The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-03
Chairman ChaIifOux Presents a
Prospectus Of $6OO,OOO Co,
WILL Be $4,000 SHARES
To Be Called ATLANTA and BIrming-
ham Insurance company"--Board
of Trade Has Smoker Tonight
In TomIlnson Building.

Chairman Oliver Chslifoux of the COM
mittee appointed by the Board Of Trade
several months ego to investigate the adj
visibility of organizing an insurance
company for the protection CT the people
CT this city and state, made a report yes
terday to the Beard of Trade, containing
a prospectus of an insurance company.
The Board of Trade did not act on the
report yesterday, the members prefering
to examine the prospectus at their leis-
ure It will be read at the smoker tonight
and discussed informally. but official &C
ton VIII not be taken until the next
meeting of the board or probably at a
special call meeting.
The prospectus names the company
1.-The Atlanta and Birmingham Fire In
surance Company" with headquarters in
Atlanta and branch office in Birming-
ham. The cash capital of the company is
to be 100000. divided into $1,000 shares
CT Sc each. The stockholders are to pay
$40 for each share. the face value of
which is IS.
BesiGes the cesh carital OF 100000 there
Is to be cash curplus of 100000. making
the total resources of the company $780,
COO. It Is believed there will be no trouble
in selling the entire stociS in Alabama.
Georgia and other southern states
Thirty directors are provided for, ten
of whom are to be from Birmingham and
Alabama, ten from Atlanta and Georgia
and ten from the other states of the
south. namely. Virginia, North Carolina.
South Carolina, Florida, Mississippi,
Louisiana, Texas. Arkansas. Oklahoma,
Kentucky and Tennessee.
The secretary pro tenn. is Mr.. ]. T.
Dargan of Atlanta. The cash OF the COM
pany is to be in two banks, the First Ma
tional Bank of Atlanta and one of the
national banks of birmingham. There
will be two attorneys Mr.. Hoke Smith
of Atlanta and an attorney from Bir-
mingham.
The pre- spectus goes on to show an I'M
mense amount of money paid by the
South to Northern fire insurance COM
panies every year in premiums, while
only small percentage of the insurance
business is done by Southern companies.
The idea is that this large amount or
money may be in part retained In the
South.
Secretary Roy Mccullough Of the Board
of Trade made a report showing the work
of the board during the past year, calling
particular attention to the reduction in
the insurance rates and securing a
through train from Selma to Birmingham
VA Akron and Marion. His report was
accepted and filed.
A letter was read from Mr.. c. H. Greer
of Marion asking that the Board of Trade
come to Marion to a real "black belt"
barbecue to be given in celebration of the
lma-Birmingham through train The
board will probably take some action on
the matter.
Camp Hardee, u. c. ", has written a
letter to the board asking Its support In
the erection of a Camp Hardee Cottage
at the Soldiers Home at Mount Pleas
ant. 1t was referred to the miscellane-
GUS committee with instructions to report
ct the next meeting.
The Board of Trade will have a smoker
tonight In their rooms in the Tomlinson
building M embers of the press, the
wholesale Grocers' Association and the
Retail Grocers Association will be pres
emit A number Of speeches will be made
and 1t is expected the meeting will have
some good results