The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-06-05

one year ago 1t was voted to change the name
OF what was then the Fidelity insurance
company to the Millers National, and make
its business coextensive with the union.
This has been effected and the control
placed in the hands of directors chosen from
the policy holders. It is but two years since
this company began business. Its condition
at the close of its second year is shown by
the following statement furnished your COM
mittee by the secretary OF the company:
Assets May L, 1878:
Cash on hand in bank subject to
draft SZ6Sla %
Office furniture and hxtures............. 408 80
Deposit notes subject to assessment. 34377S OS
Total IS
Liabilities:
Unpaid
1t will be seen that in the brief period
which has elapsed since the organization OF
this company it has accumulated a capital
already larger than that of very many COM
panies whose policies have been accus-
toned to accept with perfect confidence of
certain indemnity.
This capital is composed OF the deposit
notes of the best millers of the country
which are as reliable for the purpose for
which they were intended as are the ordn-
airy securities to be found in the published
statements of other companies
1t will be observed that upon the mutual
plan the capital increases in the same pro-
portion as the risks increase. For every
policy issued deposit note corresponding
to the risk assumed is added to the funu
held for the indemnity of those unfortunate
enough to require it, while stock companies
have fixed capital.
To the mIllers of Iowa must be accorded
/ the credit of being the first to show by their
works their faith in this principle. In April,
1875. the Mill Owners mutual of that state
was organized We are informed that during
/ the three years of its experience the company
hassustained five losses, which have promptly
been paid, amounting to S21 ,57477. The
Incidental expenses have been about SIS, 700;
total cost to policy holders $29, 214 II.
1t has carried upon an average about $780,
/ 600 in risks. The average yearly premiums,
which by board rates is per cent, would
amount to SIS, 900, or nearly as much in one
! year as it has cost the policy holders in this
company for three. 1t has been decided by
the members of this company to confine its
/ field of action TO the state of Iowa, and re-
main a local institution.
There are 10 mills insured in this COM
pany to the amount of over $4,000 at the
present time.
The Illinois Millers' Mutual has been in
/ operation about eight months, and has been
fortunate enough to escape losses thus far.
Its assets are S62 900 in cash and notes,
! with risks amounting to nearly 100000
This company does no business outside
the state.
There is, and need be no conflict in thesa
companies already organized, and if more of
the local kind are established in other states
We believe they will all help each other in
the way of becoming acquainted with their
different risks, and that the state OrganiZa
tons will be feeders to the national, by
| turning over to it all surplus insurance, and
the national will reap the advantages of the
local supervision of the state companies.
We do not believe it good policy for any
one company to carry excessively heavy
risks. Ordinary amounts we'll distributed is
the settled policy established by the com
/ bined experience of all successful insurance
companies
The recent terrible calamity at Minneapo-
/ lis, where in the twinkling of eye the
/ largest mill upon this continent was blown
TO atoms carrying death to every one within
/ its walls, followed by the obstruction of five
adjacent mills by fire, is uppermost in the
mind of every miller in the land to day.
Looking at it from the insurance stand
| point, it presents perplexing problem.
In the opinion of your committee, it is
/ the duty of this association to cause a thor
/ ougb investigation TO be made of the cause
which led to the Minneapolis disaster, that
the members of this body and the milling
public may receive from an official source
the actual facts in the case and OF the re-
quired safeguards to be adopted to protect
our lives and property from like calamities
! Your committee believe that the most
| feasible way to accomplish this result is 10
/ suggest that the three millers' mutual in
suTance companies investigate this matter
at joint expense, propOrtioned according to
! the business done by each, and that they re-
l port to the next meeting of their asSocia-
ton, or sooner il practicable to the presi-
dent the IT suit OF their investigation. Az
Ter Mr. Hayes and Mr. Iglehart had made
he. ,;o he
moved, seconded and adopted.
PATENT RIGHTS.
Mr.. ]. A Christian presented the report
for the committee. This report led go con-
siderable discussion. Mr.. Sparks, of Illinois,
spoke very strongly on this subject in favor
OF memorializiog congress in reference to
the revision of the patent law. He said that
the present. law protected patent sharks aud
patent thieves, and he thought that it was
about time for the law to be revised or done
away with altogether.
Mr.. Iglebart, of Evansville, spoke in favor
OF the law, and said that a good patent
should meet with recognition and approved
of all mills, and should be protected by the
patent law
EXECUTIVE COMMITTEE.
Mr.. J. A. Christian. chairman Of the com
mittee, presented the report
The ex cutiye committee have to report
in favorable progress in preparing the evil
dence in the Cochrane suits, which is of
such q crushing character as to leave no
doubt of the result as soon as the issue can
be reached in court.
Hon. George Harding has given unremit-
ting attention to the case, ably assisted
by such attorneys as he has selected,
each with a view to special work
and we are unreservedly of the opinion that
the work has been well and faithfully done
All this involves liberal expenditures and
prompt payment OF assessments heretofie
levied, and to cover the further expenses OF
Carrying 1T to q successful conclusion it will
require an additional fund equal to $40 per
run, which the committee recommend the