The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-02-04
Expelled From Exchange.
From tl,e0 New York Sun.

man. president. and Harris Hyman
vice president, of the cotton commits
sion house OF II. & G. Newman, one of
the largest cotton houses in the South,
were expelled to-day unanimously from
the New Orleans Cotton Exchange.
The charge was made against the firm
of H d c. Newman that it's return of
account sales to John A. Buckner. own
er of a large amount of the cotton en-
trusted to the firm, gave a lower price
than the cotton was actually sold for.
The difference between the price al
which the cotton was sold and that at
which it was settled for was Ia cent
a pound.
A compromise Yves made by the firm
with Col. Buckner, in which 100000 was
given to him as a settlement of the diff
ference. The transaction was reported
to the Cotton Exchange. which after
long examination of the matter, found
the charges true ana expelled Messrs.
Newman and Human.
The New Orleans Picayune publishes
the following resolutions passed by the
directors of the Cotton Exchange;
AT a meeting of the Board of Di-
rectors, held this day. at which were
present the entire fifteen members of
said board, the following preamble and
viz:
Whereas, 1t has been shown, after
full and impartial examination of the
evidence submitted before the commit
tee on membership, in the matter of
the New Orleans Cotton Exchange
against Harris Hyman, of II. & c.
Newman, Ltd, wherein the said Har-
ris Hyman is charged with violation
of article Of the constitution, that the
-s,tl L \ q
the charge preferred; and
Whereas, the said charge specified
that returns had been made by H. & c.
Newman, Ltd, of account sales to
John A. Ruckner (owner of certain
cotton intrusted to said H. &, c.. New
man, Ltd, for sale), al a lower price
than said III. and c. Newman sold ii
for, therefore 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 Har-
ris Hyman, of II. e. c. Newman, Ltd,
be and he is hereby expelled from
membership of the New Orleans Cot
ton Exchange.
Resolved. That the foregoing pre-
amble and resolution be posted in the
exchange rooms for one week.
IS. p Walmsley, President.
II. G. Hester, Secretary"
The exchange officials will make no
further statement than is contained In
the foregoing.
The facts in the case. however, have
been public property for a long time,
and have excited a great deaf of ad-
verse criticism. The expulsion grows
out Of the case OF Col. John A. Buck
ner. a wellsknown cotton planter of
East Carroll parish, who is quoted by
the Vicksburg Post, as follows:
Il had been doing business with the
firm for the last ten years. and had
the utmost confidence In them. The
information as furnished by a Vicks-
burg cotton house was OF the greatest
surprise to me. but after examining
the report OF w. l.. Wells a. Co, OF
Vlcksburg, as to the purchase OF 100
bales on the Goth day OF June last, from
the New Orleans house OF III. e. G..
Newman, at i0k, By w. l.. Wells a.
Co, Of Vicksburg, and account OF sales
returned TO me OF 9ss and 81, caused
me 10 go back The Information
gathered was Of the most astounding
nature. ! have been 20 New Orleans
and was before the Committee Of the
Cotton Exchange for some hours"
Col. Buckner Is credited with having
made the discovery, through a cOnver-
sntion with the purchaser Of his cot
ton, who congratulated him on the
good price be- had received. col,
Buckner did not think be had received
such q remarkably good price, and said
30. The gentleman differed With him,
and said l0ia cents ought 40 Boz con-
sidered good col Euckner then re-
ferred 20 bic account sales. and goi al