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GENERAL A&SEMB-DAY FACES LONG LIST OF NEW BILLS i Convening of Legislature on January 9 1 Causes Speculation - Several ]easures Brought Over. folumbia, Dec. 21.-It i- a brief span of time to January 9. That is 4he date on which the general asseln-m bly of South Carolina will me ,t. -t I !s the second session of the p-esent lbody. Under such conditiors the i measuris that have been left ov'-r from 1 the, first session will be under consid- i eyation.j - The first qestion that will be asked a is: What will be done? The outlook now is that but little will be done. 't will, of course, be a busy session, with all of the pending elections, the en- ) aetment: of the code, the considera ion of the vetoes that will be reported by Gov&rnor Blease and the normal amount of legislation that will be nec esary fMr a fast growing State. It has been said year after year that if the general assembly were to meet, pas the general appropriation bill, Provide funds through supply bill and ? then adjburn, that the State would be j best seried. It has been said time and i again that there are too many laws i an the itatute books now, that too -fany ofethem are not properly enforc ed. 'but this appears to have but little 4 effect, fir year after year a volume of -more than 400 printWfPa9esft- $ Way to the public printer as a result of the -%ork of the 6efsitn To sto ftinkerink with existing laws would be a real Utopian dream, but there JiT 4175 measures, of more or'less impoit n o% on :the house side that have been left ove. for consideration 'at 'te ap proaching session, to say nothing of the bills- that have been "held up" by the 'governor. The first business of the assembly after it settles down will be to act upon the various bills that are likely, to be returned with the veto 'of Gov. Blease, although he has the right to let any measure he might now have on hand become the law of the State. Among the more impo: ant acts that have passed both legislative branches and that are without the governor's -approval are: ..I The bill to provide for an investi gation of the affairs of the State dis pensary and commission.1 The act that was passed at the so-1 licitations of the newspapers of the State to protect themselves against1 accident-al or unintentional libel. I The "shoestring" county bill. The act prov'iding for an election by the voters of Charleston to determine whether they wished a commission form of governmrent and a similar act adapted to Ohester and other cities. The act relative to the distribution' of the old dispensary funds. There have been repeated sugges tions that this will be a stormy ses sion; that there will -be imnpeachment proceedings and the like. This is largely talk, and if there is anything taking definite shape, those who are handling the movement are keeping things very quiet and holding their' power in reserve. It is, perhaps, just as well not to count on too much of I this class of fire works as a side di version. The election of many judges, how-I ever, will give members a consider able diversion. When the session be gins, the resignation of Chief Justice' Ira B. Jones will be in hand, and if the members expect to get down to business the sooner they have and get! through with their elections the bet ter for their peace of mind. Fortuinately, the lu1a! contention of the past 20 years will be avoided There will be no agitation of the li quor question. There is not the shad ow of a possibility of materially changing the present status, as much as it mfay be necessary or advisable to do so. Some of the counties that may be disgusted with present conditions and the heavy tolls that are big paid outside dealers may want to 1 change conditions by having an elec tion to try and re-enter the dispensary columns. There is, however, no symp-1 tom of a general change or even of its being undertaken at this time. The race t7ack situation will come up for considei~ ation. It may amount! to a real fight or it may go by default. Most frequently issues of this kind are, not fought out, but are allowed tof drift along. The matter is now in the courts, a'nd if thae courts decide that the races are against present laws, it; will hardly be necessary to go further! as the stoppage of the races, if accom plished 'by the courts, is th'e result that is sought by those pressing the matt -r. The general assembly' co'.ld very well' in Wvhat is more or less "an off year" devote some of i+s time to real tax 'eformation. Cor. .ptroller General Jones has been trying for years to get co-operation along certain reform lines, but without avail. It appeart. loaded" from the manner in which it s approached. The proposed general revision of he school law will be considered. rhe recent adoption of school text )ooks will be brought into considera ion. A proposition will be made from ,reenville looking to the less frequent Mnd radical changes of text-books in onnection with the proposed general "Good roads" or' better roads will eceive attention. Tbe,.uumber of aU ;omobiles is increasing every year, Lnd this alone has brought forth a de ;irable agitation in favor of better oads. The automobile owners are rilling to-pay to get better roads, but very roYerly- want. the moner to go nto scientific road building