The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1912-01-17

.. L.
ington and ]. Stobo Young to publish
the letter Of Chas. II. Highly, certi-
fled public accountant. in reply to the
letter of Frank G. Tompkins to Gov
Blease some time ago. The Advertis-
er did not publish the letter Of Mr.
Tompklns when it came out for the
simple reason that it was rather
lengthy and because 1t could be seen
in the daily papers by most Of those
who really were interested.
Believing that those of its readers
who are interested in the case are
already familiar with the letter of
Mr.. Tompkins, The Advertiser does
not take up the space of it's readers
with 1t as this time, feeling that an
omission of 1t is doing no injustice to
Mr.. Tompkns.
The letter is as follows:
Columbia, S. c., Jan. /, 1912.
To his EXcellency, Hon. Cole l..
Blease, Governor of South Caro-
lima, Columbia, S. G.
Sir: l have read with great care the
by Mr.. Frank G.. Tompkins. Chairman
of the Board of Receivers of the Sem
mole Securities Company, and feeling
that there are many statements there
in which are misleading to yourself,
the stockholders and the public, | feel
1T my duty to lay before Your Excel
lency such facts as to my mind clear
ly show that Mr.. Tompkins is mistak-
en- in many of his statements and con
illusions.
Mr.. Tompkins confesses in his let
ter that he has not seen the petitions
for clemency or heard any of the rea-
sons advancerd to Your Excellency
why these young men should not re-
eeive clemency at your hands; and,
therefore, his conclusion that he has
never heard of the slightest repent
ance on the part of either of these
young men" for what he terms these
outrageous and destructive acts which
made a precedent in South Carolina
in circles of high finance" must con
Bequently be based upon bias and pre-
judice. Your EXcellency has read the
petitions and heard the reasons given
by these young men and the appeal of
their friends and is in a better posi-
tiOn than Mr. Tompkins to determine
whether they are repentant or not
In justice and fairness to the young
men, and as auditor of the books of
the Seminole Securities Company and
being therefore, perhaps more famil
lar with them than any other man,
wish to make the following statements
in contradiction of the statements
made by Mr.. Tompkins in his letter
or which may correct any misleading
statements made by him.
| make these statements from my
report of audit, which was used and
put in testimony in the case and is
now part OF the records thereof and
in possession of the Court.
The total assets, as shown in said
report, exclusive of the stock of the
Carolina Agency Company. amounted
to $36l ,Os6.3l. The liabilities, eimi-
mating the amount shown to be due to
John Y. Darlington as balance of the
$4,000 OF stock OF the Carolina Agen-
cy Company, viz: $2i,3972 %, was
SAP, 1929. The book value of the
stock Of the Southern Life Insurance
Company was $324,9S5.72, which is al
80 included in the above assets. Among
the liabilities are bills payable due the
Southern Life Insurance Company as
balance of purchase of stock in said
company of $154,l9737 BY reducing
the book value of the stock OF the
Southern Life Insurance Company the
amount of the notes due them as of
December %, 1908, and deducting same
from the bills payable, which appear
in the liabilities, the Seminole Securi-
ties Company would nave liQuidated
on December %, 1905 and paid 81 2-3
per cent on the par value OF the
stock am Informed that the receiv-
ers have paid dividend to the stock
hn11nrc ~ hut
credibly informed that some of said
stockholders have not received said
dividend
Mr.. Tompkins states that the re-
ceivers have only been able to collect
$4,000 up to this time, and that it
VIII be impossible TO add to this sum
a greater amount than $4,000: and
that the probability is that they will
never be able to collect in addition
to what they have already collected
more than from $4,000 to $4,000. AS
suming that $4,000 will be the maxi
mum amount collected in addition to
the $4,000 stated. will make $I2O.-
OOO. Ihis statement must certainly
be incorrect, as the Trustees paid TO
the Southern Life Insurance COMPANY.
as per letter OF W. A. Clark, Chair
man of the Board of Trustees of date
December %, 1908, and as per pages
52-59 of my audit report, $07,92887.
The officers of the Seminole Securities
Company paid to them or their REQ
resentatives $46,S56.85 in cash; and i'm
addition made payment on account of
note issued to the Southern Life In
surance Company in settlement of
said purchase of stock of S26 OO2 63.
making a total paid to them or their
representatives by the officers and
Trustees OF the Seminole Securities
Company of $170,7SS.35, and for which
| delivered to the receivers vouchers