The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1907-09-04
WILL BE PAID.
The Carolina Hail Insurance Com
pany Is All Right.
The Stockholders Held Il Meeting
and Resolved to Pay Up All the
Losses.

.f1eclDlS
and Resolved to Pay Up All the !
Losses.
lnasmuch as there are quite a |
arge number of farmers in this
county carrying policies of Insurance
in the Carolina Hail Insurance COM
pany, some of whom have sustained
losses, We publish for
their information statement of its
financial condition made by the pres
ident, Mr.. w. J. Montgomery, of
Marion, who is also president
OF the Farmers and Merchants Bank
of Marion. The statement was pub
lished in The News and Courier and
The State of Sunday week, and was
made at the request of the Marion
correspondents of those papers, and
is in answer to rumor that the
company was insolvent and would not
be able to pay its obligations. Mr.
Montgomery's statement is as fol-
lows:
Replying to your inquiry about
the condition of the Carolina .Aail
Insurance Company and the action
Of the stockholders in reference to
it's business at their meeting held to-
day, am authorized by them to say
that this is the second year of the
company's existance, and that last
year its net loses were something
over $4,000 above its receipts and
above the capital then paid in, but
the stockholders, having such conf
dence in the success of the business,
Notwithstanding this backset in its
first. years operations, decided to go
ahead and try to conduct the business
on conservative basis, because from
their experience they were satisfied
there was a demand for hail insur-
ance business in the country, and
thereby recoup the losses of the year
before. AS you may know, the pre-
sent year hail has prevailed through.
out the State, and in some localities
for instance Darlington County an6
sections around Mullins it has beer
so disastrous as to almost entirely
destroy the crops. 1t was the misfor'
tune of our company to have very
large lines of insurance in these 10
calities, and in other parts of the
State, which has resulted in oVel
$4,000 of adjusted losses, beside:
the expense of handling the bushes!
during the year. This appalling
amount of losses not only has swep
away the paid in capital of the com
pany, but also the subscribed capital
| leaving, with good collections, a def
cit of at least $4,000. These fact
were laid before the stockholders
meeting to-day in detail, and afte,
full discussion by the stockholders
about three-fourth in value beins
present. it was decided by a unani
nous vote that every adjusted los
sustained should be paid in full, dol
lar for dollar, and that the stock
holders should not only pay forth
with their subscribed stock, bu
should increase their stock to the ex
tent of one and one-foutth time:
their present holding, in order t
provide money to pay OFF the
/ losses above the assets of the com
pany. Of course to raise and finance
these large losses will take some time
but the stockholders gave the di-ec
tors full authority to take such lega
steps as would be necessary to in
crease the capital stock Of the coia
pany from $4,000 to 100000. ant
to do whatever necessary to NEE
every obligation of the company.
In an experience of over twenty
five years I have not known such sac
rifces on the part of any set OF tus
mess men with whom I have beer
connected to maintain the high credit
which this company has had from the
time it was organized. 1t is the de-
sire of the stockholders of the com
pany and of the directors that chhst
who hold the claims throUghcCf the
State shall not sacrifice them in any
way. but send them into the :'a:ces
of the company. where those that are
due will be protected and paid at a
very early day. The stockholders
who participated in the meeting were
such well known men as Col. Richl'd
l. Manning. of Sumter; T. B. Stack
house. of Columbia, the Hon. r. B.
Scarborough, of Conway; Mr.. c. T.
Hodges, Brownsville; E. L. Moore,
Dillon: Mr.. W. H Cross, Mr.. Chas.
A. Smith, of Timmonsville; Mr.. Jas
per S. Bethea. of Latta; Messrs. W.
Stackhouse, Dr. J. c. Mace, H. e.
Graham, W. F. Stackhouse and L. D.
Lide, of Marion, S. c.
II will be gratifying, news to the
policy holders to know that the COM
pany will pay all losses, and will con-
tinue in business.
CHILDREN STOLEN