The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1874-10-01


beesuae wa wAnaae iu power or
meanH BRt 700 acknowledge thai tho
oanra any hare not goen wanting u q
person 20 as so.
sataa vears sro there uas loeaiei at
Granville. N. y oaH . miia distant
tEe Washington a.. Malual lnsarauec
80 Ibss ake tse Lyoomiag, bad 90
csTstal bat their prcmlums notes, They
did Lyennlug slyla. by agegts, a gcngr.
81 insurance hAsiHess, broadcast thruuEh
tlle country Tbelf solicitors threaded
almost every river asd by-way sind can.
rassed every hamlet Ia lhe land Their
. business extended over great territory
aud lbclr policies covered 3 vast amount
/ of property Their prosperity a. eylueed
. by lhr amount u business they had done
and we're doing was plseardgd and pub
lishea IN every available manner. The
business went GA swimmiugly 50 long as
( thc advance receipts were sufficient to
meet llo wauts oI the company, aud
the membgIs houoraj aud paid the FIRST
( few assessments. Bat this increasing
+ buelues, of course was ineurriBg iperuas-
lag and additous risks, and proportion
ate losses, which must be met, aud when
the great iufux OF new business ceased
OF partially erased and the receipts of
the eauyassers became prupouionatoiy
loss, lhr company were compelled 20 re-
SOFT % their premium notes. Aud when
tsey commenced TO enforce their colicc-
tiuu, cor Che assessments upon them, they
found another difficulty in resorting
to be tribunals Of different states, aud
the varying laws IS home aud abroad. --
Claimants pressed their claims for losses.
The company were not able 60 make
their aotes available 80 meet them. aud
snit after suit WAS commenced, and in
junction after injunction was granted,
until finally it burst, the flimsiest and
/ thiunest bubble ever inflated in this sec
ton of the country, except as to the Of
ficers pockets. ! saw or think | saw that
in tue Lycoming, the Washington County
fiaseo would be reproduced. ! am of the
opinion and am free to express ii, that a
mutual fire insurance company cannot
successfully prosecute general broad
cast business. Principle is against it.
theory is against it, and experience is
against IT, Aud if the Vermont Mutual
should throw open its business TO an iii.
mited territory should lose all conf
dence in that. But while 1t is confined
to the state, with a director in each
county and an agent in each town, aud
with the extensive acquaintance of the
president vice president and secretary
throughout the states, the soundness of
every note by them received will be
known. Aud in addition to this when
personal property only, or mortgaged
real estate is insured, good security is
required on the note; a requirement not
exacted by the Lycoming. Aud when we
take into consideration that these notes
are to be enforced, if at all at home by
tribunals eminating from the same legis-
lature which granted is charter, it may
substantially be said that the premium
notes of the Vermont Mutual are worth
100 cents on the dollar, while those of
the Washington county proved valueless.
And when we see the Lycoming branch
ing ont and off as did the Washington
County, pursuing the same course and
stepping in the very footsteps of its Illus
trious predecessor, may we not safely say
and even predict that II win moot with n
similar end 1t is true this is somewhat
speculative and theorizing but as it form
ed a part Of the conversation between me
aud your correspondent, and his pur-
chaser il is very proper that il should be
here introduced. And whether It con-
tains Que SHADOW Of truth" or not we
must await the result of time. The sur
est processes are often slow.
But we did not spend all our time in
theorzing. We dwelt awhile on what
we supposed were facts. As you declin-
ed to give my statements, ! do not see
how their truth or falsity can be ascer-
tanned unless ! state them here.
represented and showed
that the Lycoming on the
first of January last had
premium notes TO the
amount Of 5000, 7S8
That It had in judgements
against Mutual policy
holders on assessments
made b. pay losses BY the
Chicago fire slg9, G65
Al other assets
eides prem. notes 263,699
--- $4G3, 3G4