The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-01-06

The SOUTHERN LIFE WILL RE.
FUND MONEY.
considerable Sum Involyed-An Notes
VIII be Cancelled and the Purchase
Price Returned-A Statement Is


VIII be Cancelled and the Purchase
Price Returned-A Statement Is
sued.
Columbia, Dec. 31.-The Southern
Lie insurance company will pay back
TO the Seminole Securities company all
OF the money and certificates of de-
post received for the purchase of the
controlling interest in the insurance
company. This was the settlement
arrived at yesterday morning after a
conference between committees from
each concern. There were present at
the meeting, representing tie Semi
mole company, President E. ]. Eth
eredge, j. B. Watkins, A. M. Kennedy
and L. w. Berry, who were accom-
panied by their attorney, Mr.. w. F..
Stevenson, who had been summoned
from Cheraw. The Southern Life In
surance company was represented by
Mr.. j. w. MCLAUGHLIN, Locke Shaw,
DR.. Lilly. B. w. Lacy, w. S. Cogburn
and their attorney, John Shaw.
From the figures produced it is evi-
dent that the Seminole company will
have about 100000 with which to
continue business. This is made up
of $170,000 paid to the Southern Life
company and about $4,000 of COL
lectible assets, which will be aced
to the credit of the company The
members Of the trustees and the
Seminole board and of the Southern
Life board are entirely satisfied with
this settlement and after the confer
ence issued the following statement:
AFTER continued meeting between
the new directors of the Seminole Sc.
curities company and committee and
officers of the Southern Life Insur-
ance company, they arrived at set
tlement as follows:
THAT the Southern Life Insurance
company would return to the Semi
mole Securities company all monies
and deposits received by them, said
funds to be returned in four equal
annual installments.
"One of the greatest difficulties i'm
arriving at settlement between the
two companies was due to the fact
that the Southern Life Insurance
company had made large investments
with the greater part of the funds
that thy had received from the Semi
mole Securities company. and it was.
therefore. impracticable for them to
attempt to make at once a final set
tlement with the Seminole Securities
company, and it was deemed advisa-
BILE by the two committees to arrange
the settlement along the above lines,
or, in other words. to return to the
Seminole Securities company their
funds as these investments matured.
"The officers and the committee
from the directors of the Southern
Life Insurance company feel that they
have acted wisely and for the interest
OF the stockholders of the Seminole
Securities company They have not
only agreed to turn back all funds re-,
ceived, but also to cancel notes given
them by the Seminole Securities COM
pany, amounting to s1s2,500. The
new directors Of the Seminole Securi-
ties company feel that this settlement
is good one for their stockholders.
and that the Southern Life Insurance
company has been exceedingly liberal
to the interests of the stockholders
of the Seminole company"
The committee left yesterday after
noon for Fayetteville, where the
agreement will be ratified.
Stevenson Makes Statement.
Mr.. w. F. Stevenson last night be-
fore leaving for Cheraw, whence he
had been called by phone yesterday
morning, summed up the situation as
follows:
The board perfected an agreement
with the Southern Life Insurance
company whereby it returns the notes
Of the Seminole company held by it
and repays all the money paid to it
by the Seminole for stocks and there
for gets its htock back from the Sem
mole company.
This leaves the Seminole company
without debt and with about $3.50, 600
to $4,000 cash and assets.
This action, of course, must have
the approval Of the court IL Judge
watts does not modify his order ap-
pointing receivers, or if the bona
provided by statute is not given; but
this Is matter OF deail.
The directors hope to get into po-
sition to wind up the concern ran,a,,.