Litchfield enquirer., 1860-05-31
$4s. .s60.21 s121. .69O.59 s9, ,4as

$48. 8.s6O. .21 s121. .690. .59 s9, ,104 ,4e8 Of the amount of Cash received for Premiums. ...................... S4o,ooo.@i There has been paid for
 losses and expenses to
 this time. .......... Sai, l<o.'o For Dividend of 10 perct 40, .-r q.
 paid on years renewals 64|.lz-s sSA'7'o.o' Which deducted from the Cash receipts
 leaves. s....: '''o7''' Amount received for ln-
 terest on loans last year $l l,O4l.lS
 Due from Agents and
 Cash deposited. ....... s,2ao-S -Ss- s4'ooo'o o- Cash Fund. d................sal, sal, ,es4 SC 1.-the amount charged on the books, s12l CSC. 5s
 there has been cancelled. ......... 9o,o5o. os
 Balance. SLo, ,loo' l Which, with the Cash funds. ........ 2l,6o4 s6 And money loaned as above,
 Makes an available Capital of. s47 ,844. .67 RECEIPTS AND EXPENDITURES FOR THE YEAR le5o-59 {: Received for premiums, deducting divi.
 dend. ................. :........95'os Vo Received for interest on loans last year. 1,042
 s5,43s 25 Deduct Losses and Expenses. ses........... 2,723 0o
 Balance resulting to Fund. s2,710. P Of the Property insured s9, ,104, ,4ss There has been surrendered, mostly by
 expiration of policy. S6, ,569, l64 Remaining still insured. .$2, ,535, ,32
 The Company have no unpaid losses nor claims nf r. li,Ao fh..n,
 They have never made an assessment, and dur ing the past year, have paid a dividend of 10 per cent. on their renewal of policies of insurance, which they will continue through the preseLt year, and probably for the future.
 They have bylaw which prevents the assur ing of any risk, which, ill any contingency, in wolves the loss of more than S2,5O0 of property Hence there can be no apprehension of any fu- ture assessment. The funds of the Company are loaned on bonds and mortgages, and other secu- rites where they can be made available at any time
 For the prevention of fraud, and as protection against over insurance, the Company pay thrte- tourts of the cash value buildings which is usu ally {deducting the foundation, the full value of the property destroycd-and also the full cash value of all partial losses on buildings and all per ,onal property contained therein, withina,non of the insurance. The Company have inserted iE their 'stereotyped policy provision, by which, in any of disagreement ill relation to the loss or damage sustained by the insured, the questions ari sing therein shall bcsubmitte to three udicious an ldsinterested persons arbirators, selected in tn. usual way by both parties; or if either party ne elects to appoint it shall be the duty of the Judge of Probate qualified to act, to make such appoint msnt whose award in writing. aftera fair hearing, shall be final. This has been found q just prompt, and very satisfactory method of adjusting all claim of doubtful character, avoids all litigation. and is not expensive The financial atfairs of the Con- pany have been managed with the most rigid econo my. The expenses have been mostly for renewal of policies and the compensation to agents, (not exceeding 10 percent.) The incidental expenses of rent postage, and other services, have not exceed cd seventy dollars per annum. The history of the Company exhibits the fact, that strength and cm- nent responsibility are necessary to render Con- pany prosperous and give it the full confidence of thepublic. Under the Five Years system, the Com pany barely existed with a cash surplus but under the present system, and for the last ten years it has not expended 40 per cent. of annual cash re cepts and has become one of the strongest Compa- nies in the State. Other mutual Companies charge from to 10 per cent. on the property insured, on which they receive per cent in cash and the bal ance in notes-prcsenting large amountin notes as capital. Our Company have contented them selves with charging only the amount usually charged by Stock Companies and have not made the insured responsible for more than they would have paid in cash, in annual insurance. To esti mate, therefore, correctly. the benefits which have resulted to the insured on the mutual prin- ciple, we have only to add the cancelled and un- cancelled premiums charged on the books of the Company with the cash receivetl-making an aggregate of sl7O. $50 30. Detlucting the losses and expenses, (s3l, ,l2S.75.) and the balance, Sl39, ,325 05. has been savcd-thus taking an example, d detached risk, at 40 cents on $100, less than onc-fftn of the premiums has been sed-making the insurance cost less than 8 cents on that sum for each year.
 Thn N N,,r,, pf fho and condition of the Company, after twenty-six years oi experience, are the best arguments which can be adduced in favor of the system of Mutual Insurance, and should satisfy the most incredu- lous, that it is both profitable and reliable, when judiciously managed, and at the same time, sus- aims the eminent responsibility of the Company, its claims to public confidence, and its asiapta- tion to the circumstances of our community, for such risks as can be legitimately assumed by the Company.
 In behalf of the Directors,
 -...-- ,.. - .--s- J. G. BEcKwITn, Pres't.
 OFFICERS or THE COMPANY FOR 1s59-6O-J. G. Beckwith, President; J. Whiting, Secretary G C. Woodruff, Treasurer Sheldon Osborn, General Agent.
 Dirseaors-J G. Beckwith, Jason Whiting, Seth T. Beers. A. S. Lewis, Sheldon Osborn, Abijah Catlin, Cha's Adams, H. R. Colt, Philip S. Beebe:
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