The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-04-01

The Minnesota Farmerss Mutual Fire
Insurance Associntion..An Inter-
view Between a Representative Of
the Anti.M0n0p0list and the Secre-
rary and Executive Committee Of tina
Company, NJ Minneapolis, March
25, 1875.
Secretary. | have desired for some
time to have you come in and examine
the affairs of our company; and hence l
have requested your presence here to-day.
Representative. have not the time to
make an exhaustive examination of your
books and pa. s-s, but shall be glad to
talk matters over with you. 1fyou have
been misrepresented shall try to set you
right.
Sec. What are the points upon which
you would like information.
Rep. Well in the minds of many your
association is under cloud. The report
Of the last Executive Committee Of the
State Grange did you great damage; and
as this is an age of embellishments and
defalcations the farmers are naturally
suspicious Of those against whom SO much
has been said. There is prevailing
opinion that you, Mr.. Secretary. could
walk away, some bright morning, with all
the assets, and leave the members Of the
association liable for its debts. | have
81, 900 insurance with you, and l have
been troubled by these reports, lest |
should some day lose my insurance and
be sued besides for $1,000, as q stock
helder, and have even meditated with
drawing from the company.
Sec. Well; first let me answer that
point. Here is one Of our constitutions
and you will sec in it the following:
"Sec. 3. II, at the expiration Of a policy,
there is deposit money on hand, it will
be refunded, by giving thirty days no
tice, and also forwarding the certificate
Of deposit and the policy and if it shall
ever SO happen that the deposit money
of any member should be insufficient te
pay the proportion of losses and expenses
Of the Association for the time insured
the Secretary shall notify such member
or members, and he, she or they car
pithdrap or deposit such an amount o
money as the Board of Directors maj
| deem sufficient to pay the pr oportion 0
losses and expenses for the unexpired
term Of the insurance.
So that if did ''slope," as you suggest
and che stockholders were called upon t
make up losses, they could even thel
withdraw; they need not pay one cent
and as the insured are all members the
> they would have no claim against thei
fellow members under this constitution
Rep. Well that seems to dispose Q
; one very important point. | understan
t any member has right to withdraw a
any time!
) Sec. Yes he can at any time dissolv
his connection with the company and tel
inmate his liability. What is your mel
point Of inquiry
Rep. It is generally believed that 70
have entire control Of the cash assets N
could walk off with them At any time.
Sec. Our cash assets are deposited
six different national banks, Is follows:
First National Bank At Austin, prin-
d cipal and interest ...... ...... &5,757
\ Second National Bank ct WinOna,
principal and interest ..... 2,675
First National Bank At Rochester,
principal and interest ...-.. 800
!. Citizens National Bank 1t Mankato,
principal and interest 49,. $780,. ASS
IS Citizens National Bank at Faribault,
Al principal and interest -. 2,56S
State National Bank at Minneapolis,
= principal and interest -. 1877
4 Total $500. 5000. ...... 1890. $4J,oO
! Here are the various bank books sho
]. ing these deposits, and you will obser'
~ here on the first page, . written stat
x ment, in the case Of all except the Mi
er neapolis banks, that the money 50 dep'
re tied cannot be withdrawn except on !
h. order Of the Board Of Directors.
that, so far as 316.652 81 are concerne
the assets are altogether beyond
reach.
Rep. But how IS to the 433, 07.67
the State Bank Of Minneapolis.
!. Sec. The last Legislature passed
- requiring our company to deposit -
q 900 Of mertgages o. real estate with