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HUNS OF THI, RACERS.
Five Favorllee Ont of Six fMn ftt
\i-n Orleans.
New Orleans, La.. Feb. 21.—Laura May.
In the last race, was (he only beaten fav
orite to-day. Tiie weather was tine an.l
the track fast. The attendance was good.
Summaries follow:
First Race—Selling, seven furlongs. Ma
Petite, 2 to 1. won, with Caddie C., 6 to 1.
and 2 to 1, second and Cherry Bounce, 3
to 1, third. Time 1:2s 1 -.
Second Race—For 2-year-oids, selling,
four furlongs. Sir Florian, 7 to 3, won,
with Nellie Prince, lu to 1, and 5 to 1,
second and Pansy H., 15 to 1, third. Time
0:49.
Third Race—One and one-fourih miles.
lo)ienguela, 1 to 3. won, with Lakeview
Palace, 7 to 1, and even, second and In
liammaior. 7to 1, Ihird. Time 2:11.
Fourth Race—One and one-fourth mites,
over live hurdles. Prole Jim, 9 to 10,
won. with Proverb, 4 to 1, and even, sec
ond and Templomore, !2 to 1, third. Time
2:22.
Fifth Race—Selling, six and one-half
furlongs. Hugh Penny, 1 to 2, won, with
Brighton, 8 to 1, and 3 to 2. second and
Lillian E., 20 to 1, third. Time 1:211-4.
Sixth Race—One mile. L. W., 4 to 1,
won, with Kings Pon, 15 to 1, and 5 to 1,
second ana Jack of Hearts, 8 to 1, third.
Time 1:43> 2 .
San Francisco, Feb. 24.—The weather
was rainy, and the track sloppy at Ingle
eide to-day. Summaries follow:
First Race—Six furlongs. Tea Rose, 11
to 10, won, with Fonsavannah second, and
Highland Ball third. Time 1:1514.
Second Race—Seven furlongs, selling.
Georgia Lee, even, won. with Ur. Marks,
second and Go to lied third. Time 1:3114.
Third Race—One and one-eighth miles.
Morlnel, 4 to 1, won. with 'Ostler Joe sec
ond, and Howard Mann third. Time 1:58*4-
Fourth Race—One mile. Selling, Satyr,
4to 1, won, with Rename la second, and
Charles A. third. Time 1:45*4.
Fifth Race—Five furlongs. Traverser,
3 to 5, won, with Trolley second, and R. Q.
Ban third. Time 1:02.
Sixth Race—Seven furlongs. Greyhurst,
4 to 5, won, with Won't Dance second,
and Veragua third. Time 1:41%.
WHITER PARK'S FAIR.
llid-W inter Exposition Open* With
a Large Attendance.
Orlando, Fla., Feb. 24.—A large number
of people went out from here yesterday
lo Winter Park to attend the opening of
the fair of the Winter Park Horticultural
Society. The fair has attracted a good
many of Florida's winter visitors from dif
ferent portions of the state.
The display of garden and farm products
is fine and demonstrates what can be done
in Central Florida in mid-winter. All de
partments are better represented than
they were last winter, and this in spite
of the New Year's day heavy frost that
cut off so much of the lender garden
crops.
President G. M. Ward of Rollins College
acted as master of ceremonies. Dr. Hook
er, former president of the college, made
the opening prayer. Hon. Henry S. Chubb
delivered the address of welcome and
Judge C. G. Butt of this place delivered
the op ning address. This afternoon Rt.
Rev. Bishop Whipple of Minnesota deliv
ered a most Interesting address. The fair
will close to-morrow.
Dill NSW ICK BUDGET.
School Roy Use* a Knife on a Com
panion—Wreck of (lie Isabel.
Brunswick, Ga., Feb. 24.—Alfred Thom
as, of the Fourth Grade Grammar School,
severely cut Lee Turner of the Third
Grade to-day. Two or three gaghes were
inflicted. The board of education will In
vestigate the case.
Capt. Jons de Rocha, of the Portugese
bark Isabel, which was wrecked off Wolf
Island several days ago, arrived to-day,
and is the guest of Mr. Rosenda Torras.
Capt. Rocha says at the time of the
wreck, every Indication was favorable. He
suddenly found himself in. shoal
water, and threw c.ut anchors. They
dragged and under pressure of a heavy
wind, which sprung up later, the ship was
beached. The crew is now on board en
deavoring to save some of the equipments.
Hon. William Clifton and Mr. R. D. Wyl
ly of Darien are here to-day. Mr. Clifton
has many friends here who are urging
Gov. Atkinson to appoint him secretary
for the short term.
Mrs. Dart, wife of Capt. TJrbanus Dart,
of the St. Simons Line, died this afternoon.
MIDDLEKBORO’S DIKE MALADY.
Epidemic Beyond Control of I,oral
Health Board.
Middlesboro, Ky., Feb. 24.—Thirteen
new cases of small-pox developed to-day.
The disease seems to be beyond the con
trol of the local health board.
The assistance of the government will be
invoked.
Three hundred cases are reported In the
mining region of East Tennessee, South
Virginia and Eastern Kentucky.
Gann lag at Tliomaevtlle.
