Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1908-06-12

of Mr.. Wilson, who has been the pres
ident Of the company since its forma-
ton, and the guiding spirit The di-
rectors are Stanyarne Wilson, DR.. Will
son and Miss D. Callahan, the secre-
tary- treasurer.
A. NJ. Alexander.
Mr.. A. M. Alexander Is the president
Of the Piedmont Mutual Fire Insur-
ance company, and the Palmetto Mu-
tual Fire Insurance company He con-
trolls and manages both companies.
There were no minutes of the Pied
mont since May 9Th, 1907, at which
meeting A. NJ. Alexander, w. F. Barnes,
d. B. Alexander and DR.. H. B. Goodeh
were elected directors. No ledger or
cash books were kept for this COM
pany, the only book Of original entry
being the assessment and policy reg
lister, which contained all the entries
for number of years and which would
require a very careful and tedious ex-
animation to extract therefrom the
premiums received during any speci-
fed premium. Mr.. Alexander was un-
able to say what amount he had re-
ceiyed as president Of the company.
saying that he received the second an
nual premium, the soliciting agent re-
ceiving the first. Out OF the second an
nual premium he paid all the expenses
OF the company and whatever was left
over went into his own pocket. The
amount Of this he did not know. He
paid his brother D. B. Alexander, who
acted as adjuster,- 500 a month and
expenses, and A. w. Whltlock, secre-
tary, SIS q week. What the other ex-
penses were could not be determined
as no account was kept Of them. No
cash book of receipts from assess
ments nor any ledger was kept, but all
assessments were made on the policy
register. From a memorandum ac-
count Of annual premiums received 1t
was learned that something more than
81, 900 had been received on account Of
the Piedmont since April IS, 1908, to
June 1st, and from April 18th, 1908, to
June End, about $455 on account of the
Palmetto. These funds had been re-
ceived by Mr.. Alexander, and out Of
them he had paid the salaries named
and other expenses Of conducting the
business Of the company.
Many Judgments.
A number Of judgments were on rec
ord in the office of the clerk Of court
Of Spartanburg county against the
Piedmont, and several against the Pal
metto. The commissioner has infor-
nation that there are a number OF
claims against one or both OF these
companies, which have not yet been
reduced to judgment. ....
Upon the result of this examination
Commissioner McMaster served notice
on Mr.. A. M. Alexander, president Of
both companies, to show cause before
him on July 9Th why the license Of
both companies should not be revoked.
It may be that policyholders Of these
companies may see fit to intervene be-
fore the hearing and ask the court for
appointment of trustees.
.r.r. me .BOUSyUSioO'e - .........
With such proceedings as the policy
holders may determine to take the in
surance commissioner has nothing to
do. His only power is when he thinks
that a company is not solvent, or not
affording proper protection to its pol
icyholders to serve notice on 1t to show
cause why it's license should not be re-
voked. He has no power to take charge
of a company either before or after
such showing, and upon revocation OF
the license Of a company unless the
policyholder should intervene and ask
for control by order Of court the same
managers would continue in control
until the affairs Of the company should
be wound up.
The three companies above named
have been doing general state busi-
ness until the act passed at the recent
session Of the legislature compelling
companies doing business in more than
two adjoining counties to deposit
s10, 900 bond. Since that act the Car
olina has withdrawn to Spartanburg
county, the Piedmont to Spartanburg
and Union, and the Palmetto to Spar
tanburg and Greenville.
--
,n-.,,rN ar TUE EPAlN