The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-07-16
ms.s:tinss.A
IE SOUTHERN LIFE INSURANCE
GENERAL GoRDoN's REPORT TO THE STOCK.
HOLDERS, PUBLISHED IN ACCORDANCE
WITH RESOLUTION OF THE BOARD OF d.
RECTORS.

Gordon, President OF the Southern Life insurance
Company, OF which Mr.. s. Y. Tupper is the Agent
In Charleston
To the Board OF Directors and Stockholders of
the Southern Life Insurance Company or The
atlanta Department:
The success of this Department since our last an.
nual meeting, furnishes ground for sincere con-
gratulations. When the Department was organ
lied, two years ago. an iadisposition to paeronlZe
Southern institutions Of this character was painful
ly manifest. The too successful efforts OF adven ur
ers deude the people into the support OF insttu
tions claiming to be Southern, but controlled by
men not Identified with This section-tndeed, al.
most without habitation and deyoid OF capitai or
character, had very naturally excited among the
The people were without faith in the stability OF
Southern organizations, and hence 1t required
much labor to convince the public that the South
ern Life was worthy OF confidence.
AS this confidence increased, and the business
OF the company began to attrn the attention OF
Northern organizations, q series Of attacks upon
this institution followed, BY Northern agents and
Northern journals, which ior malignLy, VIII, vllG.
equalled In the history, OF Journalism IN tnls
country. Nothing which envy could invent or
sectional bias suggest was left untred 70 destroy
publice confidence IN this Pioneer S9atasrn Uon,'
These attacks, however, were promptly answer.
ed, and their want OF truth, and the spirit 10
which they were conceived, exposed. SO tnat tne
very absurdty OF many OF these representatiouSs
became apparent to the country, and Injured
rather to our benefit than disadvantage:
These are some OF the difficulties with which
the Southern Life has been compelled TO contend,
and which / have thought best to bring 10 your
notice, that you might the better appreciate the
grounds OF my congratulations upon the hand
some success the company has attained. .,o.
1t will appear BY the secretary'a Report @ snat pa
celyed is 2i4O-insurtng s8,l2l 20o-the gross pre-,
miums amounting to nearly S342, 600. Tne actual
gross receipts OF the Company IN TINS UeparI'
ment since !ts organi5stlon amount 70 1Ie
65s 22 consists OF loans to policy holders, secured
BY lien upon the policies. $15 81 has oeea PAID
In expenses, losses, dc., leaving net oalanGe 10
the credit Of the over aSS WcS has
been Invested In bonds, short loans, &C., as Will
particularly appear 10 the secretary's Report. :.
When 1t Is remembered tnat this Departnlnenr nna ~
now but TWO years old. and that very few Compa.
niles in the United States have been aDle 20 Isport
any surplus the first and second years OF their e&'
istence many not only exhaustlng all recelpts,
but seriously mpairtng their capitai, IL w,M oe
apparent that our success Ia truly gratIylnR:
And In this estimate OF prosperity, no 0cc0ltnt
achdteuer Is taken or the more prosperous Me"'-
phtS Department.. .o,.a
az authority the Spectatorof New York, stand.
ard Insurance Journal, 1t will appear that OF "a
leading Life Insurance Companies OF the Unltea
States the Southern Life stands: NUMBER 70 as
wear : number o. MS to number OF policies issued;
humber a. as to amount OF insurance ~ lorce
number as to ratio OF increase oue1 lsos a..u,
In ratio or assets to liabilities, IL IS ire LAHGEsr
but one. 80.
The importance and significance OF these last
two items can scarcely be overeStimated,ln view
OF the absurd attacks hitherto made upon US.
We may anticipate, at no distant Gay, tue
abandonment OF Life Insurance by one or TWO
Southern and some Northern Companies, III con
sequence OF want OF sufficient capital pasd up.
But with It's entire capital paid In caSh, lts pros.
perlty and ratio of Increase, rarely equaled
In this country, and ratio Of assets 10 liabilities
larger than any company In the United states
but one we may with entire truth claim that the
.Southern Life" offers greater Inducements 70
our people than any company seeking tnelr pat
ronage
why, 1t may be asked, this handsome showing
by company only doing business IN the Soutn.
ern States particularly as TO amount OF business
and ratio OF assets TO liabilities? Ihe Soiuelon ~
found:
/. In the patriotic disposition Of our people to
patronize Southern institutions, when KNOWN 70
2. In the care with which risks are assumed.
3. And mainly, In the great economy Win
which the Company Is managed, and as an eVi.
dence OF this important fact, need only mention
that 1t pays Its agents very low rate OF COM
missions as compared to other organlzations-
some OF our best agents having been odered oy
Northern companies double the commission paiu
by the Southern Life.
The Company, then, Is both strong aud prosper
ous, and only remains for Its Directors, STOCK
holders and Pocyholders, to make united Ell.
fort In Its behalf to make 1t not only source Oh
pride TO our people, but o most potent agent 10
securing the material prosperity OF our prostrate
section, by checking the drainage OF It's surplus
capital.
The South's struggle for the supremacy OF the
Constitution having failed, and the control OF ner
political affairs denied her people, Wnat nlgner
ambition is left the Southern patriot than 10 au
vance, by his name and influence, the purposes .,
an institution, which Is now continuing. anu
must In future contribute still more largey W 's
sections material independence
J. B. GORDON, President
Atlanta Dept Southern Life Insurance CO.
Atlanta, Ca. June s, 1870.
After hearing the above report, the meeting
proceeded to an election Of Directors to serve for
the ensuing year, when the following gentleme en-
were elected: J. B. Gordon, A. Austell, E. W. Hol-
land, J. H. Calaway, and H. v. NJ. Miller, Atlanta,
Go. Wade Hampton, Columbia, s. c.; G. H.
phinizy, Augusta, Ca. D. E. Butler Madison,
Ca. B. ]. Smith, Cuthbert, Ca; A. H. Colquitt,
Newton, Baker County, Ca; B. G. Yancey, Athens
Ga. VIM. Johnson, Charlotte, N. c.; B. L. VIII
ingham, Alendale, S. G.. W. A. Caldwell, Green's
boro, N. c.; Robt. Thomas, Athens, Ca. r. H..
Cowan, and D. r. Murcaison, Wilmington, N. c.
F. J. Pelzer, Charleston, s. c.; D. G. FoWle and
W. R. Cox, Raleigh, NC.
July 16-Stuth5