The Birmingham age-herald., 1911-06-23

Montgomery, June -(Special)- eight contestants who are par ticipating in the southern invitation golf tournament, which Is on in this city qualified in four flights on a slow course during the day and will begin tomorrow, the dash for trophies The best score of the day was handed in by George Oliver of Birming gham, who won silver cup on making the IS holes in 8l strokes, three above "bogey."
 He exempllfied to a remarkable de- gree the variabIeness of the great Scottish game, owing to the fact that in practice play on yesterday he turned in a score of 73. thereby lessening "bogey" on that occasion by five strokes.
 George Adair of Atlanta gave MT. Oliver a close run for his honors, mak- ing the cause in S2. R. H. Baugh of Birmingham was tied with MT. Adair, while H. G. Scott of Atlanta was close fourth with score of sS. Messrs. Sayre and Brame of Montgomery and Macon and long of Birmingham turned In an identical score, S4, as did c. A. Petrey of Montgomery. Following upon these the scores in the first flights were Johnson of Birmingham and Byrd of Atlanta, S6; Ward of Birmingham and Bush of New Orleans, ST; Hewett and Watson of Birmingham and Khea of Memphis. Ss, S9 and S9 respect lvely
 The entrants in the first flights are noirad for tomorrow's engagement as follows: Bush vs. Watson, Bream Vs, ;cv precipitately entering other states ha,a been brokers and purchasers or these certificates, and the hscai asehes and sotck salesmen, who sought lcense In foreign states as an aid to them Tn the sale of stock
 Casualty Department
 Regarding the casualty department the actuary says: .,,,oa
 t"The gross premiums receNeu amount to about $1100 and the totai losses to $450. The disbursements, cludfng claims, amount to about sio'- 900. This includes $3.70S.72 for salarles, and nrobably about $500 of this amount sbo,,ld nroperly have been charged to tba fiscal agency The item most ealing for remark is that of adVertisihs, printing and stationery, for whlcn sums exceedine 5000 have been spent. A 1aron nnrtion of this is sheer waste. We see no prospect of a profitable pus mess being done in this department without a reorganization.
 Fire Department
 Regarding the fire department the re- port says; ,,+ os all
 s'rrhe salaries paid are out or ail raa son The staff has been much larger than was required to handle the com nanv's business. The Hard 6 Co. ar raneement discussed below, as well aS the want of cooperation between the two departments appear to nave been in some measure the cause or thls'
 Directors and Committees
 Regarding the affairs of the company in general the report says:
 "The conduct of affairs has been TOT the most part vested in the nnance com mttee. the directors meeting quarterly. Throughout our investigation we nave come upon hardly any manifest attempt to preserve the funds belonging to the share holders. and while the responsi- biity may in particular instances at tach to special directors, the main re- sponsiblity seems to be equally divid- ed Indeed, we have only encountered one attempt upon the part of the direc- tors or committeeman to keep things on proper lines, apart from the cancelia- tion of Secretary Carr's contract. Early in 1911, Mr. Blnn, as a member of tho appraisal committee, questioned ana promptly turned down an application TOT a loan, which had been referred to him, and in this matter was supported py Mir Allison. Otherwise the committed men seem to have acquisced in all that officers hold 3492 shares out of the total S6,5So. Two of them hold so few shares as to be ineligible under the bylaws to hold their offices There are about 1750 share holders, so that the average holding Is about twenty shares.
 General
 ''The company has been fortunate in awalxing a large measure of local patriot ism, and it is probable that under dif- ferent management the company will have a successful career. The company has assets of half million dollars in- cluding met surplus of over Sl00,OO0, and could undoubtedly command Its share Of the insurance business in the South. In view, however, of the facts disclosed in the foregoing report, cannot recom- mend that the company continue to oper- ate under it's present management, and a complete reorganization of lines sat isfactory to you should be insisted upon as a guarantee that the business will be conducted in future on q sound basis.
 "Confrmatory of facts and transactions as set forth in this report 1t has been deemed advisable to question some of the officers and employees under oath, and there Is filed with your department for record a stenographical report of questions and answers by witnesses FREE LIST AND