The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1873-01-17
a STA ! EMENT
OF THE CONDITION OF THE
Mutual Fire Insurance Company in
Hartford County,
AT TIE CLOSE OF THE YEAR 1879
AT TIE CLOSE OF THE YEAR 1872.

The undersigned, members Of the FXccu-
tive Committee, respectfully report, that
upon examination of the books and &C
counts of the Company, they find its con
dition to be, on the 31st day Of December,
1879, as is set forth in the accompanying
statement.
The past year has been one remarkable
for the great destruction of property by
fire, throughout the entire country, and as
will be seen, our Company has, in common
with such institutions, suffered severely.
The amount of property destroyed, and in
sured by its Policies will nearly reach the
large sum of twenty-six thousand dollars
more than the losses of 1871, and about
twenty thousand dollars more than the av-
erage of the previous annual losses. Owing
to the heavy demands upon the company,
it has become necessary to levy q contribu
ton of six per cent. upon the premium
notes. This, with the current interest,
when paid, will permit the company to dis
charge all its obligations, and leave hand,
some balance in its Treasury
1t should be borne in mind that it has
ever been the policy of this, the pioneer
Mutual Fire Insurance Company in this
State, from its commencement nearly thir-
ty years ago, to charge the smallest rates
OF premium, deeming it to be the wisest
course not to amass any large surplus of
money for which the company had no i'm
mediate use, and which, through niudi.
cious investment might be totally or par
TALLY lost
Other companies, it is true, established
since ours, have pursued different course,
and by charging high rates of premium,
succeeded in rolling up large surplus,
and have therefore avoided the necessity
of levying contributions, but the wisdom
of drawing money from the pockets of mem
bers, to be placed in the treasury of com.
pauy when there is no call for it, and es.
pecially when the property of the member,
under our mutual system Of Insurance. is
already mortgaged for the payment Of the
note, its interest, and any contribution
which may he levied is, saying the least of
it, questionable. Our course has been to
exact no more from the members than suf
iicicnt to me- t the current expenses of the
company, and to form such fund us would
pay off such losses rs would likely occur
up to what might be supposed ii fair aver
age, and anything over this to be met by II
contribution levied upon all, in proportion
W. Wv '"'hN w WV bI'pNItN tHtN Hl2HI
have insured, or wlIut is the same thing,
ON the amount OF their note given us Il
premium for said insurance. This policy
we deem much the most equitable one, and
would not advise any departure from it.
1t may not he amiss to state that the cx-
penses Of the company have been confined
to most economical administration of its
affairs. The President and Directors re
ceiving no pay for their services, other than
per diem scarcely sufficient to pay their
hotel bill when in attendance upon the
meetings of the Board, and the Secretary
and TreasurGr-theo one ottiGsc-si L,iaEyi;ifg
T the duties of both positions-receiving u
salary far smaller i'll amount than is paid
by any of the other mutual fire insurance
companies in the State, to the officer per
forming the same services.
This company has now been in operation
over the quarter of a century, and it can
safely assert, that upon comparison it will
be found that its members have enjoyed an
insurance against the ravages of fire, which
for economy in the amount paid for protec-
ton, and for the most thorough and I'M
doubted reliability Of being paid in the
event of loss, could not have been afforded
to them by any other institution in either
city or State,
JNO. CARROLL WALSH,
NELSON COOPER,