The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-21
AN
ORGANIZATION.
South Atlantic Insurance
Company.
CHOOSING OFFICERS.
The Most Prominent Business Men
in the City Selected.
TO START WITH A SURPLUS.
The Capital Fixed at 100000, Which
Will Afford Cash Surplus OF
S5o,oOO-Thc Company Will
Begin Business on March
1st Next Proposed
Operations.

~ PC L - = 81 %
Pursuant to notice, the incorporators
of the South Atlantic Life Insurance
Company, recently chartered by the Cen
eral Assembly, met last evening in the
directors room of the Richmond Trust
and Safe Deposit Company. Some
thirty or forty of the most prominent
business men OF this city, and from
other portions of the State We're pres
ent \ great deal of interest and en-
thusiasm was manifested, and a COM
plete organization of the company per-
fected. Mr.. Joseph Bryan was made
chairman, and Mr.. William z. Meade,
secretary
The charter was accepted, bylaws
adopted and the following Board of Di-
rectors elected: Mes5rs. Virsinius New
ton Frederick w Scott, Joseph Bryan,
Beverly 3. Munford, Samuel L. Morgan,
Fritz Sitterding. Philip Whltlock. John
Kerr Branch, Langbourne NJ. Williams,
james D. Patton, J. L. Antrim, Thomas
Atkisson Edward A. Saunders. jr., and
S. W. Travers, of Richmond, Va; J. w.
Perry, Alfred P. Thorn, Nathaniel Be;-
man and Walter H. Doyle, Of Norfolk,
Va: George A. Schruetz. OF Newport
News, Va; George L. Spe. of Harrl-
sonburg, Va; John w. Craddock, OF
Lynchburg, Va; Charles L. Holland, OF
Danville. Va. E. a. King, of Roanoke
Va. Julian S. Carr, of Durham, N. c.;
W. B. Chisolm Of Charleston. S. C., ana
Robert L. Foreman. of Atlanta, Ga
A LARGE SURPLUS.
Under the terms Of the subscription
to the stock, as heretofore arranged,
each subscriber was to pay SlGO on each
share Of the face value OF Sl0o OF the
stock OF the company, but under. 5reso-s
luton offered by Mr.. Fred. w. Scott,
which was unanimously adopted. it was
provided that on each share of stock
sl25 should be paid, thus giving the COM
pany q surplus of s5 per cent in excess
Of its paid up capital at the inception
uf the enterprise. The capital was
fixed at two thousand shares. or s2oo, ,cp,
which. under the above arrangements,
will afford a cash surplus of s5o,Cs0 IN adj
dtion.
Cpon the adjournment of the stock
holders. a meeting OF the Board otOD1-
rectors Of the new company was Inme-
diately held. when the following officers
were elected: President, Beverly B.
AIurford: First yice-President, Virginlts
Newton: Second Nice-President. General
Julian S. Carr, of North Carolina; Ihird
Vice-President and General MahaSef,
Robert L. Foreman, Of Atlanta, Ga;
Secretary, William u. Meade; Treasurer,
Frederick ". Scott; Medical Director,
DR.. J. Alison Hodges; Consulting Ac-
tuary. Miles NJ. Dawson. OF New orh.
rrhe following committees were also ap-
noirted. Finance Committee, NirGinius
Newton. Frederick W. Scott, John Kerr
Branch. S. w. Travers and Lansbourne
M Williams; Executive Committee.
Beverly B. AIunford, Robert L Foreman,
Samuel r Morgan, James D. Patton,
Joseph Bryan, ]. L. Antrim anu -0eosS Se
A schmultz: Auditing Committee, Ed
rard \. Saunders, Jr., Philip Whltlock
and J. W. Perry
FINANCIAL AFFAIRS.
The Finance Committee will have charse
OF the financial affairs OF the COMPANY
and the personnel Of that committee cor
s;stinc of leading business men and bans-
ers of this city. is an assurance that that
department of the company will be man
aged with unouestioned success.
The opera ting department OF the com
many will be under the immediate super
vision of the general manager. 'Mr. fsopeit
T.. Foreman who was selected for TINS
position because of his peculiar@ht htness
and long training had in association Win
L
with the Mutual Life Insurance Company
of New York Mr.. Foreman is well
known in the insurance world. and his
capacitv is recognized aid appreciated
Mr. Meade, the secretary of the COM
pany. was for years associated with the
New York Life Insurance Company, aHc
by training and experience IS sinsul:si.
well qualified for the duties OF his new
position.
THE MEDICAL DIRECTOR.
DR.. Hodges, who will fill the very re-
suonsible place of medical director. is
well known not only In Virginia. but es-
2uccialIy in North Carolina and the South
He is at present the proctor OF the Unit
versity College of Medicine In this city.
and enjoys a large and lucrative practice.
which he has built up since his removal to
this State from North Carolina.
Mr.. Dawson, the consulting .actuary, IS
well qualified by long experience for the
responsible duties of his position.
The company will be operated on regular
-old line principles according to the best
and experienced methods of the most ad-
yanced companies of to-day, with rates
adequate to provide reserve Which Will
give the policy-hoiders the same protec-
ton granted by companies already es-
ia blished. ~
AS Its name implies. the company will
contine its operations principally to the
South Atlantic Sta ates-Virginia, South
Carolina, North Carolina and Georgia. 1t
is not intended to try experiments, but TO
provide home institution by which at
least portion of the money now sent
North may be kept in the South No war
will be made upon foreign companies. but
Just as the South is manufacturing large
part Of its cotton crop and thus saving
profits which formerly went to Massachn-s
sets. it is proposed that her people may
buy a part Of their life insurance at home
instead of furnishing capital to build up
other States. Statistics for the past CAL
zendars year, collected by the Spectator:
Company. show that In the four States
above mentioned. sIa7.a was collected
by non ident life insurance companies
In premiums. Efforts will be made to re-
tain at least portion Of this vast sum
II, the South to the consequent upbuildIns
Of her people 3s3s
OPEN aArARGIH FIRST.
The company vii. on or about the first