The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1902-02-08
EXPELLED FROM TIE NEW
ORLEANS COTTON
EXCHANGE.
Vicksburg Herald.

Newman has taken rank Will lnt
largest and most popular in New Or
leans. Their customers dwelt in
every part of the valley. and the
firm had amased great wealth through
what had always been held to be le-
climate profits. The two brothers
had the finest residences IN New Or
leans. and no men were more hon.
ored ir commercial and social life.
The story of the firms downfall is
thus told in the Picayune OF Sunday /:
"For three weeks cotton circles have
been agitated by rumors of a scandal.
involving one of the biggest houses In
this CITY. Yesterday the first definite
announcement on the matter was
made when the New Orleans Cotton
Exchange posted notice of the expul-
sion from the Exchange of Henry New
man and Harris Hyman. of the firm of
| II. d c. Newman. Ltd.
1.-The announcement created no sur
prise. because il has been known for
some time that committee of the Ex-
change was investigating the matter
II was believed week or so ago that
the matter had been settled so far as
the Exchange was concerned by the
resignation of the two mem bers and
the sale of their stock. but the issuance
of new certificates to the purchasers of
new stock was never made.
"The official notice reads as follows:
New Orleans, Feb. [. 1902.
SAT a meeting of the Board of Di-
rectors held this day, at which were
present the entire fifteen mem bers of
thesaid board, the following preamble
and resolutions were adopted, viz:
Whereas. it has been shown, after
careful and impartial examination of
the evidence admitted before the CON-
mIttee on membership in the matter of
the New Orleans Cotton Exchange
against Henry Newman of IL. & c.
Newman, Limited. wherein the said
Henry Newman is charged with viola
lion of article s of the constitution,
that the SAID Newman has been found
guilty OF the charge preferred; and
Whereas, the said charge specified
that returns had been made by H. & G.
Newman. Limited. of account sales to
John A Buckner (owner of certain cot
ton intrusted to said H., & G. Newman.
Limited. for sale) at lower price than
said ii. & C. Newman sold it for; there
fore. be it
"Resolved, That by virtue of the
power and authority vested in them by
the constitution and bylaws of the
Exchange. this board declares that
Henry Newman, of H. & c. Newman.
Limited, be and he is hereby expelled
from membership of the New Orleans
Cotton Exchange.
Resolved That the foregoing pream-
ble and resolution be posted in the ex-
change rooms for one week.
by the Board of Directors.
IS. P. WALMSLEY, President.
The resolution in regard to Harris
Hyman, the other member of the
firm who was expelled, is the same
as the above, and is posted along
side of it.
1t is scarcely worth while to 90
deeper into the details of this scand-
alous and criminal incident--Col. |
John A. Buckner, of East Carroll, is
known to every one. in Vicksburg
and so are the circumstances of the
case. The exposure grew out of the
sale of lot of bis cotton by HI. &
9. Newman, to w. l.. Wells, of this
city. In chance and casual con-
between Messrs. Wells and
Buckner the fact came out that this
cotton had been sold for one price
md an account sale rendered at an
,ther. Being called upon for an ex-
the house, with a faulty
hat seems wonderful, would not
ender it. Thereupon Col. Buckner
placed the matter in the hands of a
awyer. Calculating from the amount
II the loss in this particular case,
ill was made out for a like amount
IN all of Col. Buckner's shipments
or the past ten years. A settlement
vas effected for near $40, 900. |,
1t is with no pleasure that The
Herald publishes the humiliation aud
disgrace of men of previous good re-
,ute. Blu. there are certain points
hat call for comment. In the first
,lace the cotton exchange is to be
commended for such summary act
on toward one of its leading men,
,ers. While inaction would have
'een a severe reflection upon the ,
it was hard sentence,
nd lower sense of duty would have
tossed over the dereliction. AS to !
dessrs, Newman and Hyman, one ,
annot withhold a certain sympathy
lit is a mean spirit that rejoices in t
be smirch of character. At the S
anne time the wrong and robbery
hey have perpetrated on an old GUS c
omer cannot be too strongly repro
ated.
The turpitude of the case will be
by all who realize the re-
atoms between a planter and his
actor-relations based solely upon
onfidence and trust. Nobody ever
card of planter verifying his ac-
punt Of sale. This exposure may =
ave the effect of making the class '
lore particular, or influencing sales :
! the local markets. In this way an i
Jury may have been done the whole S
"a IT In