The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-09-29
LOCAL FIRE INSURANCE COMPANY 4.
RETIRES FROM THE. BUSINESS WORLD
The Virginia State, Established
in 1865, Makes Announce
ment After Meeting of Direc-
tors
Sharp Competition, Increasing
Fire Losses and Taxes and
Inimical Legislation Render
Step Wise. Though Company
is Entirely Solvent

Rather than incur the hazards Of
continuing longer in the face of sharp
competition with larger companies,
increasing fire losses and taxes, and
inimical legislation. growing more bur.
densome and vexations from year 10
year, the Virginia State Insurance.
company is going out of business. The
announcement comes after meeting Of
the board OF directors. at which IL
was decided that the best course to
pursue is to quit.
The company declares Its reasons for
concluding operations after forty eight
years OF successful business life are
those stated above, and that 1t not
quitting because of insolvency or lack
of business. HI
On the contrary, IL is stated by tbs
directors and officers of the company,
IL Is doing a. good business and has =
clean lot of assets. amply sufficient to-
pay all of it's debts and liabilities OF
every sort.
To Pay All Stockholders.
1t is believed by the officers and di-
rectors that all the stockholders of the
company will be paid in full the par
value of their stock. including tho
premium and cumulative dividends due
on the preferred stock.
After the business of the concern 10
settled up within itself, settlements
made with all stockholders, the insure
ance business OF the company will be
carried on by the German American
company of New York, which takes
over the business on terms, said by d.
rectors of the retiring company to be
liberal and satisfactory to Virginia
State Insurance company.
- Successful Half Century.
Virginia state Insurance company
was organized in 1865. 1t is probable
that no company has had more cred
table and honorable career than this
concern during its existence of nearly
a half century, and. considering it,
comparatively small capital, 1t ap-
pears certain no like concern has re-
ceived or deserved the confidence OF
| the public TO greater degree.
The company's last report OF con-
dition showed II has assets of s532,51o:
reserve for unearned premiums OF
s23e,94a. and surplus to policyhoiders
of $252500. The conipany's record has
been one of liberal adjustments and
prompt payments OF all fire losses.
No Criticism; Regret.
Regret at the decision of the board
was voiced last night by large
stakeholder OF the company, who de-s
clared:
There Is no adverse criticism of the
management OF the company. On the
contrary, the conduct of the affairs OF
the company, under Judge George =
Christian, as president. Fritz Sitter
ding. as vice president; A. Fl. Harris.
as secretary, and William r. Miller.
as treasurer, has received. as 1t de.
serves, the highest endorsement and
communication of the board. and II II
worthy OF remark, that during the
ten years Of Judge Christians admin
istratton. not a dollar ofsthe assets cx
the company has been lost by bad in-
/ veStments.
The real source Of regret Is, that =
company. with such an honorabl0
name and record as this has should
deem ii best to retire from business
for the reasons above indicated. and
necessarily to throw out of employs
ment It's faithful and efficient corps *
employees"
The directors of the company are:
George l.. Christian. John s. Elicit, r.
Sitterding, s. II. Halves, II. w. Roun.
tree, n. f. Ancarrow. ]. d. Carneal,
T. Archibald Cary, w. NJ. Addison.
Horace S. Halves. l.. z. Morris. Steward
NJ. Woodward, b. Pollard Cardozo, &
ID. Scudder.