Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-04-13
TWO BANKRUPT LIFE AssUR-
AHCES.
A Few Remarks Concerning
Their wind-Up.

L"
The public sale of assets of the de-
funct Southern and Carolina life in
surance companies, yesterday, in front
of the courthouse, attracted consider
able attention and large crowds Of per-
sons attended it. A number of fea-
lures and incidents connected there
with deserve more than a passing
notice. The sales realized about
$1,000, several thousand less than was
anticipated and will yield the credi-
tors, it is expected, about two and a
halt or three per cent of their respect
i've claims. There are some 5000
creditors, of whom near $500
have proved their claims. The
remainder will not figure in the di-
vide. Of the claimants, something
over one hundred are what is termed
death claims, or unpaid policies upon
persons lives who have died. They
range in sums from $40, 900 down to a
few hundred. The rest are policy
holders. The total collections by the
assignee since he took charge of the
business in 1876 amount to about $22,-
900. The expenses connected with
closing up the bankrupt concerns is
considerable, the registers fees
amounting to some $1,000, besides the
assignee's charges, attorneys
fees and other incidentals.
Among the assets disposed of
yesterday was a claim of some $l8,O 700
against Archbishop Perche, of New
Orleans, moneys loaned and secured
by a second mortgage on churchprop-
erty in that city upon which the in
%terest has been regularly paid, togeth-
er with a portion Of the principal.
This claim sold to a couple OF young
men of this city for $1,000. A claim
against certain realty in Charlotte,
North Carolina, which cost the insu-
rance company fifty or sixty Thousand
dollars, sold for $24O. Another
against property in Columbia, South
Carolina, which cost the
company over $4,000 sold for
$4,000, Persons from both
cities named we're present as bidders
at the sale, also persons from Mont
gomery and other points south, wto
were more or less interested. The
charters of the two companies sold for
So, one going at 81 and the other for
81. The notes, ledger balances, etc.,
as was mentioned yesterday, amount
ing to $4,000, realized but little,
many of the notes having been lost or
mislaid, and there being no evidence
of their existence except entries on
the books; hence they were knocked
Of at from one to seven hundred dol
lars each. The Southern life insurance
company was organized in 1866, and
its first policy was issued July 18th of
that year to Mr.. Frank s. Davis, of
this city, in favor of Mrs. Della Davis.
The Carolina life insurance company
was chartered by the legislature in
1867 and its first policy was issued
July llth Of that year to Mr.. James
W. Crocker, of Pocahontas, Fayette
county, for $1,000. The Hon. Jeffer-
son Davis, it will be remembered by
many, was for some time president of
this company at a salary Of a thousand
dollars per month. 1t was in
1872, or th~ereabouts, merged
into the Southern, and both
companies were then, or shortly alter
became in a tottering condition. On
January 3lst, 1876, they were cast in
to bankruptcy. The 5000 creditors,
mainly policy holderc, were scattered
all over the southern states, but many
resided here, or hereabouts, and they
all doubtless retain vivid recollections
CT their connection with the broken
concerns. The days of their useful
ness we've brief, and their losses con-
siderable. The wind-up is close by,
and from a dollar to a few hundred
dozen dollars will be awarded to the
twenty-eight hundred who have prov
en- up.