The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1885-12-09
A Big BREAK.
AN INSURANCE COMPANY IN FINANCIAL
TROUBLE.

TROUBLE.
II n Receiver is Appointed and no
Claims are Considered Preferred
the Creditors will get One Cent OH
the Dollar.
GrcenriHc Nc,Us.
The Mutual Self Endowment and Benevo-
! lent Association of America established head
quarters of its Atlantic department In this
city more than Il year ago. The Rev. W.. ID
tive of Laurens county but who has been re.
siding in the west for Il number of years, Is
the president of the Atlantic division and
has pushed the business energeticallX and sue.
ccssiully. The work of the post office here
was increased by his company ard many
hundreds of dollars have come to him through
been issued for the Atlantic department., In
Guiding South and North Carolina and Gcor-
gia. 1873 policies have been issued in Green
vile city.
plan of assessments TO meet death claims ana
expenses with the additional feature Of lend
its surplus cash to policy holders who have
been member for n certain time, the policies
and not requiring It's patrons to Idle to win"
it possesses many attractions:
The policy holders here and elsewhere were
much alarmed and disturbed on yesterday by
the publication of the following in the Attain
tn Constitution Of Sunday:
Fort WORTH. TEXAS,
Dcccmbcr5 j.
"The Mutual Self Endowment n Bencvo-
lent Association OF America, with headquar-
ters in this city, and division officers at Green
Vile, S. G., and san Francisco, Cal, mas sus-
pended payment. Three g~arnislmcnts have
been issued here by member of the associa..
ton, one for the recovery Of the amount OF
dues and assessments paid, and the other two
for The collection Of mature coupons. No one
has been made wealthy, by the failure, but
hundreds of poor people have been made
president Of the association. The orsaniza-
ton has collected over $1,000, 1000 and now mas
part Of members caused the StOppnge OF pay,
ment of assessments. and this, In turn. caused
the suspension of payment on coupons"
Office Of the association in the Mauldin build
ing over Walters drug store. John ID. May
field, the secretary, was found behind The desk
reading a circular to q gentleman from Gcor-
of the C~onxtnmtion's publication. While TIE
NEWS representative was there j. IL GosSett
of the Easlcy Messenger, appeared IN peiali
of six OF the eight policy holders ut Enslcy 10
see "what the publication meant" The reply
to all the enquiries was much the same, me
cnquircrs being referred to the following cir
GUAR just prepared tor publication:
Call for convention Of the Atlantic Mutu'
nj Self Endowment and Benevolent Associa.
u " ShNt'
ton of America:
TO club managers! A'failure on the rart OF
the home office to make The proper number OF
assessments in the carly history of the order,
placed said home office under the necessity OF
making special assessments on the divisions
to meet its C aims. The divisions all refused
to make these assessments. The Kansas Ill
vision first withdrew, refusing TO make n
double assessment. The Pacific division re-
fused TO collect the special assessment. This
left the whole burden of creating a specla!
fund on the Atlantic division; we deemed II
best to collect the assessment, but nttcr MAJ
turc delibcration thought it unwlsc to semi II
to home office. So on Nov. q we withdrew
from the national Office and declared our
selves absolutely independent. a telegram
published on yesterday announces the SuSpen'
sion of payment at home office.
Our withdrawal, together witt this tcle'
gram, whether false or true, makes it best, as
members at Grcenvillc, S. G., in the Manldin
block, at 10 o'clock n. H., Dec. 10. y f1nanrt
committee would have met on last OF month
to examine Our books and vouchers. Ihc con
vrntion will now lake its place.
Each club manager will therefore call to
gcthrr his club on Saturday Dec. II anu the
members will elect q delegate to the conVenI
ton. The club will in its. W way proFldt
for expense of delegate.
Our division is strong and amply able tC
meet It's claims 1t has cash III the treasury
to meet its maturel obligations. There IS nc
occasion for alarm.
A. the convention Will be n so vcrign body
the clubs had better pass resolutions TO aDld!t
by It's actions and decisions. Every club j.
urged to send IL delegate, and all, member
who desire to attend are invited TO be present
y. D. MAyr1ELD, Pres.
Mr.. Mayficld also furnished the following
telegram sent out to the Association press of
"rhe Mutual Self Endowment and Bcrevo
lent Association IF America is not Il failure
The foll0wing interview was had to-day. Will
W. d. MaNftcld, president OF tlc Atiantlc .hu
tuul Self Endowment and Benevolent ASSO
citation of America, in reference to your tcle
gram from Fort Worth.
"Thc associated dispatch yesterday from
Fort Worth Is misleading. me above aSSocla
ton WAS formerly composed of four divisions
and several departments. TIL divisions al
work under separate charters, and each Is en-
tircly independent, the Atlantic diriSion, OF
draw. Tie Texas division failed to make pro
per number Of assessments in the early his
tory of the order. \ special assessment wa!
levied on other divisions TO meet this deficit
! which, after consultation, the divisions rcillS
ed to pay to the National secretary; hence I'M
trouble at tho National office. The Kansas
Pacific and Atlantic Mutual Self TIdowmcn
atoms amply able to meet all tlicir' claims
The Atlantic carries about eighteen million,
insurance. and has in cash and surplus fuud
loaned, thirty-tive thousand dollars. y con
@vention of its members will be held Janunr.
9Th, and the Atlantic will hold ON its til
umph;ut career"
Mr.. Maytiell said it was decided after tn!
above was sent to have the convention calle,
for an earlier date than January 5th, and TO
that reason the 18th of December had beer
substituted.
He showed his check book and q letter o
Acknowledgement proving that yesterday
morning the last approved death CLAIM
against the Atlantic division had been paid
1t was for $2.CG0 to Mrs. T.. j. Barnett and hat
been paid to her husband. The only othe
claim Of which notice had been received wa
that of u deceased policy holder III Georgii
amounting to 81 .ON.
Mr.. Mayficld says the association has nov
! in bank here Sl,1W, Sl,7-0 Of which belongs t
the endowment fund. the remainder belong
ing to tho death fund. The remainder OF tn
$4,000 constituting the assets of the ;sSocla
ton is out in loans to policy holders ana sc
cured by their policies.
The association has been doing q tremen
Gous business here, having written SgG0,NO O
Insurance last month. Mr.. Mayfield is con
idcnt that he will be able to go on. lie an
ticipalrS trouble in the near future from IN
natural distrust among policy holders cause
by the publication Of the disasters at the ma
tional office. and expects to have much OF nj
work to do over again. He believes, however
that enough holders will retain their conn
drnce in the association to enable 1t To go OF
II tide over the crisis.