Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-06-20
AN OLD LINE COMPANY
One Being Organized Here TO
Conduct Life Insurance.
MRMUNFORD FOR PRESIDENT
MeSSrS. TraYerS and Scott to Be The
YiCc-PreSidentS.
READY TO GET A CHARTER
This Cannot lie Done, However,
Until the General Assembly Meets
Most of the Directors Agreed
Upon--Nome Not Yet Selected.

| the organization of an old-ine lfe-insu-
| rance company, with headquarters in this
city. which. from the character of the
men having the movement in charge,
seems destined to be crowned with a
full measure of success.
For several months Il coterie Of promi-
nent businessmen have been comforting
as to organizing the company, the pro-
visions of the charter, the character OF
the insurance to be written, and all the
many details which enter into the sue
cessful conduct OF such an enterprise. AS
a result of these conferences a charter
has been prepared. which will be Sc
cured from the General Assembly Of Vir-
ginia at its next session, there being no
provision under the laws Of this State
for the organization OF such company
except by legislative enactment.
CAPITAL AND DIRECTORS.
The company will start business with
a paid up capital Of $4,000, divided into
shares of 500 each. Dividends upon this
stock are limited by the charter to per
cent, and it is thought by all who have
given the subject investigation that this
dividend can be easily earned. A large
portion OF this stock will be placed in
the city Of Richmond, and the balance
distributed among leading businessmen
in the cities Of Norfolk, Danvlle, Lynch
burg, Roanoke, stanton, and other points
in Virginia and il North and South Caro-
lima. The Board Of Directors, a majority
Of whom will be residents of Richmond
will include repre- sentatyes from various
-,
States.
So far, the following Well-known bust
ness-men have accepted places upon the
directory of the proposed company: Vir-
ginius Newton. John Kerr Branch. Fritz
Sitterding, Langbourne NJ. Williams, j.
l.. Antrim, Philip Whitlock, S. w.
Travers. J. ID. Patton. Beverly b. Mum
ford, Frederick w. Scott, Samuel 4. Nor
gan, and Henry Lee Valentine; J. w.
Perry, OF Norfolk: Judge A. T.. King, of
Roanoke; Charles l.. Holland, OF Dan
VILE; George f.. Sipe, Of HaTrisonburg,
and W. b. Chisholm of Charleston. 5.
c. 1t is expected that another director
from South Carolina, and TWO from North
Carolina, will also hold positions upon the
board.
MUCH MONEY PAID IN.
The prospectus issued yesterday by the
committee having the matter in charge
contains the following statement:
COT the necessity for the organization
Df this company and others of a like char
acter in this State and throughout the
South, there would seem to be no ques-
ion. The business of Reinsurance is in
effect a system of savings, by which the
premiums paid during the stipulated pc
Rod, together with the accumulation Of
interest thereon. earns for the policy
holder the amount of his policy. Life
insurance companies thus become the Gus
odians of immense sums of money gath
red from all sections Of tho country, and
neld I'm trust for the benefit Of their
policy-holders. They concentrate capital
in the immediate section where their
principal Offices are located. to the conse-
quent advantage Of that and adjacent
communities. The resulting disadvantage
to States and sections whose citizens an
nually send TO distant point the premiums
On their life-insurdnce contracts is equal
~ manifest OF the vast sums that have
during the past few decades been sent
from Virginia and the South 10 augment
The wealth Of the money centres of the
North and East, we need not attempt
computation. Suffice ii 10 say that from
the report Of the Auditor Of Public Ac-
counts of Virginia, il will be seen that
there was collected during the year 1893
for life-insurance premiums, by non-resi-
dent companies, sum exceeding 100000
in excess Of the death losses sustained by
hose companies In the State. If from
this mission-dollar surplus there be de-
tucted the commissions, taxes, expense
of agencies 2nd other costs incident TO
the conduct of the business for the year,
expended in the state there still remains |
Z great sum which has gone forever from |
our midst to augment the wealth Of these
nonresident corporations"
THE OFFICERS AND NAME
The name of the company. and the ex- |
.cutive officers who will direct it's affairs. |
will not be finally determined until later |
Dr. so far. Messrs. Beverley p Murf0rd |
:. W. Travers. and Frederick ". Scott |
nave been invited and have accepted "A"
positions Of president and first ana Sc
.ond Independents. respectively Mr.. |
William Il. Meade, formerly Of this city, |
nd recently engaged in the liie-insurancf !
,usiness in Chicago. will do doubt hOlG |
some responsible position in the employ |
If the company.
Among the names suggested for the |
.ompanv are the Columbia. the Atlantic. |
Il Richmond and the Washington and
zee. the last of which has apparently the !
most numerous support.
WILL KEEP MONEY HERE.
In conversation with one Of the direc-
ors of the company. that gentleman
tated that not only would the company
,e duly organized and ready for business
,efore the first day OF the new century
ut that the success Of the undertaking
would be OF great benefit to Richmond
nd the South--to Richmond, because II
-ould concentrate and stop In this city q
mall part. at least, of the thousands OF
ollars which each year are sent to the
forth to pay insurance premiums; and 10
ne South. because the success OF the
ompany would stimulate the organza
ION Of like enterprises in other sections
.lready suggestions are being made as e
he wisdom Of erecting a large and we'll
1uipped office building for the accommo-
alton OF the company. and as protita-