Norwich bulletin., 1915-01-15
SEVENTY AND FIVE YEARS OLD
New London County Mutual Fire Insurance Co., Celebrates Its Annversary-Bsnqu at Bridgeport for its Officers and Agents-Director Frank H. Allen Gave Interesting Information in Historical Sketch.


 spected gentleman of French descent. who lived at Norwich Town in the old house just north of tho entrance to the spacious grounds of the Backus hospital I distinctly remember at tending with my father the auction or 'Vendue" as 1t was then called about the year 1s56S when the L'Homedieu household effects were publicity dis posed Of
 Elijah Hill was first manufactures and later grocer. having his store for many years under the present office of the Western Union Telegraph corn pany at the junction of Main and Market street in Norwich.
 Sam Mowry was a, manufacturer of wagon axes at Greeneviile. N David Smith was a retired cotton manufacturer and resided in 8. pre- tentous mansion on Broadway in Norwich.
 Dr. Joseph Tyler was a druggist with place of business on Water street just west of the present site of the Auditorium theatre.
 Thomas P. Wattles was a. Norwich Town gentleman, @. younger brother Of Lawyer Oliver P. Wattles and uncle of Thomas J. Wat1es, now living on upper Broadway, and it is interesting to note .tIsat the last named gentle man was associated with John l.. De- votion during a portion of the time when the latter was secretary of the New London county from 154 to 1875, a continuous period of 21 years.
 Expenses Kept at Minimum. The early records of the company's $ transactions arc 2meagre but they are sufficient to disclose the facts that business was not rushing and that ex- penses were kept down to practically nothing during the early years The first mention of compensation of off, cers of the company appears in the
 
 the following note: That the secre- tarX and treasurer of this office keep an account of all premiums on poE- cies issued by himself and agents, also the sums by him received for policies and renewals are to be his compen- sation for services rendered the of fce.''
 Salaries.
 At a meeting of the directors held in March 1845 the sum of s15 was noted as the salary of the retiring president, Joseph Backus for his ser vices in 1844 and the salary of the incoming president John c. Hunting the same meeting the secretary and treasurer, John Dewitt, was allowed as his compensation. 50 cents on each policy issued and 25 cents for each renewal, on all policies and renewals written by hirl
 In March, 1S49. the presidents sal ary was increased to $50 per annurn.
 At the March meeting in 1855 the sum of $100 was voted to the secre- tary for. extra services during the past year.
 March ?, 1857, the valuable service rendered by the directors was rec osnized by some one as a vote was presented at that meeting authorizing the payment of $1 to each director for attendance at each regular meet ing of tho directors, but lllds..rucn as IL was a, matter Of vital inp3r,- ance apparently the resolution was postponed to the next meeting winch was held one year later, when the resolution was called up and "indeti : nitely postponed"
 March F, 1860. the salary Of the president was fixed at $10o per anrum and $50 additional was voted him for extra services"
 In 1862 the secretary's salary was fixed by a vote at S350 per year and this was increased to S4o0 in 1865 This was raised again to $500 in 1870, John L. Devotion being the sec retary at that time.
 In 1874 Secretary Devotion's sal- ary was increased to $500. In 1875 Mr Devotion died and Ebenezer F. Parker succeeded him at a. salary of $500. From 1882 on the salaries of the offices were advanced from time 10 time, as the conpany's business increased but at no time, we believe, have the salaries of the active man agers the officials who are so faith fully and successfully guiding the af- fairs of the company, been com mensurate with the rapid growth ef the business and income of the cona- pany, nor with the responsibilities placed upon the officials.
 AS showing the wonderful growth of the business of New London Courl- ty, a few comparative figures will be interesting:
 As have already stated the com peny was incorporated without capi- tai
 How Treasury Balances Grsw.
 The first report of the treasurer. chewing balance on hand, is dated March, 1s47, and reports haiance in the treasury of $76S.O7. In 1S4s the balance is given as SS557; in 1849 as s&95o.71; in 1850, $4544:46: in 1851, $s57b.71; in 1859, $eS56.42: in in 1856, s12,7ss.os; in 1857, $I6,- 712.02: in 1884 the net surplus was S28,eoo and a vote was paSed by the stockholders congratulating the of dcers and directors upon the prosper ous condition Of the company. From 1864 on tho income grew perceptlbiy but not rapidly until 1909 Since 1909 the business has increased yearly by strides due in part, doubtless to a perfect system of mana cement and accounting but more likely to the fact that the company has meritet and obtained the full confidence of the insurins public because of fair dealing, prompt adjustment of losses and the complete harmony which has prevailed between our agents and the home office.
 In 1909 the premium receipts were $5S, ,3s1-10 and the net assets Of the company were S22s, s,164.0S. Tn 1914 the premium receipts; totaiied S11o,- 5os.4s, and the assets have increased to $30s,000.
 Who can say that We may not in the near future rival the phenomenal growth and record of the aASricu.- turals of Glen FaI1so
 2zscoo Policies.
 At the present time the New. Lon don County has 27,o0o policies in force. with a total amount of $24. .e90. = poo in risks. The company owns it's home office building and receives In rents from portion of the building s sum annually sufficient to practically take care of the heating, lighting and other incidental expenses.
 This remarkable showing of pros- i41z Se oP sn--