and not lave the money frittered away. A :ou,nty tax on automobiles would eadily pay for a competent road -en pneer for each ooWntZ and provide murplus with which to keep up the general r&d work. - The taD on inheritances will be pressed at the session: M. Ifmbeitle >l1 passed Oe.ho e s - dion and, a'i1 Indno! ration, but little atentiOn has appar' tly <beeu j thi ep Ln News and Courier. MHE fUTUAL BENEIT LIFE IN, NEW JEESET. Anno1ne Jnoaons of First Im - pO C. AA' In an official bulletin issued to Its Lgentg undei ,date o N7* ber [911, this company calls attention to ,ertain changis of the.utmost import mee decided 'upon' by the directors; iz., the manner in which its conting :ncy reserves and surplus shall be etermined hereafter; the transfer of hbout $2,500,000 from the surplus to ts policy reserves, immediately in reasing the surrender values of the olicies affected; and the adoption of i new dividend scale for 1912, showing arge increases. Referring to the manner in which t has formulated a scientific rule for ietermining the proper amount of sur lus to be held the bulletin says: "The contingencies to which life in urance companies are subject may ye divided into two classes, viz.: fiuc ;uations in mortality and fluctuations n the value of assets. It is believed ;hat a company may asce'rtain by ex ining its mortality experience each ear, over a considerable term of years he amount of surplus which should e held to meet fluctuations in mortal ty; and that a careful analysis of the rarious classes of security and a con ;ideration. of the fluctuations in the ralues thereaof experienced in the >ast and lik4ly to be experienced in he future, will enable a company to ntelligently arrive at a proper sur >us to offset the fluctuations in the ralues of the securities. When this s done the balance of the present urplus, if any, may safely be credit id to policyholders in one form or an "The Mutual Benefit has made am le provision for fluectuations in mor ality by. means of the Reserve for suspended Mortality, which was estab ished in 1908. The amount Qf this eserve varies each year as the death -ate among the company's members raries. If the mortality during the -ear is less than that which the comn yany might reasonably expect to rea ize according to its general exper ence, the difference is added to this eserve. If the mortality for the year xceeds that which the company might xpect to realize, the reserve is drawn tpon accordingly. This reserve mounted on December 31, 1910, to 1,982,914. It is now sufficient to pro 'ide for a death rate equal to 85 per ent. of that called for by the Ameri an Experience Table, for four years a succession. The death rate 'has not Dollar We have then $5.00, special 75c. and $1.0 Gilder i been as high as 85 per cent. in any year for fifteen years." The company purposes adjusting its contingency reserve fund from year to year as changes occur in the actual 1condition of its real estate; proviision will be made for possible losses on mortgage investments; a contingency -reserve will be created and maintained upon a basis sufficient to meet a fall in the market values of bonds, antici 'pating a much more severe fall than any which the company has exper Ienced in the past; and provision will also be made for tbe possible loss of bank deposits. 'The company has fully outlined the manner in which it has endeavored to ascertain the amount of surplus which will be amply sufficient to offset any adverse fluctuations in the mortality or in the v'alue of securities. In this coznection the bulletin further sta4es: "The present surplus is in excess of what seems' necessary, and it is' pos sible to increase the values of- those. policies which are largely responsible as class~ for the exdess. Moreover, he present yearly earnings belii in excess of the requirements of the -present dividend scale, it has been.'de cided to make a substantial incrAse In the annual dividendi to policod ToUcy Reserves on Issues Prior. to O0O flianged From, 4 per'eint. to 8 1.2 Per Cent. Basis.. Beg ning with 1912( policies issued o n th e 4 p e r c e n t . r e s e rv e b a s is (vfic h includes all issues t6 and including 1899)~ will be changed to the 3 1-2.per .[cent. basis. This will add about two jnA one-balf million dollars to the re serves under these policies, corre Ipondingly increasing the surrender vafues thereunder, irrespective of the contract provision of these o.1d poli cies. This action will also increase the dividends under the old policies. The bulletin states that the 4 per cent. reserve on December 31, 1910, amount ed to $67,155,874; and that it is not I likely that such business will disap pear altogether for 50 years or more. The company states that it has been ascertained that the amount of present surplus required to make the change has been contributed by the policies affected. On all policies issued since 1899 the reserves havle been computed accordt ing, to the American 3 per cent. table. The reserves under all non-participat ing policies for December 31, 1910, were also computed according to the American 3 per cent. table. The bulletin states that the cash surrender values for all policies issued prior to 1900 which shall lapse or be surrendered after December 31, 1911, will be based upon the American 3 1-2 per