Thomasville, Ga., Feb. 24.—Tlie gunning
fever has culminated In Thomasville. On
Tuesday, one firm in this city sold between
4.000 and 3,000 loaded shells, being the bet
ter part of the stock on hand, if certain
sizes had held out, even a greater number
would have been sold. Over SBO war li of
Shells was sold by this firm alone In one
day. Several other dealers also sold large
ly. These shells were sold to actual sports
men for Immediate use. Besides the alwve,
many of the tourist sportsmen have shells
shipped to them here by their home deal
ers. Dove shooting is the rage now, al
though trap shooting Is holding its own,
and quail shooting has little In favor.
Colton Statistics.
Liveriiool, Feb. 25.—Following are the
w%ekly cotton statistics: Total sales, 60,-
00a bales, American, 54,000; trade taking,
69,000; actual export, 4,000; imports, total,
82.000, American, 72,000; stock, actual. ],-
179,000, American, 1,051,000; atlout, 2(2,000,
American, 240,000; sales for speculation, 1,.
600; purchases for exports, 600.
Carter Harrison lo Write n llook.
Chicago, Feb. 24.—Mayor Carter H. Har
rison announces that he will write a book
on the free sliver question to prove his
• devotion to the white metal. The book
will be Issued within six months .
Krzro Murderer to He Extradited.
Albany. N. Y„ Feb. 24.—Gov. Black to
day authorized extradition lo South Caro
lina of Chris Harris,' a negro murderer,
arrested In Niagara county for criminal
assault upon a white woman in that state.
Senator Proctor at Key West.
Key West, Fla., Feb, 24.—8enator Proc
tor arrived here to-day on the City of Key
West, from Miami.
THE LOST KOMSTOCKER.
The Story of .a Crazy Swede's Rich
Find Recalled.
From the St. Louis Globe-Democrat.
"Mining regions can turn up more pecu
liar facts and romances and superstitions
than any other localities In the world, for
the reason that all classes and conditions
of men bump elbows with one another In
a booming mining camp,” said N. O. Har
desty, of Denver.
"laist summer there was a boom in
Whiskey Park, a mining district near Co
lumbine, Col., and there was a rush of
miners and prospectors to locate claims.
During the excitement a man of the name
of Martin pusht.l out several miles ahead
of Whiskey Park, and while prospecting
one day found a pile of nocks that attracted
his attention on account of the peculiar
way in w hich they had been arranged. The
rocks bore the appearance of having bei n
piled together by Ihe hand of man. Martin
began to investigate, and he removed but
few rocks until he found an old shaft.
This shaft had been abandoned and tnc
top covered with this idle of rocks. It
evidently from other reasons that some
man had covered the shaft, ns the rocks
boro pick marks. The snows of many
winters had been melting In the mountains
and washing down debris that had almost
tilled this shaft to the surface. Further
investigation proved that this old shaft
had l*>en sunk on an extensive lead, and
that it had been filled n nd abandoned after
much money and been spent In develop
ment work. Nearby was also found a
large pile of mining Umbers, rotted down
partly to a dust heap, bur still Knowing
signs of having teen carefully stacked.
It was estimated that it would take at
least thirty years for a pile of mining
Umbers to rot in this way. Therefore, the
conclusion was drawn that this mine had
not been vort>d tor thirty years Then
the question arose; What was the name
of the mine? Whose property was it?
Why was it abandoned? Did this old shaft
lead to great riches 7
"Of course, the accidental discovery of
the pile of rocks, the finding of the old
shaft and the pile of mining Umbers
created much gossip throughout the dis
trict. The old-time miners, sitting around
their campfires at night, revived the rtory
of the lost Komstocker, and it is an Inter
esting story of the pioneer days of Col
orado. It is a sad story of a poor, lonely
Swede in search of gold. The name of this
Swede Is not known. He made his appear
ance In Rawlins, Wyo., soon after Ihe
Union Pacific Railroad was completed.
Everybody considered him to be slightly
daft, and he was the butt for the Jokes rf
the rough miners and frontiersmen. He
was called the 'crazy Swede.* He was a
believer in spiritualism, and, as he had
been an old employe on the Comstock lode,
he declared that the spirits had Informed
him that he would be the discoverer of n
mine far richer than the lode. He thor
oughly believed that he would find an
other 'Komstocker,' as he expressed it In
his Ole Olsen dialect. The Swede had
saved several hundred dollars by hard
work and economy, and he purchased a
pony nnd camping outfit and disappeared
in the mountains to the south. While be
had never been in that section, he declared
that the spirits had given him secret in
formation. All he would tell was that
the spirits said he would find a rich gold
mine far to the south of Rawlins, toward
the Hahn's Peak country, in Colorado,
where gold had been newly discovered.
The Swede dropped out of sight, and he
was almost forgotten in the rush and
change of the pioneer towns.
"But the following spring, after the
Swede had been absent one year, he came
into Rawlins one day, and his pony was
loaded down with bags of rich ore. He
was extremely secretive, but dropped the
remark that he had found his 'KomstoeK
er,' as he called it He sold his ore, bought
new supplies and two more ponies. The
word went round that the 'crazy Swede'
had struck It rich, and there was much
excitement among the miners. The Swede
was watched, as the miners anil prospec
tors intended to follow him when lie left
town; but he was shrewd enough to divine
their intentions, and he eluded his watch
ers. Nobody could find his trail. The next
fall a number of cowboys In a round-up
near the present location of Dixon, Wyo.,
found the carcasses of a saddle pony and
two pack animals, and also found the sad
dles. They were identified as the property
of the Swede. The Swede was never seen
or heard of after he left Rawlins the last
time. It is supposed that he was mur
dered. Years after ward the old miners
in that section still told the story of the
lost Komstocker. Now the story of ihe
poor Swede is revived since Martin's dis
covery.”
