The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1863-05-30


to extend it, on account of the financial dfculte,
! of the times.
During that period it has insured property te
the amount of nearly
| sI,GOO.OOO,
the premium notes which constituting the
capital Of tho Company or basis Of assessments fol
| losses aud expenses, amounting to over
$SO,OOO,
secured ny lien on the property insured, worth
over
= s3,O0O.OOO.
The amount Of money. however. actually collected
from the members during this period of eight
years, to meet all the Losses and Ecpsnses Of the
Company, was only little over $4,000, which
constitutes the entire paid 6y the msmbers for
the insurance of this large amount of property
during the whole eight years, being about 81, 25C
per annum or about onesixth of one per cent
The average rate that the class of property in
sured By this Company would have paid to reli
able stock companies, will exceed one per cent
1t will thus be seen that the members OF this
Company have actually been saved Sc Of
the amount of money that it would have
cost them in other companies, while the security
afforded by the Company has at all times been
ample and available.
This result has been produced by the fact that
the heavy expenses usually incurred.sn establish
ing other companies, and the large salaries often
paid to officers, have been avoided BY US; and by
the fac. that we have refused all ertra hdzariou.
risk, the intention being to furnish 20 the mem
bers s!te insurance at the lowest possible cost.
This state of facts the Directors believe consti-
tute. a record that no other company can show
and on ght commend the institution to the hear
~ support and patronage of the entire commu
nitv.
The citizens ef O.ta,rI par every year for insu-
rance not less than 100000. This for eigh,
years would amount SIGO,GOO. The amour,
paid back To them by the Insurance Cos. viii not
exceed $1,000, leaving Sl55,OOO actuall Y
paid out for insurance. Now, it Is dent, that
nearly the whole of this large sum, at least,
sl40, 900 of it, might have been saved this com
munity alone, had the insurance been effected
with the La Sole Comfy Xutuai, while at the same
time the security would have been ample. in al
well managed Mutual Companies the basis of Sc
curity is increased in exact proportion to the
liabilities.
The amount allowed above say $50, 90. would
have paid all losses and expenses. and left cash
gencies.
Are the people Of Ottawa and Ia Sale county so
regardless Of their own interest as TO allow this
waste OF money to go on, They would not adopt
such course any other subject but tie fact is,
this subject Of Insurance is the least understood OF
any matter effecing the interests Of business men.
Bat few men know anything about the response
bility of the Companies that they insure in, or
what should be fair consideration for the risk
assumed. The consequence is, this community
are paving rates Of insurance that are based uron
other more exposed and less protected localities,
as is evident from the large amount paM for iusG-
rance and the snai2 amount list.
The remedy for this unnecessary evil is, TO effect
your insurance III a Company which, by your be-
coming members will he under your own obse-va-
ton and control, and which you thus KNOW 10
be safe, and q large proportion of the money that
yoa annuasl. paving for insurance will be
saved.
TIE losses Of the Company have thus far been
promptly paid, to the entire satisfaction of the in
sured and the names Of the Directors comprising
some Of the 9Liest ami most s.lccesstul business
men Of this cornmuaitr, is n sufficient guarantee
that such will be Ihe rAsr hereafter.
JOHN V. A. HOES, Prest
WIN NJ TRCE Csr'ry