The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1914-11-18

Much Money Sent Out OF This State.
F. H. McMaster, insurance commits
sioner of South Carolina, In his an
nual report will say that it is worth
while to consider the amount Of cash
which South Carolina Is sending to
other states for life insurance. The
following figures show the net
amounts in cash that sent to the
several states during the year 1913
for life insurance premiums. From
the gross premiums have been de-
Quoted the dividends to poicyholders,
losses paid to beneficiartes, state,
county and municipal taxes.
The following are the figures:
South Carolina sent last year in net
premiums to California, ~$67,973.64; to
Connecticut, s74,162.63;' to Florida,
S~4,717.55; to Georgia, $~11,669.67; to
Indiana, s~32,454.15; to Maryland, $4,-
GILL; to Massachusetts, $~95,759.S0;
to Missouri, s56,657.67: to New Jer-
sey, $3S6,131.56; to New York, $780,
S60.16; to North Carolina, $417,261.96;
to Ohio, $3.50 ST. to Pennsylvania,
1898, 5000; to Tennessee, $~63,520.01;
to Virginia, ~$452,461.95.
This grand total sent to all the
states named was S2,946 1921. 76. De-
duct from this s620,2S1.5S, an estimat-
ed amount paid to the agents OF the
companies in South Carolina, the cash
amount sent out Of the state last year
to other states for life insurance pre-
NUNS was $2,326,640.1S.
These figures are worthy OF more
critical dissection,t says the commits
sioner, "for thereby We may learn the
very large sum that Is sent out OF the
state each year and has been sent out
Of the state each year for a great num-
Der Of years for permanent invest
ment. And as it has only been during
the last FIVE years that the companies
have made any permanent investments
in South Carolina securities, some
idea may be gained Of the great sums
that have been taken out OF the state
and permanently invested elsewhere
during the last 30 or 20 years.
"An analysis of the figures will show
that the fire insurance companies and
the miscellaneous insurance compan-
les take Insignificant amounts out OF
the state as compared with the
amounts the life insurance companies
of other states take out Of South Car
DINA each year. r.
"The so-called miscellaneous COM
panies, including the accident and
health companies, fidelity and surety,
employers liability, steam boiler, bur-
glary, elevator, live stock, etc, re-
ceived in premiums from South Caro-
lima during the year 1913, $~506,47S.S3.
They paid back in claims, commits
sions to agents, state, county and mu-
nicipal taxes and license fees S434,-
os1. SO. taking out Of South Carolina In
net premiums s72,3S2. This may be
considered practically a net pront
to these companies.
1T is when we come to the life IN
surance companies that we IND that
great sums are taken out for perma-
nent investment"
Local Storage is First Need.
John l.. McLaurin, state warehouse
commissioner, said recently:
81 shall be prepared very soon u
entertain propositions to receive local.
warehouses, and will publish the
terms as soon as possible. With the
limited funds at my disposal, however,
I think it will be better for the 1arm-
ers and merchants in every county 10
get together and provide such storage
room as they can. I propose to accept
corrugated-iron warehouses in the
country, where the insurance compa'
MES will take them, and I would sug'
gest a type of warehouse which woulo
hold about 800 bales of cotton winch
could be erected very speedily lot
about $500.
at Is very important If the people
are to hold their cotton that 1t snoulo
"a placed in the form Of some nego-
table paper so that the lien mer'
chants and others may be able
through their banks to discount 1t,
when the federal reserve system goes
into operation, November Is. A STATE
warehouse receipt guaranteeing tne
title of cotton and the weights and
grades, Is a form Of paper that mas
long been needed in the commerG1ai
world, and I am assured that it VIII
find favor in the moneyed centres
when it is properly understood.
Some Charters Issued Recently.
The secretary of state a issued q
commission to the Davis & Barnes
Co. of Summerton with a capital OF
{, 1000. The petitioners are Harry T.
Davis and Fred Barnes.
A charter has been granted to the
Farmers Bonded Warehouse Com
pan of Union with a capital STOCK
of 5000. T. C. Duncan Is president
and treasurer of the company.
South Carolina Exhibit Attracts.
1.-THE South Carolina good roads e3
hihit attracted much attention" salo