The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1873-01-25
Miscellaneous.
A STATEMENT
OF THE CONDITION OF THE
Mutual Fire ms. Co. in Hartford G,
At TIE Close of the Year, 1872.


VNHE undersigned, members of the Executive Commit
tee respectfully report that upon examination Of the
hooks and accounts OF the Company they find its con-
Gtion to be- the 31st day of December, 1879, as is
set forth in the accompanying statement.
The past year has been remarkable for the great
destruction of property by fire. throughout the entire
country, and will be seen, Company has, in COM
with such institutions, suffered severely. The
of property destroyed and insured by its Poll
cies, will nearly reach the large sum OF twentysix
thousand dollars about ten thousand dollars than
the losses of 1871 and about twenty thousand dollars
than the average of the previous annual losses
Owing to the heavy demands upon the company it has
become necessary to levy contribution Of six per cent
upon the premium notes. This, with the current in
rest when paid will permit the company to discharge
all its obligations and leave handsome balance in its
Treasury.
1t should be borne in mind that it ever been the
pc Icy of this the pioneer Mutual Fire Insurance Com
pany in this STATE from its commencement nearly thir
Geemng it to be the wisest not to large
surplus of money for which the company had no imme
diate use, and which, through injudcious investment
might be totally or partially 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
plus and have therefore avoided the necessity ofevy
ing contributions, but the wisdom Of drawing money
from the pockets of members, to be placed the
ury company when there is no call for it, and espe
cally when the property Of the member, under
tual system ofinsurance is already morgaged for the
payment the note its interest and any contribution
which may be levied is, saying the least of it, question
able. Our has been to exact no more from the
members than sufficient to meet the current expenses Of
the company, and to form such fund would pay off
such losses would likely up to what might be
supposed fair average, and anything this to be
met by contribution levied upon ALL in proportion
the value of the property they might have insured
what is the thing the amount of their note Civ
premium for said insurance. This policy we
deem much the most equitable one, and would not ad-
wise any departure from it.
1t may be amss to state that the expenses of the
company have been confined to most economical ad-
mnstration of its affairs. The President and Directors
receiving 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 Sec
rotary and Treasurerthe one officer dischargng the du
ties both postionsreceiving salary far smaller In
amount than paid by any of the other mutual fire in
companies in the State to the officer performing
the same services.
This company has been in operation over
quarter of century, and safely assert that upon
comparison, it will be found that its members have
oyed insurance against the ravages of fire. which
economy in the amount paid for protection and for the
thorough and undoubted reliability of being paid
in the loss could not have been afforded them
by any other institution in either city or State.
JNO. CARROLL WALSH,
NELSON COOPER,