The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1908-01-18

Hartford Fire Insurance Company-Af-
fairs in Prosperous CONDITIONAL the an
nual meeting of the stockholders OF the Har-
| ford NATURAL Fire Insurance Company, held at
| the Office in Belair, the report of the committee
! consisting of Messrs. James Lee, I. II. Ward
and John D. Worthington, appointed month
ago for the purpose of investigating the condi-
ton of the company, was heard and also OFF,
| GERS for the ensuing year elected. The COM
| mitiee reported that, with the assistance of Ex-
| pert Accountant John s. Holt, they had ex-
| amined the accounts and found them correct
and neatly kept in every particular and that
they had thoroughly examined into every de-
| tail of the Office and the duties performed by
the clerical force, and found the work we'll sys-
| tematized and thorough system ofchecks and
balances practised to avoid mistakes.
The fire losses in 1907 showed an increase
over the previous year of 50 2l7 60; general ex-
| penses an increase eff 81 ,035 q; general prem
| iums an increase of 81 $751; SO; decrease in net
receipts for the year, 81, S45.87.
| The reserve fund, amounting to $40, 1928 81,
| is well invested and the recent action of the
board in reducing to the extent of 81, 043.8 at
| which their office building was carried and the
was commenced by the committee.
The committee made series of recommenda-
tons, the substance of which is as follows
First-That the business of the company be
extended into wider territory through reliable
agents where they can be obtained.
Second-That an Interpretation, framed by
the committee, of the rule relating to directors
commissions on renewals" and on new
risks be placed by the stockholders so as to
remove all doubts of its meaning.
Third-That the rewriting of all existing
policies under the old form be completed by
the directors not later than July LIST next, after
which time any of this work left uncompleted
should be promptly turned over to the agents o.
the company
Fourth-That an Interpretation be placed on
ho hu lou roIofivo IN ho Y11aY n q
barn and its contents so that no doubt could
exist in the future as TO the extent of the COM
pany's liability.
Fifth-That they found the loss on the vari-
GUS classes of property varies greatly. from
year to year. During 1906 the ratio of loss on
dwellings was heavy and that on barns was
light while during the past year this condition
has been exactly reversed. They therefore
recommend that no change in rates on risks be
made until the average of a series of years
proved the need of such change.
Sixth-That by the report of Mr.. Holt the
ratio of expenses to receipts exceeded 20 per
cent. The committee thought this would be
substantially reduced when the re- writing OF
policies was fully completed. "A statement
was here read by member present showing
that this ratio in stock companies ran in many
cases much ENTHUSIASTICALLY as high as 40
per cent?
Seventh-That committee be appointed by
the directors to look after proposed legislation
during this winter relative to mutual fire insur-
ance companies.
Eighth-That healthy growth of the re-
serve fund be fostered until it showed at least
$4,000 of reserve for every million dollars of
insurance. Ut was here shown that the reserve
fund of the Montgomery Company, which is
so per cent. larger than the Hartford, now
amounts to $4,000, being $14,60O for each
million of risk.)
The committees report was discussed in de-
tail, slightly modified and passed substantially
as above indicated.
The following officers were unanimously
elected for the ensuing year: President, Rich
ard Dallam; directors, VIM. Webster, Joseph
B Hanway, James W. Wilson, Thomas II.
| Nelson, George A. Cairnes, John W. Galbreath,
Luther S. Osborne, Charles B. Silver, D. Gilpin
Wilson and W. Beatty Harlan, of Hartford
county, and Thomas Gorsuch of G., DR.. W.
Willard Stirling James Kelley, Robert Caron,
| w. o. B. Wright. W. Royston Matthews, Ed
| ward E. Scott and Charles e. Weakley, of Bal
timore county agents, 1. w. Thompson, Thos.
| G. Hopkins and William N. McComas.
| Immediately after the adjournment of the
stockholders meeting, the directors met and
| elected Mr.. George R. Cairnes secretary and
| treasurer with Mr.. Walter B. Young, assistant.
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