QUICKEST HORSES FV THE WORLD.
Exploits of Joe anil Dan. of Hie Kan
sas City Fire Department.
F. S. Dellenbaugh In St. Nicholas.
The quickest horses in the world were
at one time in Kansas City, at the head
quarters of its fire department, directly
under the office of the chief, George C.
Hale. To Mr. Hale's genius, more than
to any other factor, the quick horse owed
his first development, for Mr. Hale is the
inventor of the earliest swinging harness,
which made the quick horse possible.
When Henry M. Stanley and his wife were
in this country they witnessed an exhi
bition drill of the Kansas City fire depart
ment. The drill so impressed the visitors
that an account of it was published in a
London journal, and this English article
brought an invitation to Mr. Hale to visit
England as the *representativ<j of the
Amerienn fire service at the International
fire tournament.
Mr. Hale nnd a picked corps went to
England, taking with them the remarka
bly quick horses Joe and Dan; and they
became world-famous. As the quickest
harnessing time of the London fire brigade
Is one minute seventeen and a half sec
onds, nnd the Kansas City horses were
harnessed in one and three-quarter sec
onds; and were out of the engine house In
less than eight seconds, there could be no
competition. In Kansas City four fine
bays were harnessed to the hook-and-lad
der truck almost as quickly as even Joe
and Dan could Jump Into their harnesses.
It was n pretty sight to see these four
well-kept horses spring to their places at
the stroke of the gong, and in two or three
seconds stand ready to run with the ap
paratus. Joe was killed by an accident,
but Dan, with anew mate, is still in ser
vice nnd as quick as ever.
The record lor quickest time from the en
gine house to the throwing of water on the
fire is held by a Kansas City company. In
this instance the horses were harnessed,
a run of 2191 feet (a little less than half a
mile) was made, and water thrown from
the hose In the wonderfully brief time of
one minute thirty-ore and a half seconds.
—Vacation and Rest—Hlxon—"l under
stand Dr. Thirdly's congregation are talk
ing of sending him to Europe." Dixon—
" Yes; that's their Intention." Hlxon—
"For a rest, I suppose?" Dixon—" Yes;
the congregation thinks they are entitled
to it.”—Chicago New*.
—A Boy's Fancy—“ George," said his
mother, “why do you pay so much atten
tion to lliat Middleton girl? She h.is a
face like an apple pie." "That's my fav
orite pie, mother," said George.”—Cleve
land Biuln Dealer
THE MORNING NEWS: FRIDAY, FEBRUARY 2a, 189&
A FAMOUS CASE.
Latest Move In tlie Blue Ridge Bond
Script Litigation.
Columbia, S. C., Fob. 23 —The last stage
in a case In which $1,800,009 is Involved
has been reached. It Is the most Inter
esting one that the state of South Car
olina hnt ever been connected with. For
six years the legal department of the
state has been sparring with Attorney
W. 11. Lyles of this city, representing
E. B. Wesley, retired banker, of New
York, to keep what is known as the Blue
Ridge revenue bond scrip from getting
into the United States Court on it* mer
its. Each of the last two moves by tho
state have cost SIO,OOO. In 1854, the Blue
Ridge Railroad Company, which was to
connect with the East Tennessee and
Georgia Railroad, was granted aid by the
state to the amount of $1,000,001. In 1838
an act was passed authorizing the guar
antee by the state of $1,000,-
000 bond* of the company,
and the further guarantee of $3,000,000
from time to time, as the company made,
contracts for the completion of the road.
A condition .that as soon as any bond3
of the road were Indorsed by the Control
ler General, the property of the road_ in
South Carolina, North Carolina, Georgia
nnd Tennessee should stand pledged to
the state of South Carolina for the prompt
payment of the bonds, was subsequently
repealed, so tlie state has no security.
These bonds were delivered to the railroad
company and the financial agent of the
state was authorized by act of the legis
lature to advance money on them from
time to time, which he did. When It be
came apparent that the Blue Ridge Rail
road Company could not pay Interest or
principal and that the state would become
liable, an act was passed directing the
financial agent to transfer the bonds guar
anteed by the state in his hands, as
collateral for the advances made, to the
state treasurer for cancellation and that
thereupon the company should be dis
charged from liability to the state, and
that whenever the company should sur
render the remainder of the $4,000,000
bonds the state treasurer was to issue
SI,SOC,COO in revenue scrip or to give them
a proportionate amount of this scrip for
such bonds as might from time to time
be surrender. This scrip was reeeiveable
for all slate taxes.
There is evidence of the books of the
state treasurer of $4,395,000 in bonds having
been surrendered, for which $1,797,352,94 on
revenue scrip was issued. This scrip, Mr.
Wesley, then a banker in New York, pur
chard from the holders, as he says, in
good faith. The state courts have held
the Issue of scrip to be illegal, and the
government, has refused to recognize it as
n debt of the slate, but it has not been re
pudiated.
When Clemson College was established
nnd the agricultural department abolished.
Agricultural Hail, on Main street, in Co
lumbia, was ordered sold at auction. It
was worth $25,000, but no one here needed
It. so the bid of $15,000 by W. H. Lyles of
this city, for E. B. Wesley, New York
was accepted.
