The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1863-05-16
To tba PWblie.

/ =
At . medAisg q ths Dirscters Of tAs IL Sal.
County Mutual Fsgs Asssrss Company. held %
the 9Th Of May, less, the foowisg fksts ssrs eli
cited, and the Secretary Instructed to embedy
them iuacemnuniestionto the public.
| This compsny has been In existence eight years.
Eve Of dem shs most disastrous to business pur.
suit. ever .xpsrieneed By thi. community. IT.
! busin ess.has bsen eon6nsd chiefly 70 this imms-
diste vicinity. 70 special effort having been made
to extend it, on account Of the financial difficulties
! of the iiinieeii:: ..- ~ s
During that period it has insured property to
the amount of nearly i'
100000,
the premium notes on which constituting the
capital IF tho Company. basis Of assessments for
losses and expenses, amounting to over
$4,000,
secured by lien on the property insured, worth
over
s3.OOO.OOO.
The amount Of money. however, actually collected
from the members during this period Of eight
years. to meet all the Losses and Espsase. Of the
Lbmposy. was only litsIs over SO, 600. which
constitutes the entire paid Jy tile msnbers for
the insurance Of this large amount Of property
during the whole eight years, being about 81, $50
per annum, or about oue-sixth Of one per cent.
The average rate that the class Of property in
sured BY this Company would have paid to rel-
able stock companies, will exceed one per cent
1t will thus be seen that the members Of this
Company have actually been saved SIS 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 in establish
ing other companies. and the large salaries often
paid to officers, have been avoided BY US and BY
the fact that we have refused all srt~a hazardous
risk, the intention being to furnish 20 the mem :
bers slfe Insurance at the lowest possible cost.
This state of facts, the Direct r. believe con.ti.
tutes q record that no other company can show,
and ought to commend the institution to the hear
~ support and patronage of she entire commu-
nifty.
The citizens # Ottawa psy every year for insu.
rance not less thaS e2O.OOO This for eight
years would amount to SEQ, 900. The am5uus
paid back to them by the Insurance Cos will not
exceed $1,000. leaving elS5,0OO actually
paid out for insurance. Now, it Is er tent, that
nearly the whole Of th, large sum- ors'v. at least
GAO, ooc Of IT, might have been saved to this COM
munity alone, had the insurance been effected
with the la sale County Mutual, while Il, the same
time the security would have been ampe. rs in all
we'll managed Mutual Companie. the basis of Sc
eurity is increased in exact proportion to the
liabilities.
The amount allowed above. say Sc, oCO. would
have paid all losses and expenses. and left cash
surplus of $4,000 to $4,000 for future contin-
gcnces.
Are the people of Ottawa and La Sale county so
regardless of their interest as TO allow this
waste Of money to 90 on, They would not adopt
such course any other subject, but the fac, u.s.
this subject Of Insurance is the least understood of
any matter effec,ing the interests Of business men.
But few men know anything about the response
bIlity Of the Compailes 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 upon
other more exposed and less protected localities.
As Is evident from the large amount pad for ipsu-
rance and the .n.au amount Ios.
The remedy for this unnecessary evil is TO effect
your insurance in Company which, By your be-
coming members, will he under your obserra-
son and control. and which you can thus KNOW TO
lie safe. and a large proportion of the money that
you annually paying for insurance will be
saved.
The losses of the Company have thus far been
pr0n.pt paid, to the entire satisfaction Of the in
sured and the names Of the Directors comprisn;
some Of the Oldest and most ,u,ces.<.l business
men Of this community, is sufficient guarantee
that such will be the case hereafter.
JOHN V. A. HOES. Pren.
WI. VI. TRUE, .S,c'ry.