The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-07-12
AMERICAN MUTUAL INDEM-
NIFTY CO.

The American Mutual Indemnity
company having been engaged in busi-
ness in this city since September, 1897,
takes pleasure in submitting to the
public the report of c. +. Bradbury,
expert accountant of this city, made
by him up to the first of January, 1899.
THE AMERICAN MUTUAL INDEM-
NIFTY CO.-REPORT OF AUDIT.
September, 1897 to December 81, 1898.
To the President and Directors:
Gentlemen-I beg to- report that
have made a careful examination Of
the books and records in the home office
at Scranton, for above period Cash
receipts from all sources and disburse-
ments for all purposes were compared
with bank deposits and vouchers and
the balance stated as being on hand
December 81, 1898, s3,416.52, 1 certify as
correct. The notes receivable on hand,
$365O.25, were also verified by actual
count.
The balance sheet herewith submitted
has been verified in detail and 1 certify
1t to be a correct transcript of the
ledger on above date. The report and
statements accompanying the balance
sheet speak for themselves; but 1 wish
to call attention to the fact that the
company, handicapped in it's operation
as 1t was in its early history from vari-
Gus causes which need not be mem
toned here, has now over 81, 900 900 of
valid policies in force, with no claims
due and unpaid, and but $407.62 to he
paid when due upon all adjusted
claims. This is an excellent record and
is having its effect in the increasing
business of the company.
The total insurance in force Deem
Der 81, 1898, as shown by the recapitu-
lated report was So, ,01S, 600 gross labil-
ity-being $l,7S5,000 casualty, and 1898, =
600 personal accident. OF this total
100000 represents renewals since Sep
tember l, 1898. The fact that the re-
newals for only four months form so
large proportion of insurance in force
is an evidence that the company is in
favor with its patrons, retaining it's
old business as well as obtaining new.
The business would seem to be eco
nomically conducted. the salaries of
officials aggregating only s216.66 per
month, other salaried employees $3.50 per
month; all agents and the superintend-
ents of agencies being paid on q COM
The system of accounting in general
was gone over very carefully. Hereto
fore no plan existed for the charge of
premiums TO policy holders when poll
icies were written. This has now been
provided for and entries have been ar
ranged which bring all the current
transactions of the company regularly
upon the books. The accounts are in
good condition and the system on the
whole well adapted to the needs of the
business. Some matters of detail on
the subsidiary books might be put in
clearer form and suggestions to this
end were made by me. I desire to say,
however, that Mr.. F. II. Kingsbury,
| assistant to the president. has intro
duced many improvements in the ac-
counting system with view to a closer
| classification Of the business and q
more definite record of transactions.
believe the management of the COM
| pany now to be prudent and conserva-
tive and its relations with its policy
| holders agreeable and satisfactory.
Present methods are such as to inspire
| public confidence and the business OF
the company should continue to in
crease and develop into large propor-
| tions. Respectfully submitted,
(Signed) Charles Z. Bradbury.
Auditor.
Mt Do To. 90