Evening star., 1901-06-05
UNDER ONE MANAGEMENT
EFFORT To CONSOLIDATE TITLE IN
sURANCE COMPANIES.
Proposed Organization With Capital
of One Million DOllars-Pett-
tions for Signatures.

Final steps are being taken to bring
about a consolidation of the title insurance
companies of the District. A paper Is be-
ing presented to the stockholders OF the
Real Estate Title Insurance Company ana
of the Columbia Title Insurance Company
for their signatures which proposes plan
of bringing these companies under single
MANAGEMENT AS stated in this paper, the
course Is adopted "in the interest OF stock
holders and for the purpose of securing
economy in management, the lessening OF
the cost of keeping up and operating plants,
avoiding costly duplication of records and
obtaining increased facilities"
1t is proposed to organize a company
with wider powers than those now exer-
CiSed by any title company in the District,
that the new concern will also be able
to do security, guarantee, indemnity, loan
and mortgage business. The guarantee line
of business is what is done by bonding
companies, and as there is no District con-
Germ of that character it is believed that
what has been looked upon for some time
past as an important addition to the busi-
ness facilities can in this way be supplied
1t is contemplated to organize a new
company to be known the Columbia
Real Estate Title and Guaranty Company,
under the act of Congress approved Oc-
tower /, 1890 In order to secure the ad-
vantages offered by this act 1t will be nee
essaTy to place the capital of the COM
pany at $1,000. 900. The shares of stock
are to be of the par value of 500 and the
proposition is made to the stockholders of
the two companies above mentioned to sell
their stock in these companies at par to
the new company and to receive in ex-
change at par the stock of the new COM
pany.
The Plan Proposed.
The capital stock of the Columbia Title
Company is S15OOOO, and that of the Real
jority of the holders of the stock of these
companies sign this agreement, and the
prospect is said to be favorable that they
will do SO, then there will be left after an
exchange has been made for the entire
capitalization of the two companies $780,,
600 of the capital stock. portion will be
offered for subscription, considerable
amount already having been placed.
1t is stated that arrangement has al
ready been made for the purchase at a
stipulated price of the stock of the Dis
trict Title Company and also of the
Washington Title Company, and In that
event these companies will cease to have
an independent existence. There will be
then left In the field the new company and
the Lawyers Title Company.
In the event that the new company Is
formed, 1t is expected that Mr.. w. E. Ed
monston. the president of the Columbia
Title Company, will be the president. There
will be, of course, only one Office which
company, 9th and e streets IN the event
that it should be found to furnish sufficient
accommodation for a company doing bust
ness Of the proposed scope.
If this Is accomplished as planned, 1t will
be the consummation of what has been re-
garded in the business community as
much desired result. Those who have been
active In advocating this measure recog-
nize that Mr.. John T. Arms was the pioneer
In favoring union of the title insurance
interests of the District