The Washington herald., 1908-08-30


Eanization Of a 10000 insurance com
pany, which viii make Washington its
headquarters. doing business here and in
other cities OF the country. II VIII be
known as the Consolidated Casualty Com
pany. and viii do a general insurance
business. such as the big institutions OF
that kind transact n other cities. II is
now expected that the new company viii
complete its orga anIZatton and open for
business in the early months Of the com
Ing year
When started the proposed company
viii add TO the financial institutions one
Of a character the city has hitherto
lacked These companies have been form
ed IN many Of the large business centers
Of the country and have been successful
A dozen or more OF them are represented
here by branch Offices. and IN each in
stance the branches have found Washing
ton good field for their operations
Washington a Good Field
The projectors Of the new company
have carefully looked over the field and
have become convinced that the Capital
IS q promising place for the home Offices
Of such a company doing business on a
large scale, writing business IN the local
classes Of business elsewhere with as
great success as has marked the progress
Of the business n other cities Being the
pioneer in Washington. it expects 10 do
vel here
Il IS needless TO say that the establish
rnent of such a business IN Washington
on broad lines. with abundance Of capital
and able management. viii mark a de-
cisive step forward in the commercial de-
Teiopnenr Of the CAPITAL City
The new casualty company is seeking
e permanent home in the uptown district
and NiIl probably be located IN Fifteenth
street. between Pennsylvania avenue and
H street Options on one or two pieces
Of available property have been obtained.
and Il = announced that when the time
comes for organization the company viii
Tot want for a suitable home or for cap
ttaI with which 70 inaugurate one OF the
largest casualty companies in the United
States
The name Of the Consolidated Casualty
Company was chosen because a large IN
stitution already in existence and doing
business in another city is 70 be brought
10 Washington and consolidated with the
local enterprise. and VIII form the basis
Of the enlarged business which the mana
gers Of the enterprise expect 10 transact
Local Interests Taking Hold
Within the past few days J A Man
ming. Of Boston. has been presenting the
plan 10 local investors and has met with
such encouragement that he and those
associated with him feel justified IN max
Ing the first announcement Of their plans.
Seven members Of the first board Of
directors have already been selected
Two OF these are vel known business
men Of Washington Another has his
home IN Knoxville Tenn. but has large
financial interests IN Washington An
other has financial interests in Washing
ton and Philadelphia Three are men Of
prominence in financial affairs in the city
OF Philadelphia Their names are with
held for the present as the final board
Of directors IS TO be composed Of thirty
three members. several Of them Washing
ion fnanciers and business men, and the
announcement OF names connected with
the enterprise uil come late--
The Consolidated Casually Company
VII be in name and in fact q concern
similar TO scores Of others IN the great
commercial cities which are already rep
resented in Washington in branch Offices
Il VIII write fidelity bonds. court, con
tract. and surety bonds. various kinds
Of policies. including accident. liability.
plate glass automobile. health and ele-
vator insurance L VIII insure against
1sss for the druggist. the landlord, the
physician. the dentist wOrkmen's wages
and bank deposits.
Congress has passed a new employers
liability act which VIII necessitate the
taking out Of thousands Of liability poll
Cies by employers OF labor. and this class
OF business IS 70 be one Of the features
Of the proposed concern
Both Local and National.
The Consolidated Casualty Company Is
70 be local in place and management and
viii have local stockholders 10 the extent
OF S350.o00 worth Of the stock. but il is 10
be at the same tine national in scope
BY having its stockholdings held in other
great centers Of trade and finance TO the
extent Of about 10000 in each Of the big
cities Of the country The directory will
represent men actually insured in the
Institution and viii have In il every lead
ing trade and enterprise that may con
tribute to its business
The capital stock Of the company will
Be 10000 shares Of a par value OF so each
They will be paid-Up shares, except that
subscriptions are being taken on q basis
Of s. a share and $ a month for nine
months Enough Of the stock viii be
taken and paid for outright. however 10
insure the organization Of the company
At such time as may be found convenient
10 open the Offices and begin operations in
q practical way. A good deal Of the stock
suTing the company a large capital with
which to begin business
Forty Firms Represented
More than forty firms and business
houses IN Washington have already in
dorsed the enterprise by taking stock OF
obligating themselves 70 do So The plan
already has the sympathetic approval Of
the business community. and it was stat
ed last night that in making its initial
announcement the company feels itself
upon safe ground and certain OF outcome.
It is not yet definitely decided when the
company viii open its Offices. but affairs
sre now pointing 10 one Of the early
months OF next year as the tine.
While the company is planned as a
national Institution, II VIII be cO-Opera-
tive, IN that stock viii be sold TO those
who actually DO business with the com
pany- For Instance. business concerns
who may be carrying large lines Of fire.
casualty. plate glass. team. and elevator
insurance. by becoming stockholders viii
place their insurance in their own com
pauy. and win. in the way Of dividends.
reap reward for their premium payments
VIII obey District Laws.
The company viii be organized in com
pIiance with the laws Of the District of
Columbia It vii be the central head
quarters Of one Of the big casualty con-
Germs Of the United States. Its revenue