Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-12-10
$S3,5O4 70

In the report of the secretary, to be made in
January, an itemized statement of losses by fire
and incidental expenses will be presented.
The total amount of Insurance in force De-
cember 1, 1879, is s, 1852, 5000.
The total amount of premium notes to Deem
Der !, 1879, 81. 309, 1896.
The total amount standing to credit of poll
ceS in force December 80, 1873, is S165, 651. "A.
Two OF the loans which We're unfavorably re-
ported on by the committee of seven, viz: w.
Choate & Co.'S, of 81, 800 and interest," and Gen.
Whlttleseys, Of $1,000 and interest, have been
paid.
The treasurer has also paid ss5o52.s9 Of the
amount in his hands, in which amount is in
cluded the Choate note and interest.
A committee of three of this board was ap-
pointed on September 10, 1879, to take into
consideration the future conduct of the tinan-
cal affairs, and the general business of the COM
pany, including the Investment and disposition
OF the funds OF the company
That committee recommended the following,
viz:
That the finance committee be required to in
vest at once 45, 900 in such securities as may be
deemed best for the interests of the company.
That all funds now on hand and all future re-
him to be deposited in the Bank of Washington,
10 the credit OF the company; said funds not to
be drawn out except upon the check of the
Secretary; and that the Secretary be required
to deposit any funds he may receive in the alb
sence of the Treasurer in the same place and
manner
q
bond in the penal sum Of S25 00O for the faithful
discharge OF his duties. and that the Secretary
be required to execute bond in the penal sum
OF ,00O for the faithful discharge of his duties,
and such as he may perform in the absence Of
the Treasurer.
That the assets of the company be reduced to
a cash basis, and the full amount OF said assets
be credited pro rata to the policy-holders, and
that any policy-holder dissatisfied with the
management of the affairs of the company, be
informed that he can withdraw his policy and
be paid In full
That hereafter in determining the amount to
be charged to the policies at the end of each
year, the entire Surplus after allowing for losses
and expenses, be credited pro rata to the poll
cies, and that the system OF allowing interest be
discontinued.
That hereafter the duties of the President be
as prescribed in section O. article 2, of the by
laws, and that his salary from and after Janu-
airy l, 1880, shall not be more than 100000 per
annuln.
That the duties of the Secretary shall be as
prescribed in the bylaws and as recommended
above, and such other duties as may from time
to time be required of him by the board OF man.
ayers, and his compensation from and after
January l, 1885, shall be 81, 10000 per annum.
That clerk be appointed in the Secretary's
Office, whose compensation shall be $4,000 per
annum, and who shall discharge such duties ap-
pertaining to the Office as may be required of
him.
That the duties of the Treasurer be as recon-
mended above. and that his compensation be
$4,000 per annum.
That the salary OF each Manager shall not be
over $4,000 per annum.
That a sworn surveyor shall be appointed,
who shall be practical builder, whose duty it
shall be to resui'rey ALI risks now held by the
company, and survey all new risks offered, and
shall adjust and estimate all losses by fire, as
far as practicable, and who compensation shall
be 10000 per month while thus employed.
That drawback OF rs per cent of the amount
standing to the credit OF each policy on the last
Monday in December, 1875 be returned to policy
holders on and after the 10th Of December next.
That no officer or emyloye of the company be
allowed more than one compensation.
That all surveys OF new risks shall be made
free OF charge. These recommendations were
all adopted unanimously.
In the report made by the committee
of seven, on February l, 1879, the
assets OF the company were stated
In this amount the Marble Building
was entered at its cost, VIZ,
s50,000.00 but that committee re-
ported it as being worth but
s35, 10000, thus reducing the assets
by S15,000.OO. When that report
was made nearly all the interest
on premium notes for 1879 had
been paid, amounting to S21 1850.
This amount, added to the reduc-
ton on the Marble Building, will
make total to be deducted from
the amount OF assets stated above
.................... &c. 1925 90