The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1871-01-11

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Life Association Of the South.
We have purposcly refrained
from publishing any Of the rumors
which have come to US in relation
to the recent action Of the Life
Association Of the South until we
could do 80 with a full knowledge
of the facts.
We felt satisfied, from what we
personally know Of the gentlemen
composing the board of stock
holders and directors, that they
would not fail in doing anything
which honorable men ought to do
under the circumstances. They
are not only gentlemen of the first
position among rs, in a social and
intellectual point of view, and es-
tcemcI as men Of the highest iu-
tegrity, but they embrace i'll their
nuu5c most Of our wcalthicst
citizens, and we have therefore al
ways been entirely confident that
whatever disasters might overtakc
their enterprise, no poIicy.holder,
or other person who had rcposed
confidence in them would be al
lowed to suffer loss, even should
it cost the sacrifice of their pri-
vatc fortunes. We are now graf
fled to be ablo to say that the es:
innate which VIC have ever placed
upon them has been fully sustain
ed by their recent action. They
have determined to wind up their
affairs, but be it said to their hon
or, before doing so they have fully
secured each one Of their policy
holders on most favorable terms
in one Of the best companies in
the United States, if not in the
world, and, as we learn, alta heavy
! individual cost to the dircctors.-
By reference to circular issued
to their policy-holders, which we
have been permitted to examine,
they say:
"That owing to what somc Of
the stockholders conceived to be
i ra.lical defect in the law under
which the association was char
tered, they thought it incxpedient
to continue business longer, and
determined upon cffccting rcinsu-
rance upon all outstanding poll
cics-which they have done
with the Equitable Life Assur-
ancc Society Of the United States"
They further say:
"ln selecting this company they
had in view, as paramount to all
other considerations, the safety Of
the policy,h9ldcrs, as we'll as the
desire TO secure to them, as fully
rs possible, all tho he-cfits and
privileges guaranteed BY the terms
of the policy Of the Life Associa-
ton of the South. This they feel
satisfied they have done through
the arrangement entered into with
the EquitaJlc,' whose sonndness,
immense business, large means,
and wise and prudent manage
mcnt, offer the highest evidence
of its perfect and permanent sccu-
rity, as we'll as tho SIRE promise
of fair and steady dividends"
BY careful perrsal Of their cir
cular, we are entirely satisfied
that the directors have done eve
rything in thoir power, or that
was necessary to be dono in Or
der to guard and protect to the
fullest extent the interests of
their policy-holdcrs. This circu-
lar; which we arc sure must be
entirely satisfactory to their pol
icy-holdcrs, concludes with the
following manly paragraph:
''In thus withdrawing from an
enterprise which We had sincere
ly hoped would be permanent
benefit to the South, but which
circumstances have compelled us
reluctantly to abandon, we have
, the satisfaction of knowing that
we, the directors, will be the only
losers, and trust you will feel
that VIC were determined, at any
cost, 10 merit TO the fullest extent,
! the confidence which you have re-
posed in Us.
''-lpprcciating fully tho patri-
ntic md kindly motives which