The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1851-11-01
S1l93.Gi

on their premium notes is Sll93 Ga
The outstanding loans are as follows:
On mortgage, 100000
On Judgment, 10000
On Note and Security. 10000
Making together the sum of $377S.59
Within few weeks past we have
met with one small loss fhe first for
the last three years. IN the property of
Mr.. I theodore Taylor at Battle Swamp,
amounting according to the award cfthe
appraisers, to SIC, 80, which has been
paid to him.
While the success OF the company,
and the comparatively small amount of
losses we have been called upon remu-
nerate, is subject Of congratulation to
the managers as well as to the members
the part of wisdom is to look forward to
heavier demands at some future day.
II can scarcely be possible that we should
from year to year continue to escape.
In the common order of things losses
must one day be expected, and we
should therefore, not only husband our
resources, but be prepared to meet in
the proper spirit whatever legitimate
demand may come upon us.-The eX-
ceedIng low rates at which our insuran-
ces are effected, Gas we believe greatly
below any other company now in sue
sesSiul oreraIon,) would seem to render
this caution particularly necessary
The rate OF permlums having been cs-
tabllshed at SO low figure (being less
than an average Of 2! per cent? the pre-.
MUM or deposit notes are much less
III amount than those of any other ON
pany upon the same amount of property
insured, and the accumulation of funds
from the annual payment of interest
thereon is necessarl y not very rapid, SO
that IN case OF any heavy loss, we should
be obliged to resort to an assessment up
on the premium notcs.-lt is we'll we
should keep this matter in view, and in
CASE any such necessity should arise, it
is hoped that the demand will be cheer
lul!y and promptly met by every mem
Der. 10 avoid this alteration other
companies have found it necessary to in
crease their rates of premiums to such an
extent, as Will make the income from
The annual payment Of interest, sutii-
Cifnj to meet any reasonable amount Of
losses, and this is without doubt the most
advisable policy. We sincerely hope,
.HWeyer, that this company will not soon
De called upon to ado,,t either course;
and these suggestions are made solely
Tor the purpose OF preparing the minds
OF the members to meet any misfortun"s
that may come upon us, and of guard
ing them against that feeling of lstlrSs
security which oar success thus far may
have snperinduccd.
The managers would again call the
attention Of the members to the propri-
ETY. promptly having their interest ON
the day Of the annual meeting, or as
soon thereafter rs possible. The rule is
IeremPtory (and cannot and will not in
any mans case be departed from) that
the interest on premium notes must be
paid before the adjournment of the an
nual meeting, after which the property
stands at the parties own risk INT paw
msnt isinade. Many, far too many, ne
eject tier payment until months after
the annual meeting. This is not only
their own security, but is
a positive injury TO the interests of the
as it delays the investment of
the funds and lessons the interest annu-
ally accommodating upon the loan. 1t is
desirable that this evil should be cor
rcctrd and it is hoped the members will
lock to it.
All which is respectfully submitted,
II. 5. SITES, President.
F.A. ELLIS, Secretary.
The Report having been read and
adopted, the meeting went into at cleo
lion Of nine managers for the next year,
when the following gentlemen We're re-
elected:
TnoMas c. CRooKsHANKs,
SAMUEL B. FoARD,
WILLIAM ToRBERr,
JOHN PAET2lDGE,
Henry 5. Sites,
HENGY Cu>MBERLAIN,
JACOB ToNE,
JoSEPl~HAINEs, and
Thomas RICHARDS.
Test +. A. ELLIS, Secretary.
Note by the Secretary the adj
journmcnt Of the annual meeting, two
other loans have been authorized by the
one of $500 on Judgment,
and another of $500 on Mortgage.