Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-01-20
The Mutual Fire Insurance C,,u.



hEFIING OF OBSERVATION-DISCLOSURES. NoRYENT DE-
FENnS TIE HANAGENEST-THE ANNUaL FLEC-
TIOS POSTPONED
This morning at O'Clock the annual meeting
OF tie Mutual Fire Insurance Company for the
election III managers was TO have been held al
the Office, over the bank Of Washington. Al
that hour general meeting of the 81 ockholder;
was held. Mr. Samuel NOrrnent was called e
the chair and Mr.. J. ". BOteler. the secretary
OF the company. was selected as the secretary
OF tie meeting. There had been considerable
talk among the members as to the directors
haNiDS been paid fer their services, and also In
relation 10 the Marble building corner OF 9th
street and Pennsylvania aVenue) having been
bought by the company, and some had found
fault with their action. Mr.. NOrment, knowing
Cf These comments. made a brief address. and
alter stating that under the charter the COM
pdny lad the right to hold real estate not ey-
eeeding 100000 in value. and cash not exceed
ing s25poth- stated that the company had pur-
chased the Marble building at $4,000, which
they then considered. Il safe investment, and II
was unjust 70 charge that il was purchased
simply o aid Mr.. Mckelden. That gentleman
had paid SIS. COO for the property and the com
pany had paid him a bonus OF S1.i00 ONLY
~ that time the building was paying WELL but
II now brought only about per cent They had
however, some prospect Of leasing IL to the GOV
eminent so that 1t would pay per cent. 7The
1alinfe or this building to pay was caused by
me same circumstances which had depressed
private enterprises and Investments As to the
cost OF conducting the company, some having
charged that sl26.0O0 had been expended, he
stated that the presidents salary was 81 800
FER year, and the SecretaryS 81. 400, and he
thought that they had well earned all they had
received, and the company was now in a pros
ferrous condition. having insured to the amount
OF 81 .GGG 0R. They had about lS5, 900 in money
&c. some want TO withdraw. Every one may
Withdraw but 1t viii wind up the company: and
they cannot be allowed to withdraw one day
Some had said that he had got his insurance for
nCthlng. This was base SANDER. He had in
sured al the property he could. and paid for ii
luSt as every other man. He reviewed the MS
tory Of the company, and remarked that they
should not be like some churches. allow new par
ties 10 put those out who had built them up. as
they were trying to do with Stickney Ct a. of the
Calvary Baptist Church.
MIR. X. ". Fenwfck called Mr.. NOrment to
order saying the church affairs were entirely
private.
Mr. NoTment disclaimed any intention to hurt
any ones feelings, remarf1ng that it was only
mentioned as an illustration. lie then read the
report which congratulatea the stockholders on
the general prosperity OF the company. refers
10 TIE tact that they have insured 81 600 900 on
property IN the District. He submitted the
secretary statement showing that they have
6.uoO policies in force; have Invested s500oo in
real estate, $4,000 in notes, and other invest
ments footing up a total OF s186, 800.
MI. {. +. T. Richardson said that he did not
object TO the payment OF managers, but to lis
being done without tie knowledge OF the in
Sured.
Mr.. Norment said that directors were paid in
all other mutual companies, citing the Mont
gOIncrF Mutual.
Nj. Nills Dean" IN thai company it is mile
age ana pei diem amounting to about $40 per
year"
Mr. Emery referred to the early days of the
company IL which they had borrowed money
instead Il taxing the premium notes. and the
managers had served from $50 10 1870 without
pay. aid he amount paid in the last few years
i on an average of So
Mr.. fGJE asked Why rents and interests were
not shown III the statement?
Tie secretary furnished the figures
MI Dean moved, III order that the meeting
be fully informed as to the facts in the case.
that an examining committee OF ! be appointed:
agreed TO- and MesSrs. Mills Dean, c. +. F.
Richa, dson. }. i. Clagett. g. T. Deering and
James :. Edwards We're appointed. The see
IetaIy tAir. B0teier) and Mr. j. Is. Wilson were
added.
Mr.. NoTment said that he hoped the CON-
mittee would rake from the bottom. and he felt
proud that lie had been connected with the
company.
After some further discussion the meeting
was adjourned 10 the third Monday in Febrr-
airy.