The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-11-19
STATE FIRE INSURANCE. co.
Comptroller General Jones at Head
Of New Company 1t will Have a
Capital Stock of 100000,
with Headquarters in
Columbia.
News and Courier.

Columbia, November 14.-Applica-
ton has been made for charter for
the Fidelity Securities Company,
which is the first step in the organ-
ization of Il South Carolina fire in
surance company with Il capital stock
Of 100000, with headquarters in
Columbia. Comptroller General Jones
is tie prime mover in the or%aniza-
tlon OF this company and will be
lis head. llc has secured the back
ing of the leading business men Of
the state, who realize that ii is not
only al excellent Investment from
the purely business standpoint, but
that the plan to keep The insurance
premiums in this state and section
is deserving of support. Mr.. Jones
has not yet made any systematic can
vass for stock, but states thAt with
the small amount Of wC'I which he
has been able to do on This line out
side of Office hours he has met with
encouraging success. His desire is TO
distribute the stock among large
number of small Stockholders scatter
ed i" al sections of the state. The
companF = is TO be primarily Il South
Carolina conccrn. but its business
operations will not, Of course. be
confined TO this state,
The Fidelity Securities Company
is TO own and hold stock in fire in
surancc and other companies. using
the proceeds Of The sale Of It's stock
for this purpose, and to act as gener
al agent for fire insurance and other
companies.
Its principal object will be 10 Or
ganize a new fire Insurance company
to be called the Gulf and Atlantic
Fire Insurance Company Of Column
bia, S. c., The funds for which will
be furnished by The Fidelity Securi-
ties Company buying the capital
stock Of the fire insurance company
and holding the same in lis treasury,
the Securities Company becoming the
general agent and manager fur The
company.
OF the capital stock Of The Fidelity
Securities Company 100000 is offer
cd 10 investors, while the balance Of
100000 rs to be distributed through
out the field to Inc agents appointed
and representing the fire insurance
company and other insurance com
panics controlled by thc Securities
Company. In this way, each agent
will be directly and financially inter-
cstcd in The success and welfare Of
the company, and will aid the com
pany's effort in enforcing the guar
antced conservatism in the selection
Of risks.
The par value Of each share is ten
dollars, and it is desired that these
be as widely distributed over the
state rs practicable.
In the State Of South Carolina, ac-
cordil" to tllc official report Of Comp
trollcr General Jones, the fire insur-
ancc companies doing business within
the state received in premiums from
the citizens Of thc stale in the Years
1909 aud 1908, inclusive. &9.99G.SlO.-
20. Drducting the reported losses
and expenses, the profits derived by
these companies from thc business
done in tic state according TO The re-
ports furnished by the said compan-
les amounted to ~, ,432,3G4.77. These
amounts Do not include mutual as
sessmcnts companies, which do a
large and profitable business within
the state.
In 1900 the lcgiSlurc provided for
insurance Of public buildings of the
state by the state itself through the
sinking fund department. That de-
partmcnt in lis report TO The last scs-
sion Of the General Assembly says:
"Durng ihc six years Of its opera
= ton (Sincc january /. l00l,) this
sinking fund insurance department.
has paid ont $2.l for losses incurred
!, in six fires and $l5l.40 for the costs
lof apprai,'in% damage by. fire, APP
praisin% rates and value, determining
hazards, and for stationery stamps
and hlanks; and on December 81,
1906. has accumulated net fund Of
+, $2SG70.A3.'
The enormous profits shown as
above are acccntuatcd when il is con-
sidcrcd that the premiums paid for