cent, table, the surrender charge being the same as that provided for in the policies now being issued. Paid up or extended insurance values will be such as the net single premiums on the above basis according to the attained age of the insured will pur chase. The present provisions' in the old policies, appicable to the amount payable by the company in case of death under extended insuyance, will continue to be applicable thereto, un less new non-forfeiture provisions are. substituted in place of those now con Itaned in these policies. Such provis ions will be similar to those contained in policies now being issued by the company with the exception that sur render values will be based up$n the American,3 1-2 per cent. reserve. Such substitution can be made when a prop er release of the present non-forfei ture provisions can be obtain.ed from all parties in interest. The company can not be too highly commended for* its consistently honorable and equi table treatment of its old policy-hold ers, who are given the benefit of all advantages enjoyed by those menmbers holding more modern contracts. Dividends of 1912. The company's present dividend scale, with certain modifications, which -'Dolls 1 from 25c. to values at 50c. 0 each.............. E Weeks were first made appiKVi; to the di - dends of 1910, was adopted for the dividends of 1900, and has accordingly been in use twelve years. The bulletin states that the new scale results in aI considerable increase on all but a few policies, viz., Ten Year Endowment forms. Under the new scale, howevier, such policies will receive greater divi dends during 1912 than those paid during 1911, in. spite of the fact that the dividend scale under same has been somewhat reduced. In closing, the bulletin states: "The increase' in reserve for poli cies issued prior to 1900 strengthen the company as a. whole and increases the value of these policies, as set forth above, and als6 P*-ovides for a consid erable increase in the dividends earn ed by such policies. This change in the reserve basis, of course, increases the net .premiums and consequently: reduces the provision for expenses. The reduction in the provision for ex penses, or loading,. is, of cou,rse, equal to the increase in the noE 'premium. The expenses. being the same, it fol lows that .that..p6rtion of the dividend arising from a; s&ving in loading must be reduced by the differen& between the net premiiums.4 To offset this, th change in the reserve basis from four per cent. Ao thi&e aid~ one-half pe cent.;gives a larger dividend .om in terest, te6 e being one-half of Ote per -cent. more in. the. difference, between the rate of iteret earned Nnd the rate required to maintain the reserve. .he effect on tlue dividend. arsing-fr9m tavorable mortality owing .to the change in .the reserve basis is not im portant. As a.,general rule, the in crease in the dividend from interest more than offsets the decrease in the dividend from loading arising from the change in the reserve basis, so that the result is a general increase in the dividends earned by the policies whose reserve basis is increased. In the case of a few limited premiums policies, however, the dividends for a few years will be somewhat reduced by the change in the reserve basis, but this kndiate reduction is more thaA made up after, and in some cases be fore, the policies become fully paid up. It will be remembered that in case of paid-ub policies the dividend arises mainly fromn interest earned in excess of that reqtlired to maintain the resei-ve. The result of the change in the reserve basis, on paid-up policies, will be to increase that- part of the dividend arising from interest, seventy per cent. "In the case of paid-up policies is sued upon a three per cent. reserve basis, the dividends payable unde~r the new scale will not differ from those payable under the present scale ex cept at the younger ages, where t,here is a slight increase." From Best's Life Insurance News, Dec. 1, 1911. For further information address ML. M. Mattison, General Agent, Anderson, S. C.i W. B. Valentine, Agency Supt, Anderson, S. C., or E D. Pearce, Dis trict Manager, Newberry, S. C.3( 4b f.ASURf. \ a.so.-s NOOGA, CABsoxvna.E HOT AIR I Don't i! But.wish to i best groceries O -How about a %Christmas? I I fryijts, raisins, etc. M,epe have time to ow A meWy 6ili Yours t< W. 0. N Phone.202' :-: You can see the f mas G WYCE'S D ever brought 'tc beautiful line of ware and all k Presents, Bridal]i W IS THE TIME TO SUJBECEIB ' THE BENEFIT OF THE SERIA FEven if y< price you good Tennet R9se's Purit Everythix can do has make Purit purest Tens possible to 1 The special through sugar i out all,.traces o *In cases of c to have a little At all clubs a: or 4 quarts, exp R. M.ROS )eal In It :eal only.in the it.lowest prices. fruit cakelor iave them,-also nuts, fireworks, rly.so.we May pleae VILSON Newberry, S. C. inest lot of Cbrist oods at Prosperity. A. Cut Glass, Silver nds of Christmas resents, &c. TO THE HERALD ANDl NEWS L STORY NfOW BUN1ING. U pay a higher~ cannot, get asv see whiskey a i ig any distillet been done to y the best an ~zessee whisk roduce. process of fiteri aple ckarcoal take4 impurity ~mergency it's well Purity in the house$i ad first-class placesk ress prepaid,for $41 CO., Distillers CH ATTANOOGA.