Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1884-02-06
The Farmers Mutual.

Tie Farmer $ Mutual Fire Insurance
Company of This village, as will be seen
M,be following circular, has decided to
:gle no more policies, and to close up its
Airs as soon as practicable. While this
F1l cause general regret, it will surprise
no one who has carefully watched the
ondency of fire insurance for the last few
7e,rs. The heavy losses have involved
heavy assessments, and the sharp compe-
lion introduced by the larger companies,
qpecialy of the joint stock class, is
rovding the smaller companies to the
vail all over the country. The Farmers
a, been highly successful in its day, and
,record is without blemish.
The act incorporating the Farmers
atual WAS passed by the Legislature of
10, and approved November Is of that
ar The charter members were as
ows: Alvah Slbin of Georgia, Ira
len of MildIebury, William G. Klttrcdge
Fair Haven, William Mattocks of
.ictam, John II. Tower of Underhill,
William NJ. Field of Brandon, Carlos s.
y9yes Of Hyde Park, Daniel Woodward
F.. Royaton, John Colby of Hartland.
azel Spauding, Henry Y. Barnes, Jacob
mott. jeremiah T. Marston, Samuel Wells
nd Joseph Poland of Montpelier. OF
.lgse, only four are now living, The
official bonds of these directors were
approved by George Howes, state treas
wer, and the organization of the company
was completed November IA, 1S49, as
follows; AL Spalding. president; Jacob
Scott, vice president; Joseph Poland,
secretary; Samuel Wells, which
office he held continuously until his death
ID l'1S. The first policy was issued
february Q, 1850, to Samuel Wells. -Four
o.ars then insured $1,000 for five years
nd surplus was left in the treasury.
bring the thirty-four years of the com
a7's business it has issued III, 1928
1cies insuring one hundred and twenty
7a million dollars of property, and
Z. million dollars of property, and
ectng and discussing round million
dollars, covering four thousand losses
nj no man has ever complained of an
.ntIonal injustice at its hands. Every
6.ar of its present liabilities will be
Eomptly paid.
In closing the business of the company
With about seven thousand policies anC
nearly $3.50, 1000 in premium notes still in
force, tAe directors doubtless forecast the
Inevitable result, and chose to retire from
he field in good order, rather than wal
ara disastrous rout.
MONTPELIER, Vt, January 81, 1884
At a meeting of the directors OF the
tanners Mutual Fire Insurance Company
held at its office in Montpelier, on the
f 5ove day, on motion of the Hon. T. +
Wales, the following action was taken by
/ unanimous vote. TO wit:
4 WHEREAS, The the severe losses of The
2mers Mutual during the last few years
spite the utmost caution and vigilance OF
-epart CT its directors, have necessitated
eFcenlage of assessment regarded al
lrden, ONE TO the assured; and by reason
such unusual assessments many policy
oders have withdrawn from the compan,
-ereby reducing its note capital to sucl
4 10 extent that it is believed to be not FOL
he interest of the members to continue
Be business of the company; and TIT
! ,ectors and officers of the company
hire no interest or wish to prolong it
1Nence beyond the period when for an.
Son it has ceased to meet the want
lI subserve the interests of its polic'
| lqders for whose benefit it was chartered
and has been faithfully conducted 70
81 Years"
AtSo rcd, That no policies be issued il
he Farmers Mutual Fire Insurance Com
nny after this date, and that all polieie
which are in force on the first day c
March, 1884, be cancelled on and afte
{ loon olthat day. On all policies hereafte
ancelled an equitable proportioned OF tn
Mearned premiums will be allowed o
loaI assessment.
In accordance with the foregoing vote
Nsoon as possible after the first day
AUch, above named, the liabilities OF tn
mpany will be ascertained, the necess;
assessments laid and published, and ID
hnc,s closed up at the earliest practices
day, We bespeak the prompt an
dial cooperation of all policy holder
st the business may be consummate
nh as little delay and friction as possible
Inlhe interest of our policy holders,
NEoper TO add that the Vermont Mu'u
a.aorizes us to say that the agents
farmers Mutual will be permitted
are their risks in that company, an
q all who reinsure with them prior
18th day of March next will be char!
Y with no expense save the usual thr'
~ cent, thus saving TO the insured Il
W. of survey, application and polio
s lSigned)
rDtrcctorS A. d. Hayward, I. ]
Wales, J. f Willard, j. G. Stearns, v
T. Fish, s G. Shurtleff, James G. Houg
"0' Iarrant Sibley, Edward A. Sowle
%o, W. Beardsley, A. G. Parker, T,
D. Cudworth, George w. Scott. z.
NkIn,president; Joseph Poland, secretar,
norge w. Leslie, treasurer.