REPORT.
To the Polity Jlohlers of the Lycoming Fire Insurance Company
in the County of Centre:
Tlio committee appointed to investigate the affuirs of the Lycoming
Insurance Company, and ascertain the necessity and legality of the recent
extraordinary assessment of 25 per ceut. levied by the company, do respect
fully report:
That we began our investigations on Wednesday morning, July 14, 1880,
at Muncy, and continued the same until Friday afternoon, .Inly 1(1, since
which time we have been busily engaged in making up the account, and
arranging many other facts which do not not appear herein.
Our first object was to obtain a balance sheet on the Ist day of January,
A.I). 1880, showing the actual condition of the company on that day, iu
order to get at the financial standing of the company at the present time.
We therefore submitted a* series of written interrogatories to the officers of
the company. We did not get any correct information in reply to our first
iuterrogatory, viz : "The coudition of the company on the Ist of January
last," till Friday morning, owing chiefly to the sickness and absence of the
principal book keeper.
It is proper here to say, that in order to obtain full and accurate
accounts from the books, it would requiro much longer time than we were
able to give. The accounts do not appear u|>on any one book—no general
ledger showing the same —but to obtain which it is necessary to examine
not only the treasurer's books but also the accounts with the agents iu all of
the States in which the company transacted business. This involves a refer
ence to many books and to numerous accounts.
By the laws of Pennsylvania an Insurance Department is created, and
it is made the duty of the officers of every insurance company, on the .'list
day of December iu each and every year, to prepare nn annual statement of
the operations of the compnuy during the preceding year, showing its
entire available assets, liabilities, losses, incomes and expenditures, and for
ward the same to the Commissioner of the Insurance Department, at
Harrisburg. The report so made is to be verified by the oaths of the
President and Secretary of the company. This report is anuunlly published
by the Insuianee Department for the information of the public, and espe
cially for the information of the parties holding policies. We referred to
this published statement, as contained in the report of Dec'r .11, 1879, for
the purpose of ascertaining the condition of the company at the beginning
of the present year. By this report the company had, on the .'list day of
December, 1879, a surplus over and above all liabilities and expenditures of
854,4(52.29. The committee began the investigation right at this point,
because, if this were true, there could be no ground for the large assessments
made since, aggregating 31 per cent, of the premium notes. We called the
attention of the officers of the company rejteatedly to this fact, and they
replied in substance that the published report was not a correct copy of the
report made by the company, but that it was an inaccurute condensation or
compilation made from it. That the report as made by the company did
not show any surplus. We then asked to see the rejxjrt as made by them to
the Insurance Department; we were informed that the company had for
warded it to their attorneys at Harrisburg to be used in the trial of a suit
with the State, which is still jteuding, upon the question of the liability of
the company to pay a State tax, amounting to 83,000 on this surplus, which
the State claimed was an "accumulated reserve" liable to be taxed, and
which the Court of Dauphin county decided against the company. We
then procured from Mr. Forstcr, the Commissioner at Harrisburg, a certified
copy of the report made by the officers, and upon a full comparison of this
report with the one published by the Department, wc find the report made
by the Insurance Department to be almost a literal copy of the report made
by the company; and taking the report of the company as true, there was
certaiuly on the 31st day of December, 1879, a surplus of 54,462.29, over
and above nil claims against the company. The affidavit made by the
('resident aud Secretary of the insurance company to this report shows that
it purported to embrace all losses and liabilities of the company of what
ever kind.
Iu the statement made by the officers of the company to the directors on
the 28th day of May last, upon which statement was based the last two
assessments, amounting to 25 j>er cent, (see copy of same hereto annexed)
there is an item of indebtedness of 8139,252.02, called "outstanding accept
ances." We then inquired if the annual statement referred to, included the
then outstanding acceptances in the liabilities of the company, ami iu reply
to this question we learned the importnut fact that none of the acceptances
outstanding on the 31st day of December, 1879, were reported by the com
pany ; ami the reason given was, that had the true state of the company been
represented in the annual statement the company could no longer have
done business in any of the States outside of this Com moo wealth. It was
therefore necessary, in order to contiuuc business, that this essential and
important truth be suppressed, and the outstanding acceptances of the com
pany do not appear in their report as a liability. Upon the contrary, the
report conclusively shows that all debts due by the company, upon previous
losses, were paid prior to the 31st day of Decemlier, 1879.
