The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1858-07-31
For The Cecil UAig.
Mutual Fire Insurance Company of
Cecil COuntT.


Mr., RICKETTS, IL have recently received ;
number Of letters asking information in refer
encc to the transactions Of this Company
during the past year, and the reasons for the
assessment made upon the premium notes
to some OF which have replied. Finding
however. that the pressing duties of my ellie,
at the closing up of the year, which will end
on Saturday next, demand my entire altcn
ton, day and night; anG being ANXIOUS to at
ford to all who wish it, in advance of the
Annual Report, the information desired, |
am induced to ask place in your columns
as convenient mode Of carrying out this
purpose.
BY referring to the last Annual Report, thc
members Will find that the losses and expen.
scS Of the year ending August LIST. 1857 wcI,
. 6Sl 20, and that the income ofthc year was
- 1913: leaving deficit If - 90S o..
Upon lh's statement the Board Of Mana.
gers in the Report made the FLOWING re-
marks:
TO meet this excess, an extra assessment
or tax of 3 per cent. on the premium notes
would regularly be required: but the Board
have deemed ii most advisable TO avoid
making any such extra call upon the members
unless il shall become absolutely nccrssarv.-
due and payable at this meeting and to the
balance III the treasury as the means orliquirla-
ting this excess, they have determined to
make no assessment or tax, in the hope that
the incoming year will be less untorunatc.-
relying upon the promptncsS of the members
To meet every case Of necessity when fairly
presented, they deem it unadviSablc and I'M
necessary to draw the money ont Of the
pockets of the members for the mere purpose
of swelling the amount in the treasury by any
extra or irregular demand"
The rate of assessment required was stated
in round numbers at per cent, bat in fact
1t would have been nearly, percent, as the
available notes upon which it could have
been laid and collected, We're bur SO 552 20.
Looking, however, TO the balance in the treas
ury, which was properly due to members for
that year, as the means Of supplying the
balance, the rate was stated at ) per cent
The reasons given in the above extract for
declining at that time to make the assessment,
were generally approved by the members of
the company, and were deemed iudicious
considering the scarcity Of money at the time,
and the possibility that more fortunate
year might avoid the necessity for it alto
gcthcr. 1T Is much to be regretted that the
hope of a more fortunate year has not been
realized.
At the Third Quarterly Meeting of the
Board Of Managers, hll ON the 9th Of May
last. the LOSSES OF the year, as asccrtaincd
and awarded up to that time, amounted to
a5115.59. There were still some five or six
other cla ms, Che most of them small ;
two Of the claims Of large amounts J which
was then undetermined, but which the Board
could not with any degree Of certainty or
safety, estimate at less than 50 600.
The expenses can never be known with
certainty, until the close of the year: they
were put down at Isl 200 thus estimating
the losses and expenses Of the present year al
$S9I5.50.
Tic income Of the year was estimated at
$4,000, but will not reach it by about 4 20
These estimates left deficit for the pres.
cnt year Of $2,945 So The available notes
OF the year were estimated at 500 800, upon
which an assessment Of ) per cent, was found
necessary to raise the estimated deficit
There was but one course fol the Board of
Managers TO pursue. The losses, fairly as
certancd according to the requrments of the
BYLAWS, had to be paid, or the credit of the
Company was gone.
The revenue Of the year had been reduced
by paying out Of it the deficit of the las
year, 50 that it was largely below the demands
upon it. To avoid the necessity of lcvyng
and collecting the assessment in the middle
of the year, which would have been expensive
and exceedingly difficult, the Board had