The conditions were $5,000 cash, balance
in two annual payments of $5,000 each, or
ail cash at option of purchaser. Mr. Lyles
paid $5,000 In currency, gave a mortgage
for the balance, and then, saying he had
decided to take up the mortgage, as al
lowed in the terms of the sale, offered
so,ooo In revenue bond scrip. It was refus
ed and Gov. Tillman Immediately put
armed guards in the building to hold it
against Wesley or bis agents. The big
sthte dispensary was then established In
the building. Mr. Lyles went from court
to court, wlnnmg at every step. Last
week the building was put in his hands
by the United States Court, and the dis
pensary board paid him SIO,OOO for back
rent. But the bond scrip had not yet
come up on its merit*, and it was under
stood Mr, Lyles intended to get it Into
court in that shape when ho offered the
next payment as required by the terms of
sale. Hearing this, a concurrent resolu
tion was passed by ihe legsilature author
izing the sinking fund commission to mark
the mortgage "satisfied," so when Attor
ney Lyles to-day tendered another pay
ment in revenue bonds, the Secretary of
State smilingly intimated that he was
mistaken in supposing he owed the state
of South Carolina anything, and made him
a present of SIO,OOO by handing him over
the mortgage, “Satisfied," Mr. Lvles says
he has provided against this contingency.
It is understood another sale of the bulVl
tng will be made, in which the scrip will
figure.
SCREVEN'S VETERANS.
Ex-Confederate Soldier* Organize at
Ivnniu.
Sylvania, Ga., Feb. 24.-A Screven Coun
ty Confederate Veterans' Camp was or
ganized here on Feb, 22 amid great enthus
iasm. Notwithstanding the very cold
weather, fifty-three old soldiers were pres
ent, and others have been since added to
the list. J. C. Overstreet was elected com
mander of the camp, and J, w. Freeman,
D. It. Morgan and H. N. Vi very lieuten
ants. W. J.. Mathews was elected secre
lafy and treasurer.
Screven county sent some brave soldiers
to the front during the civil war. and
the way In which ihe veterans are rallying
to the call for an organization shows that
they are not yet ready to give up the mem
ory of those days of blood and battle.
And should the rude alarum sound again,
and the call come to face a foreign foe!
they will find worthy successors in the
generation that has succeeded them.
The Screven Troop, a company that went
with the earliest lo the from In '6l, and
illustrated Southern manhood on counties*
fields, is now made up of young men of
spirit and patriotism, who would ride as
gailantly to meet Ihe foe as ever their
fathers did.
There are veterans here— not very old
ones yet-who, when Ihe call for Confed
erate volunteers came, were barely 16
years of age. and too small in stature to
be admitted Itlto rank*; but, not to be de
terred from fighting for the South, they
stood on brickbats in the recruiting line
when the officer came along for inspec
tion, and thus made themselves tail
enough to pass muster and be admitted
to the army.
Tlie Ogeeehee Rifles, a company that was
organized in this county at the beginning
of the civil conflict, were short In firearms,
but this did not keep them from march
ing to the front. They had a local black
smith to make them long dirks, about
eighteen inches or two feet in length, fit
ted with strong handles of oak, and gird
ed with these unique weapons, they went
to war. Several of the old veterans still
have their knives which they are keeping
as sacred relics.
The Confederate Veterans' rump will be
apt to grow to large proportions in this
county, nnd will do much good, in re
viving the companionship of former days,
nnd bringing the old soldiers together
again—many of whom have recently bean
estranged from each other on account of
political differences and divisions.
—Anxious Mother—"l think you should
interfere. Edward. There is young Stumps
sitting for the last half hour with Mabel,
holding her hand. You know lhat he's
not in a position to marry!” Father
(complacently)—“True; but let him hold
her hand, Martha; It will keep her from
.the piano!"—Tit-Bits.
FIFTI-SECOND ANNUAL REPORT
—OF THE—
CONNECTICUT Kill! lift IS
MINCE COUNT.
To the Members;
The financial operations of the last year,
as summarized in our report to the Insur
ance Department, were as follows:
Net assets. Jan. 1, 1897 $31,981,671.61
Received—
For premiums $1.7(3 110.04
For interest and rents 3,1.VM>1t.47
Balance profit and loss 65.289.52
Total Income 7.961.741.33
$65,913,415.94
Disbursed -
For claims bv death
and nurtured endow
ments *1.456.812.23
Surplus returned to
policy holder 1,284,481.43
Lapsed and surrend r
etl policies 596.133.76
'•total paid policy hold
ers $6,337,447.17
Commissions to
igea ts’ salaries,
medical examiners’
fees, printing,adver
tising, .legal, real es
tate, anti all other
expenses of manage
ment '. 850,179.66
Taxes 316,938.43
Total expenditures 7,534,865.56
Balance net assets
Jan. 1, 1898 $61,408,350.38
Add Interest, due and
accrued, market val
fie of stocks and
bonds over cost, and
net'deferred and un
collected premiums,
as per itemized state
ment herewith 2,180,110.60
Gross assets, Jan. 1, IS9B $63,588,660.98
Total liabilities 56,227,721.97
Surplus, Jan. 1. 1898 $ 7,360,936.01
The General Result* In 1897
have t>een satisfactory notwithstanding
conditions not wholly favorable. The re
covery from the previous business depres
sion has not been as rapid nor as complete
as many had hoped; the uncertainties of a
confused currency system still remain to
keep prudent men wary: great caution
has prevailed as to extended and new un
dertakings; ihe demand for loanble funds
on our usual standard of security has been
small; the prloe of desirable bonds has in
creased, which means a lower interest rate
on such securities; the liquidations grow
ing out of the depression of the last five
years, which have made it necessary to
foreclose some of our mortgages, have not
entirely ceased; and the market for real
estate has. In consequence, seen no general
revival such as may be anticipated when
all those disturbing conditions shall have
disappeared. Although there has been a
growing amendment In some of the condi
tions affecting the many-sided operations
of a life nsurance company, something of
the special difficulties of recent years has
remained.