In the annual report the liabilities of the company are fixes! at the sum
of 8115,481.08. To meet this, they exhibit assets (available) far in excess
thereof, which excess the Commissioner ascertained to be the above sum of
854,462.29. This annual report is wholly incorrect and unreliable , so tar as
it purports to show the liabilities of the company on that day.
After as careful an examination of the books as we could give, and from
the facts reported to us by the officers of the company, and from a reference
to the statements of February 25 and May 28, allowing the company credit
with all assets in hand available for the payment of debts ami losses,
we find the company in arrcar on the Ist of January in the sum of
819(5,388.45. This sum represents the debt due on that day after applying
all available assets on hand. To this sum must be added the losses
occurring since, amounting, on the Nth of July, to the farther sum of
8251,698.84. The cash policies in the State of New York have been re
insured since January 1, at a cost of 826,533.46, which must also be added.
There is an-item of taxes of 810,000.00, and a balance due agents, attor
neys, advertising, adjusting salaries, Ac., of 89,(524.03, which must also be
added, making the total indebtedness on the of July, A. I). 1880,
amount to the sum of 8494,244.78.
To meet this debt, the net cash premiums received siuce January 1,
1880, amounting to 870,798 —the estimated net proceeds of assessment No.
38, (being (5 per cent.) amounting to 881,873.59—the whole amounting to
8152,671.59, arc to be applied. Making this deduction, the balance still
remaining due from the company is 8-341,5751.19. The estimated net pro
ceeds of assessments Nos. 39 and 40 (beiiiff 25 per cent) will amount to
$5146,875.00 From this exhibit of the affiurs of the company it is evident
it will require the whole of this extraordinary assessment te pay the debt.
In the above statement there is no calculation made for future losses
by fire or for expenses, all of which will continually increase the debt or
liability of the company. In addition to this no allowance has been made
for the payment of a debt arising out of the cancellation of cash policies,
which debt is gradually increasing hourly, and as rapidly as return premium
certificates can be signed and sent. We have made a calculation of this debt
thus far, from the 28th of May last, and have estimated what it will cost
the company to cancel the cash policies still in force; and this item alone
will amount to SIOO,OOO more.
In order to ascertain the cause of this unfavorable condition of the
company, we endeavored to trace the workings of the cash plan for a period
of five years; and in order to avoid the effects of the fire in Chicago, in
1871, we began the period on the Ist day of Jaauary, A. D. 1875. The
total amount of fire risks in force, cash and mutual, Jauuary 1, 1880, was
$51,957,550.00; of this sum 8552,872,625.00 were cash risks. This would
make the proportion of the cash risks three-fifths of the whole. The
following is the result:
Gross premium* received from January 1, 1876, to January 1, 1880,... $2,469,380 00
From which deduct refunded premium*, re-inuranoe, commission and
brokerage, pro rata, adjusting losses and general expenses, sala
ri *. 1,147,671 00
Net income from cash policies $1,821,766 00
cowTaa.
Paid for losses on cash policies in five years $1,663,270 00
Actual loss to company $231,606 00
The foregoing calculation shows an actual low of about $46,000 annually
for the last five years, and this plan no doubt, has been the cause more than
any other, which has produced the present unhappy financial condition of
the company.
We received a letter, addressed to us by citizens of Muncr, asking us to
make certain inquiries into the alleged fact of loaning money of the com
pany to certain of its officers, and the amount of salary paid to the several
officers and clerks. We made inquiry as to these and other facts, but we
found no evidence of the company having loaned any money to any one of
the officers. Upon the contrary, we believe the company is indebted to
certain officers for money loaned by them. The following statement shows
the respective salaries paid each :
The president receives annually- $ 'IOO
The treasurer " ' - 8,000
The secretary 50 cents on each policy.
The assistant secretary 5,000
Three clerks each $1,200 8,600
Three clerks each 600 1,800
Two clerks each 480 WO
The four adjusters (expenses extra), 8,000
There are other expenses which we have not space to mention. The
figures hereinbefore given are in some instances only approximations, hut
are believed to be substantially correct. To give exact figures would
require the labor of experts for months.
