Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1873-02-21
FCOMMUNlCATED.l
Maryland Mutual Fire Insurance Com
pany of Baltimore.

MR.. WELLS Dear Sir,-I wish to say
few words in reference to the above In
surance Company, and of insurance COM
panies generally.
This Company started some four years
ago, on the mutual plan, and of course had
no capital. 1t had to be built up by poll
cy holders, as all do on the mutual plan.
The company solicited members through
its agents, and whilst it has done tolerably
well, it has not done fourth part of what
it should. The note capital is now fifty
odd thousand dollars, when it should have
been at least two hundred and fifty thou
sand dollars, and had its operations been
in any other part of the State except in the
lower counties, it would have been.
Now, I do not think our people fairly
understand our position with regard to
insurance companies. There is not anoth-
er mutual insurance company in the State
of Maryland that will insure a dollars
worth of property for the citizens of the
lower counties. speak advisedly of this
matter. The President ofthe Montgomery
County Mutual Fire Insurance Company
the venerable Edward Stabler, was solicit
ted in person to try and induce his COM
pany to extend their risks to Charles and
st. Mary's counties, and he promised to
use his influence with the directors for
that purpose, and did so, but they posi-
lively refused to do it, saying that the
company was large, and of course wealthy,
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nearer home.
This company started just as the Mary
land did, without dollar of capital, and
it has been in operation twenty-five years
has paid all its losses and expenses, and
now has note capital of some eight hun
dred thousand dollars, and has cash in
come of some thirty-fve or forty thousand
dollars annually, with only interest on the
premium notes at 4 per cent, and until the
last two years the interest was but 3 per
cent; but, like almost every company in
the United Statas, its losses has been great
the last few years, and it was deemed neces-
sary to increase the interest. am not able
to say whether this company has ever found
it necessary in its infancy to assess its pre-
MUM notes. There are few persons in
this county who were insured in this COM
pany many years ago, and do know that
they have been refused any new risks on
any property not heretofore insured. So
much for the Montgomery.
The Baltimore County Mutual Fire
Insurance Company started some sixteen
or eighteen years ago, and sent an agent
through the lower counties soliciting mem
bers, and got quite large number, and
among the rest. the writer of this. Well,
like the Maryland, it was unfortunate in
the lower counties; in our own county, in
very short space of time its losses were
very heavy, having to pay for the dwell
lings of Mrs. Grain, Mrs. Robertson, Hon.
F. Stone and the late Judge Burgess, and
there may have been others. This so alarm
ed the company that it made a deduction
of % per cent. on all it's risks in the lower
counties, and in a short time thereafter
cancelled all its policies and withdrew it's
protection entirely from us, which think,
was great outrage on our people; but the
company grew rich and did not need u.s.
The writer of this has several times solicit
ted this company to insure his property
as special favor and they have always
refused. So much for the Baltimore Coun-
= ty Company.
g The Maryland Mutual Fire Insurance
Company of Baltimore was started express
ly for the benefit of the lower counties of
Maryland, differed in part by our own
citizens-our county having two directors,
Judge Brent and George P. Jenkins, Esq,
and George Coomes, Esq, of St. Mary's
county, being three out of the eight direc-
tors; and these gentlemen are men of high
integrity and business qualifications, and
would not be parties to any transaction
that was not highly honorable.
NOyU If 10 n1oar1u CHI hot xryo have
but this company to look to, and if we
would do for it as the Baltimore company
and the Montgomery company has been
done by-that is, for all our people to in
sure in this company, and for the present
members to come forward promptly and
pay their interest and assessment, without
complaint, and to insist on and induce
their nelghbors to insure, in very short
time this company would stand as the
companies of other counties do, and in
stead of having to be assessed, their pre-
MUM would be reduced
This can never be accomplished by its
members complaining of the assessment,
and in many cases withdrawing It is
clearly shown by the annual statement of
the executive committee, that the relative
rates of this company with stock companies,
and with the assessment added to the in
terest, 1T Is in favor of the mutual company
by over fifth ; and if our people would
only take hold of this matter as they should
we would in all probability never have to
be assessed again. AS regards the expense
of this company, do not think it at all
large $4,000 is certainly very small ex-
pense for an insurance company paying a
president and clerk, directors, office rent,
agents fees, printing, stationery, postage,
&C., &c. 1t is evident that you cannot get
men to devote their time and talents unless
they get paid, and it would be wrong to
wish it. do not know what the presi-
dents salary is, but it cannot be large,
when so many other expenses have to
come out of the $2,000-he also acting
as secretary and treasurer; but I do know
that he deyotes his entire time to his
Office. I have had considerable business
relations with this officer, and must say,
that in an experience of twenty-five OF
thirty years, have never met with more
prompt business man and he is always
willing and ready to show to the smallest
policy holder in the company the condi-
lion and workings of the same and in fact
he takes great pleasure in so doing. Now
about our losses they have been nearly
$4,000 in the last two years. Who were
the loosers and got paid-men that we
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