Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1879-04-11
PR f IS, FIR I'D a Y
TuE CHAMrLAIs MurrtL.


Van Ness House, lhursuey io.enoOh'
meeting organized with Hon. f. D.Mason, oil
Richmond, As chairman and &. White
more. + q secretary Mr.. Mason explained
tho object Of the meeting. some oil Tue
policy boilers in tIs part OF the county,
having been uo;iti d Of = t. 'tty-.onr per
cent assessment on their premiums notes.
and uneils II understand bow 50 large aa
assessment could re Necessary, hld had
some consultations aga consequent" i when
he hal yeatured to ci!l tbs msetinL, u see
what action could agfshoH!d DO taken 'F tue
interests Of tbs policy ho!ders. who form
the company.
Mr.. Z. 8. Benjamin. Of Woicott. one
of the directors, being called On tor m
formation. said that he had met OAK
n lew time, with tins directors but had
taken considerable Interest in the company
aud induced Mr. Il. +. Parker t. &c; as Its
agent in Llmoile county, snd they had
asked their friends to insure IN tho com
pany. lie had been told that TIE difectcr'
were to seryo with1u. pay. Sdb-eqaeity
he received 4 cheek FOX iir2c dollars i1f his
services a, director rhis he 81 first declined
to take, but a. the officers oi the company
said the business low warranted 1t he hau
accented II. There WAS finally some trouble
in the company Mr.. E W. Peck, ITS
nr.,,dcnt, resigned and Hon. L. 5. TAFT
WIS elected pTe-iGeut lie resigned himself
but wac persuaiE to Withdraw his res:&na-
tion He had supposed the company "oalu
nat wind no without q meeting OF the p0iicV
holders. lie was not present wheh t1o
directors voted TO Wind MP. In response 10
n letter of inquiry, be had retsi7ra i!9ta
State Treasurer Page letter sho NM ' -,
in II but one director. Gsne;ai "
Henry, filed bond as director, ana siheS
then nons had flied bonds. The bonds round
the directors "ior the year ensuing. AS 1t
vas necessary to file bond in order TO
qualify "a director. 1t might be question,
who were directors. lie thought himself
some Of the sills rendered against tae com,
many were TOO big. aud rs Vas IN favor Vi
an investigation by the policy holders
Hiram Atkins, Of Montpelier sad io " '!s
one OF the sufferers, his ssIessmcnt amount
Ing to Sl25 SJmething was wrong me
repOrts of former years showed mat tue
cpnpspy Was doing well. II they wero
correc. no assessment of p per cent could
be needed. As near as he could Inquire, the
losses since March 1878, when the company
was supposed 10 be square, anc with money
in It's treasury. had not been over j per
cent on the premium notes, yet - per cent
is called for. Directors fees and expenses
reported for three months amount to ABOUT
81 900. lie understood that one director
i a II e, bis n nrunp.fV IN Inc
company and advised his friends not TO
insure 10 the company sOmo time aSo-yet
continued as /. director. He (Atklns) did
not want TO cry baby he wanted To pay all
that was Necessary and right 20 cicso UP the
business but he wanted to be sure that
there was nothing rotten abOnt tho concern
before he paid. As it looked to him with
his present light it is . swIntle. tie moved
that a committee of three be- appointed by
the chair, to recommend 10 this meeting on
its assembling after dinner, what action i
best TO be taken The pOlicy-hJliers should
employ experts to examine the company
| books, and see how it could be that with
S2S, 800 o. lusaes and expenses to be met.
there should be- Is st. down in the hnal
statement Of the company, over l6,OOo
| of Attachments and costs OF collecting
To be allowed Tor. An allowance OF 60 pei
cent LOT hDlrtlutilkS anu GUSkS W y w
On motion of K. A. Jones, OF Richmond,
| il was voted that the committee be increased
| to five. 1t was appointed by the chair a.
| follows. +. VI. Strong, Vergennes; ID. y
Brode, Burlington; Chauncey Temple
Franklin; r. +. Parker, Wolc0tt; f. ID
Mason, Richmond.
