The free lance. (Fredericksburg, Va.) 1885-1926, 1906-04-17
OLD MUTUAL FIRE GO.
Some Policy Holders Want In
veStigatiOn.
syp!araiion Of Ccmp1nys Affairs BY Judge
Lcake.

The mmor that an investigation
would he asked Tor and "a suit brought
Apainst he Mutual Assurance Society OF
Nirgiuia has created -preadinterrst
il IL stated that the only Charge that
can le brought H. that the officers have
been So successful in the manage mcnt Oi
the society affairs that, IN the opinion
of some, too great u surplus has been ac
cumnlated.
Judge Leake. member Of Tire stand
inc Committee OF the society, ln am inter
view explains the reasons for the large
Surplus and how il WAS accumula ed,
not by large quotas from policy
holders, but from Iudicious Investment.
Col. VIM. III. Palmer, chairman oi the
Standing Committee, receives S'Uo "a
wear. and the other seven members re-
ceiye $500 each.
There is a principal agent whose sala-
IN is $1,000. % secretary whose salary Is
3. 800 and two clerks whose salaries
are 81 300 each, making % total oi 81 l.
SOTO.
This Sll $50 is the entire salary ac-
count OF the company.
Judge L,aAe was asked saturday 10y q
Tiwes-Dispatch man:
What have YOU 90 say regarding 'hr
proposed effort 90 make the society IT,
imhurse it, policy holders Tor the
amounts paid iu3
lit seems TO me that this is am absurd
idea. This surplus has bcenaccunuIafed
Dy the circumstances have mentioned.
The fact that we have been exempt Ia
such marvellous degree from LOSSES Do
the last few years Is no guarantee
against cOnfagrations IN the iuIuff
The amount Ihat we carry at r-h Us. as
well as can recall it Sl6.UOOujp, and
this is concentrated. at least uuc-hall he-
inc i'm Richmond. and should there ue
ANYTHING Ike coutlagralou ia any one
of the cities ia which the society does
business. IL is quite sure that Immense
losses would fall upon the sOcl'tt.
Instead of It's being a cause oI CON.
plaiut. that a surplus has hepu provide.
every policy holder should rrl''te 'Hai
the society has am aecumu.atloHt3 stout
between 10 ANA tEr Necessity al In'if as
ing even the present low rate oiquotas.
Il. there any provision iu the charter
for making dividends 10 the policy
holder?
There is none.
This wear each policy holder ON the
mutual DIAN .-uch policy holders being
the only members oi the society get
their insurance absolutely Tree.
"Instead of reducing che rate. winch Is
now SO very low. ten cents ON the SlVo.
it was determined chat it would be bet
ter 10 remit all quotas for ths year, ana
while making mo- promise Is 10 the iu-
ture. the expectation and hope oil tine
standing committee IL 10 continue the
same plan OF rcmit,ing quotas Tor as
many years as circumstances VIII per
init 80
"Wouli the society fight an inrestisa-
ZION"
The -ocict~ would have not the least
objection ON earth % % iuli and Tree ln-
vestigation. aud as 10 the threatened
suit. we know nothing Of any cause i'r
a suit. but che courts of this state are
open To any one Who feels aggrieVed.
Here I'm fredericksburg the company
has an insurance risk of over hall mil
lion dollars. All the public buildings are
i'm il and the bulk of the brick buildings
ON Main and Commerce streets. While
there are many Others iu the city. HIS
company takes I'D country risks nor
does it insure stocks OF goods. Me-sr-
4. B. Bolts 4 Co. are the agents here.