The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-22
WILL KEEP MONEY HOME
NEW FIRE INSURANCE COMPANY
WITH 100000 STOCK.
John III. Holiday Chosen President
and John vi. spann Secretary
Plan of Organization.

A new enterprise formed yesterday was
THE Indianapolis Fire Insurance Com
pany" upon basis which, it's promoters
say, will place il from the start among the
strongest and safest companies of the coun-
try. The purpose is to have a capital and
surplus up to the extreme limit of the law
$4,000. The first issue of stock is to be
$780, 900, which will be divided into shares of
$50 each. This stock will be sold at SIS a
share so as to create a cash surplus of $780,
600 above the capital stock, all of which is
to be paid in cash and invested in first mort
gage real estate securities and government
bonds. No business is TO be done until the
whole sum of 100000 is in the treasury, and
no notes or security of any character will
be accepted in lieu OF cash on subscriptions
to the stock After the $500 900 is raised the
company will then begin business. but con-
tinue to strengthen its resources at once
until its capital and surplus reach the half
million-dollar limit.
DR.. H. c. Martin, the editor of Rough
Notes, an insurance journal, will be one
Of the directors. He said yesterday:
Indiana sends to the East every year
more than 100000 in premiums for fire in
surance, and the only reason that a large
part of this sum has not remained at home
is because until two years ago a statute
remained on our books fixing a penalty of
40 per cent. year against any home COM
pany contesting a policy. This stood as
such menace that home company was
practically impossible as there are fire
losses which even tne most generous COM
pany feels it its duty to contest. This act
is now repealed.
One of the features of the new company
is to place blocks OF its stock with insur-
ance agents throughout the State so as to
secure their interest in placing good risks
directors and officers were elected:
John III. Holiday, Edward b. Porter.
Joseph I. Elliott, Charles Latham, Charles
f.. Coffin Winfield Miller CT. A Schnull,
John NJ. Spann, DR.. III. c. Martin, George
kothe, A. A Barnes, Charles n. Thompson,
Alfred +. Potts.
The officers are as follows:
President-John III. Holiday
First Vice President-C. u. Coffin.
Second Vice President-Winfield Miller
Treasurer-Edward b. Porter.
Secretary-JOfn NJ. Spann.
Attorney-Charles n. Thompson
Griftiths & Potts have the organization
and promotion of the enterprise in charge.
Joseph Il. Elliott and Winfield Miler-were
selected as the commissioners as provided
by the law TO receive subscriptions To the
stock and will open books for that purpose
at once.
One of the insurance men connected with
the company in discussing the subject yes
terday said: I'VE believe that with the or
ganization which has been formed, embrace
ing both practical insurance men and ex-
perienced fnanciers, that We can do not
only safe but a profitable business The
books of our own Office show that we have
made Tor one company alone which we rep
resent more than 10000 profit net after
deducting all losses and expenses, and for
other companies nearly as much and il
was these facts that led us TO join in an
organization 10 keep this money at home "