What Has Been Accomplished.
It is therefore gratifying that at substan
tially the same unequaled low rate of ex
pense as. heretofore, we have more than
kept our volume of business good, have
maintained to the full the company's groat
strength, and, from the savings through
economy, from the savings on a mortality
more favorable than our calculation, and
froth the interest earned over and above
the rate calculated upon, we have earned j
a dividend on the same increasing scale us
that paid during the year 1897; a dividend
equaled ,t>y nft.ptjq r company.
Tlie Fail Mensure of Our Sucre**.
In judging the success of a company one
should halve clearly in mind what is the
precise best standard of accomplishment
which It can set for Itself; the highest
which the business intrinsically permits; lo
completely realize which is the only true
success, and, failing which, no achieve
ment in the way of magnitude in opera
tion can be other than comparative fail
ure. The Connecticut Mutual takes for
its single aim the one peculiar service
which life insurance alone can render and
which no other institution can rival: The
perfect protection of dependent families, at
the lowest possible cost—the cheapest, sim
plest, most thorough family protection. By
dint of incessant care and economy at ev
ery point it has succeeded and does sue-'
ceed in this purpose as none other has
done or Is doing. It secures the best and
highest obtainable results from tho pru
dent and unselfish policy holder's point of
view; and to make sure of and to maintain
these it steadily foregoes those things for
which others strive at such fearful cost,
to wit, rapid growth and enormous size;
things very impressive, even startling, to
the general eye, but which do not benefit
the policy holder in the slightest, and
which can be had only at an enormous
cost, which he must pay.
Therefore the Connecticut Mutual refus
es to seek to attract any other constitu
ency than those who desire to give their
families and estates the highest protec
tion at its lowest possible cost, in furnish
ing which it stands alone. And we deem
it our duty to our present great member
ship to consider their interest first, to do
the best we can for them to make their
insurance as secure and as cheap as pos
sible. rather than seek to greatly increase
their number by schemes which would
greatly increase the cost of their Insurance
and benefit them in no wise. We prefer
to draw to us as new members those who
desire to share in the present low cost of
Insurance to our old members and who can
appreciate that benefit at its full value,
rather than attract men by speculations in
dividends postponed ten or twenty years,
of great npoarent promise in the far fu
'tire, the promised or “estimated” bene
fits of which con'd, at least, be realized for,
but a few by tho sacrifice of the many,
and which, by reason of the enormous
expenses of the companies floating them,
have so far been and must continue to be
egregtously disappointing. Thousands of
their old policy holders know Just what we
mean.
Tlie Interest Standard.
'One of the most interesting events of the
year has been the change by a number of
companies in the rate of interest assumed
In calculating their premiums and re
serves, in which respect they have more
err less closely followed the action of the
Connecticut Mutual sixteen years ago. in
1882 we became satisfied that the rapid In
crease of wealth in this country and the
increasing confidence of foreign investors
in our resources were certain to so in
crease the supply of capital as to cause a
serious and prolonged decline in the rate
of Interest on conservative investments.
We were then, as all othef companies
were, calculating our premiums ami re
serves ort the assumption of earning at
least 4 percent, annual interest for all the
time any of our policies might remain in
force, that is, for at least seventy or
eighty years. We became satisfied that
this assumption was not entirely safe, and
that 3 per cent, was as high a rate ns
could be safely assumed for so long a time
ahead. That rate was accordingly then
adopted liy us to our continually Increas
ing suttsfaetion ever since. At the time
our action was much criticise.! as unnec
essarily timid instead of really conserva
tive, and our rivals affected to treat It as
a mark of weakness rather than a pru
dent provision for future strength nnd
safety. But that which we then foresaw
and guarded against as Ihp inevitable re
sult of caimes then operating has tieen so
fully demonstrated by time that the wav
of prudence has become clear to all, even
to our thou harshest critics.
Sundry Matter*.
It is our usual habit to take up the vari
ous items of the year’s operations and
comment upon them in detail. But as the
effect of these items Is fully Set forth iu
our de talk'd financial statement herewith,
and a* the experience of the year lias de
veloped nothing of unusual Interest or sig
nificance respecting them, we venture to
use the space usually devoted to them to
call your especial attention to a matter of
profound personal Interest to every policy
holder In every mUtunl Company, namely,
Tlie Taxation of Life Insurance.
Among the moat threatening features of
our political life to-day Is the disposition
of those concerned in various enterprises
to turn to the state for nld, and he
disposition of legislators to giant such ato,,
either to win popularity or to uvoid unpop
ularity. States have no income except
from taxes. What they give to one ha-* to
ho first taken from others by taxation.
They have nothing of their own to give.
In order to Indulge this free-handed re
sponse to growing demands, taxation must
be increased. But Increased taxation of
the voter endangers the political aspira
tions of those responsible for the increase.
