The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1908-12-16


to the Southern Insurance compan,
only when they were authorized to dc
SO by the directors of the Seminole Sc.
curities company.
Some newspapers in other cities
have been commenting upon the sale
OF the Southern Life to the Seminole
securities company and when one of
these articles was brought to the at
tention of Mr.. W. A. Clark yesterday.
he practically admitted the accuracy
of the statements and in effect de-
clared his disapproval Of the course
pursued in taking over the Southern
Life. He says there are innocent
stockholders of both concerns who will
be treated unfairly in paying such a
heavy commission. He was not ready
to accuse any one Of breach Of trust
but he was highly displeased with the
transaction and appeared to be very
indignant.
One OF the recent publications with
reference to this matter reads in part
as follows:
During the last year the agents of
the Seminole Securities npany have
South Carolina and have been remark
ably successful in disposing of the
block Of this company at prices above
par. in fact at $50 per share. pay
ments being made in cash and notes.
According to the statements of the
Southern Life Insurance company Of
ficials. the company on July 1, 1907
had paid up capital stock of $751;
700 and was pledged for $4,000 addi-
tional. In September, 1908. through
Mr.. c. j. Hebert, the Seminole Securi-
ties company bought $115,000 of
treasury stock, increasing the paid up
capital to $276,700, and the Seminole
Securities company also purchased
from individuals $35, 900 Of stock, thus
giving the Seminole Securities COM
pany $150,000 Of stock, on which So
600 Is still due.
"Of this stock, 1000 shares have
been delivered and 440 are held. The
Seminole company, therefore, has ac-
tually purchased 1000 shares, par
value 500 per share. For this stock
the Southern Life Insurance company
received about $4,000 net, or at the
net rate Of $140 per share. OF par
value OF 800. For this stock 1850
shares. the Seminole Securities COM
pany paid at the rate OF $216 per
share. or $22s.ss0. The difference be-
tween the amount paid by the Semi
mole Securities company, and the net
amount received by the Southern Life
Insurance company Is SIC per share
On 1.060 shares the difference is $780,
$50. On 1900 shares the difference IS
STA. 900"
Mr.. John Y. Darlington, president OF
the Seminole Securities company, ar
rived In the city last night from Chat
tanooga. where he has been establish
ing branch offices. Mr.. Darlington on
his arrival said that ne had read with
considerable interest the publications
In certain newspapers with reference
to the Seminole Securities company
OF which he is the president. The
comments were unofficial and so who'll
ly at variance with the truth as not to
be seriously considered by any one
familiar with insurance values.
The purchase Of large block OF
the capital stock of the Southern Life
insurance company was made after a
very careful investigation by experts
covering period or over two weeks
The men employed to report the con-
dition OF the Southern Life and the
value Of said stock are recognized as
leading authorities on such matters
and their reports are accepted by all
Insurance departments. There can be
no question as to the value of this
stock and the future profits from
same.
mo commissions were paid by the
Seminole Securities company and not
one cent In the way of profit was re-
ceived by myself Or any Of my asso-
ciate officers of the Seminole Securi-
ties company by reason of this trade -
said Mr. Darlington.
Mr.. IS. r. Lacy. vice president and
actuary of the Southern Life lnsur-
ance company, was notified by Mr..
Darlington of the matters being dis
cussed with refrence to the transfer
or stock. Mr.. Lacy called The State
on long distance phone at II o'clock
last night and declared that he wished
20 make no statement, as he did not
KNOW what matters had been brought