The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1892-11-09
EMBARRASSED.
The Surplus of the Ohio Farmers Insur
ance Company Falls Below the Re
quired dAmount-Enorts to Ad-
just their Difficulty.

The Ohio Farmers Insurance company
has long been popular with owners of
farm buildings all through this part of the
state, and in some of the adjoining states
Tor many years. They have felt entirely
safe with policy in that company on their
houses and barns, and the contents of
the same. A report that the company Is
financially embarrassed has caused some
surprise and uneaslness. The state COM
missioner Of insurance has recently made
an examination of the company's business,
in the regular line of his duties and
found that the company is perfectly
responsible for all claims against 1t. II
was found, however, that their surplus
fund has been reduced below the point
which is required by law to enable them
to do business on the joint stock plan. The
company was originally organized as a
mutual company, without capital stock,
taking part cash and part premium notes
in payment for policies. Later law was
enacted authorizing mutual companies
having a surplus fund of over 100000, TO
do 5usines.on the cash plan. The Ohio
Farmers having become able to meet that
requirement, abandoned the premium
note plan. AS their surplus has now fall
ieh below the required amount, they must
either cOntrive some means of building IL
up or fall back upon the old plan.-Ober.
lin News.
The following card over the signature Of
Director r. N. Mcdowell, appeared in the
Medina Gazette of the 3d inst.
ut IS but natural, with all the rumors
a1oat in regard to the Ohio Farmers, that
the patrons should want to know whether
their policies are good or not. To all such
desire to say that in my opinion there Is
nothing in the situation TO warrant any un.
easiness on the part of the policy holders.
The company has, even on the rigid fg.
ures OF the insurance comm missloner, assets
mostly in the shape OF farmers notes TAX
en- for insurance now in the hands of
agents which were not accepted by the in.
surance.commissioner hence the difficulty.
Thesenotes amount to over $3.50 900, near.
ly all.st which, | am told. are good. They
are to be collected ut once, and in nv
opinion the company will be able to re-
sumo business. The commissioner of in.
surdnce In his report says that while the
company is unable to comply with the law.
1t is solvent The state law requires that
the company have 100000 over and above
all liabilities. by throwing out the $780,.
OOO above mentioned, its surplus does not
reach that amount. The secretary, in a
circular recently issued urging agents TO
make collections Of these notes, says the
policy holders will be taken care of as in
the past. shall retain all my policies of
insurance and believe them to be good,
and would not advise anyone to cancel,
though Is they desire to cancel II will be
done under the former rules OF the COM
pany. The company's assets are nearly
$2,OO0,0OO."
LATER.-Ata meeting OF the officers
and agents Of the company held In Colum.
bns 1t was decided 10 put up the cash to
supply the deficiency reported by the In
surancs commissioner and proceed with
the business as usual. The company
holds over 100000 in promlsary notes
on farmers, due in thirty, sixty and ninety
days, which the commissioner declines to
accept Of to supply the deficiency.