National Republican. (Washington City (D.C.)) 1872-1888, 1879-02-08
ExrRAvAeANr DIRECTORS.
Complaints OF the Policy Holders OF the
Mutual Fire Insurance Company.


Complaints OF the Policy Holders of tho
Mutual Fire Insurance Company.
A meeting Of policy holders of the Mutual
Fire Insurance Company of this city Is an
nounced to take place this evening at Polkin-
horns printing Office for tho purpose of nomi-
mating board Of seven managers TO conduct
the affairs of the company. Much dissatisfac-
tion has been expressed at the manner In which
the present board have transacted business, and
new deal has been decided upon. Among
the grievances complained of are the follow
ing; When the company was organized II was
agreed that only tho president, secretary, and
treasurer should receive salaries. The board
OF directors, however, finding more money In
the treasury than they knew what to do with,
decided that each member Of the board should
DO paid 5000 per year tabout $40 meeting)
which would be $500 for the seven members
The president was to be remunerated for his
labor as follows: As president of the company,
$1,000 per annum as member of the board of
directors $500 as surveyor of property to be
insured, $500; for signing policies, 5000; and
expenses for horse and carriage, $500, making
total of $500 per annum. The sccretary's
salary was fixed ut So 400 per annum, and the
treasurers Mt $500. The total for salaries of
officers of the company will be seen to foot up
$4,000 per annum. The policy holders were
much incensed Mt this action, for they had un-
derstood that the company was to be conducted
on mutual basis, the officers actually neces.
sary, such as president, secretary, aud treas
urer, to be paid only nominal salaries. This
extravaganza in the matter of salaries caused
the policy holders to grumblc, and Is the prin-
cipal reason why at the last annual meeting no
officers were chosen. the subject being post
poned until the third Monday Of this month.
The property known as THE Marble build
ing" corner of Ninth street and Pennsylvania
avenue north west was purchased from Mr.. j.
I. Mckclden, treasurer of the company, for
$4,000, the policy holders again being ignored
in the transaction. 1t is stated that the prop
erty has deteriorated in value, and that at
present 1t would not bring more than $4,000
If put up at auction.
No reduction has been made in the policies
for twenty years, the holders having TO pay
the same this year that they did for the past
twenty.
a great deal Of money belonging to the COM
pany has been loaned out to the directors at
per cent. interest, Good security has been
given in every case, so there is not much to
} complain of in that direction. The company
IS perfectly solvent, having S1S5,000 in cash at
its command.
All these grievances have been talked over
by the policy holders, and it has been decided
that salaries must be reduced and the affairs of
| the company conducted on more business like
principles. 1t is claimed that tho books are
nearly five years behind, but nothing definite
can be ascertained in this respect until the ex-
aiming committee appointed at the last meet.
ing make report They have been hard at
| work and will probably be ready with de-
tailed statement in time for the adjourned
meeting, the 18th inst. The policy holders
who were questioned state that they are de.
termined to elect new board and the meet
ing this evening will probably be lively one