The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1906-08-10
FOUND HIM M,GUILTY.
OBSERVATION-DISCLOSURES OF THE
OoTToH ASSOCIATION,

COTTON ASSOCIATION,
ConviotedTof Specializing In the Cot
ton Futures Under Fictitious
Names.
While tho Georgia LegislatUfe haG
under discussion q bill to exclude
tho buckot shops from that state
Representative J.. r. Anderson, OF
Chatham County charged In q speech
blaG some one in the headquarters OF
the Southern Cotton association ha6
been speculating In the name OF Mike
. Grady, and signing the checks OF
receipts for the money In an Cffloial
capacity; and that some one In there
had been speoulating In the name OF
p A. Leo.
| Ha also charged that some cfIloial
| OF the Southern Cotton association
had been connected with bucket
shop called the Piedmont Brokerage
company, and had held one. eighth of
it's stock, and that some one In the
| flee Of the Southern Cotton assoeia.
tion had had stock standing in his
| name. $Sf sSt1Sa
Mr.. Harvle jordan, sslhe president
OF the Southern qatsah ABso (, tion,
at once tuok the hf&sskgffsup and ap.
pointed q committees to SinS Sestigatt
the charges. Is reqleBssar Mr.. An.
derson to appear before the Committee
and name the guilty men. This Mr..
Anderson very oheerfully did, and the
result shows he was right in his
charges. In giving the names Of the
men who bad betrayed their trusts as
otli oers of the Association, Mr.. AndeI-
son said:
AS to the charge In regard to the
carrying on Of speculations In cotton
| by an officer Of the Southern Cotton
association In the name of Mike
O'Gfady and in the name OF p. A
Lee; the cfficer 1 referred to In this
charge is Mr.. Richard Oneatnsm, the
secretary Of the association.
AS to my other charge that some
official in the Southern Cotton associ-
alton flee was connected with the
bucket shop called the Piedmont
Brokerage company, and held one
eighth Of it's stock. The person 1 re-
ferred to in this charge was Mr.. Ar
thur a. Fairchild."
After thoroughly Investigating the
mstter the committee submitted It's
report last Thursday Afternoon, In
which 1t expressed Its strongest dis.
approval and condemnation" of Rich
ard Cheatham, secretary Of the South
ern Cotton association, and an Cfllcer,
for the dealings he made In cotton
under the names Of p. A. Lee and
Mike O'GradY, and also of the fact
that Mr.. Cheatham had put the word
secretary after his siQnature on the
checks with which he paid his mar
gins.
AsLt made the same rule. apply "a. AR.
thur "A. Falrchild, the publication
manager Of the Southern Cotton asso.
citation, who had owned an eight in.
terest In the Piedmont Brokerage Co.
although the report stated that Fair.
child. was an employe and not an Lfll.
Ger Of the association. This report
was sent to President Harvie Jordan,
and by him 1t will be sent to the ex-
ecutive committee for action, the
com mittee meetiug in Hot Springs on
September, 6, 7 and 8.
The report first discussed the mo-
tiVes leading up to Che investigation
and declares that the witness who ap-
peared against the association with
one probable exception were interest.
ed In or employed by wire exchanges.
1t says that no move was made
against tie association until July "a,
when the Boykin anti. bucket shor
bill was in the house, although the
transactions in question came up In
March.
1t says also that the charges
against Cheatham Is the strongest
reason for the abolition of specula.
tion. 1t holds, too, that 1T can see
no d ference between legitimate ex.
changes and bucket shops, all being
ruinous to the country.
| 1t declares also that while there Ia
no law of the association against fl.
GERS Of 1t dealing In futures, 1T con-
| demns In the strongest possible terms
such action by It's Ulcers or employees,
or who may own an interest In buck.
ct shops.
Mr.. Richard Oheatham," the re-
port resumes, the secretary of the
Southern Cotton association, having
admitted such dealings In cotton fu
lures for Mike O'Grady and P. A
Lee, comes under this rule, and such
action meets our strongest disapprov.
al and condemnation.
Your committee further finds nc
reasonable excuse for the use by him
of the word secretary after his name
but believe it to have been mislead
ing and to have worked wrong against
the association.
This meets the same disapprova
as that above, and we should apply
the same general rule to Arthur A
Fairchild, although he Is not an OIL
Cor Of the association.
Believing that this committed
has no further authority, this repor
is transmitted to you for transmission
TO the executive committee which
meets In Hot Springs September 9th
7th and 9th for action"
|
Two Negroes Lynohed.