The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-07-19
LEE ASSOCIATION OF AMERIoA.
OFFICE OF TIE SOUTH CAROLINA DEPART
MENT OF THE, LIFE ASSOCIATION OF
AMERICA, 20 BROAD STREET,
'Hua pY vorroST 1n11 10 1870

S0AnLhokOcSf Aot Aos1s
A meeting of the trustees of the ''Life Asso-
clation of America" In this city, was held 10
day for the purpose of organizing the South
Carolina Department. Present, VIM. McBur.
ney, J. a. Wilson, G. F. Panknin, G. W.
Aimar, Edward McCrady. Jr., VIM. G. Bee, j.
B. Steele, VIM. P. Holmes, A. 8. Johnston, B.
a., ,Ruhedge, q. E. Young, A. 7. smytne, T.
D. Eason, O. Il. slmonton, VIM. G. Whilden,
B. G.. Chlsolm, Geo. e. Boggs. SIS ..f os..
On motion, Mr.. McBurney was called to the
chair and Mr.. Geo. e. Boggs requested to act
as secretary.
On motion OF Colonel simonton It was re-
solved that ten of the trustees aud officers OF
the late "Policy-H Assurance Company
be elected directors Of the South Carolina
department of the "Life Association" and
that to their number be added three Of the
trustees Of the former department of the
'Life Association" in this State. n:- 3.
The following gentlemen were elected d.
rectors Of the department: Messrs. William
&oBurney, L. D.. Mowry, AS. Johnston, Vim.
@. Bee, Jno. r. Dukes, Vim. z. Ryan, James
H. Wilson, W. G. Whilden, T. G. Barker,
Augustine T. smythe, G. Irvine Walker, O. F.
Panknin, G. W. Aimsr. ..iz. s.e.. {.
On motion, the meeting adjourned, The
board of directors subsequently met, and Mr..
J. q. Wilson having been called to the chair, the
following officers were elected: W. McBurney,
president; L. D. Mowry, vice-presldent; A. 8.
Johnston, treasurer; Geo. E. Boggs, secretary;
3. A. Kinlooh, medical officer. On motion, 1t
RESOLVED, That We cordially endorse the plan
and objects OF the 'tLife Association" and re-
commended 1t to the confidence and patronage
Of the people of our State. - i
RESOLVED, That the president be authorized
to appoint such standing committees as may
be needed. - i'' ''t-l 49, - ''
1t having been brought to the attention Of
the board that certain interested parties had
endeaVored to circulate q, report that the
Policy Holders Assurance company had ':tail-
ed" committee was, on motion of Mr.. @. F.
Panknln, appointed to take the matter Into
consideration. The committee, consisting OF
Messrs PaRknin, Aimar and Barker, after
wards offered the following resolution, which
was unanimously adopted:
Resolved, That the board takes this occasion
to contradict report that has obtained circu.
ation in the State and city, that the Policy
holders Company had failed, and to say that
such report is entirely untrue. That e. w.
Bryant, Esq, of New York, consulting actua-
ry, who was sent to this city by the Life Asso-
citation to examine the condition OF the com.
pany before concluding the contract OF rein
sIrance, pronounced IL to be In SOUND and
healthy condition, and promptly confirmed the
contract which reinsures every policy of the
Pollcy-holders' Company In force, and gives
each polIcy-holder the same dividend for the
current year the association is paying to its
own members. The Policy-holders' Company
has turned over to the association assets, al
cost, $92, $50 26; at market value, $72, $40 SO,
sufficient to provide for all its liabilities, ad
justed and unadjusted, to relnsure all its risks
and besides surplus In cash Of over $4,000
In point of fact, the only reason which In
| fuenced the policy-holders to consent to the
change was the depreciation 10 State secnri
ed to invest, and the large prospective Taxa
ton by the State and city equal to four pei
cent upon the assets OF the company, Whlof
were calculated to hamper future operations
GEORGE E. BoGGs, Secretary.
B.-The attorney ofa department IL no,
elected by its board Of directors, but is ap
pointed by the board at the Home" office
Colonel slmontoh has long held the appoint
ment of attorney for the company In this city
Hence no recommendation was made by the
board to-day In regard to the appointment O
anch officer