The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-02-19

u Rpliy W '''s'~NShIith va - % 80 lSi
sccrt. commission basis. THIS was i,
Norcmbc., 1909. Oklahoma ana Flor
aerc also abandoned at other times
sTkc COMPANY nov does business in Nir.
5Ginia. District N Columbia. North Car
3oiina. South Carolina, Georgia. Alabama
mississippi. Louisiana. Missouri. West
Virginia, Indiana. Pennsylvania and Il.
3l!uois.
Lost Much Business.
Insurance agents have evidently been
doubtful about the company for scmc
time past, for its business declined re
Gently 70 an alarming extent, lis
gross premium income III 1909 Was
gsa3S.53l,ls, while for 1910 this had
dropped 10 S5oS,9o7.S7. Tie company
was doing business at sucii a loss that,
according % the report lust completed,
lis capital was impaired as OF date
gDsceinber 81. 1912. in the sum Of s9H.-
sGS7.es. or practically half OF tlc total.
Rcalizins tina; tnis condition OF az,
ffairs could not continue. aud that with
jtle publication OF this repor; the coin
~ tslN. MIMI it ul1( #pi pOSllltSS WItIiti!
three months, because agents would
no longer wr.tc policies in il. Commits
sioner Button took the matter UP With
the director. They readily cooper
atod with the Insurance Department IN
formulating 4 plan or reorganization.
and backed up their good intentions
with the actual payment OF large
amounts Of money to save the company.
Mcctias: Ilnrmoulnus.
About $500 OF tbc 5000 shares OF
stock were represented at the special
meeting Of N. stockholders held YES
tcrday. Tic directors presented thci.
plan, which was unanimously ratified.
The gathering was cntreiy larmoni-
Gus. Judge George l.. Christian was
reelected president. l'ritz Sitterding
was elected vice-i,rcsident. to succeed
Robert Lecky. ar, ana WilliamsR. Mil-
Ter was chosen 10 b. treasurer. Mi.
Miller has been with the concern only
a few months and is in a sense its
financial expert,
George. L Christian, (. II. liancy,
JOHN S. Elicit, ]. NJ. ~rourqurcan, Fritz
Sittcrding. \. L. Anca:-ow. j.. l.. Car
neal. II, ". %Itountrce and Robcr.
Iecky. jr.. were reelected directors.
Tho directorate WAS thcn added 10 by
the election Of ". NJ. Addison, L. 4.
Cary, II. s. 1Iawes, ". X. Massic.. !.
z Morris md &. +. Winsfcld.
Without a di~sscnttn. voice. Archie
III Harris was elected secretary. this
being the executive Office OF The con
cern. Mr.. Harris accepted and viii be
IN charge at the opening OF business
to-morrow morning. Nir. Leckv ~rctircs.
Had LnrSc Experience.
n TIA >,nu, ecc,o..,,. -. ,:e. ..4a rH
hnce n1ail. IL is about thirty- eight
years old and has been in this ci;v for
several years as secretary Of the Viz.
slnia committee OF the So%uthcastern
Cnfor"ritcrs' Association Jus, after
the san Francisco fire he was ac,ivo
N aiding III the adjustment, Or Losses
mere. making 3 reputation. Few men
IN ,hc state are more generally re-
spocted for professional atta;nments
among the insurance mon.
The introduction TO The rcpor, of
the company for 1910. Just submut.d
by Aotuary Davenport to Commissioned
B~utton.H.i IS as follows:
The record OF Tic Virginia S,.,c
Insurance Company for tic vepr / .
Is an unsatisfactory one.
The previous Examination ~ IL.
Virginia Bureau OF Insurancc showed
an Impairment OF the ~ro,nranv.s "a !.
ital OF StS6.So apo tic assumption
3taai the company IN rcinsurins an.
5proSthatcly ouc-ialf ~ its ort ! /, M
Ing risks December #al.Iaor On = asi.s
Pc cent. commission basis. had SOFA
s@no.ae0 OF its lcScrvc. rcngirir- ] n,,'
mcntl 70 the rcinSuring companv of
100000 net. m
Dih Not CcLc E,npu;;h.
The Virginia state. howcvcr. f~ajla,l
70 cche sufficient. insurance 10 mako
this amount, ,liopgil ii coull havc
donceso under tho contract. The re-.
assuring company in 1910 returned ap-
proXir,atcly $4,000 out 81 tho Saoo.-
ooo payment. THIS Increased tho re-
serve liability as shown In Tie rcport
BY approximatcly .3lS.0 0c. The i'm
pairnAcnt December I'll. 1899. was,
therefore. over $1,000. Attention VA:
called TO this point III the previous
report.
THE heavy Increase of reserve dur
Ing the Year as tbs result; of Inc sale
OF onc-half of the business on tho first
OF the Year, the uiii}t:i factory show
ins OF the un~dcrWriil il department.
The payment OF ~diVidcnds 10 stock
holders and tho appreciation Of sccuri-
ties weakened thc company 10 such an
extent that the directors iii December
last contributed an additional $4,000
as SURPLUS protection to policy-hold-
frs under the same terms that the
CORNER contributions Herc made
For weeks past there have hccn ri
nors aAoat regarding the affairs OF tho
Virginia STATE, and insurance men OF
Kichmond and elsewhere have spccu-
lated upon tho conditions 10 a great
degree. There Viii be, i, is antici-
patcd. a great deal Of relief over the
satisfactory contamination Of the
plans for a reorganization.
Tho comDany's bono Offices are q,
Main and Fifth Streets, III this city,
where It owns a handsome INVESTORS
building. This IL valued IN the in
surancc report at#sl35,i00.