The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1884-02-06
The Farmers Mutual.

The Farmers Mutual Fire Insurance Com
pany of this village as will be seen by the fol-
lowing circular, has decided to issue no more
policies, and to close up its affairs as soon as
practicable. While this will cause general
regret, 1t will surprise no one who has carefully
watched the tendency Of fire insurance for the
last few years. The heavy losses have involved
heavy assessments, and the sharp competition
introduced by the larger companies, especially
Of the Joint stock class, is crowding the smaller
companies to the wall all over the country
The Farmers has been highly successful in its
day. and its record is without blemsh.
The act Incorporating the Farmers Mutual
was passed by the legislature OF 1849, and APP
proved November 13 Of that year. The char
ter members we're as follows: Alvah Sabin of
Georgia, Ira Allen Of Middlebury, William G.
Kttredge of Fair Haven, William Mattocks OF
Peacbam, John II. Tower of Underhill, William
M. Field OF Brandon, Carlos s. Noyes
of Hyde Park, Daniel Woodward Of Roy
alton, John Colby of Hartland, Azel spalding,
Henry Y Barnes, Jacob Scott, jeremiah I.
Marston, Samuel Wells and Joseph Poland Of
Montpelier OF these, only four are now liv-
ing. The official bonds of these directors were
approved by George Howes, state treasurer,
and the organization of the company was COM
pleted November IA, 1849, as follows: Azel
Spalding, president; Jacob Scott, vice-presi-
dent; Joseph Poland, secretary; Samuel Wells,
treasurer-which Office he held continuously
until his death in 1878 The first policy was is
sued February 8, 1850, to Samuel Wells
Four dollars then insured 81, 600 for five wears
and surplus was left in the treasury. Du-
ring the thirty-four yearsof the company's busi-
ness it has issued Ill, 723 policies insuring
one hundred and twenty-five million dollars Of
property, and collecting and disbursing a
round million of dollars, covering four thou
sand losses and no man has ever complained of
| an intentional injustice at its hands Every
dollar of its present liabilities will be promptly
| paid.
In closing the business of the company, with
about seven thousand policies and nearly $3.50,
600 in premium notes still in force, the directors
| doubtless forecast the inevitable result, and
chose to retire from the field in good order,
| rather than wait for disastrous rout.
MONTPELIER, VT, January 81, 1884.
At regular meeting of the directors of the Farmers
Mutual Fire Insurance Company, held at It's office In
e. Wales, the following action was taken by unani-
| nous vote, to wit:
during the last few despite the utmost caution and
vigilance the part of its directors, have necessated
the assured; and whereas, by of such unusual
assessments many policy holders have Withdrawn from
an extent that it is believed to be not for the interest
the members to continue the business of the company
and whereas the directors and officers of the company
have interest wish to proong its existence beyond
the wants and subserve the interests of is policy
holders for whose beneit chartered and has beer
Resolved, % That no policies be- issued in the Farmers
Mutual Fire Insurance Company after this date, ant
that all policies which In force the first day
March, 1884, be cancelled and after noon of that day
On all policies hereafter cancelled an equitable proper
ton Of the unearned premiums will be allowed on hna
| assessment.
In accordance with the foregoing vote, pos
sble after the first day of March, above named the liza
bties Of the company will be ascerained the necessary
assessments laid anpublished, and the business closed
| up at the earliest practicable day. We bespeak th
prompt and cordial cooperation of all policy holders
that the business may be consummated with as ltt
| delay and friction as possible.
In the interest of policy holders 1t is proper TO adj
that the Vermont Mutual authorizes to say that thu
agents of the Farmers Mutual will be permitted TO pac
their risks in that company and that all who rensu
with them prior to the 18th day of March next will b.
charged with expense the usual three per cent
thus saving to the insured the cost of survey, appca
| ton and policy. lSgned.) ..
Directers.-A. d. Hayward, T; e; Wales, ] E; WI
lard, j. c. Stearns, W. @. Fish, s. G. Shurtlef Jane
G. Houghton, Tarrant Sbley, Edward A. Sowles, Geo
W. Beardsley A. c. Parker, I. j. b. Cudworth Georg
w. Scott, p p Pitkin, President; Joseph Poland, Sec
| retary; George w. Leslie, Treasurer