The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-29
Company Transfers It's
Business to the Ger
man American.
ASSETS ENOUGH TO
PAY PAR ON STOCK
Official Statement Says Board
Decided to Retire Now While
Business Is Good-Company
Not Insolvent, and Manage
ment Not Adversely
Criticized.

hHlouHCelnenC was maze yesterday
by tho Virginia State Insurance Com
pany that it had decided to retire from
the insurance field. and that the bust
ness and good will had been assumed
and taken over by the German Ameri-
can of New York. The papers were
signed at noon on Saturday, though
official notice to that effect was not
issued until last night.
In IL statement given out by the COM
pany. attention Is called to the fact
that it is not retiring because OF in
solvcncy or lack of business. for on
the contrary, lit Is doing n good bust
ness. has n clean lot of assets. amply
sufficient to pay all of it's debts and
Liabilities oI every sort, and. it is rc-
licved. ample also to pay it's stoG q
holders in full the par value OF thse8
stock, including the premium and fFs
mulative dividends due on the PTS
ferrcd stock" I6&
Thought Bcst to Quit Now.
After giving the matter caressi1
study, the hoard of directors deeniSd
it wise to retire now while the com
pany was in that condition. rather
than incur the hazards of continuing
longer in the face of the sharp com
petition with large companies increas-
Ing fire losses and taxes, and inimical
legislation. growing more and more
burdensomc and vexatious from year
to year
There has been no criticism of tho
management, directors and stockhold-
ers agreeing that the business has been
conducted most creditably and with
due regard to the interest OF policy
holders and owners
Aside from the formal statement is
sued by the company, no details were
given rs TO the time required for
liquidating it's affairs. The main con-
sideration related to the snfe and pron-
er transfer of policies while the high
nf
Company and the prompt manner in
which negotiations were concluded
prove unquestionably that this action
on the part OF the Virginia State In
surance Company will he approved by
the policyh olders.
The COmpnnys Statement.
The olhcial statement by the Vir-
ginia State Insurance Company. as
made public last night. follows:
"Thc announcement TINT this old and
reliable company hnS decided to retire
from the insurance field will be hcnrd
with sincere regret, not ONLY I'm thia
community, but throughout the entire
territory kp which IL has done business.
Ii Is believed that company hnn Ind
more creditnble and honorable career
than the Virginia State during It's ex-
iStcnce of ncnriy half n century, md
considering it's small capital, certainty
no coiapnny hns received deserved
the confidence OF the public to u Erent-
er degree. The company is now rctir-
ing, not because of Insolvency or lack
or business; on the contrary, ii In
doing good busi;iess. has n clean lot
OF assets, amply sufficient to pny all OF
ifs debts and liabilities of every sort,
nnd, II In believed. ample niso to pay
It's stoci>hoidcrs in full the par value of
their stock, including the premium aud
cumulative dividends due Oh the pre-
ferrcd stock. but IL WINS deemed y,se
by the board tu retire the company
when it was In this condition.. rather
than Incur the hazards OF continuing,
longer In the face or the sharp COM
petition with large companies, incrcas-
ing fire losses and taxes, and inimfcnI
ieSisi"tion. growing md more
burdensOme and vcHatious from ycnr To
year.
No Adverse Criticism.
"Thcre is no adverse criticism OF the
mnnnScmcnt OF the company. On the
contrary, the conduct of the nfrnir. of
the compnny, under Judge Christian.
nS president; Nr. Fritz Sittcr,inr ns
vice-prcsi1cnti Mr. a. Ill. Harris, ms
secretary, and MIR. William II. Miller
ns treasurer, has received, us it de-
serves. the highest indorsemcnt nnd
commcndatiOn of the bonrd, and Ii IN
worthy OF remark that during the ten
years of Judge ChristiRn's adninistra-
ton not n dollar OF the assets of the
company has been lost by had inyest-
mcnts.
'.rhc real source of regret in TINT
IL company with such nm honorubIe
nnme and record ns this hns shouid
deem IL best To retire from business for
the renSons above indicated, ana nee
essnriiy 10 throw out OF empIoyment
It's faithful and efficient CORDS OF em-
pioyes.
''The business ana good will OF tho
company has been assumed and tnlxen
over by the German American of New
York, very strung and popular COM
pnhy, on terms liberal and satisfactory
10 the Virginia State, and that COM
p"ny liz highly commended to the pn-
irons or the Virginia state"
Agents Are Notified,
Letters have been mailed by Secre
tary Harris to agents OF the company,
notifying them that the Virginia state
mas reinsured its entire outstanding
liaOillty in the German American In
surance Company, OF New York, and
VIII Immediately retire from business.
Agents are directed not to issue poll
cies OF tho Virginia state after receipt
or the secretary's notice. notice
was also Issued by William ~ Kremer.
president OF the German American
Company. reminding agents OF tho
transfer, and instructing them as to
tho proper handling OF the business.
The Virginia State Insurance Com
pany. organized in 1855, operates on
a capital of 100000. or this amount,
100000 is In common and 100000 in 4
preferred stock.
The financial statement prepared by
the Virginia State as or June so, 1913,
to he fled In Georgia. in which state
serniannuul statements are required lis
given as follows In Best's insurance 2
Reports, published under date OF Sep-E,
tember ID last. 'alas4i