Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1882-03-10
The Connections River Mutual Fire
Insurance Company.


The liabilities Of the Connecticut River Mutual Fire
Insurance company, which has decided to wind up its
business, estimated by the officers OF the compa-
ny at $780, probably good assets in uncoleced as
sessments and cash in hands Of agents, $4,000. The
directors hold An adjourned meeting April Is, pre-
vious to which minute examination Of all trAnsac-
tions of the company is to be had and all policies to
be Cancelled or before March 20. The company was
chartered in 1858, and began business in 1859 Asa
Wentworth has been president ever since. The late
Jas H. Williams was treasurer until 1862 Since
then, George Slate, the present incumbent, has han
died the finances wholly. Slate was also a director
and president Of the Bellows Falls savings institution,
which positions he resigned last Friday, and also
director in the National bank of Bellows Fails which
banks hold paper Of the company to the amount Of
about $1,000 The present policy holders have notes
to the amount Of about $4,000, upon which assess
meDts to make up the excess Of the liabilities and e1
penses of closing up to be made. large amount
of the liabilities caused by not making the assess
ments large enough to cover the since 1871
which time the bank loans, made and carried every
year since average yearly assessments % years. were
only lie per cent being the lowest average assess
ment of any company in the state The company has
done large business through Vermont since its or
ganZation. Its present condition causes much inter-
and discussion among all classes. The expense
account of the interest paid since 1871 amounts to
$1,000, when 1t was expected that assessments would
be made each year covering all losses and expenses
In many instances double interest was pad-interest
to banks upon loans and interest upon losses. The
of the company is not decided yet as TO the
manner of collecting the assessments to cover the eI
of the liability, whether they will assess wholly
upon the present notes go back and for the
deficiency each year on the notes then in force.
board OF auditors nave been at Work on
an examination of the affairs of the company
for several days. One of the board, Mr.. S.
H. Sherman, informs us that the above state
ment gives wrong impression in some re-
spects. The statement of liabilities is too
large, some of the so-called liabilities being
only claims that may not be allowed. The
statement of assets is too small, probably by
one-half. 1t is not quite true that Slate has
had the sole management of the finances of
the company W. S. Myers having been sec
rotary for two years of States treasurership
and having had considerable part in the
company's management during that time. 1t
is impossible to tell how much of the uncol-
lected assets will be paid, there being over
$4,000 of such uncollected assets now lying in
the Office and other large amounts being in
the hands of agents. There has been no de-
falcation or failure, but the company decides
| to wind up on account of a decrease in its
business owing to the growing popularity of
stock companies and because the managers
wished to be relieved of the business. No
definite idea can yet be arrived at as to
probable assessments, but the auditors be-
lieye there is no occasion for alarm on the
part of polioy-holders.