So to gratify their constituents who want
state aid for some project, and ot the same
time not to offend their constituents who
are voters, legislators are put under a
strong temptation to tax somebody who
doesn't vote for the benefit of those who
do. Attention Is at once directed to cor
porations, which are only ‘'soulless” per
sonalities, whose funds are in plain sight
and easy to reach, and against which it is
easy to excite such prejudice as to make
many people blind to all questions of Jus
tice or propriety, and careless of those who
really compose these corporations, or
whore their funds come from and what
they are held for. Not a session of a leg
islature passes in any state but more or
less measures for taxing or increasing the
taxes on life insurance companies are
brought forward and almost always with
some degree of success.
it l* high time that policy holders should
understand clearly and precisely how this
matter effects them personally; that what
ever their company is taxed is paid by
themselves: that the tax Is really upon
them personally, ar.d that the company
merely collects It from them and pays it
over to the state. For a rat tua! company
has no funds ex ept those df rived from the
premiums paid in by its policy holders.
The premium paid in by a member or pol
icy holder is calculated to fulfill two pur
poses: First, to pay the death losses of the
year, and also to provide a reserve against
the certain future greater losses as
the membership gets older' and second, to
pay running expenses. These things cov
er the normal cost of insurance. Whatever
is left of the premium after providing
these things through the year is surplus,
and is returned to the policy holder as an
overpayment: or in ordinary, but incorrect
speech, as a "dividend.” Whatever is paid
for taxes comes out of that surplus and
makes the return of surplus just so much
less and makes the cost of his insurance
just so much more. Any tax on a life in
urance company or on its premiums is a
direct tax on the individual policy holder
who pays*the premium taxed. He does not
see the tax. It is not Intended that he
should. It is intended that he shall sup
pose that it is a tax on a corporation on
ly and not on him. But he pays it and no
one else, and it is the state's addition to
the cost of his family's protection.
A second matter for your most serious
consideration is this:
I,ife Intnrnnce Ought Not to Be Tax-
ed at All.
Taxation ought to bear on the possession
and use of property and not upon the loss
of property or upon the means by which
such losses are distributed.
The only moral and humane theory of
taxation is the collection of only such
moneys as are necessary for the proper
and legitimate expenditures of the state,
from such sources, that Is. from such per
sons owning such properties, as ought to
bear those expenditures and in the pro
portion In which they ought to bear them.
Under such a theory, no one would sug
gest a tax upon people’s losses. These
could be regarded neither as the proper
subject matter o? taxation, nor as a hu
mane basis of the distribution of tax bur
dens.
To illustrate:
iNo one would suggest that because a
man’s house, on which he has been paying
taxes, has been burned, he should at once
pay a special tax on its value which he
has just lost. Or, that a man's family
should be taxed on the money value of his
life to them, because he has died and they
have lost that value.
Insurance is merely a method of distrib
uting the property losses of those who
have lost property among those who have
not lost It. It is effected through contri
butions or payments, called premiums.
A’s house, worth $5,000, and on which he
has paid taxes while it wns in being, has
burned. A has lost $5,000. There is no re
storing It. That property and ’.ls value
are gone forever, not only to A, but to the
whole world. To tax Aon that loss would
be an unspeakable inhumanity.
But A has Insured against that loss, that
is, he lias agreed with other house owners
to share their like losses, if they will as
sume his loss if it comes. While his house
is unburnt, he. by his premiums, assumes
his share of the losses of those whose
houses burn meantime. When his house
burns, they, by their premiums, take his
loss on their shoulders and make it good
to him. They lose it instead of A, because,
before that, h“ had, through his premiums,
been losing his share of their houses which
had burnt.
Their assumption of the loss and giving
A the money in place of his house hasn't
restored the house. It hasn’t changed the
lass Into gain, or into an even thing. The
property is gone. The loss remains. It.
has merely been distributed. A Is made
whole, but the contributors to that result
have taken the loss to themselves and are
just so much worse off. They have lost
A’s houses They have divided up the
$5,000 loss among them.
To tax A additionally on the $5,000 be
cause it was returned to him would be in
human. It would be to make him lose
something in spite of his own and others’
efforts to avoid loss. It would be a loss
created and inflicted by government on the
occasion of his escaping from a greater
loss. It would be a fine on him for not
losing.
To tax the other men, who, by their pre
miums, have taken A's loss upon them
selves and distributed it among them
selves, is an equal inhumanity. They have
made A’s loss their own to save him.To tax
them on their loss is an equal outrage to
taxing A upon that same loss if it had re
mained on him.
It is taxing a loss and it is a fine, a pun
ishment upon men for so sharing each
others' losses that it becomes possible for
them to be home. The grout) of men
forming n mutual insurance company can
together bear losses which would crush
and destroy the Individual. But It is as
Inhuman and tyrannous to tax the losses
of the group as to tax those of the in
dividual which he would have to bear but
for the action of the group.
The only element in the transaction that
suggests luxation of these losses, either to
the individual or to the group or mutual
company, is the fact that it requires the
use of money to adjust them, and that the
money is brought into sight, in the hand
of the adjusting association or corporation,
and in easy reach of the tax-gatherer, and
so becomes a temptation to ignore the true
nature of the fund which is simply the
collective losses of the group or company,
thereby relieving the Individual calami
ties of its members.
Life insurance differs from fire insurance
only in the subject matter of the loss. In
stead of a man’s losing his house, or other
perishable property, his family loses the
money value, the earning and producing
capacity of his life. His life, its money
value, what it will do for them, what it
will earn, is JUst as much property and
their property, their financial dependence,
ns is the house; and the loss of that life Is
Just as much a property loss to them as
that of his house is to him.
For example: If a man. aged 3ft, is earn
ing SI,OOO n year for his family, taking his,,
chances of life according to the Actuaries?
table, and assuming money to be. worth 4
per cent., the present value of his life in
monev to his family Is $17,000. That is their
actual money property in his life. That
is the money they lose If he dies.
If. when he dies, the state should open
ly tax that family on that loss, on that
amount, the world would stand aghnst.
Such a government could not live, for no
one could live under tt.
Life insurance is simply the distribution
of the loss of family property in the lives
of husbands and fathers. The father, while
he lives, by his yearly premiums assumes
his share of ihe loss of those families
whose heads have died during the yeur.
All the fathers who hnve associated them
selves with him do the same thing. They,
by their premiums, take each family's loss
as it occurs over upon themselves and di
vide it among themselves. They lose the
money value of the man's life, Instead of
his family. The family is not financially
crushed, for ihese men have taken the
burden from It. They are not crushed
for they are many and have divided the
burden, and the losses do not come all at
once. But these men have lost the monev
value of that life Just as truly ns the fam
ily would have lost It If these men hnd
not assumed and divided it among them
selves.
To tax them ns a group or company up
on the loss they have thus assumed and
suffered is na abhorrent to justice and hu
manity as it would be to leave the Joss on
Still Greater Reduction
—IN—
BICYCLES!
Barnes White Flyer Tandem. $37.50
Warwick Combination Tandem $37.50
Also equal reductions on every vrceei in Ihe house. That elegant 1898 Combi
nation Tandem in window will be sold for SIXTY DOI^LaARS.
We want to put one on the streets, as we know it is the finest one in the ian<l.
Only one at this price. First come gets the bargain.
BARGAINS ALSO
in FUKNITURE, CARPETS, MATTINGS. Now is the time to leave your or
ders for Awnings.
LINDSAY & MORGAN.
BiPtlilnoton’s Washdau q jjjk r*j
never allowed the Father of His Country ?vrv'®AX
to dance with joy at the sight of a well- 1
laundered shirt, cull, or collar, because he
wasn’t initiated into the secrets. Those
who live in Savannah know a good
thing when they see it, though, and the ®T Y-A.
finish, color and perfect work done on their LL/Tsar
linen is our best advertisement. V A,. ji 1
Our facilities for scouring and pressing _____
men's clothing are the best In the city. —--
GEORGIA STEAM LA'JjIM,
MCDONOUGH I BfILLfINTYNE, V
lion Founders, Machinists, '■ I
Blacksmiths, Boilermakers, maouiactnrers 01 Stationary and ®y||§Pj|i
Portable Engines, Vertical and Top Running Corn Mills, i
Sugar Mill and Pans. SHAFTING, PULLEYS, etc.
TELEPHONE NO. 123. 1 ffl
the family and then tax the family on that
loss.
The divison of the tax among these men
does not alter its unjust quality. It sim
ply reduces the tax which any one man
has to pay on any one :oss. He doesn't
have to pay the whole of the tax any more
than he has to pay the whole of the loss.
But the portion which he does pay is a
tax on a loss which he has suffered by
helping others la bear it, and in proportion
as he has suffered it, just as much as if he
had borne the whole loss and paid the
whole tax on that loss.
To summarize: A tax In any form upon
a mutual insurance company is a tax on
its members individually, and is paid and
must be paid only by them out of their
premiums, so much reducing the surplus
to he returned and so much increasing.con
sequentlv the yearly cost of their polic:e.c.
It is not'a tax on their property, but upon
their losses, and Is laid upon the money
which is the distributive share of each
member In those losses as it passes
through the hands of the company to
make good the original sufferer.
The remedy for this matter lies with the
policy holders themselves. They shou.o
make the immorality and inhumanity of
such taxes clear to those whom they .->€nu
10 their legislatures. 4
Consult dated Statement.
From its organization to Jan. 1, 1358, the
company received—
For premiums
For interest
For rents 7,354,783.80
Balance profit and
loss 11.10P.aW.--.1
Total receipts $284,006,343.63
.Tt has paid death
claims for
Endowments tor . 13,971,779.30
For surrendered
policies
For dividends 57.251,-, to. 1-
A total returned to
policy holders or
their be, eficiarlen,
being 95.01 per
cent, of the entire
premiums |#
It nen^s Paid .' or .. eX : 25.166,582.07
Taxes.. 9,239,653.78
Total expenditures $223,197.793.25
Balance net assets,
Jan. 1, 1898 $61,408,500.38
It has additional as
sets (see statement) -,189,hum
Total assets $63,588,060.98
We invite careful attention to this con
densed but very Instructive summary of
the operations of fifty-two years. It ex
hibits at a glance not only the magnitude
of the good work which has been done
throughout ail those years, but also the
proof of what wo desire to impress upon
the public ns our unimpeachable claim to
its confidence; that we give our policy
holders’ families the most protection at the
lowest cost!* Against the $196,855,215.69 re
ceived from our policy holders we have
already returned to them in the several
ways above noted. $188,791 557.40. and now
hold as the aboundant protection to their
present contracts, $63,588,666.98; a total re
turned to them or now held for them, of
*252 3ft,218.38, or 128.29 per cent, of what has
been received from them. This has been
done at an average expense ratio of only
8.84 p*r cent.
In these supreme tests of accomplish
ment the Connecticut Mutual stands alone.
And in what it has done, and is doing,
these Incomparable benefits have not been,
and nre not, done for a class at. the ex
pense of another class. They have
been and are for all alike. We have not
persuaded men to put at hazard the pro
tection of their families, nor to leave their
yearly over payments (accruing dividends)
with us at the like hazard of loss, in the
hope that they may by living long and
holding on catch some part of what less
fortunate men and less fortunate families
may lose by forfeiture. We have no
schemes for despoiling some of our mem
bers for the benefit of others. We definite
ly secure to each family all the protection
its prudent, unselfish head pays for; we
require him to pay year by year only what
It actually costs for the year; and we have
made that cost lower than has been done
by anv other company.
What more perfect work, to what more
perfect end, con be done?
Respectfully submitted,
JACOB L. GREENE. President.
Hartford. Feb. 10. 1898.
|
—Miss Dennette Smith, a relative of the
Mormon prophet, Joseph Smith, has Just
completed a course In Brooklyn prepara
tory to becoming a teacher. She is a
bright, handsome brunette, thoroughly ed
ucated and interested In all social and
economic questions, and is fervently con
stant to the doctrines of the Mormon
church.
—Hugh Henry, who has just been ap
pointed pension agent for the district of
Vermont and New Hampshire, was the
man who introduced the resolution which
caused the Vermont delegation to desert
. Reed and support McKinley for the Pres
idential nomination.
A WONDERFUL RESCUE.
How Serat. Vaughan Saved a Life at
the Hotel Royal Fire.
From the Century.
Jacob A. Rits, author of “How the Oth
er Half Gives,” writes of "Heroes IVho
Fight Fire” in the February Century. The
article is one of the series, “Heroos of
Peace.” Mr. Rits tell the following r-Soryi
of an heroic rescue ot the Hotel Royal
fire in New York- six years ago:
Sergt. Vaughan went up on the roof.
The smoke was so dense there that he>
could see little, but through it he heard
a cry for help, and made out the -jnapa
of a man standing upon a window sill ire
the fifth sto-ry, overlooking the court yard
of the hotel. The yard was between them.
Bidding his men follow—there were five,
all told—he ran down and around in the
next street to the roof of the house that
formed an angle with the hotel wing.
There stood the man below him, only a
jump away, but a jump which no mortal
might take and live. His face and hands
were black with smoke. Vaughan, looking
down, thought him a negro. He was per
fectly calm.
“It is no use,” he said, glancing up,
“Don’t try. You can’t do it.”
The sergeant looked wistfully about him.
Not a stick or a piece of rope was ln> sight.
Every shred was used below. There was
absolutely nothing. “But I couldn’t let
him, he said to me, months after, when
he had come out of the hospital a whole
man again, and was hack at work—“l just
couldn't, standing there so quiet and
brave.” To the men lie said sharply:
“I want you to do exactly as I tell you,
now. Don't grab me, but let me get the
first grab.” He had noticed that the men
wore a heavy overcoat, and had already
laid his plan.
‘ Don’t try,” urged the man. “You can
not save me. I will stay here till it gets
too hot; then I will Jump.”
“No, you won’t,” from the sergeant, 64
he lay at full length on the roof, looking
over. “It’s a pretty hard yard down
there. I will get you or go dead myself.”
The four sat on the sergeant’s legs ns to
.swung free down to the wnist; so he w; 4
almost able to reach the man on the win
dow. with outstretched hands.
Now, jump—quick!” he commanded,
and the man jumped. He caught him by
both wrists, as directed, and the sergeant
got a grip on the collar of his coat.
Hoist, ’ he shouted to the four on the
roof, and they tugged with their might.
The sergeant’s' hody did not move. Bend
ing over till the back creaked it hung over
the edge, a Weight of 293 pounds suspend*
ded from and holding it down. The cold
sweat started from his men's foreheads *
they tried and tried again without gaining
an inch. • Blood dripped from' Sergt.
Vaughan’s nostrils and ears. Sixty feet
below was the paved courtyard, over
against him the window, beyond which ha
saw the back drait coming, gathering
headway, with lurid, swirling smoke. Now
It burst through, burning the hair and the
coats of the two. For an instant ha
thought all hope was gone.
But in a flash it came back to him. To
relieve the terrible dead weight that
wrenched and tore at his muscles he w;t*
•wthging the man to and fro like a pen
dulum, head touching head. He could
swing him up. A smothered shout warn
ed his men. They creDt nearer the edga
without letting go their grip on him. and
watched with staring eyes the human pen
dulum swing wirier and wider, farther ar 1
father, until now, with a mighty effort, it
swung within their reach. They caught
the skirt of (he coat, held on, pulled lit,
and In a moment lifted him over the edge.
They lay upon the roof, all six, breath
less, sightless, their faces turned to tha
winter sky. The tumult of the street canto
up as a faint echo. The 3pray of a s o ra
of engines pumping below fell upon them,
froze, and covered them with Ice. Tha
very roar of the fire seemed far off. Tha
sergeant was the first to recover. He r.tr*
ried down the man h® had saved, ;in *
saw him sent off to the hospital. Tiled
first he noticed that h® was not a nevi 0.
The smut had been rubbed off his face.
Monday had dawned before he came to,
and days passed before he knew his res
cuer. Sergt. Vaughan wis laid up him
self then. He had returned to his work
and finished it, hut what he had vona
through was too much for hums®
strength. It was eprlng before he return
ed to his quarters, to find himself promot
ed, petted and made much of.