From this review of the affairs of the company it is anpareut that it is
no longer in a condition to do further business. No new risks will IK; taken
and the policies are gradually expiring, so that the burden will fall more
heavily on the members in the mutual plan, hereafter, unless some plan can
be devised to go into liquidation and close up the affairs of the company, at
the earliest possible day. All risks, cash and mutual, should be cancelled as
soon as possible. What may be the best plan to close out the company :
whether by having a receiver appointed, or by making a general assignment,
or by the policy holders calling au early meeting and authorizing the
present board of officers, with such other persons as they might choose, to
settle up the affairs of the company and close out its business, we arc not at
present fully prepared to state. We believe, however, the present officers,
or some of them, assisted by some one selected by the policy holders,
would likely bo more com|>etont to close up the affairs, satisfactorily and
economically, than any new board of management. It would certainly be
at a less cost than by getting into litigation, and closing, after considerable
delay, through the office of a receiver, who would, from necessity, be com
lielled to retain the present officers to do the work. Hat whatever plan may
>o adopted, we are well assured that the company should go into liquida
tion at once. In order to accomplish this, the officers should call a meeting
of the Mutual policy holders at the earliest day practicable.
We would further state that the officers of the company treated us with
courtesy, and seemed willing that we should make a thorough examination
into their accounts. We feel it due to them, to say that we found nothing
which indicated anything improper or erroneous in the accounts of the officers.
And yet while we believe them to be men of integrity, we cnuuot but condemn
their action in concealing the true condition of the company's affairs, in their
annual reports to the Insurance Department. No doubt this was done in the
hope that the tide would sooner or later turii in favor of the company, and
it might yet recover from its embarrassments; hut the " Milton fire," in
which the company lost nearly SIIO,OOO, put an end to this delusion, and the
assessment, which had long been deferred, was levied at last. Whether this
desire, on the part of the officers, to keep the company in a favorable light
before the public, is a sufficient justification for the character of the annual
reports made, we leave to the decision of the policy holders, who are not
withstanding, legally bound to pay the present heavy assessments.
In a mutual insurance company the policy holders are the company, and
the directors and officers are merely their authorized agents. For the neg
ligence or mismanagement of these authorized agents the company is respon
sible to its creditors. This company was originally a purely mutual one,
hut by a supplement to its charter, passed the Ist day of May, 1801, it was
authorized to insure upon the cash plan as well. The premiums arising
from insurance upon the cash plan were by this act to be paid into the
common treasury. All losses and expenses are paid out of the common
treasury, ami "cash policies" not being liable4o assessments, nil deficiencies
of income must be supplied bv assessments upon the premium notes of
mutual policy holders. However inequitable this may now seem, the
validity of this Act and the liability of the mutual policy holders to make
up for the losses on the cash |>olicics have been in more than one instance
affirm***! by our Supreme Court.
The history of this company, as now written, is a fitting commentary
upon the policy of legislation which |>eruiittcd a once safe and reliable
mutual insurance company to enter into competition for cash business, with
no other capital than the premium notes ot confiding policy holders, and
U)on the follv of committing such large interests to the management of a
few individuals without rcs|M>nsihle supervision.
We have prepared a statement of the condition of the company, its
assets ami liabilities; an estimate (in part) of the liabilities incurred, ami
still to be iucurred in the cancellation of cash policies, ami also the work
ings; ami the result of the "cosh plan" for the last five years, which
accompany this re)K>rt, together with other statements, showing the losses
the company has sustained in the different Htates ; ami also a particular
ami detailed statement of all the items making lip the list of losses sustain
ed by the company.
All of which is respectfully submitted.
A. O. FIRST, I). a KELLER,
WM. I\ DUNCAN, ADAM HOT.
Rki.i.kkontk, Fa., July 23, 1880.
EXHIBIT No. I.
Exhibit of Indebtedness and financial condition of the Lycoming Fire
Insurance Company, on January 1, 1880, and July 14, IMBO, as compiled
from information given by the officers of the company, and facts obtained
by an examination of its books:
January 1, 1880. Amount of indebtedness in excess of all available
assets $11*6,388 45
To which add losses by lire, viz :
In January, 1880 $16,836 04
" February, " - 32,1*11* 67
" March, 21,321 21
" April, •' 32,743 17
"May, " ( Milton $89,185.34) 122,986 95
' June, ' 13,528 90
•• July, to 14, 11,303 00
Also add—
He-insurance of N. Y. policies 26,633 46
TVxes claimed by Slate of Pennsylvania 10,000 00
balances due agents and attorneys, other taxes, advertising, adjusting,
salaries 9,624 08
Total $41*4,244 78
From which deduct—
Net cash premiums received since January 1, 1880 $70,798 00
Estimated net proceeds of assessment No. 38, (gross assess
ment about $120,000) 81,873 61*
Amount of indebtedness July 14, 1880 - $341,678 19
Estimated net proceeds of assessment No. 88, (126 V cl.) 1 , w ,
(gross assessment $237,500) . / S l7 ®- 00
Estimated net proceeds of assessment No. 40, (121 V ct.)) A( .
