The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1904-12-30
NEW INSURANCE COMPANY ORGANIZED.

Charles Washington and Emma Gilbert.
NEW INSURANCE COMPANY ORGANIZED.
Indictment weather and the holiday sea-
son did not prevent representative at
tendance at the meeting held in Bel Air
on Tuesday morning for the purpose of
organizing another matual fire insurance
company. Mr.. George E. Silver was
called to the chair with Mr. 6. Cover
Strcettas sec ctary. Ontaking the chair,
Mr.. Silver stated that as he understood
the object OF this meeting it was rot for
the purpose of making rival for the
present local fire insurance company, but,
on the contrary, for creating one that
could act i'll concert in helping in the ef-
fcctual work now being done by the old
company. He said that there was money
going out of the county that ought to be
kept here and that the rates of stock
companies were much higher than tnu-
tual companies lie called on Mr.W ORTIZ
ington to explain some of the details
that have led up to the present move
ment.
Mr.. Worthington briefly outlined the
friendly spirit evinced by those interested
in the present movement toward the
Hartford Company, and stated that the
best reciprocal relations would undoubt-
IL,
ready to write business. Several direc-
tors had already approved of the effort
to keep our money in our midst, and
none had expressed themselves adversely.
The details of obtaining public sentiment
were explained as heretofore outlined. In
response, Mr. Worthington showed to
the meeting enquiries for over 100000
insurance In addition 20 this nearly
100000 had been pledged personally,
and it Was fair to presume that much
more would he offered by a number of in
tcrcstcd persons who had not yet men-
toned amounts. In referring to foreign
companies. an instance was given OF
number Of wildcat Chicago insurance
companies which had recently been
brought to public notice. They had writ
ten insurance in large amounts i'll an or
binary business way, and the premiums
had been paid. 1t was only through a
fire that their standing was disclosed. OF
course there are many reliable stock COM
panies, but their rates are higher than
home companies, and many times the
conditions are such as to bar much local
home insurance He considered so many
replies as general assurance from the
people of the county that the plan met
with favor, and not a single objection
! had thus far been made.
a general discussion followed some
! questions asked by Mr. William T. Rob
inson and other enquiries regarding the
| details of the organization. Views CT dit
ferent persons present were also re-
quested.
Mr.. Thomas H. Robinson said that the
need of new company was apparent
right i'll Bel Air. The present company
would only take so many risks in each
block of houses, and the owners were
forced to go elsewhere for the remaining
insurance. He also urged the Importance
of a small but active directory who
should not solicit insurance. He thought
that it helped the old company to have
another home organization.
Mr. Walter ". Preston favored the new
company. He had seen the need of it for
some time, and as move to bring the
matter to a head he offered a motion
that committee of five be appointed tc
arrange for the details of the organiza
ton.
Mr. Willard G. Rouse stated that his
firm represented six of the strongest stool
insurance companies in the country, anC
with the aid of the Hartford Mutua
Company it was impossible to write al
the local insurance The constitutions O
all stock companies contain many broad
provisions which exclude much loca
farm insurance risks, these being less de
sirablc in other sections of the country
than in Hartford. Experience has taught
our local company the wisdom OF taking
only small risks on any one building
Many desirable dwellings are worth say
So, 600. If but $4,000 is taken By tn
Hartford Company there is left dcsirabl
insurance of So, 900 which must be place.
somewhere, and perhaps no stock com
pany will take it.
Mr.. William ". Finney said that Their
9 was splendid field for another local il
, surance company iii this county. TIL
Hartford is reducing its risks, and the pre-
Mr.. J. 7. Hopes approved Of tn
: movement. He thought that it woul
do good without hurting the presen
company. He was impressed with Mi
;, Rouse's statement regarding the stoc
i companies.
/ DIR. Martin l.. Jarrett saw a field tG
t another insurance company. He ha
i talked with a number of persons, all {
r whom had cxpressedsthe same view. II
d offered motion as Il substitute for IL
J. one made by Mr.. Preston. 1t was as 10
ii lows:
J. "REsoLvED, That it is the sense of til
:, meeting that there is a generally rcco!
l, nizcd need of second mutual fire insu
ancc company to do business i'll lIartol
" and adjoining counties, and that to n
r end definite steps should be taken at tn
meeting.