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

1O2r0 OIL UlfecCOTS WlLQUI8W tuc 31O,. Il
1894 now on deposit in the various
ranks, outside Of this city, and 3d.
~. 36 from the State National Bank Of
and loan it all out on farm
mortgages throughout the State at twelve
Der cent. We will lend upon improved
arms, under cultivation and occupied by
he borrower. Snd We will not lend more
han one-third of the appraised valuation
thereof. Taking $13.347.3 6 out Of the
State National Bank of Minneapolis. will
leave but l9,97O.33 subject to my order.
Rep. Well; that is, in round numbers,
$4,000. Now it will be urged, by some,
that you may draw that out dishonesty
at any time.
Sec. If do I am under bond to the
amount OF $4,000, the bond executed
last year at the time Of my reelection,
and E. B. Andrews and Edward Murphy,
both wealthy men Of this city, are my
sureties.
Rep. Well that reduces the risk to
$4,000; but how is it as to that $1,000!
Sec. That is payable from time to time
upon my check to cover losses Of those
insured.
Rep. But suppose you drew check
for $4,000, would not the Bank honor it!
Sec. No. Mr.. Baldwin, President of
the Bank, issues to each member receipt
for the money deposited by him in the
following form:
STATE NATIONAL HANK OF MINNEAPoILs.
MINNEAPOLIS, MINI. -. 1877,
Certificate Of Deposit.
...... -. $500. has deposited
in this Bank -. U0NarS
payable with interest at the rate Of seven Per
cent per annum, to the order of MINNESOTA
FARMERS Mutual FIRE Insurance Assoc1A-
TON, for his proportion Of losses and ezpenses
Of said Association and the bolaxce NTH said
interest returnablc to the said 800. $3.50.
upon the order Of said Association
Cashier.
The Bank thus becomes trustee for
the depositer and Mr.. Baldwin is very
particular in the matter. If l draw
check for considerable sum he comes in
to see me right away and requires me to
show the papers in the case; the proof Of
loss and the proof Of payment. The loss
fhas to be sworn to by the party insured.
All these statements were confirmed by
John Close, Esq, and Jas. Bull, Esq, two
of the Executive Committee, who were
present during the interview.
Rep. Well, it appears to me, that that
reduces the possibility of embezzlement
to small figure. But to relieve your
association from all suspicioni in that partic-
ular, would suggest that the checks you
give upon the bank be countersigned by
the Treasurer, Mr.. Milne, or by Mr.. Bull,
resident member of the Executive Com
mittee.
Sec. have not the slightest objection
to such provision lin fact would pre-
fer it.
Mr.. Close. It seems to me that such .
step would be wise and proper. have
myself thought Of something of the kind.
Mr.. Bull. think we will make such q
, regulation.
, Rep. Mr.. Nimmocks, how long has
your company been in existence!
Sec. About ten years.
Rep. Have you paid ali losses in. that
time!
Sec. Yes, sir We have paid over $780,
! 600 to about seven hundred farmers and
! we have carried the insurance of 10000
policies with an aggregate Of ten millions Of
insurance, for about one.half what it cost:
the insured in other insurance companies
). and this is because We do an exclusively
q l8Im UuSlJICSb OA A6OA&tC0 PAOROAVye AVs
/ subject to confagration as in cities.
' Rep. Have you ever assessed the policy
Q holders to make up losses!
: Sec. No, sir. Here is your own &C
/ count, for $1,000 insurance. 1t read!
r thus:
\ October s, 1856. BY certificate Of
= March Is, 1875. By interest on
dprOSit No 7N Ill 10
d March %, 1875. To losses andex-
penses, folio 653, policy No.
. !, 2N ~
TO Amount on hand :. $3.50. s7s
n Issued October LIST, 1866, for 900.
4; So that it appears you have had 81 O
y insurance for nine years at q cost (
If Sl2.65, or t1.4O per year. This is
n. great deal less than it would have COZ
Of you in any other company.
I'd Rep. That is true. How many pollci
At have you now in existencel
See. Over $4,000.
We r. What were your losses this yeal
r. Sec. There were 200 losses, scatter,
It all over the State, aggregating S33, 0Ol
80. We have paid everything but $57'
on 90, and there are $4,000 of losses
nd process Of adjustment and not yet POI
The losses ranged from $500 up
in $1,000. Most Of them were for smi
amounts, such as $4,000 and $1,000
Here is table showing the causes
" these fires:
nx The two hundred and nine losses which q
Farmers Mutual has suffered the past y
60 may he traced to the following CAUSES,
wit:
- No. Amou
50 losses from stovepipes -. .....1 $500
90 II losses rom chimnies ...... 7,743
10 Losses from incendiary $3.50. 49,. 2,4N
"a IA losses iron unknown causes 49,. 2.05i
10 losses from prairie fires ......... 3,623
a losses from steam threshers. 80. ,OJ6
%