Arizona republican., 1910-03-18
NEW ENTERPRISE FOR
 ARIZONA CAPITAL
Fire Insurance Company in Process Of
 Organization.

X new fire insurance company. home institution that will hustle for home business. Is now in process of organization in this city. It is how ever to he state wide and no wider. according to present plans. Arizona capital is to back it and it will not en- gage in business until it is fully if nanced with a probable capital of s2O0 900 and a surplus of between two and three hundred thousand dollars The motto will be just as good insur ance as can be offered by any com pany and with the added advantage of keeping Arizona money at home. For the present the promoters and subscribers are working under pre- Iiminary or organizing company. which will he reorganized into an insurance company just as soon as the necessary capital has been subscribed. Tn that connection it is stated that the capital for the project is forth coming with surprising promptness.
 When seen yesterday the promoters were reticent about talking. saving the enterprise is yet very young and would only give out d few general facts and the names of part of the gentlement concerned. The company is to have its headquarters in Phoenix however and it was learned that the Phoenix directors are to be George NJ Hahn. Lloyd B. Christy, Eugene Brady O'Neill. A. K. Stacy. George A. Mintz Elliot Evans and Mir Forestall who is engaged in the organization work, having come here recently from Los Angeles. There are to be six directors from other Arizona towns whose names are not yet made public. with the single exception of John Hampton of Clifton. The purpose is to interest capital all over the territory and bid for large share of the Arizona busi- ness. No offices have yet been des- ignated except that Lloyd B. christy has been named as the treasurer of the preliminary company and is in charge of it's funds
 It is matter of common knowledge that thousands. probably millions of dollars go out of Arizona annually for fire insurance protection. It is reason ed that Arizona risks are no worse than in other countries. in some re spects better and that all this money St1lt cul ol aIlLoild iS Sont lOI bN''u and always except such part of it as comes back in the payment of fire losses. That is by no means all of it or there would be no profits in the in surance business. The profits there fore will not only be kept at home but the capital and cost of the com pany will all be kept and invested in Arizona. and invested in good local se curities, probably mostly on farm mortgages. recognized as the best se- curity in the world if properly placed. Arizona has plenty of local capital for such a project. plenty of good business men to back it, plenty of houses to insure. and plenty of farms to mort gage and plenty of other investments if they are wanted The idea is to keep the home money working at home and give the profits on it to the home people. The project has so far materialized. say the promoters. that they have no doubt of it's being com pleted. though they do not care to make any more extended announce ment at this time. for it will be some little time yet before they are ready to fully organize and begin writing insurance.