The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1906-08-07
HE'S FOUND GUILTY
Cheatham Specialized in
Cotton Futures.
Fairchiid Offers Re~ignation-\o ic-
ton Taken Thcreon-,Jordan Sends
Report to Executive Commit
tee for Final Action.

tlanta, Ca, Aug. 1.-The commit
tee Of fwe to which was admitted the
investigation Of the charges brought
by Representative Anderson against
certain officers Of the South Cotton As
ISOLATION, met here today. after con-
Guiding at midnight the taking Of tes-
timony. The meeting today. to CON
slider the evidence and a
report to President Jordan was held
behind closed doors. The report was
completed and sent to President .Ior-
dan and is to be forwarded by him to
he committee of the asSo-
cldtion for final action al the meeting
which is To be held at Hot Springs.
Arkansas, September 9Th.
With reference to Mr.. Cheatham.
the repor says:
MIR. Cheatham having admitted to
your committee such dealings in tn.
name Of himself and for Michael
O'Grady and +. A. Lee, such a con-
n%ectfon on his part, while an officer
Of this Association, meets with our
strongest disapproval and condemnu-
ton"
The resignation of Arthur \. Fair
child, a. Of the publicity
bureau, who admitted owning an in
tereSt in the Piedmont Brokerage
Company, was rendered early today,
but no action is reported on this.
Findings Of Committee.
The findings of the committee fol-
low:
THE committee, appointed by YOU
to investigate the motive and founda-
ton for certain charges against Ger
tain officers or alleged officers of the
southern Cotton Association which on
yesterday for the first time were
named Mr.. Richard Chetatham. see
rotary of said association; and Mr..
a. "A. F~airchild. who is an employee
and lot an officer Of the association.
has discharged their duty by
ing all witnesses produced by both
prosecution and defendant and all wit
ileSseS Of whom they We're informed
who could throw light on the matter,
and beg to submit the following:
First. AS to motive. we desire to
state that we find from the admitted
evidence of witnesses for the prOSecu-
tlon. the basic PRONUNCIATION underly-
ing this whole matter is due to the
pending Of a bill in the Legislature of
this State. seeking to prevent specula-
ton Or gambling in cotton futures. In
tact, nearly all the witnesses for the
prosecution and all Of them with prob
ably one exception, either owned an
interest in a Wire house or bucket
shop, or was an emplOye of the one
or the other; admitted that they would
never have exposed nor appeared
against Mr.. Cheatham, but from the
fact of his having taken such a stand
for such legislation.
There is no prohibition against any
oIllcer or offlcerS or member IF the
Cotton Association trading
for themselves or others in cotton flu
lures, but We. you committed. believe
as our States have to establish rules of
law. because Of public policy. 1t Is the
~Soundest policy hat his association
condemn in the language
possible dealing in futures for them
selves, or others on the part Of any
offlcer or officers Of employees Of thii
association or being in any way by
the owning Of stock or otherwise IN
'erested IN any concern dealing in
;otton futures. buying or selling same.
Mr.. Cheatham. the secret9ry bav-
ing admitted to your m such
dealings in the name of and for
Michael O'Grady and p. A. Lee. comes
WltTnn this rule, and such action on
ms part. while an officer Of this as
Soclatlon. meets our strongest disap-
pfoVal. and condemnation. Your COM
fnlttee further finds no reasonable ex-
cuSe FOR, or reason for the use of
py nm, Of the word Secretary" affer
ms name. signed to checks in these
transactions but believe it to have
peen misleading and a wrong against
the association. whose secretary he
was, and this meets the same disan-
pfoVal and condemnation as above
applying this same rule to Mr..
fdlfchlld, an employee of this aeso-
cation. for he was unquestionablv no
more or less, make the same finding
as to hi.n.S
Now Tpanr