The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1873-01-10
A STATEMENT
OF THE CONDITION OF THE
Mutual Fire Insurance Company in
Hartford County,
Ar TIE CLOSE OF THE YEAR 1872.

The undersigned, members of the EXecu-
tive Committee respectfully report, thai
upon examination of the books and ac-
| counts of the Company, they find its con
dition to be, on the 3lst day of December,
1872, rs 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 rs
VIII he 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-
crage of the previous annual losses. Owing
to the heavy demands upon the company,
1t has become necessary to levy Il 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 n hand
| some balance in its Treasury
1t should he 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 injudi.
cious investment might be totally or par
TALLY lost.
Other companies, it is true, established
since ours, have pursued II 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 Ola com,
pany when there is no call for it, and es.
pccially when the property Of the member,
under our mutual system Of insurance, is
already mortgagcd 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.
ticicnt to meet the current expenses of the
company, and to form such Il fund as would
pay off such losses as would likely occur
up to what might be supposed fair aver
age, and anything over this to be met bv a
contribution levied upon all, in proportion
to the value OF the property they might
navy lH9ulCt, vi W ia" Is Tue same IllnH,
on the amount Of their note given us II
premium for said insurance. This policy
we deem much the most equitable one, and
would not advise any departure from it.
1t may not be amiss to state that the ex-
penscs 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 Treasurcr-thc one officer d scharginy
the duties of both misunderstanding II
salary far smaller in 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 II century, and it can
safely assert, that upon comparison, it will
be found that its members have enioycd an
insurance against the ravages of fire, which
for economy in the amount paid for protec-
ticn, and for the most thorough and I'M
doubted reliability of being paid in the
event ofloss, could not have been afforded
to them by any other institution in either
city or State.
JNO. CARROLL WALSH,
NELSON COOPER,
CHARLES NJ. JESSOP,
JOHN s. DAIIAM