West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1904-03-24

Frank aud Rxpiseit Statement from
President christian Concerning
Losses by llalllmere Fire.

itself and VIII lie welcome to haad, eds Of
people IN th's section, Who have been dis
,ufbed BY rumors concerning The Virginia
State Inswanee Company and the eaee,
upon /, of the hre a, Baltimore
R,ehmond. March s. 1904
Editor The News Leader:
Having been kindly informed by you on
yes,e' day that rumors were being circulated
which calculated 70 inju,iously affect The
Virginia State Insurance Company, and it
haviag been suggested that should make a
staien,en, OF the facts which have doublIess
given rise to these rsmsrs. take pleasure
in doing this
As was stated IN the Times Dispatch extra
on Monday morning after the Balumore IRE,
the Virginia State bad no agency 10 ,ha,
city, but !, was involved under con,rac, Of
reinsurance, which contract was with the
Firemsn's assurance Company. Of Baltimore.
The last nsmsd company not only los, very
heavily ly ths 6se. bo, par. Of irs records
were Destroyed, so there was veiy con-
siderable delay in asceriaiaIne with any
deriee Of accuracy the extent 10 which the
vggiria State nigh, be involved uader tha,
contract
After a comparison Of our records with
those not destroyed in Baltimore Of The
Firemen's aud also comparing them with
the New York records OF large foreign
company similarly Interested with ourselves,
we believe tha, we have found out that the
extent Of our liability cannot exceed
sI4s, 600 and we hope aud are reasonably
confident that these figures will be con.
siderably reduced IN the final settlement.
The surplus to policy holders Of the vir-
ginia State January WAS s3lS,ooo so that
il il is 10 pay the whole Of the foregoing
liability. lis capital stock of szoo. 900 would
only be impaired 10 the extent Of $4,000,
still leaving a surplus to polcy-holders Of
$4,000.
As soow as il was ascertained that our
liability al Baltimore threatened 10 impair
the capital Of the company our board Of
directors, consisting Of It's larges, aock.
holders and some of the most substantial
men In ihe cly thawng confidence IN The
COMPANY and its management. came FOR
ward and have actually paid into The treasury
Of the company no. only sum Of money
necessary 10 reinsla,e any impairmen, that
might occur TO ils capital. bat in addition,
such an amour, as to give The company a
good working surplus
In round numbers, the assets Of the com
pany today amount to 100000, aud The
surplus 10 rs policy holders. after charging
the Baltimore liabili,y At Inc figures men.
toned, row stands at saga. oco. a com.
parison Of these hgures with the statements
filed annually With the audi,of of pabnc
accounts since the organization Of the con-
pany IN 1865. wilt disclose the fac, that the
assets Of The company were never 50 large.
tina, It's reserves are far ~ excess Of any
previous statement, and that its surplus is
within $1,000 Of What i, was December
81 1901
Within the last few years the growth Of
the company has been very marked and the
condition Of the company to-day is as sound
as dollar. These facts have been reported
10 our agents throughout the country, aud
a far as we can learn. they are satisfactory
to them, and no, policy, Of the company
has been returned to this Office for cancella.
ton, and, furthermore, we have declined to
reinsure any part Of our business, the
strength Of Which appeals strongly to insur-
anee men.
The officers and directors Of the company
ase determined 10 stand by. the company
and see that il reaps the harvest from the
confidence Of the public 10 1t, aud all other
companies which have successfully weathered
the storm Of the Baltimore eonaagraiion.
Very respectfully,
GEoRga L. CHRISTIAN, President.
c. w WOLFE. Agent. Kinewood.