Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1908-06-12
THE sPARTANBURe MUTUALs.
Commissioner McMaster Probes Con-
dition of Home Insurance Companies.

Comn,i ,issioner McMaster Probes Con-
dtion of Home Insurance Companies.
Spartanburg Herald, Tuesday.
| Columbia, S. c., June 9.-Insurance
Commissioner McMaster returned Sat
urday afternoon from Spartanburg,
whittier he went to examine into the
condition Of the Carolina Mutual Fire
Insurance company, the Piedmont Mu-
tual Fire Insurance company, and the
Palmetto Mutual Fire Insurance COM
pany
The results of his examinations are
not satisfactory to him, and for the
benefit of the policyholders in those
companies he gave to the press today
certain facts which he thinks 1t well
for the policyholders to know immedi-
lately.
Figures Given.
In response to a request for show
ing the latter part Of May the Carolina
Mutual made a statement which made
the insurance commissioner think that
it's affairs were hopelessly involved,
and he Immediately served notice on
the management Of the company to
show cause before him in Columbia on
June 27th why it's license should not be
revoked because of insolvency and not
affording proper protection to its pol
icyholders From this showing and
/ hxy Ia commits
sioner the following information is
gained:
Amount Of outstanding contest
ed claims July 1st, 1907. LIS 1857
Amount adjusted claims July
| 1St, 1907 .................. So'oSi
Amount that should have been
realized from assessment
| September 18th, 1907 ...... 1S,S4S
this assessment ........... 1O,667
January l, 1908 .......... 23.S74
Amount Of additional adjusted
claims January l, 1908 ...... 1871
Amount that should have been
realized from assessment
| levied January l, 1908 ..... 1O,52S
Amount actually realized from
this assessment ......... 5,4S5
Amount of admitted outstand-
ing claims against the COM
pany to May Is, 1908 ...".. 39,437
1t was upon this showing that he or
dered the company to show cause why
it's license should not be revoked.
| The Books Show.
An examination of the books shows
that since January 1st, 1907, to June
9Th, 1908, about sS9,324 was collected
from all sources, and that during this
period losses to the amount Of $3S,464
were paid. With the exception OF
about 1891 cash in bank on June 9Th,
the difference between the amount re-
ceived and the amount paid out for
losses. or about $4,000, was consumed
in expenses.
| Salaries Paid.
| The various items Of expense are
not yet determined, as there was no
ledger kept, but merely a day cash
book, showing the total receipts and
disbursements Some Of the items OF
expense, however, are salary OF Mr..
Stanyarne Wilson, who was the con-
trolling spirit of the company. $500
tmonth for the year 1907 and to March,
1908, when he resigned the presidency
and became simply attorney, for which
he drew a salary Of 5000 month for
the months Of March, April and May
Of 1908. Also one item Of $1,000 paid
on June Sd. 1903. to Stanyarne Wilson,
as back salary for the year 1906 and
1905. Commencing with November,
1907. ]. L. Whatley drew a salary OF
$125 per month and expenses, and pre-
ceding that time Mr. Whatley had a
salary of 500 a month and expenses.
On March 1st, 1908, Mr.. Whatley sue
ceeded Mr. Wilson as president, and
continues to draw a salary Of $125 a
month and expenses. Mr.. Whatley Is
the adiuster and general agent for the
company. The secretary, Miss d. Cal
Ia han. draws a salary OF $25 a week. or
81 300 a year during the year 1907, and
the assistant secretary. Mss N. Fulmer,
a salary of SIS a week. Miss Fllmers
time is largely given to the law work
of Mr.. Wilson, but it was stated that
she drew no additional salary than the
SIS a week.
| The insurance offices adjoin those