Mr.. Z. X. Turrill, Secretary OF the Com
pany, said that the Office and books OF th'
| Company would be cheeriully placed at Tn
| disposal of the committee. lie wished Il
explain that the final statement Of The Dl
rectors, to which allusIOn hal beon made.
contained some mistakes which were mo-
| discovered till after il was issned. The tOta
balance against the company, set down al
| Si5,l3 in the report, should have beei
| 81 600 less, and the estimate OF amount o
| attachments and cost OF collecting should aisC
| have been 81 900 less. lie wished to ex
plain that of the 1861 put down as Tor oilc'
expenses and attorneys fees since December
1873, 1886 was Tor attorneys fees n three
suits. Of the sum due for balances $3.50 il
due to the former sseasurer. The Directors
fees are set down as claim. but they havt
| not been PAID All adjusted claims draw
interest, which swels the account agains
the Company. Gentlemen should IN
derstand that while the premium
notes amount to $4,000, no: al
| of them are IN iorcs Tor IN
the whole time; nor are all Of them nov
good. The assessment had to be made arg
enough to cover the shrinkage on uncOilect
ablo notes. 1t was IN estimate. Ii
proved that i; called Tor more than va
needed, the balance would be repaid to th
policy-holders.
In answer to questions by Mr.. Atkins AM
others, Mr. TurrIll said that seven director
were present when they voted TO close bust
ness, and six voted to close. The director
were cy-holders. The assessment o
March rs proved to he too small to nee
the losses up to that time The losses wert
all paid up TO December lo76. In Deem
Der II the casa account was Oyerdrawn Il
pay LOSSES $1,000.
&. v. Jacobs, OF Richmond, said he va
told, in answer to inquiries made al th
office Of tie company. that the assessment o
per cent in March IS was TO pay SOM
losses which had been in litigation amount
ing to about 81 600 and tina; tho ccmpan,
had SaGO COO in coed premium notes
Mr.. Turril said that he never sad the,
had $500 Geo in good notes. The tota
amount Of the premium notes was abou
5000 COO but not over Si5O,CO9 OF then
were deemed COED, and Mr.. Jacobs was st
informed He never toll Mr.. Jacobs tina
tho judgments against the company in tn,
Irrigated cases were the only losses 10 b
paid ~ the assessment OF March IS
Hon. Mason ). CJlburn, Of Manchester
was called up. ns said he was director
in the company but he had attended bu
one directors meeting. lie knew liitl'
about the business except that he had iron
$500 to $500 70 pay for his assessment. Ill
never understood that the director, were Il
be paid for attending meetings ard be ueytl
had been paid anything. lie had not st0ler
ANYTHING himself, and did nyt believe any
Of tho directors had. They we're not rascals
Mr.. TGIriil being further questioned II
regard TO rcDJrl issued September lst
1873. said that report was not authorized OF
issued by the directors. Mir. Fletcher
agent Of the company wanted sOne state
mcnt to use IN soliciting business. and VIII
Mr. Ben amin Peek, clerk Of the company
he got out that report. /. wa CORRECTLY
drawn from the books AZ ;hsy STOOD at tha
time; but it was not the custom 10 pu
losses on the loss register till they had bee;
approved There were loses not Yet gp
proved not mentioned in that report.
Mr.. CJlburn being pressed by MIR. Akin
to say whether he thought 1t honest toi
officers OF the company to Issue ml=!eadGl
reports. said he did not think it was and h'
would not claim that it was. even il no hat
been a Democrat II losses lad occurred
not yet adjusted. any statement oi the con
ditlon of the company should have mention
cd them lie knew nothing about tha
report but he bad learned one los,On-no
to permit himself 10 be connected witt
a company. Whose affairs he knew NOTHING
about. lie was lad they vera gG.ng 10 ii
yestigatc. lie dad rot believe they woui'
find any fraud, aud he advised them 10 tax
no hasty action.
The meeting then a3iJurnci l., mot At t.
City Hall at 80 y. IL.
ArrERsOlH.
The meeting opened a; the hour. IL ~a
swelied by policy-holder5 from MiddishuTy
Vergenncs. Rutland. and other to~ns. VIII
came IN by the neon trains. and nGm5ere
over 100 persons
b. Il. Smaley, E-q was called up b
Mr.. Atkins, and SAID no was Director
The Directors had not burned any building
or stolen any money. lie eon!i not "a