The Dillon herald. [volume] (Dillon, S.C.) 1894-????, 1911-02-02

sEnrrNoLE CASE AGAIN.


(Continued from page one.)
be organized under the laws of
South Carolina or of North Car
Gina.
These trustees the statement |
continues, actually received in GER !
tificates of deposit OF the different |
State banks an amount in cash. ap-
proximately 100000, and they |
thereafter, as matter of fact, un-
der the change of the condition of
the trust made by the directors of
the Seminole Securities Company,
over which they had no control,
and who had the right to make the
change, paid over every cent they
received to the parties to whom
they were directed to pay it for the
control of the accident company, or
ganized under the laws of North
Carolina. Not a dollar of any of
the money received by these trus-
tees remains in their hands, nor
have they received a single dollar
as profit or interest in obtaining
subscription to the stock of the
company; they have discharged their
duties as trustees; they had no
financial interest in encouraging
people to subscribe to the Seminole
Securities Company, and, as a mat
ter OF fact, these subscriptions to
this company were far beyond
100000 which they were entitled
&c held when delivered to them;
they had nothing to do with getting
subscriptions or having money
paid to them: they are not respon-
sible under the agreement to any
OF the subscribers to the stock of
the company; they are only respon-
sible for what was paid to them.
and the purport of this appears
upon every paper issued by them.
The Agreement.
The agreement which constitu-
ted the trustees is in writing, and
speaks for itself, shows what it is,
and the circular that was issued
and signed by them as trustees dis
closes the extent of such agree
ment. 1t is supposed that Mr.. ely
burn received one of these circu-
lars, he made his own subscription
to the Seminole Securities Company
stock, gave his own prOmissory
note, which was a transaction, not
with the trustees, but with the
Seminole Securities Company;
whether the trustees ever received
from the officers of the Seminole
Securities Company the proceeds Of
the Clyburn note does not appear,
but If they did. that amount of
money was turned over by the di-
rection of the directors Of the Sem
Gle Securities Company in pay
arf the controlling interest of
. >rn Life Insurance Com
of Fayetteville, N. c..
ANY one reading this circular
letter which was issued by the trus-
tees, can see that these trustees
were not guaranteeing, or standing,
as sponsors for the conduct of the
Seminole Securities company, but
under the agreement which they re-
ferred to were TO hold, when receiv-
ed. the amount of money to the ex-
tent of 100000 for the purpose
mentioned and this they actually
did, and when directed by the di-
rectors of the Seminole Securities
Company turned over every dollar
that was received by them as trus-
tees.
1T is difficult to concede how
there could be conspiracy upon the
part of the trustees to defraud any
or the subscribers to the stock of
the Seminole Securities Company,
because there is nothing In this
oflst agreement which obliges the
Concers of the Seminole Securitie
tions any to turn over all subscr'-
trusteeeo the trustees, nor that me
from tn, were obligated to deiand
pany all Seminole securities Com
it was to is subscriptions; ter du-
were turnedaceive e" tie, g'hey as
hold 1t for the purpose therein a,
lined, unless subsequently legally
varied. modified or changed"