National Republican. (Washington City (D.C.)) 1872-1888, 1879-12-11

In the report OF the secretary TO be made IN
January, All cmZed statement OF losses by fire and
incidental expenses Will be presented
The total amount Of insurance in force December
l, 1879, is S7sj2,J70.
The total amount OF premium notes TO December
], 1879, 81, 800 $50 6d
The total amount standing to credit of policies in
force December 80. 1875, II sl6j, 6jl.G.
Two of the loans which were unfIvorably re-
ported on by the committee of seven, viz: w.
uhoate Co.'S, Of $500 and Interest and General
Whittlcseys, ofsl 900 and interest have been paid.
The treasurer has also paid SS5,062g9 of the
amount in his hands. In which amount is included
the Choate note and interest
A committee of three OF this board was appointed
on September 10, 1879. ITO take into consideration
the future conduct OF the financial affairs and the
general business of the company, including the in
vestment and disposition OF the funds OF the com
pany."
THAT committee recommended the following, viz:
That the finance committee be required TO ill.,
vest ut once $4,000 in such securities us may be
deemed best for the Interests of the company.
That all funds now on hand and all future re-
ccipts be paid over 30 the treasurer by him to be
deposited in tho Bank OF Washington, TO the credit
Of the company; said funds not 70 be drawn out
signed by the president and secretary; and that
the secretary be required to deposit any funds he
may receive in the absence OF the treasurer in the
same place and manner.
That the treasurer be required to execute bond
IN the penal sum OF $4,000 for the faithful dis
charge OF his duties, aud that the secretary be
5000 for the faithful discharge Of his dates 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 10 thepolicy 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 the policies at the end Of each year the
entire surplus after allowing for losses and ex-
penses be credited pro rata TO the policies and that
The system ofallowing interest be discontinued.
That hereafter the duties of the president be as
prescribed in section article .. ofthe by laws and
that his salary from and after January l. 1880 shall
not be more than 81 800 per annum.
That the duties of the secretary shall be as pre-
scribed in the bylaws and rs recommended alb ove,
and such other duties as may from time 10 time be
required of him by the board Of managers, and his
compensation from and after January J. 1880, shall
be 1000 per annum.
That q clerk be appointed IN the secretary IS
Office. whose compensation shall be $500 per an
nun, and who shall discharge such duties apper-
tanning TO the office as may DO required Of him.
That the duties of the treasurer be recon-
mended above, and that his compensation be $500
per annnn.
That tho salary of each manager shall not be
over $500 per annuln.
That a sworn surveyor shall be appointed, who
shall be practical builder whose duty II shall be
! to resuryey all risks now held by the company
and survey all new risks offered and shall adjust
aud estimate all losses by fire. ms far as practicable
| and whose compensation shall be 800 per month
while thus employed.
| standing 10 the credit of each policy on the last
Monday in December, 1878 be returned 10 policy
| holders on ana amer ue lOll OF december next
That no officer or employee 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 at. ......... S2OG,Oo2 %
\ In this amonnt the Marble Building MAS
entered at it, cost, viz. SJ000O.0O but
that committee reported II as being
worth but $50 10000, thus reducing the
| assets by 100000. When that report
was made nearly all the interest on
premium notes for 1879 had been paid
-amounting to SCI, 30. This amount
added to the reduction on the Marble
Building will make a total 70 b0 de-
Quoted from the amount of assets
stated above Northumberland. 9Gi25 90
lnd will lnova tho trne nseata Ia