The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-12-25

tlt c1NIl'@"t N's c-oNtl lIIdI WI. b'l-
lnctcn had assigned his interest to
lIr. iIcbert.
"You hold Mr.. Cooper'S receipt
for the money You paid him.
II do. signed, Cooper, manager
and treasurer Of the Southern Life
Insurance Company.'''
The point made is that Cooper says
Garlington made the contract jnvolv-
ing the $4,000 commission. and when
all was ready assigned it to Hebert: !:
important if true. Mr.. Darlington
says he did not get a cent Of this
commission. Then exhibit N shows
that $22,714.26 is unaccounted for.
On December u Cooper says the Semi
mole bought $150.O0O worth Of stock
ior$325, 900. That was the figure re-
ported to Mr.. Clark and Mr.. Garling-
toms statement Of price, but BY way
Of amendment Cooper, Of the South
ern Life, SAYS there is $4,000 shy in
the settlement. No explanation is
made Of what became Of this 500 900.
In this connection those who bought
stock need not blame others. IF the
trustees had put in their receipt a
little sentence reading "An Of the
funds from this sale to 60 into the
treasury Of the Southern Life. - there
would not now perhaps be this weep
ing. Mr.. Clark was pursuaded that
the purchase was advisable. The
trustees were merely stockholders. He
took the precaution Of having an eS-
pert report to him on the value Of the
stock. The report was that the South
ern Life stock was worth $50, and
then the trustees were persuaded that
it was worth while and economical to
buy stock in an established compan,
Besides the directors Of the Semi
mole company authorized and directed
the trustees to buy the Southern Life
stock at $216. The trustees made IN
quiry and we're positively directed to
buv the stock. The directors Of the
Seminole company are Laurens men
and friends Of Mr.. Darlington, and
were not elected by the l,1O0 present
Mr.. Clark, as soon as he heard OF
the Southern Life Commission incl
dent. wrote their officers that the
transaction was breach Of trust on
the part Of their officers and "was
therefore fraud on the Seminole and
Southern Life.'' He bitterly COM
planned Of the deception by the South
ern Life, as he called it.
The Southern Life people say they
sold the stock to ''best advantage
and that gave them authority to pay
commissions. Mr.. McMaster, as soon
as he got toehold, notified the Sou
thern Life people that he did not like
the situation, and they would have to
clear their skirts or get out Of this
State. The Seminole company has
their stock, all of It, pledged as col
lateral. They are to pay the South |
ern Life $4,000 before they can get
down any Of their stock.
The effort now will be to get a
square deal from the Southern Life |
or break the trade on the ground OF |
legal fraud.''
One Ray of Hope.
The salvation Of the Seminole
stockholders is in the stock in tke
Southern Life. If that company is |
good and they can hold their stock |
md not forfeit it for non-payment OF
heir notes there may be something
N the stock. It is said that the
Southern Life is good. 1t is to be hop
ID so. Then the Seminole folks will
put on their war paint to recover any
commission. Gen.. Bellinger says the
Seminoles are not "busted. L." That
depends on the value of Southern Life
stock and whether they can do any,
hing with their outstanding contract.
Mr.. Bellinger said it was untrue
hat Mr.. Darlington had skipped. He
lad simply gone to prepare the reports
'or the court. It is said tl&t about
$4,000 worth Of Semi mole stock is
,eld in this territory.
There were in Judge Watts's court
his morning Messrs. J. S. Muller,
Francis H. Weston, Joe B. Lyles, E.
=. Craig. P. H. Nelson, William s.
Nelson and G. D. Bellinger, Of Colum-
,ia; Huger Sinkler, of Charleston; }.
(. Owens. Of Bennettsville; F. Bar