The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1891-08-19
GEoRGIA's TROUBLED EXCHANGE.
Wynn's winnings Appear to Grow
Evidence Of Very Loose Manage
(Atlanta Journal.)

| (Atlanta Journal)
The alliance exchange mudde was all the
talk when The Journal came out yesterday
afternoon.
Some alliancemen believe that the ex
changes entire business will be found TO be
In q most complicated mess.
! The figures showing the shortage first OBJ
| tanned by the Journal were $4,000. Then
they grew to $4,000, then they reached $4,000
| In this mornings Constitution the exchange
management Is made to say that the short
age nigh reach $4,000.
| Tie figures seem 10 grow.
One thing is certain, and that is the alliance
exchange has been managed in such q way as
not to benefit the members OF the alliance.
Since the shortage was published In the
Journal all SORTS Of stories are coming to
light.
a prominent wholesale dry goods firm was
approached by the alliance exchange and
asked TO sell dry goods in such a way that
the manager might reap good commissions.
| When the alliance exchange first started
nearly all the guano manufacturers "chipped
in" by contributing to the fund,
1t was understood that the exchange was
to "place orders for guano with the manu-
facturers who did the chipping In"
One manufacturer says that he paid in $3.50,
and that ne never received an order for a
single sack OF guano.
Another manufacturer says he understood
that planter put in an order for some OF his
brand OF guano, and theI exchange sent an
1t is charged that Mr.. Wynn gave mer-
chants his note for goods purchased, and then
went and drew out the cash from the ex.
converted the money for his own use.
These are some of the gross Irregularities
complained Of in the management of the ex-
change.
going on for many months. In fact The
Journal was told two months ago that there
was "somethlng rotton" about the alliance
exchange.
There is n board of directors and q president
to look after the management of the en-
change, why did MIR. Wynns shortage be-
come SO great before it was discovered?
What were the rules by which President
Peek look ed into the affairs of the exchange:
These are some Of the questions which the
stockholders OF the exchange, the alliance
men of the State and the people generally
are asking.
The present management Of the exchange
claim that Mr.. Wynn's shortage will in no
way affect the business of the exchange.
Now, here Is an interesting question:
Has the disastrous management OF the ex-
chang since its organization affected the capt.
tai stock Of the concern?
Is the thousands Of dollars raised by SUBJ
scription intact?
Can the alliance men be expected to have
any more confidence in a concern that has
been run as the exchange has?
If one manager is allowed TO gobble up $50,
OOO, why don't another manager be allowed
to do the same thing?
so the discussion goes.
A fuller investigation of the affairs of the
exchange may throw more light on the sub
lject
Mr. Wynn's bondsmen met at the office of
Glenn Maddox yesterday afternoon. No
money was paid.
The following is n statement which y. T..
Glenn gives for publication:
at iS not possible now on behalf of the
securities 10 say what the real shape Of the
case Is. We have asked for detailed state
ment of shortage claimed by the exchange.
When this is given. and a thorough examina-
ton made of the books, we will be able TO
say what we will do"