Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1903-05-20
The Funds OF the Alliance Exchange.

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Considerable interest has beer
manifested during the last few years
amongst the old members of the
Farmers Alliance as to the where.
abouts 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.
Mr.. j. B. Douthit, who since last
July has been treasurer of the board
and who has charge of this fund, at
tended a meeting of the Cash Hill
sub-Alliance in Greenville county on
Friday. This is the Alliance that
has brought suit through Mr.. III. E.
Brookshire to have a receiver ap-
pointed for the State Exchange.
Mr.. Douthit was seen yesterday
by representative of The Intelli-
gencer and consented to talk for pub
lication so that the people might
clearly understand the situation. He
said :.
"lt is no use at present to 90 into
the history of the Exchange Fund,
but in order to make tho present
status clear to all interested would
like to recall few facts. In the
palmy days of the Alliance it was
agreed to get up an endowment for
business purposes, amounting to
S5O,0O0. The interest was used in
supporting a Farmers State Ex-
change. This stock 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 25 per cent of their
subscription, others paid so per cent
and some paid the full amount; 80
that the total amount paid in was
about $4,000. Something over
$4,000 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 intact except $3.50 over
draft made by d. P. Duncan in
1S9S-99. Last July the present
board of directors were elected by
the county trustee stockholders, who
represented the sub. trustee stock
holders from each sub Alliance. This
board elected Hon. A. G. Lyles, of
Union, President, J. L. Keitt, OF
Newberry, secretary, and myself
treasurer. The preceding board had
loaned the money out and when we
held a meeting during fair week il
Columbia last fall, at which $4,000
of $4,000 of stock was represented,
more than three-f fourths voted for a
return of the fund to the subscribing
Alliances under the plan suggested
by the board of directors.
GAS the expiration of the loan
would not be until January 9th, 1908,
the board couldn't take Immediate
action, but since then have used
every endeavor to locate the 'certifi-
Gates of stock, where the whole
amount was paid in and receipts for
the money when partially paid. In
February of this year the secretary
sent notices to all the county trustee
stockholders and most of them were
published. We know it was pub
lished in Greenville and other coun.
ties.
GA short time after these notices
were sent out Mr.. II. E. Brookshire,
claiming to represent Cash Hill sub.
Alliance, in Greenville county, that
had subscribed one share of stock
entered suit in Columbia to have a
receiver appointed to take charge of
the Exchange fund. One reference
has been had before Judge Gary in
chambers and another is to be had
before it can be taken to the Supreme
Court. This money belongs to the
sub Alliances that subscribed, and
where they can furnish receipts or
certificates of stock the money paid
in will be returned. Since this suit
was started the board has used every
effort possible to stop it, as it always
has been principle of the Alliance
to settle all such differences outside
of the courts. For that reason the
meeting with the Cash Hill sub.
Alliance was called on the 9th o1
May and it was attended by Mr..
Lyles, Mr.. Keitt and myself. We
found that there was great deal OF
misunderstanding created before the
paper was signed authorizing Mr.
Brookshire to enter suit. Mr.. M. l.
Donaldson was personally invited tc
attend this meeting, but failed tc
appear. At this meeting on Friday
several important facts were made
apparent that should be known by
the public.
"ln the first place Mr.. Donaldson
makes claim of $1,950 for salary
due since 1892. He also employed
the lawyers in Columbia, who are
pushing the suit, to get receiver
Mr.. Donaldson has never made any
kind of demand on the board fol
back salary-it may be because o.
losing the $4,000 of the fund during
his management of the Exchange
Another thing that developed was
that Cash Hill Alliance has sub
trustee stockholder in the person O
Mr.. Black, who has never been re-