Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1914-12-08
Chance In Citizens Fire Insurance Co.

A new schedule went into effect on
the B. & O. Sunday, but that company
is keeping it profound secret-ihat
is in so far as advertising it is con-
cerned. But the company doesn't fail
to try to get couple of columns of
free advertising into the papers everv
week through what it terms its pub
licity bureau, all of which goes straight
into the waste asket 10 this flee.
We will venture the assertion that, not
counting railroad employees or those
who have TO meet the trains regularly
there are not twenty five people in
Hampshire county who knew the ex-
act time of the arrival and departure of
trains at this place under the defunct
schedule. The Public Service Commits
sion would confer a favor on the trav-
cling public if it compelled the railroad
companies to advertise their schedules
in the papers of the state. = Hampshire
Review.
That the financial situation has un-
dergone decided change for the bet
ter is indicated by the announcement
made today of the formation of new
financial institution. backed by strong
Baltimore interests. which will begin
business in the near future. The new
company, which is to be an investment
corporation, will be known as the Citi-
zens Company, Incorporated, and will
acquire the assets of the Citizens Fire
Insurance Company.
Announcement to this effect was made
today at the Office of the Insurance Co.
by President R. w. Alexander, who al
SO made known the fact that all the
| fire risks of the last-named company
had been transferred to or assumed by
the Niagara Fire Insurance Company
of New York. The capital stock of the
Niagara Insurance Company is 81. 000,-
900. surplus So. 500. 900 and total assets
Sc. 9l6,9 22, thereby absolutely safe
guarding every policy now outstanding
of the "Citizens.
The Citizens Fire Insurance Com
pany will retire from the fire insurance
business and be merged into the new
Citizens Company for the conduct of
financial, investment and security bus
mess. participating in undertakings
and acting as fiscal agent for corpora
tons. The new company is incorporated
under the laws of Virginia. with cap
ital of $4,000. 900 of which 81, 500. 900
will be 6 per cent. cumulative PREFER
ed stock. and $1,000, 900 common stock,
each of the par value of $40.
Van Lear Black. vice-president of the
Fidelity Trust Company of this city.
will head the new company as president
and it is stated that men of important
financial interests will be represented
on the board.
The Citizens Fire Insurance Com
pany is a West Virginia corporation,
having been organized under the laws
OF that State in 1907. with an author
lied capital of 81, 100000 At recent
meeting of it's directors is was conclu-
ded that under present business condi-
tons. the increased tax burdens, the
outlook for fire insurance business for
the next few years vas not promising,
and under these existing conditions
with the strong associations of the Co.
an unusual opportunity was presented
to the stockholders to obtain more sat-
isfactory returns in the line of opera
lions contemplated by the Citizens Co.
The reason for the change in the
status of the Citizens Fire Insurance
Company from an insurance corpora
ton to an investment corporation is the
belief that the investment field will
prove more profitable than the insur-
ance. The headquarters of the Citizens
Fire Insurance Company were moved
to Baltimore in November 1911. just
prior to which time interests identified
with the Fidelity and Deposit Company
of Maryland acquired controlling in
terest in the Company. 1t is understood
that r. W. Alexander, president of the
Citizens Fire Insurance Company, will
be identified with the new corporation.
The Citizens Company. with Its large
capital, will aggressively go after bus
mess, and those behind it are confident
that it will soon take front rank among
institutions of its kind.
Besides its local connections, it will
affiliate with strong corporations en-
gagged in the same line of business in
other cities.
A majority of the stockholders al
ready have assented to the proposed
change in the status of the Company.
Baltimore News.
The Citizens Fire Insurance Com
pany of West Virginia, having decid-
ed to discontinue the writing of fire
insurance and do banking and bond
| brokers business, have arranged TO
tTdHSIST luclI ldDlllly uHNSl 'hSH Ou'
standing fire insurance policies to the
Niagara Fire Insurance Company of
New York, an old and well established
company, with over S7,O00000.00 as
sets.
For the information of those of our
clients holding policies in the "Citi-
zens" we beg to announce that they
are amply protected by the "Nia-
gara's" guaranteeing payment under
all outstanding Citizens policies; and
in addition thereto we of course will
see that their Interests are properly
looked after in event of loss.
WASH, ALEXANDER & COOKE
General Insurance Agents.
Mr.. Peter T. Barnes, SO years old, /
prominent miller of Fairmon., w. Va.
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