The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1903-05-13
The Funds of the Alliance Exchange.

| amongst old members Of the Farmers
Alliance as to the whereabouts and
final disposition Of the exchange fund,
Which now amounts TO something less
than $4,000 and was subscribed in $50
| shares by sub-alliances all over the
State and not by individuals.
| MIR. J. B. DOuti,it, who since last
July has been treasurer of the board
| and who has charge of this fund, at
tended q meeting of the Cash Hill SUBJ
| alliance in Greenville County on Fri
| day. This is the alliance that has
brought suit through Mr.. II. Z. Brook
shire to have q receiver appointed for
| the State exchange.
Mr. DOuthit was seen yesterday by
| representative of The Intelligencer
and consented to talk for publication
80 that the people might clearly under
stand the situation. He said:
ut is no use at present to 90 into
the history of the exchange fund, but
In order to make tho present statue
clear to all interested would like to
recall few facts. In the palmy days
OF tho alliance it was agreed to get up
an endowment for business purposes
amounting to $50,O00. The interest
was to be used in supporting Far
mers' State exchange. This stock,
which was practically all taken, was
not allowed to be taken by individuals
but was taken by sub-alliances in $50
shares. The alliances took from one
to three shares and some Of them paid
only the first call for % '>er cent of
cent and some paid the full amount.
so that the total amount paid in was
about $4,000. Something over $1,000
OF this was lost during the first two or
three years OF operation under the
management of Mr.. M. l.. Donaldson.
Since then the fund has been kept in
tact except 1850 over draft made by
-. u. Duncan in 1808-09 Last July
the present board Of directors were
holders, who represented the sub
trustee stockholders from each sub
alliance. This board elected Hon. A.
{. Lyles, of Union, president, j. l..
keitt, OF Newbcrry, secretary, and my
self treasurer. The preceding board
had Loaned tho money out and when
we held n meeting during fai. week in
Columbia last fall, ut which S22, ZOO Of
the S23,O0 OF stock was represented,
return OF the fund to tho subscribing
alliances under the plan suggested by
the board of directors.
LAS the expiration Of the loan would
not be until Jan. 9th, 1903, the board
couldn't take immediate action, but
since then have used every endeavOr
to. locate the certificates OF stock,
where the whole amount was paid in
and receipts tor the money when par
the secretary sent notices to nil the
County trustee stockholders and most
oe them were published. We know it
was published in Greenville> and other
counties.
IA short time after these notices
were sent out Mr.. II. L. Brookshire,
claiming to represent Cash Hill sub
alliance, in Greenville County, that
had subscribed one share of stock en-
tered suit in Columbia to have o re-
ceiver appointed to take charge of the
exchange fund. One reference has
been had before Judge Gary in cham
bers and another is to be had before it
can be taken to the supreme court.
This money belongs to the sub-alli-
ances that subscribed, and where they
can furnish receipts or certificates Of
stock the money paid in will be re-
turned. Since this suit was started the
board has used every effort possible to
stop it as it always has been princi-
PIE OF the .alliance to settle all such
differences outside of the courts. For
that reason the meeting with the Cash
Hlii SUB was called on the 8th
or May. and it was attended by Mr.
Lyles, Mr. Keitt and myself. We
found that there was a great deal of
misunderstanding created before the
paper was signed authorizing Mr..
Brookshire to enter suit. Mr. M. T..
donaldson was personally invited to
attend this meeting but failed to ap-a
pear: AT this meeting on Friday sew
eral important facts were made appar-
ent that should be known by the pub
lie.
'In the. first place Mr.. Donaldson
makes g claim of S1,050 for salary due
since loS2. he also employed the law
yers IN Columbia who are pushing the
suit to get receiver. Mr.. Donaldson,
hf's never made any kind of demand
on the board for back salary-it may
pc because of losing the $4,000 of the
Iund during his management of the
exchange. Another thing that devel-
oped was that Cash Hill alliance has q
SUD trustee stockhOlder in the person
OF M: Black, who has never bee re-
ing members of this alliance aisnsd q
paper giving Mr.. Brookshire O power
OF attorney to collect their atocE in
Che State exchange. Their sub-trus-
tee stockholder should have the certifi-
cate OF stock aud if he has he can GET
tho money without trouble.
"ihe meeting at Cash Hill showed
That large majority of the neighbor-
nooa was non-committal, but it is cer-
tain that even they are much divided
on the question, especially as they con-
fessed that they didn't know.
:, 1T seems impossible for us to stop
the fight and il the receiver is finally
appointed but little will be left for the
alliance stockholders as it will 20 into
ets.p
MIR. Douthitt further said that an
other reference would be had soon and
the board was prepared to take the
matter up to the supreme court.