The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1900-01-05
Annual Meeting OF the Mutual Fir
Insurance C0mnanY.

Annual Meeting OF the Mutual Fire
Insurance Company.
The annual meeting Of the members Of the
Mutual Insurance Company in Hartford coun-
ty was held at their Office in Bel Air on Mon
dgy. Mr.. Joseph 7. Hopes presided with
Mr.. Albert 2. Silver as secretary. The COM
mittee to which the report of the Board of
Directors for the year ending November 80,
1899, had been submitted, made their report,
which was adopted and the Directors were
instructed to carry into effect the recommen-
dations made therein.
The election of officers for the year 1900
was held, resulting in the selection Of the old
Board, viz: IS Osborn, Joseph b. Hanway,
James w. Wilson, Albert P. Silver, William
Webster, j. Lawrence Mccormick, Thomas
H. Nelson, E. N. Allen and John w. CAL
breath, Of Hartford county; Thomas Gorsuch,
of c., John Stirling, W. .. B. Wright, Ed
ward F. Scott, Charles e. Weakley, Robert
Caron, James Kelley and w. X. Matthews, of
Baltimore county.
Mr. Richard Dalam was reelected presi-
dent.
The following is the report of the commit-
tee referred to-:
REPORT OF THE CoMMITTER.
The undersigned respectfully report, that
forthwith after their appointment they en-
pIoyed Mr.. John s. Holt, an expert account
ant, to investigate the books of the Company
and verify the said statement. Mr.. Holt has
done said work and reports that he finds the
| statement correct and the books well and accu-
rstely kept, and all expenditures and invest
meuts properly vouched and exhibited.
Your committee have devoted considerable
business Of the Company, and In view Of its
| steady growth for the past twenty five years,
they have made some calculations and com
parsons with such gratifying results that
| they deem 1t worth while to submit the same
| for your consideration, as follows:
Risks.-1s79, $6,41S,4 67; 1889, $7,3sS. $40;
1899, So, sos, 452
Premium Notes.-1s79. 1888, 139. 90; 1889,
$412, 936. 90; 1899, $67l ,207.OO.
Rate of interest on notes. 1879, 9 per cent;
reduced 1889, to 5 per cent.
| Percentage of Premium Notes to risks
1871 per cent; 1885 6-10 per cent. 1899
- 5-100 per cent.
From the figures 1t appears that the ability
of the Company to meet its losses, is com
paratively greater now than twenty years
ago, though the volume OF risks has largely
increased in that period and the annual charge
for insurance has been reduced from per
cent to 5 per cent. on the amount of the
premium notes.
Your committee attributes this gratifying
result, in large measure, to the movement
which was begun. in 1884, after the intro
duction of improved business methods, and
in 1886 resulted in important amendments to
the constitution and by laws, whereby the
Directors could actively and systematically
proceed to revalue and reasssss all of the prop.
srty covered by the company's policies. In
1890 an agent was employed who could de.
vote his time largely to this work and the
Directors and he has proceeded with 1t fol
the past ten years, until now every policy In
the Company, over ten years old, except
twelve have been rea1ju,ted.
The Importance Of frequent resdjustment o.
the value Of insured property cannot be over
/ estimated. Stock companies do 1t whenever
| tney roneW pOicy, ANU Lnis On an average II
every three or five years. In this connection
your committee most earnestly recommend
) not merely the continuance of this work, bu
the shortening Of the term for readjustmen
from ten to eight years. In order to accom-
l plish this, we find upon examination, that
. or s policies will have to be investigated. 1t 1
important that this should be done at once
I. and we recommend that the Board Of ID
: rectors Immediately arrange to keep its mem
: bers or agents continuously employed at thi
t work until 1t is completed. No expenditur
e is so advantageous to all policy holders.
Your committee have been much please
q with the tabulation and classification of tn
n company's experience with its various risks
which has been in progress for some years
o This is most commendable work and
+ yielding valuable results.
With view Of giving an illustration @
these we have selected the following:
Glass OF property.-Dwellings and contents
average premium, $1l,566.47; average losl
!. is5,s4l.ss.