The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-10-28
AGENT WYNN HITS BACK.
PRESIDENT PEEK AND OTHERS
HAULED OVER THE GOALS.

The Ex-Agent Defends His Manage
ment of the Exchange-He Dehie'
that He Speculated in Grain Futures
An Insinuation that President Feek
Must Have Known if Anything =" &c
Wrong with the Books.
ATLANTA, GA, Oct. 2"-J. .. wynn
the defaulting business agent OF the aIIiance
exchange, adds an interesting chapter %
that sensation. To-day he publishes a caru
in which President Peek and other OK
change officials are not referred 10 IL 'ue
most considerable spirit. 1t Is ammo
that Mr.. Wynn's shortage has at last Oe',i
settled, though ali parties decline to make
public schedule of the assets "niol II -
claimed Hr. Wynn turned over TO 'ne tx
change, and Mr.. Wynn's card IS puo'lsue''
in consequence of the again annouhceu SCI
element Following are spicy extracts from
the ex-agent's card:
81 took the exchange without capitai.
credit or business. and up to the duli months
of this summer l made the short margin OF
profits charged pay the entire expenses Oh
the business, which amounted 10 at least
8, 900 per month. and that WITHOUT IN
course with a superior business man as state
business agent, besides ample capital and
the business and credit established. my
record will be much improved upon"
DENIES SPECULATION.
Referring to publication which stated
that he had been specializing very
heavily In grain futures using alliance
money for that purpose, and just happened
to go on the wrong side Of the market, Mr..
Wynn SAYS: Another fabrication. Never
in my life did l, either directly or in
directly, or otherwise, become i'll the least
interested in deal on the board, nor have
! ever made an investment either in real
estate or stocks upon which lost and as
10 how all this money went that | am pay
fng, cannot say. They say, also, that
president Peck represented that my ac-
counts with the exchange were all right
when they asked for settlement before the
bond was signed. or course a bond could
mot be obtained from the Fidelity company
without a written statement from the presi-
dent of the exchange that the books were
correct. The bond was secured" This is
very significant, insinuating that il there
was anything wrong with the books. Presi-
dent Peek knew it.
A RAP AT THE DIRECTORS.
= In referring to the censure OF the direct
Drs Mr.. w ynn says: III course these gen.
tlemen were perfectly justifiable in using
She strongest language thsy were capable
of 10 commencing Col. Peek and condemn.
Sng Wynn, for they were totally Ignorant
Nof the merits or dement's of either. Pros
Perous under Perks management, wrecked
under Wynn's, at one and the same time
He quotes the following from a letter OF
Col Broughton: "'Tn my investigation OF
the books of the alliance exchange | find
that State Business Agent j. O.Mynn, con-
tr airy to the rules and laws regulating the
management Of the exchange, has credited
out over $4,000 worth Of goods" and
then comments: AT that time w. A
Broughton knew that the board Of directors.
one of which he was, gave me instructions
TO sell cotton bagging on credit and
he himself was purchaser of several hun
dred dollars worth bought in the fall of
1890, and his bill was unpaid on Aug. !,
when / gave up the business. Furthermore,
If it was contrary to the rules and laws Of
the exchange to sell on credit, how is it that
w. l. Peek, the president, at one time
owed the exchange several hundred dollars
for goods bought on creditl Besides, with
out spot cash terms necessarily large
amounts would not ..be collected promptly
as me- doubt the present agent would now
testify"