Centre Democrat. [volume] (Bellefonte, Pa.) 1848-1989, 1880-08-12
ANoruEn MEETING OF PoLrcr ffoLD-

| ReneThi meeting Ol tHe teHLTe county
policy holders in the Lycoming Fire Insur-
ance Company, large number, including
representatives from Lycoming and Clin-
ton counties, gathered in the Court House
at 10 o'clock Friday morning. The object
of the meeting was 10 take action in refer.
ence TO closing up the business of the com
pany. The initiatory programme was about
the same as usual, A. o. Furst, Esq, calling
the meeting 10 order, and John Irwin, Jr.,
being summoned to the chair. George l..
Potter, of this place, and ID. f. Good, of
Lock Haven, were made secretaries, and
Adam Hoy, Esq., treasurer. 40. Furst,
ID. S. Keller, Edmund Blanchard and
Adam Hoy, Esqs., were the speakers. Let
ters from Muncy, Milton, Scranton,
Franklin, Canton, Hughesville and other
places, commencing the action of the
committee and concurring In any action
taken by the present meeting, were read by
A. .. Furst, Esq. The following preamble
and resolutions were adopted
WHEREAS, The Lycoming Fire Insur-
ance Co., mt Muncy Pa, has become 80
deeply involved in debt and so embarrassed
in all its operations that 1t has no longer
ability or means to successfully carry on
the business for which it was incorporated /;
and,
Whereas, It's further continuance in bus
iness would be a serious deirimcnt and loss
TO its members, and without prompt action
10 avert the same the Company must inev-
itably be placed In the hands Of receiv-
er therefore, be 1t
Resoired, LIST. That we, the Mutual poll
cy holders of the Lycoming Fire Insur-
ance Co, in the State of Pa, recommend
that said Insurance Go. go into immediate
liquidation to accomplish this end, that
all assets and assessments due the said
company be collected as rapidly as possible /;
that the same be applied 10 the discharge
of all legal liabilities of the company, un-
der tho supervision of some responsible
person selected by the said policy holders
I'd. That all cash policies be Immediate
ly cancelled, and all mutual policies 1T the
earliest day practicable.
3D.. That in order to carry into effect
the first resolution above set forth some of
the principal officers of said company,
namely, the Secretary or President, be
requested TO resign, 30 that his place may
be filled by the election Of the person
chosen or nominated by the said policy
holders.
9TH. That the person so selected shall
have full power'And authority 10 examine
into all accounts of said company, and
that no payment be made without his
consent, unless the same shall have been
or hereafter shall be adjudicated byA CON-
petent legal authority.
9th. That as soon rs practicable the real
and personal estate of said company shall
be sold, and the net proceeds be applied TO
the payment Of the debts Of said company.
9th. That rs carly as practicable all
affairs Of the company shall be closed and
the premium notes of the policy holders
shall ihercupon be cancelled.
9Th. That the person so chosen 10 super
intend the settlement Of the affairs Of said
company shall DC entitled 10 "A reasonable
compensation.
Sth. That all Directors Of tha company
who are solicitors or attorneys for the
company, or agents or collectors, be re-
quested 10 resign, so that their places may
be tilled by persons Immediately represent
ing the policy holders.
9th. That should the officers Of the
Company reject this recommendation the
committee heretofore appointed shall be
authorized 20 institute legal proceedings
against the company, 10 have n receiver
appointed to settle up the affairs of the
company and take such other measures as
will lead 90 that result.
On motion Of Edmund Blanchard, Esq,
the committee we're ordered to present
these resolutions TO the Board Of Directors
of the company as soon as possible.
A PERFECTED ISvKSTroN.-Mr. John
w. Moore, of this place, has gained con-
siderable reputation as a scientist and in
ventor, and at last, As he implicitly be-
lieves, has perfected contrivance for saw
ing the "aoaiing gold" or minute atoms
of gold dust existing in vast quantities
upon various portions Of the earth's sur
face, but which, from It's nature, has here
snfnra ovadad all tha aa,nrfa ~ sctau