The broad ax. [volume] (Salt Lake City, Utah) 1895-19??, 1926-09-18
RACE BUSINESS MEN REDEEM
THE MISSISSIPPI LIFE IN
SURANCE CO.
preston News Service)

1926, by which M. S. Stuart and M. Z.
Anderson re-purchased the Industrial
business Of the Mississippi Life Insur-
ance Company in the states of Missis-
sippi, Arkansas, and Texas, and then
merged it with the Universal Life In
surance Company, a Race concern Of
Memphis. About 80 per cent Of all the
original business of the Mississippi
Life is involved in this deal, and thus
passes back into the hands and control
Of members of the Race.
Wrecked by Herman Perry
1t will be recalled that in the fall Of
1928, Heman E. Perry, of Atlanta,
Georgia, then president Of the Stan
dard Life Insurance Company and the
Service Corporation, secured control Of
the business of the Mississippi Life
with the expressed intention Of merg-
ing it with the Standard Life, but
instead, on February 10, 1924, sold it
to the Southern Insurance Company OF
Nashville, Tennessee, a corporation Of
white men.
On April 5, 1924, through the activ-
ity and business acumen of M. S.
Stuart, a ten-year lease of the business
of the Mississippi Life in the three
states above mentioned was secured
from the Southern with reserved OPP
tons to re-purchase the business at
stipulated price at any time during the
life of the ten-year contract.
The late V. l. Reuben of Jackson,
Mississippi, and M. E. Anderson, of
the same place, were included with Mr..
Stuart as partners in this contract. Mr..
Reuben died in September, 1924, and
the business in the three states above
mentioned was operated under the
supervision of Mr.. Stuart, and his re-
naming partner, as separate and dis
tinct unit of the Southern Insurance
Company, until the consummation OF
the deal which merged it with the
Universal Life on September 2.
The big purpose of the ten-year
contract secured by Mr.. Stuart and his
associates in April, 1924, was to hold
the business of the old Mississippi Life
intact as a separate unit until the Race
could have the time and find the means
to re-purchase it. This has not been
accomplished.
Universal Life Insurance Company
The Universal Life Insurance Com
pany was organized and incorporated
on the 10th day Of March, 1928, by DIR.
]. E. Walker, former president of the
Mississippi Life, and has continued to
function as an independent and sue
cessful corporation.
AS president Of the Mississippi Life
from 1916 to 1928, DR.. ]. E. Walker
was intimately and actively identified
with the growth and progress of that
company, and he deserves great credit
for the profitable and successful oper-
alton of that concern.
When this company was sold to the
Southern it was solvent and profitable.
It's assets have since been iquidated
by receivers, and dividend Of AS per
cent has already been paid to the
stockholders with other assets yet to
be liquidated. On only one Of the
many mortgages and securities held by
the Mississippi Life was there any
loss at all; and they were all super
vised and handled by DR.. ]. E. Walker,
while he was president Of the Missis-
sippi Life.
What greater thing can be said for
his sound judgment, integrity and hon
esty than the fact that he handled more
than 100000 Of corporate assets with
such ability that even after passing
through the chancery court and the
hands of receivers the stock liquidated
at a premium Of more than As per
cent?
The combined business in force of
the Universal Life with that Of the
Mississippi Life will amount to about
l$16,000,O0O. It's premium income will
be more than 100000 per year, and
its assets over 100000. 1t will at once
assume place in the front ranks Of
the large business concerns of the
Race. More than three hundred and
fifty men and women will serve it in
various capacities in the territory in
which it operates, furnishing high class,
efficient insurance services for our peo-
pie. by our people.
1t is provided in the deal that the
Office building of the old Mississippi
/ + .ife at ORA Hernandez Street Mem