(grots assessment $226,000) .......... ...... f ,fi8 ' 7W 00
Notb.—ln the foregoing statement no account has been taken of the liability
arising out of the cancellation of cash policies since May 28, 1880. We find charged
on the books :
For return premiums since May 28, 1880, on policies cancelled by
company $3,266 17
We also found 1420 policies returned for cancellation and not yet
entered upon the books, to cancel which it was estimated would
require about 18,000 00
There remains in force, cash risks approximating $20,000,000, to cancel
which the committee estimate (taking the cost of the New York
re-insuranco as a guide) will require about 76,000 00
EXHIBIT No. 11.
Exhibit showing the loaa resulting from insurance on the cash plan for
the five years beginning January 1, 1875, and ending January 1,1&8 U.
The time of beginning was fixed January 1, 1875, so as to exclude the
effects of the Chicago fire (1871), which itself cost the oompany about
•500,000;
Gross premiums received from January 1, 1876, to January 1, 1880,... $2,469,886 00
From which deduct refunded premiums $888,841
lie-insurance paid ; 16,869
Commission and brokerage estimated 418,026
Pro rata of "adjusting losses and general expenses" 264,836
Pro rata of salaries and taxes for five years, say three-fifths
of SIIO,OOO ; 66,000
Net income from cash policies $1,321,766 00
cotrraa.
Paid for losses on cash policies $1,668,270 00
Actual loss to company In five years $231,606 00
BTATEMENT A.
Ktatement submitted to the Board of Directors at their meeting Feb
ruary 25, 1880:
LIABILITIKH.
Louses In suit $59,352 Oft
Unsettled to dste 30,214 19
" from last year 11,670 oft
Bottled due in March 16,639 02
" " April 12,118 84
" >• May 2,547 Oft
Outstanding acceptances dun in February 34,743 99
" " " March 61,994 16
" " April ! 32,322 96
" " May 31,767 60
Taxes, advertising and other bills 10,000 (id
303,269 65
AhHETH.
Agency balances estimated ... 40,000 00
Assessments due and collectible estimated 60,000 00
Catawissa 7 "f* ct. bonds 11,000 (Ift
Hills receivable 3,762 18
Mortgages 7,135 38
Judgments 4,342 4ft
Indebtedness of company 187,029 69
$303,269 66
STATEMENT B.
Statement of the affairs of the Lycoming Eire Insurance Company a
presented to the Board of Directors, May 28, 1880;
LIABILITIES.
Unsettled and unpaid claims in Pennsylvania, including
those in suit $219,9**8 <*2
Ohio claims unsettled, unpaid and in suit 8,530 25
California and Nevada unsettled, unpaid arid in suit 10.000 00
Illinois " " " 12,671 6ft
Wisconsin " " " 4,735 Oft
Missouri " " " 8,589 65
New York " " " 24,343 Ift
Vermont " " " 9,31 ft .36
Maryland " " " 6,869 76
New Jersey " " " 3,345 2*l
Maine " " <■ B*ft 00
Connecticut " " " 737 00
Outstanding acceptances 139,252 */2
Miscellaneous bills unpaid 1,156 62
$449,178 7'*
AHHKTH.
Agency balances $16.**53 >1
Assessment', itfeluding No. 38 (collectible/ 86,436 og
Hills receivable and mortgages 6,000 *<)
Indebtedness of company 339,889 07
$449,178 70
KWAI'ITLLATION.
Liabilities $449,178 70
Available assets.- 109,289 63
Indebtedness of company exclusive of re-insurance $339,889 07
THE LITERARY
REVOLUTION.
r PHK most suecewiful revolution of
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tb*- mo*t important Only Uok* of the higbnt rU
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AMRKICAN BOOK KXCHANGK,
Tribute Ball.hug, Saw York.
JOHN B AI.HKN. Mas igar.
Sol* Agency la Ballafoiila, 11. T. STIT7.KR
I try Gootl* ami (JrorrrUu.
JJARPER BROTHERB,
SI'RINO BTRKKT, ItRI.LBFONTR, PA..
