The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-04-08
Carolina Lloyds.
Such a Company Formed in
Columbia.

A rumor has been afoat in insurance
circles that there was new Lloyds asso'
citation being formed 10 this city, and in
order to get at the exact facts repre-
sentative of The State yesterday utter
viewed Mr.. w. S Monteith on the
subject:
It will be remembered that be con-
nepced business 10 this State for certain
Lloyds associations in New York city,
in the year 1894. and for length of
time had serious difficulties with the
officials on the subject of licenses, aud
the resistance Of the tariff association
has been very bitter but bis territory,
extending throughout six States, has
been closely aud persistently worked.
and be claims to understand the system
fully. and be able to judge as to its
practioabilisy from his experience up to
this tins ; and the statistics Of his Office
show that the business has been very
profitable to the underwriters. He be
lieyes that it is to the Interest of the
couotry to have those profits remain
among those who really produce them
and, further. that it would be easier
and better to have the Lloyds composed
of underwriters who are we'll known to
this section. aud therefore be free from
the objection, which has been urged
against Lloyds 10 northern cities. an''
be has decided 10 organize two, instsad
of one as reported, aud the papers are
thoroughly prepared aud ready for both
He is organizing an association to be
known as the Southeastern Fire, Marine
and Inland Lloyds, headquarters t' he
at Columbia, S G.. and these Lloy ds
will be composed Of 30 underwriters, to
be equally distributed among the six
States which compose the division
known as the Southeastern Division
that is. Virginia, North Carolina,
South Carolioa. Georgia, Alabama and
Florida. The management Of these
Lloyds will be conducted BY Mouteith
& Co. as general attorneys, and Kill
be under the direction Of finance
comtAi,tee. which will be composed ri
the underwriters at Columbia al Mr.. "
A. Clark, president OF the Carol'ua
National back, being one. will be chair
man of the committee.
He is also organizing Lloyds, to be
composed of 80 underwriters, all from
the State Of South Carolina, and With
their headquarters at Colau bia, to be
managed by finance committee in all
respects similar to the other, the same
chairman acting for both. though there
may be some difference in the personel
of the several committees
No charter of any kind is requisite
or necessary aud Mr. Mouteith thinks
that, on account Of the fact that soma
of the underwriters will be local in each
State. no license will be necessary. but
if it is held otherwise license will be
obtained in the several States
Blank policies are ready to be issued
Immediately aud it is supposed tha,
within the next fortnight, both of these
Lloyds will be operating.
Mr.. Monte;th claims that by the or
ganizasion of these Lloyds he will &C.
complish two things-primarily set at
rest the question of the responsibility
of the underwriters. as they will be
we'll known citizens. whose financial
standing can at any time be ascersaiued
and secondly. he will demonstrate q
method by which the citizens can pro-
tect themselves locally against the ez-
cessive rates Of the tariff association. at
the same time secure Ere protection BY
safe insurance. participate in the pro6'
arising from it and distribute locally
the large amount of profits made on
insurance in this country where i, is
made. instead of its being taken out o
this section by European or northern
companies or individual underwriters.
MIR. Monteith says thls will not il
any way interfere with the work Of the
Lloyds be is now managing. which viii
90 on.-Tbe State. April 2