The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-05-19

| "' P""@ieS' aihouht Siol,lZo. Bal
ance on hand, s1.331.19.
Farmers Mutual Insurance Associa-
ton, l.. /. Epting, Secretary, New
berry. s. c. Organized 1897. Licensed
for Newberry County. Losses paid for
year ending July 1, 1908, $1.O55.6O.
All expenses. $154.76. Cost per hun
dred dollars Of insurance per annum
10 to 20 cents. Insurance in force,
$3s7.7S3. Cash on hand. s564.1S.
Germania Mutual Fire Insurance
Company. A. A. Kroeg. Charleston.
Losses paid for year ending October
Z. 1908. $4o2. All expenses, s2,565.-
So. Insurance in force, 1872 policies,
amount $1,12s,9O0. Assets in hand
$2s.4Ss.72.
Hibernian Mutual Fire Insurance
Company. M. F. Kennedy Secretary,
Charleston. s. c. Licensed for city Of
Charleston. Losses paid for year end
ing Dec. 81, 1907. s2,961.40. All ex-
penses. $5.4s9.S5. Assets in hand,
$3I.739.74. Insurance in force, 1,15O
policies, amount $1647s0.
Merchants Mutual Fire Insurance
Company, Zimmerman Davis. Secre-
tary, Charleston, s. c. Licensed for
Charleston. Losses paid for the year
ending Dec. 81, 1907, $73. All ex-
penses. s5se.7s.
Pee Dee Mutual Fire Insurance
Company. r. B. Harrelson, Secretary
Mullins, s. G. