Jackson advocate. [volume] (Jackson, Miss.) 1939-current, 1958-02-01
Congratulations And Best Wishes To
The Security Life Insurance Company

The Security Life Insurance Compan!
In 1899 under the inspiration and leadership of the
late Dr. Leroy A. Smith, small group including Walter
H. Duke Williams with the addition of his late father
in-aw DR.. L. T. Burbridge of New Orleans, who had
had some insurance experience as the President of
Louisiana insurance got together here and
ganized the Security Life Insurance company, old
line legal reserve, stock company distinguished
from mutual Life Insurance Company.
By the middle of the year Charter of Incorporation
had been granted by the state of Mississippi, and all
other legal requirements had been met except the
of the greatest Importance that of obtaining bond
fore being able to begin selling the stock necessary
raise the capital necessary for the company to begin
operation.
The Capitol of $4,000 which the company
to begin operation had to be raised by the sale of 1000
shares of stock with par value of $685.
The high hopes of the group began to grow dim
with each passing week when bonding companies every
where they contacted refused to furnish bond
for the sale of the stock Faced with this situation
the fact that only few weeks remained before the
Charter of Incorporation would become forfeit and all
their efforts to naught along with the total loss of
the money already invested in the project the situation
and the prospect for the company to the least
all but hopeless.
Faced with the situation DR.. Smith who happened
to have been of the few of close relatives called
for and after revealing the desperation of the stua
ton although he knew at the time that had already
determined to into the newspaper publishing bust
ness, begged to defer for while and to see what
could do toward getting bond for the sale of the In
surance Company stock. $500 ~.rD-.s.~-s
Seeing there was no time to be wasted on the very
went office OF Frank Scott Chan
Clerk of Kinds County, whose chief assistant
Mr. Cal Robinson who later to be elected Sheriff
of Kinds County with overwhelming support from the
Negro vote %@
After his always friendly and courteous greeting
we began by saying Mr. Frank, many young Negro
men and women are graduating from college now and
many of them finding it impossible to get jobs in
keeping with their education and ability group of
have organized an Insurance Company here obtained
the Charter from the state met all the other legal
qulrements but now cannot get anybody to give
bond in order to sell the stock to raise the capitol to
start operating the company.
After listening attentively Mr.. Scott said Percy
how much of bond do you need. The answer, $5,O00
Again Mr.. Scott, Percy whose going to sell the stock
YOU The answer, Yes, Sir. Without another word Mr.
Scott turned to Mr. Robinson who was standing near
by and said Cal, make out $4,000 bond for Percy
And then to us, Percy, go ahead and start selling the
stock, We'll get word to the Insurance Commissioner.
The little group naturally elated that a bond
had been obtained which the sale of the stock could
begin but practically all of the original promotion money
had been exhausted during the previous six months by
one of the Frat Brothers. Tom McEvans, who had
been hired promote the sale of the stock but who had
been riding the state in car, with expense
account and good salary, but who had not obtained
single solitary commitment
We began the sale of the stock by holding series
of faculty forums the organization of Insurance
Company Insurance stocks and investments at the col
lege of the state starting at Acorn College, whose Pres
ident w. H. Bell, afterwards bought 81 900 worth of
stock, and who is chairman of the Board At each
of the forums teachers bought stock along with that
sold to others, by midSeptember had sold enough
stock for the company to start doing business at least
With the business of selling the stock out of the
way having deferred only to satisfy what had recog
nized consuming desire of my cousin DR.. Leroy
Smith, went directly into the effort to into the
newspaper publishing business renting office in the
rear at 1851 N. Parish st. where the office of the
Security Life Insurance Company, was and is now 10
Gated.
Early morning about week later, the dead
line now only few days away, Duke Williams
into my office and breathlessy said to me- Man, you
know I've checked up that stock money and
still $500 worth Short do you know anything else you
do Wa hod InO IN Inns
Mississippi the following Friday night, and prom
Used Duke that would what could be done about
the last remaining $500 in Columbus, and while there
we sold the $500 to Columbus business man who is
now member of the Board, the Security Life Insur-
Company thus coming into being, with every dol
lars worth of its stock sold by except that of the
small group who started the organization.
The Security Life Insurance Company has been
making outstanding progress and recently enlarged its
capitol structure in order to expand it's operation and
we extend hearty congratulations and best wishes
for the future.
What we have written here, for the most part we