STANDARD CHARGES LIBEL FOLLOWING PUBLICATION OF ALLEGED INSOLVENCY COMPANY IS MORE SUBSTANTIAL THAN EVER (Special To The Leader) Knoxville, Tenn., Mar. 7.--Damage to the extent of $50,000 are asked in a suit filed by the Standard Life Insurance Company against Webster L. Porter, doing business as The East Tennessee News, in the circuit court of Knox County, today. The action of Heman E. Perry, president of the Standard Life Insurance Company, of Atlanta, Ga., in filing the suit which charges libel follows the publishing of a front page article in the last issue of the Knoxville publication telling of Perry's unsuccessful effort to combine the Mississippi Life Insurance Company and the Standard, resulting ina n auditing of the books of the Standard by the Georgia Insurance commissioner at which time an alleged insolvency amounting to more than $150,000 was discovered in the Standard's affairs. No declarations have been filed in the case and just what Perry claims libelious in the article is not known.
Reference to the action of Perry in filing suit was made in a humorous vein by Editor Porter, of The News, at which time he stated in part:
"Just what denomination of currency Mr. Perry would have the $50,000 issued for the amount he claims damages might have been encouched in his bill filed.
Chicago, Ill., Mar. 7--Not since the notorious foundering of the Famous True Reformers' bank, has anything happened to create such consternation in financial circles as the reported prostration of the famous Standard Life Insurance Company of Atlanta, Georgia. In a maze of high finance, The Standard Life, with its subsidiary organizations, long the wonder of white and black southerners, and only recently the subject of much high praise, along with its chief directing force, Heman E.Perry, was this week for the first time made the victim of pitiless and ucontrollable publicity.
How did Perry come to buy the Mississippi Life. Was it in bad condition? Evidence so far collected proves that the Mississippi Life enjoyed a large cash surplus and was prosperous at the time of sale. Mr. Perry, it seems, was able to gain control thru Mrs. Cox of Indianola, Miss., who was willing to turn loose an $85,000 interest in the company. This Mrs. Cox is the same one over whom a storm of protest broke after her appointment as postmaster at Indianola by the late President Roosevelt.
The direct charges are that the Standard Life Insurance Company has failed, that it bought the Mississippi Life Insurance Company at a high figure and, within a month, was forced to sell it at a greatly reduced amount, thus losing thousands in the transaction, and that it purposedly avoided selling the Mississippi company to a Negro concern, so manipulating the deal that the pride of Memphis fell into the hands of white owners, the Southern Life Insurance Company.
As to these charges: It may be definitely stated that the Standard Life Insurance Company has not failed. The harshest charge that might be held against it is that it got out too far. It attempted too much for its resources. Its present action in selling the Mississippi Life is not an evidence. Its present action in selling the Mississippi Life is not an evidence of failure, but a brave effort to adequately protect its interests. The fact of the case are these: Since the Standard Life Insurance company bought the Mississippi Life, the insurance commissioner of Georgia, an old ex-confederate soldier, known generally as fair and unprejudiced, but rigid nevertheless, investigated the securities of the Standard Life along with the investigation of other insurance companies, white. He found the Standard Life $150,000 short. How? Standard Life securities are based on Negro property in and around Atlanta. The state insurance commissioner of Georgia, in computing values, credits prop  erty, especially Negro property with what it would be worth at Sheriff's sale under foreclosure.
Thus a parcel of land worth $3,000 in a normal business deal wocld bring not much more than half that amount under the sheriff's hammer. This is what caught the Standard Life. If its securities had been judged at their complaint. Foreclosure values made it appear that the company was operating with a large deficit.
deficit.
But the demand of the insurance commissioner had to be met. It was necessary to do something to reduce the required amount of securities and solidify the company financially. Therefore, the Mississippi Life was sold and at a reduced figure, because it was expedient that the Standard Life draw in its sails quickly. It stands today more substantial than ever before.

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nd Night March 17th, 1924 - General Adtnission 50c