The Cecil Whig., 1850-11-30
$l39,60

20: as yet there has been re
ceiNcd but HE sum OF Si3,a6
which is included in the ten
OF 11ll7,1+, leaving still due
Of the interest tor that year
the sum of $lo17o
1heamount invested on Bond
and Mortgage is SioOO,OO
Shewing an aggregate of S21I,2.9S
The Managers feel highly sra,itpd in
being enabled to submit to the members Sd
favorable statement of the affairs OF the
company 1t Is proper however to state
that the whole nl the above me ntionod
sum of $26S3,0S cannot BE- Anticipated.
The actua' receipts may possibly fail short
some three or four hundred dollars for the
reasons hereafter given.
The Managers are constrained 10 be-
lieve that in the original organization of
the company many p"rsonS y re induced
10 become member ''" "'."o-
pelty upon the ljy.,....
perhaps have " 'intly cvl.s.-... -.
su joct, no" t'.,jt -''"a' interests ir
maintaining theIr 80, "..
The consequence I.4s ...... ,...s "a,
them from 'lck OF ,nirr st in the mat
ter have failed 10 meet their premium III
lereaS alter the first payment, and not a
few indeed have altogether failed to make
even the first payment, and obtain their
policies although they have d. posted th..ir
r. , ,y E,,
there is now in b. hands oi the Secretary
- number of policies issued upon some OF
the earlier surveys whic h have never been
delivered, called for or accepted by the
parties. The property however still ia
naming as originally entered Oh the
Eoo!s Of the Company ard their premium
notes on file with the Secretary. Again
others have disposed Of their property, or
have LIT the county and have failed TO
transfer their policies, or 10 surrender
them and withdraw their premium notes.
The conseq uencc is that as the estimate
OF the annual rece pt OF interest is based
upon the amount oi notes on til-, the csti-
mate Is never realized: the actual rpccip,s
falling. short from 500 to $50 III each
year. Another consequence is that the
secretary cannot with any knL ol accli-
rncy prop rlY apportion The aunual cx-
penSrs OF the company and credit the TN
app opra'ed interest, as the act OF !ncor-
poratIon requires. 1t Is desirable that
tins state OF things shduld not longer con-
tlnue, and the Managers would therefore
recommend that before the next Annual
Nee lng special notice De sent to each ut
the aali several parties, and that al! such
surveys as shall not by that meeting BE-
property adjusted, he stricken from the
Books of the company and their premium
notes cancelled
1t is believed that many Of these partiqs.
when he mater is thus brought to tl,rl
minds will see the propr!~ty otaN imne-
dla'e adjustment, and their true in elest
therein. With such as do not properly
resp ond to such noice il would in the
judgment Of the Managers be altogether
tneXpelient to enter INTO litigation. The
wpliale and success OF the institution de
pends maiulv upon the interest which The
members tn emselves feel IN It's operations
when this fails lcga. cuercian tan be of
but little value. 1t is worthy OF remark
that msst OF the surveys returned 10 the
Office within the last 1S months or two
Years have been made for persons who
properly appreciate their in rrcsl ~ tins
mattel, although 1t is much TO be regretted
lha many far too many ol he members
neglect 10 pay their interest on the day
OF HE annual meeting and thus suffer their
property 10 and al their own Iisk until
the payment is made which IN many
casrs is not until months after the annu
al meeting. Should fire occur under
hese circumstances the delinquent mem
Der would be without remedy; and il
matters not how nrcessltous or unlortun
ate he may BE- or how strongly his Case
may apl cal TO he sympathies OF the
Board and OF his fellow members, 1t is
MANIFEST the loss cannot DC paid; II would
be unjust 10 every other member of the
company, it would drsno, all the useful
ness ut he instiuilon, and it mus, not be
expected The opl v uue policy is TOR
every member 10 meet his paymen
promptly on Ihe day OF The annual NEE
ing.
II is gratifying TO the managers to re-
port that during the pas year we have
met with no losses from fire except the
very inconsiderable one mentioned in the
TreaSurers statement which was pa,d
without the tormal'y of an appraispmen,
During the last winter the attention oi
the Beard was called by The Secretary TO
the exposed condition of the Books and
papers OF the company, and the danger
ol their entire destruction by fire while
deposited and kept in the small frame Of
flee then occupied by him. 1t was deem
ed not only advisable but absolutely ne