The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-02-21

the report of lsii was read TO the
directors of the company. and l am
not aware that at any time has there
been such a thing as a demand. from
any source. for my resignation, The
resignation which was accepted at
the special meeting OF the stockhold-
ers on Feb. Is, and which is respon-
sioie for my retirement from the Of
hcial stan of the company. 1t attach
ed hereto.
There should be no doubt In the
minds OF the people as 10 the present
condition OF the company of which
am director. and this statement Is
not intended to reflect upon them, bur
in defense Of an indirect attack upon
my character before the people of the
city, in which ! was born and have
lived continuously.
ROBERT LECKY. JR.
Lesfcr of Resignation.
Mr.. Lecky also made public his let
ter of resignation. which was as fol-
lows:
February Is. 1911.
To the Stockholders Virginia State In
surance Co. Richmond. Va.
Dear Sirs.-At the meeting of the
board OF directors held Immediately
following your annual meeting jan
uary 2s last. ali OF the officers and
directors voluntarily offered to place
their designations before this special
meeting, with a view of facilitating
reorganization of the company. and
thus relieve the stockho lders OF all
EN- Embarrassment. If such action was
deemed advisable.
inasmuch as no previous opportu-
nifty has occurred, and further, be-
cause of the long. and ia some cases
fsaN tE4an -Ixst H.
hoiaers OF the company. beg to offer
you statement of my stewardship
for the purpose only of condensins
facts and conditions which from time
to time have appeared either in print
or on the records OF your company.
My service with the company was
hrst for three years as special agent.
but as such having no connection with
any of the affairs OF the company,
except being in charge of the adjust
ment OF all of It's losses and the un-
derwriting policy of abe company.
My promotion followed to the assist
ant secretaryship, then TO the secre-
taryshtp. and In December, 1903,
was further honored and was made
responsible for all of the details of
your business.
Premiums and Losses.
company, they were doing a business
Of 100000 per annum, Of which
amount $4,000 came from the city
of Richmond and its regular agencies.
the remainder of fts total income be
ing received from Reinsurance con-
tracts with Reinsurance companies
These contracts were concluded, ana
H. comparatively short time this
business was substituted by direct
agency and home office premiums. and
as result in fifteen years, the d.
rect agency premium of the company
increased from $4,000 to more than
100000 per annum, which income
was reduced the two following years
because of our wholesale cancella-
ton of small mercantile and other
risks, which were being affected as
d result of the panic. The grand to-
tai of premiumss for the term of my
service aggregates $6.s32,l46, and
the losses for the same period total
s4.l73. 600. Included In these losses
are the CONGREGATIONS suffered by us
at Patterson. Waterbury, Baltimore
Rochester. Sazoo City, and San Fran
cisco. 4 calculation of the loss ratio
on this entire business will show ia
Sorably in behalf of this company
for the same period of time, of any
other Virginia or Southern company,
in spite Of the CONGREGATIONS in which
many others did not suffer. The de-
tailed information is found on a sheet
which have attached hereto for ref
erence, in tabulated FORM which
shows the premiums losses loss ra-
ito, reserve and reserve ration by
years. and it is interesting to note
how the loss ratio was affected in
the panic years.
Adjustment of Losses
The name of this company does not
appear but once in recorded cases
from any court, and in this the jury
gave verdict for us on the ground
OF incendiarism 1t has been the pol
icy Of the company to settle all losses
quickly and without resorting to tech
meal questions.
Collections and Investments.
During the entire period OF my ser
Woe the premiums written by agents
located outside OF the city of Rich
Hao:ad are +ss;ooese00, and of this to-
tai amount the aggregate of items
charged off as uncoliectable does not
equal $4,000. including compromises
made with general agents for closing
general agency contracts, There has
been no loss OF any kind since 1903
on investments made during that
period.
New building.
This company was the first finan-
cial institution of this city TO begin
building In the present movement for
modern structures, and in addition to
providing for itself a model home Of
fee. the present cash value of the
property exceeds its cost
Reputation.