The Birmingham age-herald., 1911-01-24
ANNUAL MEETING
 OF PROTECTIVE LIFE
President Jelks Makes Address
 to Stockholders
GROWTH CONSERVATIVE
$125,0O0 at Organization to $241,- 201-Omcers and Directors Are All Reelected

The annual meeting of the stockhold-
 CTS and directors of the Protective Life
 Insurance company was held yesterday
 at the company's offices in the Empire
 building.
 Among the out-of-town directors who
 were present were William A. Davis, An
 niston; Col. Reuben A. Mitchell, Gads- den; Senator W. T. Brown, Ragland; Col. Charles Henderson, Troy.
 The Protective Life Insurance company has recently been examined by W. R.
 Halliday of Halliday & Damron, actuar- les and accountants MT. Halliday being designated for that work by the insur- | ance commissioner, and the report of that
 examination has just been made to the department of insurance. and a copy of
 the report was before the stockholders. President William D. Jeks of the com
 pany made a report to the stockholders.
 Reports were also made by pr. w. G. Harrison, head of the medical depart
 ment of the company; Clarence J. Pal
 mer, secretary, and by w. w. Crawford,
 treasurer. Following the reading of these reports the stockholders passed the fol- | lowing resolutions:
 Resolutions Fly Stockholders
 "The stockholders of the Protective
 Life Insurance company in the annual meeting, after having seen the statement of the secretary and treasurer and hear ing the report of other officers. and di- gesting the recent audit and report of
 MT. w. R. Halliday of Halliday & Dam- ron, which report was undertaken on the order of Hon. Cyrus B. Brown, insurance commissioner of Alabama, and made only last week to the commissioner, feel that we have cause for reorganization at the showing the company has made. We find | that the gross assets of the company have grown from s125,0OO at organization to s241. .ee1; that the reserve deposit in the treasury of the state to the credit of the policy holders by name and for their protection has grown more than 100 per cent in the year just closed we find that the character of the risks taken as shown by the low death rate to have been carefully considered. We believe that the company Is daily growing in the good will of the public and that the con servative management begun and con tinued Is surely winning for it the proper reward. We unhesitatingly recommend the insurance to the public, as written at reasonable rates, on attractive forms, and as furnishing security which we be- lieve to be absolute.
 We again call the attention of the public to the fact that the deposit law, now on the books of the state, made largely at our instance, protects the pol icy holder to. the extent of the reserve portion of the insurance premiums, which reserve is held to the individual credit of the policy holder by name.
 We call upon the other stockholders absent from this meeting to give the companys agents their best assistance at all times, to the end that the com- panys progress may be the more rapid and that Alabama and the south may be the sooner relieved from the impoverish- ment which goes on with the flood of life moneys to the other sections.
 We recommend the Protective Life h. surance company to all of those who can afford protection, because we believe that the company's management is conserva- tive at all points; that its policies are as attractive as any offered It's rates req | sonable and the security certainly as good as any policies they can buy.' In his annual report President William D. Jelks, among other things, said:
 President Jelks' Address.
 'Tt will be seen from MT Haliday's report and that of the secretary of the n.
 cember 3l, s2.S0s,375 of insurance; that
 the company has increased It's surplus from the amount of $25,OO0 with which the company began business to $3l,1SS.91; the report will show that the gross as- sets of the company have increased from the date of the organization from $125- GOO to $24l .2sl; that the reserves put up at Montgomery for the security of the polcyholder has grown to $67, ,343, having more than doubled during the year. "Our business would. I doubt not, have | been larger for the year but for the tremendous sale of insurance stock which | has taken some of our agents away from | the apparently more lucrative work of exploiting these new companies, which selling of stock has probably deterred some people from buying insurance of
 us. because of the general war which
 has been made on them by the older
 companies: passing their fight largely on
 the new companies. not in Alabama or | in the south, but in the whole country. This war has been based. in some cases
 at least, on the manner of the exploita-
 ton of these companies. The sale of the
 small number of shares of stock in your
 company was made at moderate. price
 and on a merely nominal commission.
 No share of stock in your company has
 been sold within 15 months. The execu- tive officers have protected the good