Have their counters and shelves filled with
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WHICH THEY OFPER AT
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OONSISTINO or
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Latest styles of HATS and CAPS
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OmaprMag arary thing Aatraa be fcaad |a a drat
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HARPER BROTHERS*
wura STREET, BELLE PORTE FA
COUNTRY PRODUCE Ukaa la aihaa|a at Ita
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CEU 'LL'-U A T .
STATE NORMAL SCHOOL
(Kujh t/i Somwl ScKt>! Dmtrict,)
LOOK HAVEN, CLINTON CO., PA.
A. N. ItAUB, A. M., I'rincipal.
'PIUS SCHOOL, a* at present con-
X etitu'ed. otbe rer, I wet loci h tow for Frw
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Bulldlnga epnriutie. invito,- ud commodiotik ; mm
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Con no* of etud, pr.wcni.e-I l.j tb* Stale I Model
Hrkacwl. 11. Freparetoi,. lll.'Kletnaalar,. IV. Bci
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tnjIXCT oocwu:
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Tha Kerneator? and Scientific cwareea are Hue
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j->udiag degree*: Matter of the Element*. and Maeier
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formal Ortificatea .f their atuinmente aicu.-d l
tbe Fncalty.
Tlte I'rufeaatnnal ouor>ee are liberal, and era m
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Tbe tinea demand IL It to one of tbe prime objerto
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ligent atkd efbieat tenrbere lor her arboolk. To tt.ia
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Stockholder. Truateea-J II Barton. M D . A II
Beat. Jatol, Brow a. 8 M. Wckford, Samuel Oirtet, A
? U- omJl - *• c - Hippie. km, , o. Kmumg,
k F MrCnrmirk, Be,, ,Vt W lUnkimJobn A R. 1.1
stale Trtiateee— Hon A Cania. Una II L Dief.
fat. had.. Ore Je.ee Merrtll, Hon William Bigler. J C
C. * hale,, B. Miliar Mr< onakk. km,
Ml WW.
Bon. WIM.UM BWI.KR, Frraldent. Clearfield. Fa
a*2i."'.'? ,f "'' "I?"''* ' Freaidant, Lock llaten, I'a
8 Mll I.AK MrCCBMICK. Secreted,
THOMAS YAKDLKY, Tmvtirer. "
New York Weekly Herald.
OWE DOLLAR A TEAK.
The circa latino of thto P< polar neoopepar baa more
than trahled during tha part tear. It mntoina all
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la arranged In hand, depertmtnie. rt.a
FOREIGN NKWB
embrocae aparlal dtopatchm from all quartern of the
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AMERICAN NKWB
are (tana the Telegraphic iMapatobm of tbe weak from
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THE WEEKLY HERALD
U meal ealaahie chronicler la tbe world, m It to tba
rhaapaat. Brer, weak to (torn a faitbfnl report of
POLITICAL NEWS
embracing complete and romprekenatre diapatchm
f"*" WaablagtoO, Including fall twp.ta of tba
bmT "" **"*' pallUrtai,aoa tbaqamttnaa of tba
THE FARM DEPARTMENT
of tba Wbui Heat tn gfraa Uta to teat m wadl m tba
lrttoal nffMttou and dianaaaalm ratotlag to
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Fontmt. Omim, Taaaa. VaarraMaa, Ac . Ac, with
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THE HOME,
*J" •* piaatlaal dtohaa. hlato tor making
Clothing and Aw keeping up with tha latent toahtoeik at
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aaggaatad la thla department to prartieall, teatad If
aaaarta batowa pahllcaUoa Lattan from oar Farto
and lamdow .nrriH glial <m tba am, lateat toab
Itota. The H.uaa Itopartmeal at the Wauit llantra
wfll aara the bowaawito mora than one hundred tlmee
tha prion of tba paper Tba takaraaU af
SKILLED LABOR
.*?**• •* 4 I FMtahtlat la me
chaatoe and labor aartag la cwrafhll, racordoto There
la a pagedeTwtod *a all tha to teat phaem of tba had
aaatitnarkeka, Crop*, Mercbandtoe, Ac.. Ac. A ralao
f?Ta<lM.a.*7 prV^*
THE PRODUCE MARKET.
•matwa Raw* at bow and abroad, tagwibar with
a Smar arer, weak, a Baaaoa by
.la. ImatM, Mtmcat, Dttk.tte, Faaaonti .ad
OM,W
"ifSs'l } nSv
NEW YORK HKRALD,
1-4 Broad war and Ana Straat, Raw Tort.