Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-07-26
Proposed Organization Of a Surety
and Fidelity Company.
NATIONAL In ITS SCOPE
Commissioner Wight, It is Said,
VIII Be Offered the Presidency.
L o G l. L \ I L r Z II S z

Much interest is being taken in local
financial circles in the proposed organiza-
ton here Of a company intended 10 10 a
general fidelity and surety business. The
idea has been discussed for several weeks,
and has interested a number of the most
prominent business men and capitalists of
the District. The project is now said 10
nave reached such stage in its develop
mont as to warrant the confidence of its
promoters In its early Incorporation
1t IS proposed by the men interested in
the enterprise that the company shall ba
national both in its personnel and in its
Held OF operations, the proposition being
that TIE company shall do business not
only throughout the United States but also
in such other countries as it may seem
proper to enter. The company VIII be in
oorporated under the provisions OF the act
of Congress of October J. 1880 entitled;
An act to provide for the incorporation of
trust, loan, mortgage and certain other
corporations within the District of Colum-
bta "
The company will be incorporated for tho
term OF nfJy years and no authority from
congress so TO do is required beyond that
granted by the provisions Of the act of 1880,
The capital stock of the concern will ba
Sluo0UOo. consisting of 10000 shares Of
500 EACH but to be placed on the market
1t is understood, at $3.50 each, so as to pro-
vide the company with a surplus fund of
100000.
Personnel of the Company
The management of the company will
consist of a board of directors thirty I'm
number, not more than fifteen OF whom
shall be residents of the District The re-
naming fifteen directors, it is proposed
VIII be men of the highest financial stand
ing in the different states of the country,
ana II Is intended that every section Of the
Iand snail be represented in these fifteen
outside directors. Among the local capital
lists and hnanciers who are said to be in
terested IN the organization OF the COM
pany are Charles J; Bell, John Joy Edison,
Myron nj. Parker S. w. Woodward Hilary
A Herbert, John f. Herrell Henry =
Blount and W. S. Thompson
These men and many others here are
SAID TO be the promoters of the enserprise
ana from them II Is expected the fifteen
local directors will be chosen The late col
A. L. Britton is also said 10 have been deem
ly interested in the organization OF the pro
posed company, and il is stated that he
would probably have been its first presi-
dent
The president of the company will. never
theless be a local man. if the present inten-
ton of its promoters is carried out of
which there appears to bc little. If any
Goubt Indeed, IL is stated by those who
profess to be well informed in the matter
that the presidency of the company will IL,
indeed, IL has not already been DONE be
offered TO Mr.. John b. Wight the president
Of the board Of District Commissioners.
What SIR. Wight Says.
Whether or rot Commissioner Wight has
been offered the position cannot be definite
iy stated. When questioned about the mat
ter today by Star reporter Mr.. Wight
politely, but 70 less firmly, declined TO ad-
init either that the presidency of the pro-
posed company has been offered to him. or
mat. If it has, he will or Will not accept the
position Mr- Wight admitted that he has
learned Of the proposed arganiZation of tho
company, but. with the exception of stating
that few men could well fail 10 recognize
either the distinction or the value of being
me recipient of such an invitation Mr..
Wight declined 10 say anything more
Despite Commissioner Wight's guarded
and non-committal words it is positively
stated i'm local financial circles ;hat. II tho
n.Nltatlon 10 become the president of the
ofganlzatlon has not already been EXTENDED
TO MN. II VIII be when the company is
ready for formal organization
Nothing of the Sort Here.
AT present there is no such organization
in the District, although there are several
in New York, Philadelphia, Baltimore and
other cities. The proposed company. being
organized under the authority Of Congress,
will be under the same federal supervision
as are the national banks and trust COM
Panies of this city, being required To report
10 the controller Of the treasury the same
as national banks. and open at all times to
his inspection. The company can also ta
dealt with in any United States court
throughout the country, instead Of C0mpcll-
ing nuSantS to have recourse TO stata
courts. Ii is believed by those interested in
the company that il Will prove To b a very
creditable, we'll rs profitable feature Of
District finances. as ii will hold in the Dis
trict large amount of capital now raid 10
companies of like character elsewhere, and
that it will also bring in new capital