The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1900-01-12
SMALL LOSSES.
Annual Meeting of Two lnsur-
anCe Companies,
Secretary Payne's Report Shows Large
Increase in Risks and Economical
Man, cement.

surauce company were held at the city
hail Al one O'clock Wednesday. Each
policy holder has one vote at the an
nuai meetings, and they choose dlrec-
tors and decide to some extent the
policy 60 be pursued by the officers.
President Andrew French, of Plain
view presided over the meeting OF the
hail insurance company Inc annual
report of secretary L. M. Payne, OF
P.pesIone, was. read and made very
favorable showing The number OF new
luilcies written during the year was
shown to have been LIS, bringing the
total membership up TO 2,o0f. Inc
amount of lew Insurance Written vas
$685. us, and added to the SllS,olo OF
ut.lce carried forward from last
year makes total of 81, Sol ,523 in force.
Gal, $63, coo of insurance was dropped
during the year The net gain Is larger
than ever before and is a splendid one.
Ihcre were about 300 losses, spread
owe, about twenty counties, the heaviest
being in Winona county. An assess
meul of one and one-half per cent was
made, which is much less than the
average so-called farmers insurance
company levies to pay the big salaries
of ullicers. This is u real farmers com
palty, and has no high salaried officers,
as the financial report shows.
The cash on hand year ago was
$472S and there was received from
premiums S1,7662S, and from town
ship associations 1887 %. The
amount paid out during the year was
$20139 40, of which S16.647 SO went to
pay losses $3.50 to pay salaries, 1922. 90
for clerk hire, S786 80 for expenses OF
adjusting losses, and the balance for
minor expenses leaving balance on
hand now of S134 "a. ~
1IeasurerJuliar' report correspondent
with the secretary's report, and both
We're favorably reported upon by the
auditing committee, which has been
at work on them for couple of days.
The by laws were amended by chang
ing the principal place of business of
the company from Mankato to Pipe
stone, where the secretary resides,
r. j. Hall, of Stevens County, and
Hubert Bruels, of st. Clair, We're
chosen delegates TO the state associa-
tiop, which meets at st. Paul Jan. Both.
The salary of the president was raised
from 800 to $500. a
A vote of thanks was extended the
city for the use of the council room, and
Judge Shissler responded appropriately.
The directors were all reelected, as
follows: N. Juliar, st Clair; Andrew
French, Plainview; F. M. Payne, Pipe
stone; August Strehlow, Bethany;
J. NJ. Duell, Eyota; H. P. Bjorge,
Underwood; H w. Wadsworth, Ma
della; j. O. Currier, Nicollet; D. P.
ONeil, Ortonville,
After the hail insurance company ad-
journed, the cyclone insurance COM
pduy was CdllCu W OlucI ny 1CSluChO
French.
The annual report of Secretary ]. B.
Yates, of Madelia, showed that there
We're but two losses during the past
year, amounting to $3l. In both cases
buildings had been moved by the wind.
No assessment has been necessary for
for two years, all expenses being met
out of the incidental fees for premiums
on policies. The number of policies
written during the year was
400, amounting to 1898, 1888 The
number dropped was six, amounting
to 5,420. A year ago there were $40
policies in force, carrying S205,S52 in.
surance, while now there are 693 poll
cies, carrying SS36,2l5.
The report of Treasurer, August
Menske, of Waseca, showed the cash
on hand year ago TO have been 1887,
and the receipts 1898. so. The disburse-
ments were S31 for losses, SO for ad-
justing losses, 1890 60 for expenses and
salaries, $67 rs for printing and station
cry, and $1G5 81 for other expenses,
leaving balance of $3.50 04 on hand.
Both reports were adopted.
An amendment to the bylaws was
adopted, changing the principal place
Of business from Mankato to Madelia,
the secretary's home.
rho following directors were elected
August Menske, Waseca; |. B. Yates,
Madelia II E, Menke, Dover: r.
Hall, Morris; Andrew French, Plain
view; Scott Thomas, Rice; Ira Craw-
ford, Beaver Greek Otto Triton, Sleepy
Eye; l.. II Bulls, West Concord.
Chief Bruels brought in box of CT
gars and the meeting adjourned soon
after. The directors Of both companies
meet tonight.
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