Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1903-03-28
The Alliance Exchange Litisations.

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Judge Gary has filed an order Of ref
erence, in the Alliance Exchange case,
looking to q full investigation Of the
whole matter pending lais decision on
the question whether or not he will ap-
point a receiver. The directors Of the
exchange do not look with favor on the
present legal proceedings. They are of
opinion that the whole thing Is unnec-
essary and unjust and the real purpose
Is in order that M. L. Donaldson, D. P.
Duncan and others operating behind
one Brookshire as a puppet, may get
hold of certain funds to which they
have no just claim. Discussing the
matter with a newspaper correspondent
the other day, Col. L. M. Keitt, of New
berry, secretary Of the Exchange, said:
1.-The present board of directors, had
been in office but three years-since
July, 1S99-and the entire capital stock
of the corporation Is just as they found
it, is now intact and perfectly safe.
It is drawing interest and can be real
lied upon at any time within Al
hours. It has been the earnest desire
of the present. board to show the farm
ers Of the state that this matter could
be honestly and economically admin.
istered and wound up. At the special
meeting held here on the 18th OF Octo-
ber last a resolution was passed au-
thorizing the board Of trustees to wind
up the affairs Of the corporation. 1t
required some little time for confer
ence, to get advice and to determine
what to do. In February a notice was
sent out through the regular channels
informing the sub-Alliances that their
pro rata share would be paid out just
as soon as certificates could be gotten
in and a meeting held for the purpose
Of distributing the funds on hand. the
directors intended to carry this matter
through faithfully and at the least pos
sible cost. This work was to be done
by the secretary and treasurer, VINO
get annual salaries Of but 500 and $5O
respectively. If these officers had been
allowed to proceed in the way which
had been planned the sub-Alliances
would have had the money at very
early date and without cost. Mr..
Brookshire alleges that he Is author
lied by the members Of the Cash Hill
sub-Alliance to bring this action. But
the directors can hardly believe that
the Cash Hill sub-Alliance has ever
authorized any such action. Brook
shire does not state, nor does he even
allege, that there has been any organ
lied action Of the sub-Alliance for the
purpose indicated. Furthermore, the
attorneys who brought the action In
ths name of Brookshire admitted that
they represented Col. Donaldson and
Maj. Colt. The officers Of the Alliance
think it would be unfair to the other
Alliances If the Cash Hill Alliance
would allow itself to be made use OF
in this way. When the Alliance ex-
change was chartered it was proposed
to make the capital stock $4,000, but
5000 was all that was ever paid IN
and Col. Donaldson, as agent, lost
s5,OS0 Of that amount and Colonel d: T.
Duncan lost $1,S50 subsequently. The
directors feared that getting the mat
ter into liquidation would entail a cost
which would reduce the fund materi-
ally. In his order yesterday Judge
Gary said: I'm order that the court
may be fully advised as to the conduct
of the affairs of said corporation by It's
directors, before deciding as to the ne
ceSsity of the appointment Of a re-
ceiver to take charge of the property
of said corporation, it is ordered that
the above entitled cause be, and Is
hereby referred to the master for Rich
land county," etc.