The news & observer., 1905-12-19
STARTS OUT RIGHT
The Atlantic Fire Insur-
ance Formally Organ
ICED Yesterday.
1t Will Have a Cash CAPITA of $685.
600 and Do Business Upon sOInd
Principles. Back d by Men of Ap
proved Business Success.

The most important business meet
ing held in Raleigh during the closing
year was held in the offices of the
Mayor yesterday afternoon. 1t was
the meeting of the subscribers to the
capital stock of the Atlantic Fire In
surance Company. Something like
two months ago a company of leading
business men in Raleigh and other
towns held a meeting in Raleigh and
determined to organize q. new fire in
surance company. They had given
careful study to the situation and de-
cided that the present was the time to
act. Subscription papers were opened
and at the first meeting nearly one
half of the proposed stock of $l25. 600
was subscribed In the interval the
matter was presented to the business
men of twenty-five other towns ana
the total amount OF subscriptions were
received some days ago. In pursuance
to call. meeting for organization
was called for yesterday, and of the
], $50 shares subscribed more than $50
We're represented IN the meeting. Ii
was a iinG meeting, too. representa-
tive of the best business men in the
State. A dozen towns We're re pre-
sented. Mr.. j. $. Wynne, who has
taken part in organizing most Of the
said yesterday afternoon that Il was
the largest meeting he had ever seen
in Raleigh to organize any business or
Industrial enterprise That was q good
omen.
The meeting organized by the elec-
ton of Mr.. Charles E. Johnson as
chairman, and Mr.. Garvis II. Dortch
as secretarr. The charter was ac-
cepted and bylaws adoNted Amona
ha Ia
can borrow money from the company
and the company cannot lend money
to any corporations in which any 'di-
rector Of the insurance company is
director. Most of tho evils in corpora
tions arise from the fact that directors
lend money to themselves to to COM
panies with which they are interested.
it's life with such regulations as will
make such course impossible.
The stockholders elected the fol-
lowing strong directorate:
G. e. Johnson. II. w. Jackson. j. S.
Wynne, 4. Il. Womack, a. a. Thomp
son, ~ A. Dunn. |. NJ. Proctor, A. b.
Andrews, Jr. Fl. r. Hicks. James e.
SHEPPARD, j. II. Pou, e. G. Hullyen.
c. b. Barbee, Joseph c.. Brown, j. j.
Thomas, of Raleigh: John Blue, of
Aberdeen; George Howard of Tar
boro; Ashley Horne, of Clayton; w.
NJ. Sanders, of Smithfield; T. A.
Woodard, of Wilson; Joe Rosenthal,
Of Goldsboro; w. A. Erwin, of Dur
ham; T. l.. Chisholm. of Sanford; p.
II. Williams. of Elizabeth City; VIM.
Bragaw, of Washington; Wescott
Robinson, of High Point; w. f. Holt,
Of Charlotte: j. r. Latham, of Green's
boro; T. H Battle, of Rocky Mount.
At a subsequent meeting the fol-
lowing officers were elected:
Observation-Disclosures +. Johnson.
Vice-Pres, es,dent-Joseph c. Brown.
Treasurer-Herbert w. Jackson.
Secretary-Garvin H. Dortch.
The officers will at once get matters
in shape to begin to write insurance
carly in the new year. Eligible
quarters will be secured, pol cies made
ready, and agents will soon be writing
fire insurance for the Atlantic Fire
Insurance Company all over the State.