Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-05-07

After a successful and honorable bus
mess career of siXty-six years the Fire
and Marine Insurance Company has vol
untarilty passed out of existence. All
the risks of the Company have been re-
insured in the old Caledonian Insurance
Company, of Edinburg, Scotland, which
has also purchased the office fixtures,
lease, etc. of the old Company, and
will carry on the business as usual, with
Mr.. Theodore Roller in charge as local
agent.
This voluntary demise OF this old in
surance company is worthy of more
than a passing notice. The Company
1881, the original incorporators being
Messrs. John Mcclure, Noses w. Chap
line, John List. Neil McNaughton,
George Duty, Thomas Hughes, Marcus
Wilson and Robert Hamilton The first
Board of Directors was composed of
Messrs. James II. Forsythe Moses w.
Chapline Thomas Hughes, Ebenezer
Zane, William B. Tyson, George Duty,
William Lambdin and Marcus Wilson.
Henry Moore was chosen secretary pro
tenn. and John II. Forsythe was elected
the first president The first regularly
elected secretary and agent was Morgan
Nelson he being chosen February Is,
1888. He soon resigned, and the late
Daniel Lamb was chosen his successor
and the Office of treasurer was combined
with the secretaryship. all at the salary
of $500 per annum, out of which the
secretary was to pay the rent Of the
office-an arrangement which would
hardly become popular with secretaries
of corporations at the present time.
The original capital stock was 100000,
of which twenty-five per cent. was PAID
in cash. and the remainder was made
up of stock dividends AS showing the
gratifying success Of the company 1t
may be stated that for the whole period
of its organization it has paid an aver
age dividend of eight per cent. on It's
capital stock. During the past three
wears. however. the Company has not
been profitable. owing mainly to the
prevailing depression, and it was de-
termined to wind up its affairs and
reinsure all risks. 1t is expected that
the stockholders will receive seventy
five or eighty per cent. on the dollar
of capital stock. A number Of stock
holders of the Company had called
meeting for the 18th instforthe purpose
of winding up the business, and in the
meantime the Board of Directors asked
for bids from other companies on the
basis of taking the entire business for
reinsurance. The Caledonia made the
best offer upon this basis, and it was at
once accepted. The policy-holders are
fully protected by this step. as the Cal
edonia is one of the largest and most
substantial. as it is one Of the Oldest
insurance companies in the world. AS
has been stated. the Caledonia takes the
office. fixtures. and entire control OF the
business of the old company ana Sec
retarv Theodore Roller will be IN tull
charge. the Company thus becoming
TO all intents and purposes, local con-
Germ. Mr.. Roller who is a veteran IN
surance man. as well as a veteran sol
der will we'll maintain the past high
reputation of the Fire and Marine ana
as the representative of the Caledonia
asks for a continuance of the patronage
of the old clients of the Company and
for a share of new business from the
general public as well. Secretary Rol-
Ier's business card appears elsewhere
and attention is called to il.