The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1908-06-10


Columbia, June 8.-Commissione
McMaster has returned from Spart-
anburs, where he went to examine
into the condition Of the Carolina
Mutual Fire Insurance Company, the
Piedmont Mutual Fire Insurance
Company and the Palmetto Mutual
Fire Insurance Company.
The result Of his examinations are
not satisfactory to him. and for the
benefit Of the policy-holders In those
companies he gave to the press today
certain facts. which he thinks 1t well
for the policv-holders to know i'm
mediately. ,1
In response to a request for q
showing the latter part OF May the
Carolina Mutual sent a statement
which made the insurance commits
sioner think that its affairs were
hopelessly involved. and he immed-
lately served notice on the manage
ment of the company to show cause
before him In Columbia on June q
why its license should not be revoked
because Of insolvency and not afford
Ing proper protection to its policy
holders. From this showing and
the examination made by the COM
missioner the following information is
gained:
Amount Of outstanding con-
ttesed, claims July 1. 1907. s,3s7
Amount adjusted claims, July
l. iso'.' 49,. ........ 35,897
Amount that should have been
realized from assessments,
September Is. 1907. :. :. 1s.s4s
Amount actually realized from
this assessment. .. 80. :. 1O.e67
Amount Of contested claims, c
January !, 1909. ...... 23,374'
Amount Of additional adjust
ed claims. January 1. 1908. 1871
Amount that should have been
realized from assessments,
levied January 1. 1908. 10,52s
Amount actually realized from
this assessment. .. go. 5,4S5
Amount OF admitted outstand-
Ing claims against the COM
pany to May Is, 1908. =. 3s,A37.
II was upon this showing that ne
ordered the company to show cause
Why Its license should not be revoked.
What the Books Show.
An examination Of the books shows
that since January 1. 1907. to June
8. 1908. about Ses.S42 was collected
from all sources. and that during this
period losses to the amount Of $685.
ts% were paid. With the exception
OF about 1891 cash in bank on June 6
the difference between the amount re.
ceived and the amount paid out for
losses. or about $4,000 was consum-
ed In expenses.
The various items Of expense are
not yet determined. az there was no
ledger kept but merely q day cash
book. showing the total receipts and
disbursements. Some of the items of
expense. however. are the salary of
Mr.. Stanyarne Wilson. who IL the
controlling spirit Of the company,
$500 month for the year 1907, and
to March. 1908. when he resigned the
presidency and became simply at
tprney. for which he drew salary
OF 5000 q month for the months of
March. April and May of 1908. Also
one. item of.4f.Ooo paid on June 8,
1908. TO Stanyarne Wilson, as back
salary for the years 1909 and 1905.
Commencing t@ith November, 1907, J.
l. Wheatley drew q salary Of $1a5 a
month and expenses. and preceding
that time Mr.. Whatley had q salary
OF 800 q month and expenses. On
March I. 1908. Mr.. Whatley succeeded
Mr.. Wilson as president. and con-
tinues to draw a salary Of $125 al
month and expenses. Mr.. Whatley
is the adjuster and general agent for
the company. The secretary Miss D.
Callahan. was paid salary Of $25 a
week. or $1,000 year. during the
year 1907. and the assistant secretary.
Miss N. Fulmer. a salary Of SIS a
week. Miss Fulmer's time is largely
given to the law work Of Mr.. Wilson.
but It was stated that she drew no
other salary than the SIS week.
Tn insurance Offices adjoin those of
".r Wilson. who has been the presi-
dent Of the company since Its for
nation. and the guiding spirit. The
directors are Stanyarne Wilson. DR..
Wilson and Miss ID. Callahan, the
secretary treasurer.