The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-08-21

10 the E6tt0T OF ne -C0nStuuttOu' 1ou naSe
generously rendered the use Of your columns,
that may reply to Uflicious attack, made
by the Insurance Times, OF New York, upon
an institution with which many honorable
gentlemen in this and other Southern States
are connected.
Until. suggested by friends not connected
with the Southern Life Insurance Company
the institution assailed-I had not thought
It necessary to reply, and for the following
reaapns: iS"5s 7''e4 -'s
: Fist. AN the agents OF the Southern Life
: had been directedIto use the artcle in question
:. as the best oanysss.ng document with which
they could be armed.
~ In the next place, I had supposed tnat
!, Journal whlch had no regard fof truth, and the
endorsement OF which is matter OF mere bar
gain spd sale, would produce 20 other effect
by ies attacks than the one realized, VIZ the
STRENGTHENING of the Southern Lte. -,
Ibad suppOsed that no Southern man could
be Influenced by the statements OF Journal
which had published. as had sao~n 10 s.'sS 1o1-
hoods. fn the short space OF sixteen hines.
In the next place, it had occurred to- me.
that the very animus OF this editor, wnicn ls
10 patent, his hatred q evef5thing southern:
his contemplate thrust at the lncapacity OF
the people to n aaossr s ssce of hs
asAme paper, that all Southern and western
companies give up the business Of life lnsur-
snce TO the North, and his complaint OF our
cianishnees, because, forsooth, we presumed
10 retain Southern money in Southern states,
would have been su&cient answer Tor every
Southern man.
For these reasons thought it unnecessary
to write. At the suggestion OF friends, now
ever, Ireply briefly.
The Times evidences it's ignorance OF facts,
Or it's total disregard Of truth, or both, Dy its
reference to General Gordon +. Granger as
agent for this company. 1t is, however, as
vsli supported here as elsewhere in it's article.
General Granger has not now, nor never had,
anv connection whatever with this company.
Tho Times SAWS the losses Of the southern
Life have been heavy, and compares 1t with
certain picked companies from the North.
The losses have been heavy, put the pusl-
: one million of profitable business, does he not
expect greater loss IN bad debts, &C., than
% another who does one-tenth Of the business9
. cYa Lafe Company insures 5000 lives, must 1t
y not have, OF necessity. larger plumber u lts
insured die, than another which insufes ooo
The Southern Life lost more than its picked
company-the Great Western-but 1t did vast
ignore business. Why did not the editor O.
the Times give the amount OF the business
done by each, the amount OF loss by each, ana
then dfaw the comparison Does not the
merest child IN figures understand 9 tnis 70 Tas. DC
but it did not suit the purpose OF the Times.
Let the facts be known.
This ucked company is shown by the New
. York reports Of 1868 to have received $60,A7,
= sanllito have paid out the same year IN cash,
i 363 417. Thus expending absolutely over sSoo
more than it received. While the Atlanta De-
psrtsnent on gross premiums to the amount OF
neariy 10000, spent in Losses and expenses
ofeyery description only SO per cent. OF lts re-
ceipts. and the whole company increased lts
assetsLlm six xm6nths-over $l26, 900. Besides,
the Times kn6ws, ss every insurance man ooeS,
that Losses equallze themselves IN the course
: Of years 80 that the general average is pre-
served. This is the foundation OF all LIE
tables. As illustrative of this, the Atlanta De-
partment, in its immense business, receiving
nearly one Thousand applications, has sustain
ed but one loss-Amos +. Ward-tor sly OOO,
since its organization, and the other depart
ments losing in but little greater ratio. Herce.
the heavy accumulation. Yet. in the estima-
zion Of the Times, the Southern Life is un-
sound, and the Great Western perfectly good.
=. Whyso? .,.,
ton. The one Is Southern-the other Nortnern'
Again, this honest rheet, seeing the absqrdl-
ty Of it's position, seeks to stab the southern
Lite By attacking the integrity OF its ofhcers;
1t SAWS the statement of our assets is cooked
up"-that is, fired up to deceice-pot true. In
other words, the. officers OF the company, IN
swearing to The statement OF assets ana ila'
biIities, swore 'fslsely-perjued themselves.
Does he intimate that by any possibility the
officers Of his pet companies could COOK up
statements2 No. How is this? Again, the
: snimus of his paper furnishes the reply. One
set OF officers are Souther'n--the other NORTH
ern. .
: The Times says the Southern Life is
ss8&ne ON the hugh road to bankruptcy, but Its
!, pets are all sound. What do the figures SHOVE
That the Snutherd Life has $500 for every S10O
Of liability, while the largest companies in the
North have less than $50 Of liability; yet, in
fhet estimation Of the Times, the Southern Lite
r bankrupt. and his companies perfectly
sound. - How go Again, let the animus oi
thst paper answer. The one ls Southern-the
other Northern. ...o
The eist of the controversy is this-whether
officers OF Southern companies swear iaiseiy,
and officers Of Northern companies trutnIuily.
Whether the gentlemen whose regulations are
identified with this institution are to be be-
heyed or the Times. Or. il outside testImo-
ny is preferred, the Times, or the soutnern
press.
The Times says the Southern Life is !tctaly
lnsouua
The Memphis Appeal SAYS: 'Its assets are
now over $500 600. It deserves
the patronage Of tie Southern people, and lts
business shows that it is getting it."