
| DALLAS. TEX, Sept. S.--We find that cii-
zens of Dallas who are creditors of the Fix.
change after consultation with G. w Macunc
placed Mr.. II. F. Ewing in DR.. Macuncs office
| TO look after and protect the assets of the in
stitution requiring the Exchange to pay him
| $50 per week for his service while thus en-
gagged. Mr.. Ewing is under $4,000 bond fol
the faithful performance OF his duties. His
duties as explained by him are to receive nll
money sent to the business manager and dis.
burse the same to those legally entitled to re-
ceivc IL. Under the agreement by which he
undertook the duties required OF him. how
ever, all moneys paid In hereafter by assess
ments and on stock go directly TO the secreta.
ry, Brother ]. b. Kelley, who Is not subject to
the control of Mr.. Ewing. However all mon
ey paid in by makers or cndorsers OF the join!
notes heretofore made and hypothecated are
received by him and "a dls0nrsed @ 10 the creaitor, ,
of c. w. Macunc that joint notes to the
amount of Si2O,OOL9O have been received by
him. OF this amount he has hypothecated
S3iS S4, The statements OF Mr.. Ewing re-
ferred to the hypothecated notes hereluto mp
peuded and marked exhibit A" shows in
whose hands these notes are pledged MS collat-
erals. We will say In this connection that II
is optional on the part of the holder Of n Joint
note whether he will surrender joint note
after the liability OF said note ceases and that
Mr.. Ewing will not surrender any note in his
possession without the consent OF creditors
and not until the total liabilities are
paid to the creditors who hold that particular
note will he surrender it. To illustrate the
Millburn Wagon WORKS hold o-s as coliaterai
will not surrender single note until the total
amount of their claim is paid. except where q
man owes the full amount Of his note he can re
deem it upon paying the entlre amount, prln.
manager has bought 219 shares out of the 5O(
shares of the stock in the compress, paying
therefore Sl50 for each 500 worth of stock
amounting in the aggregate TO s37,35O, and to
secure the payment OF the same, together
with a loan of Sl0,0O0 he has hypothecated
Joint notes to the amount of Si0,697. These
Joint notes were furnished to the manager Of
nlies for perhaps some of the poorest and
most needy members of the order, and from
what we can gather the parties who have exc
cuted these notes are now 1l gong g service toi
stance received full consideration thereon
We believe that in this instance the business
manager transcribed his authority and
should not be sustained In the purchases
viewing it from legal ground, not to speak
of tho great injustice shown the makers Of
those Joint notes by this transaction, from re
peated assurances given the order by the bust
hess manager of the Exchange that he had
NOT parted owership with the Joint notes. and
| that they were held intact. We find from the
submitted report Of the business manager
that he has received 1920. .95 worth OF Joint
notes, and he has hypothecated SSSi, ,0l5.si
worth of the same. Such gross misreprc
sentation of facts demand the censure OF this
committee in severe terms There are joint
notes amounting to S72, ,S69l1. which this conf
mittee have as yet been unable to locate for
want of time to investigate. We also note
that there has been paid into the Exchange by
members Of the order for assessments and
stock nearly $4,000, and the business manager
\ has borrowed from John F. Hardle Il Co. $40,
GOD. from P. ]. Butler $4,000, and has mort
gaged the lands at the Cole fair grounds fol
600. besides q second mortgage Of $1,000; re
ceiyed in cash donations from Dallas $500, 6
Total of about Sl22,5CO, all Of which has beer
expended, but about s23O. Tho purpose fol
which this vast amount has been expended is
not exhibited in the statements furnished this
Committee, and in order to reach the cash re-
CENTS and disbursements the books of the EX
l change must be placed at our disposal. This
however, has not been accorded us further
| than the use of them at the grounds when tho
| a lIiancc was in session. However, we have
| heen able to submit herewith q practical
Statement OF the salary list OF The employees
| ~ the Exchange as follows: