Newspapers / The Journal-Patriot (North Wilkesboro, … / Feb. 12, 1940, edition 1 / Page 3
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r, FEB. 1^1 St i® ii JeHersoti Life Ins. Co. Jutian Price Again I Re-Elected Headj Of Insurance Co.i Progresaive Compauiy Repre sented In Local Territory ’ By C. C. Faw It Greet, .boro. — “Highlights of the past year,’’ reports Julian Price, re-elected- president of the Jefferson Standard Life Insurance Company, “was the splendid net rate of Interest earned on our in vested assets. The interest earn ed was 5.1 per cent, and it is expected that this figure will a- gain represent the highest receiv ed by auy major insurance com pany.” Declaring 1939 to have been the best year ir tl.e company’s 32- year history. President Price in his annual statement to the stockholders here yesterday, ore 'll dieted an even better year for ” 1940. A dividend of 7 5 cents ?, share was declared on all company stock as of January 22. payable ^January 26. ' ^ Reviewing the progress made by Jefferson Standard before the directors’ meeting held at the home office in Greensboro, Pres ident Price noted that over $5. 000,000 of dividends and policy proceeds have been left with the company under various settle ment options. Duiiug the past year 30 per cent of death claims settlements and matured endow ments have been left at interest with the company. “The large amount of money left with the co'mpany under set tlement options, dividends and premiums paid in advance, and the small increase in policy loans,” explained Mr. Price, “in dicate a continued improvement in the financial condition of our policyholders, as well as confi dence in the company’s ability to safeguard these trust funds, for in 1939, as in every year since organisation, our company has paid 5 per cent interest on funds left in trust." 4 Annual statement statistics showed $6,350,000 was paid to policyholders and beneficiaries 4 during 1939, which makes a to- r ta’ payment to policyholders and beneficiaries since the organiza tion of the company in 1907 the sum of $111.6011,000. An increase of 5 per cent over Li93S in the sale of new insur- Wance brought the 1939 total sales up to $48,000,000, stated Jeffer son Standard’s president, and con tinued by praising the work of his organization. “The resuUs of the last year could not have been accomplished without the loyal cooperation of every member of 'the home office staff, our branch offices and our agents in the field.” The amount of life insurance now in force with the Jefferson Standard Life Insurance Com pany totals $40‘2.500.0UO. Further progress made in lit39 i icluded the increasing of the contingency fund from $1,100,- 000 to $1,300,000. “This fund." clarified President Price, "is a ' safety fund to take care of con- tiugenci-'S, depreciation on real estate, and investment fluctua tion.” Added company security was achieved by increasing capital and surplus by $500,000. making / a total capital and surplus of $5,- 000,000. .Assets of approximately $'f,500,000 wes'e added, making total assets $.87,500,000. “Finally,” concluded President Price, “our mortality rate was a- galn less than 50 per cent of the expected, which means that our mortality for two consecutive ^ has been lower than in any ^ of the 11 years preceding 1938. The average mortality rate for 1937 was 58 per cent.” This analysis of the 1939 pro gress of Jefferson Standard was made by Mr. Price following the annual stockholders’ meeting re cently. Stockholders re-elected ail members of the board of direct ors. All officers, executive and administrative staff members were reappointed. Officers, other than President Price, are C. Elmer Leak, Joseph M. Bryan, Howard Holderness, - and Ralph C. Price, vice ■presi de: C. Smith, vice pres ident and general counsel; H. P. IjBMi, secretary; and U M. John son. treasurer. - Personnel of the board of dl- ,n Includes Julian Price. C. Price. Pierce C. Rucker, j^ltaa b. Smith. Charles W. Caus ey, ^ulhis W. Cone. Emir C. Green, Howard Holdemeae, C. El- Leak, and Joseph M. Bryan, The Jefferson Standard Life Insurance Company is represented locally by C. C. Faw. of this city. Only Three Vessels Sunk In Nazi Raids By Air, London Says RED IS LAST IN N. Y. VOTE ' Kew' York, Feb. 6.—lari Brow der. the American Coniimu/iist leader under a four-yoar Federal i prison sentence, was overwhelm- ' ingly defeated for Congress to day in a special election in which for two reason.H he had no right ! to vote. j The winner was M. Michael Edel.?itein. a Tammany Democrat who pledged .support of the New Deal and was described by other party leaders as having the bless ing of President Roosevelt. In second place wa.s Louis Lef- kowitz. a Republican indorsed by District Attorney 'I'.iomas E. Dew ey. a candidate for that party’s presidential nomination. Final returns from alt (! t elec tion districts gave Edelstein 12,- 962; Lefkowitz 6,665. and Brow der 3.0SO. Schedule Cligngos Between This City, ^larta An^ Statesville Effective Today Re-Elected Pres. Jl LIAN PRICE all of Greensboro; Selby Ander son. William A. Blair. Winston- Salem; W. L. P.rcoks. Charlotte: W. G. Clark, Sr., Tarboro; A. G. Myers. Gastonia: and Shepard Bryan. .Atlanta, Ga. The S. N. & &. Line, operating between Statesville and ’Sparta via this city, announce changes In schedule effective today. The new schedule is as follows: Leave Sparta 9:4 5, arrive at North Wilkeaboro 11:00; leave North Wllkesboro 11:05, arrive Statesville, 11:55; leave States ville 12:45, arrive North Wilkes- boro 1:40; leave North WUkes- boro 1:45, arrive Sparta 3:00; leave Sparta 3:10, arrive North \vilkesboro 6:25; leave North Wilkesboro 6:30, arrive States ville 7:20; leave Statesville 8:15, arrive North Wllkesboro 9:05; leave North Wilkesboro 9:15, ar rive Sparta 10:30. Connections are made at States ville for Charlotte and all points south; for Salisbury for all points east and north; for Asheville and all points west. Connections at North Wilkesboro are made for Winston-Salem, Lenoir, Morgan- ton, and Boone. Connection at Sparta is maJe for West Jeffer son. ^ /ir Washington, Feb. 6. — The treasury computed today that It had $2,769,823,975 of its $45,- 000,000,000 borrowing power left on Janua'-y 31. The treasury’s gross debt was $42,109,751,669. However, $606,930,738 did not count toward the limit, while $727,355,094 of the future bor rowing power had to be reserved to cover the automatic growth in value of baby bonds already sold. the 'ofHy. Wmam B. Aycoclt ofN, C., to bo State IShporvlsor of Resident Training Centers and Mr. h.i B. ! Singleton of Candor, N. C., as (State NYA Educational Coordl- j nator. j ' Mr. Aycock received his B. S. ! degree in Education at N. C. [State College andybis Masters De.gxee in History god Political Science from the University of North Carolina. He was President of the Stuaent Body during his undergraduate career and was elected President of the Southern ' h'ederation of . College Students during his graduate year at the University. For the past two and a half years he has served on the faculty of the city schools in Greensboro. He has served on the State NYA Advisory Commit tee for the past year and a half. Mr. -\ycock will have charge of resident work project opera tions and program organization. He succeeds Warren T. Davis, Jr., who has been made Assistant Administrator. Mr. Singleton was graduated from the University of North Car olina and later did graduate work at Columbia University in New York. He has served as a high school principal in the pub lic schools. Besides his school ex- j perlence, he has worked for the General Electric Company, the North Carolina Division of Mark ets as an inspector, also in' a number of other states as an In spector for the Federal State .w iii » vUlk.lnetade wo'fki ,, dent and loc8l\ |ir&j[wtd. develojh ing coum materials and coudket- ing foreman training, conferences. WILLIS SMITH WILL NOT RUN Raleigh, Feb. 6.—Willis Smith, Raleigh attorney, announced to night that he would not be a can didate for the Democratic guber- natoiial nomination in the May primary. He^was the fifth to withdraw from the race after having been mentioned as a possible candi date. , NO’nCE OP APPLICATION 'TO OPERATE MOTOR VBaHCI..E CARRIER AND DATE OP HEARING ’THEREON Aa required by Section 3, Chapter 136, Public Laws of 1927, notice is hereby given that application has been made by S. & E. Transfer Company, for a Franchise Certificate, authorizing the operation of .motor vehicles for transporting freight between Elkin and North Wilkesboro over the public highways via the In tervening towns of N. C. 268, via Ronda and Roaring River, and that the Utilities Commission will hold a hearing on the said appli cation in State Depts. Bldg., at Raleigh, on Tuesday, 19th, March, 1940, at 10:30 o’clock a. m. N. C. UTILITIES COMMISSION. By R. O. SELF, Chief Clerk. 8-12-15 ’ ■■ :«vl We Always Appreciate Your Patronage WHEN YOU HAVE SOME- THING TO SHIP FROM NORTH WH^KESBORO TO STATESVHJJB and POINTS BEYOND, JUST PHONE US. WE WH.L CALL PROMPT LY. North Wilkesboro and Statesvifle Express Co. Phone 74 ~ — Sam Cashion, Manager London, Feb. 4.—Britain slow ly pieced together today a pic ture of death and ha“dship and sinkings in the frigid North sea inflicted yesterday by a scourge of German air raiders. Nine vessels were acknowled.g- ed 'iO have been attacked off Bri tain’s etist coast while for the German official clr.ims that 14 ves.sels were sunk in the sharp raids authoritative British ap plied the one word, “absurd.’’ The only point of agreement between the BritLsh and Germans wa.s that three of the nazi war planes were downed. 1‘hve of the ships acknowledged attacked reached port. Of the others, three apparently were sunk after being abandoned by their crews in the face of fierce German machine gun attacks from low-flying planes which al so bombed the vessels. British authorities, revising their previous estimate of 20 German raiders, .said that 12 planes “at mo.st’’ took part in the forays and that since three were downed it would have been im possible “for so small an attack ing force” to sink 14 ships. Washington, Fob. 7. — The ^ house twice repulsed today an . ' organized effort to end diplomatic 1 relations with soviet Russia. By j the scant margin of three votes, I 108 to 105. the chamber defeat ed a motion by Representative McCormack, Democrat, Massachu setts, to strike from a pending appropriation hill money for the salary of the ambassador to Rus sia. Later, by a vote of 95 to 38, the house rejected anotner Mc Cormack motion, this time to deny funds for maintenance of an embassy In Moscow. Industry has produced a new roofing made from sugar cane- fibers. MOTOR CO. WILLIAMS ’TELEPHONE 334-J Tv H. Wflliams, Owner Oldsmobile Salea-Serrice Bear Frame Service an4 Wheel Alignment General Auto Repairing Wrecker Service—Electric and Acetylene Welding USED PARTS—For all makes and models ef ears and tmeks Ieffersok Standard has Another Year of Steady Progress Important Facts From the 1939 Report of President Price ASSETS HIGHEST IN HISTORY Every Thirty Days assets increased at the average rate of $625,000. Total assets $87,500,000—largest in Company history. CONTINGENCY AND SURPLUS INCREASE Contingency funds, surplus, and capital now total $6,300,000—a new high mark in funds set aside for additional protection of policyholders and beneficiaries. POLICY BENEFITS TOTAL $6,350,000 Jefferson Stan dard paid pol icyholders and beneficiaries $6,- jl^l 350,000 in pol- j icy benefits dur- ing 1939. One rnKj hundred eleven Wv million, eight hundred thousand dollajrs paid policyhold ers and beneficiaries since founding of the Company in 1907. 5% PAID ON TRUST FUNDS In 1939, as in every year since organization, we paid 5% interest on funds held in trust for policyholders and beneficiaries — No Change In This Rate In 1940; SPLENDID INTEREST RATE rate of, intereM enrtwd on inwest^ assets for 1939 Was 5.1%. Jefferson Stan dard leads all major life insurance com panies in the United States in the rate of interest earned on invested assets. NEW INSURANCE SALES UP $48,000,000 new life insurance was pur chased last year—5% increase over 1938. $400,000,000 IN FORCE Jefferson Standard policyholders own life insurance amounting to $402,500,000 — new high mark in life insurance in force. AGENTS CAREFULLY SELECTED AND TRAINED - * U The public needs the services of the well informed life insurance agent. The Jeffer son Standard se lects men and women best suit ed to the work, and the Company has a training program which gives the agem a full knowledge or life insurance and the methods of fitting it to the need.c of the buyer. Consult a Jefferson Standard agent when you buy more life insurance. FINANCIAL STATEMENT • DECEMBER 31, 1939 JEFFERSON STANDARD LIFE INSURANCE COMPANY ASSETS Cash - $ 738,280 Bonds; United .States Oovernmei.t 277,284 State. County and Municipal. 1,014.742 Other Bonds and Stocks 12,182,352 Bonds 1-arrlM on aiiiorlizftl basis. Listud ttuc'uritii'S at market values as of De- centWr 31. 1939. First Mortgage Loans 44,713,727 On farm property $6,389,6^$9, on city property $^,327,088. Real Estate - 4,196,320 This includes our Bcventeen-story Hume Ofiieu Building. Loans to Our Policyholders 13,858,502 Fully «ecu*'''d by the cash values of policies. Premium Loans and Liens 4,014,953 Fully secured by the cash values of policies. Investment Income in Course of Col lection - 905,522 , Premiums in Course of Collection,., 2,494,500 All Other Assets 104,359 Total Admitted Assets $ 87,500,541 LIABILITIES POLICY RESERVES. $ 73,418,070 This amount represents the reserve re quired by law to assure prompt pay ment of puliey obiigations. Reserve for Policy Claims 420,910 Claims in eoursc of settlement on whirh proofs have not been received. Reserve for Taxes 463,800 Premiums and Interest Paid In Ad vance , 841,795 Policy Proceeds Left with Company.. 5,016,395 Dividends for Policyholders 796,798 Reserve for All Other Liabilities 242,773 Liabilities $ 81,200,541 Contingency Reserve $1,300,000 A fund to take care of con tingencies, depreciation on real estate and invest ment fluctuations. Capital. 2,000,000 Surplus Unassigned 3,000,000 Tot“.l Surplus Funds for .Additional Protection of Poiic.vholders. $ 6,300,000 Total $ 87,500,541 C. C. FAW, Agent Northwestern Bank Building Telephone 368 Jefferson Standard Life Insurance Co Jnlian Price, Presideai, Greensboro, N. C.
The Journal-Patriot (North Wilkesboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 12, 1940, edition 1
3
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