The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-01-06
the proceed

| i
"ouid IKE to ask him a question.
| Inc Chairman (Mr. Caston)-That
Is left with Mr.. Clark.
Mr.. Clark will be glad to answer
Mr. Grier-Mr. Clark, how many
shares of the capital stock of tba
seminole Securities company has been
sold?
| Mr.. Clark do not know.
Mr' Grier-Approximately, about
what?
Mr.. Clark heard Darlington saw
Oh the 18th that about LOO shares
no. he didn't say that, he said there
was 1,100 stockholders.
Mr.. Grier-He didn't say how MANY
shares had been sold?
Mr.. Clark-No, sir.
Mr. Lyles-Can you tell us. Mr..
CLARK, If there are any other assets
OF the Seminole Securities companv
besides the stock Of the Southern Life
Insurance Company.
| Mr.. Clark-I can not.
| Q-Do you know of any money or
certificates Of deposit in any bank
whatever to the credit of the COM
pany?
Al can not tell you.
Q-I believe that it is a fact that
the stock of the Southern Life Insur-
ance that was bought by the Seminole
Securities company has been endorsed
back, or in blank, by the trustees as
coiiateral for the note or notes of the
Seminole Securities company held nv
the Southern Life Insurance COM
ps y?
- Yes, SIT, that is correct and was
SO stated in the report of the trustees
that appeared in the morning paper.
Q-Now, Mr.. Clark, in the return
or the Seminole Securities company.
read before the honor Judge Watts OH
yesterday, in answer to the rule to
show cause, it was stated that when
the company was organized, when it
was organized, there was $15O,0C0 of
the stock subscribed, and that $4,000
was put in good securities bearing 10
per cent. dividends on the par value
of $4,000. Can you now inform this
meeting of what those securities con-
sisted?
Al can not.
Q-Do you know what became of
them?
A-No.
Owe just want the information.
A-No, sir I do not know anything
about it,
Q--So you don't know of what the
securities consisted?
A-No, sir.
BY stockholder-What do you
consider to be you duties as trustee of
the Seminole Securities company?
A-To receive such assets as they
would place in our hands and hold
them until we were ready to organize
a security company.
Q-What did you receive as
trustee?
A-Some notes given in payment
for stock. and large number of GER
tificates Of deposit in various banks in
the State of North Carolina. That is
all fully set forth in our return which
is in the morning paper.
Questions by Judge Carr of North
Carolina.
| Q-Was it or not with the knowl-
edge and consent of the trustees that
the books Of this corporation were re-
moved from Columbia?
.A-No, sir.
Q-Was it without their approba-
ton and consent?
Ayes, sir, entirely so.
Mr.. Jennings X. Owens Of Benefits
vile then stated that he had the
resignation of Mr.. Darlington and the
other managers and board of di-
rectors.
| NAi. hy iSo tncn Sdiu. i would move
that the designations be accepted and
that the attention Of the attorney gen.
Nral Of this State be called to the
condition of this company and the
atrocious crimes that we all believe
have been committed by these very
men who are now rendering their
designations, and If sufficient evil
dence can be established of the crimes
that we believe have been committed
is brought to his attention, that GRIM
inal prosecution be instituted against
them"
Mr.. E. d. Blakeney then moved
that the trustees be requested to re-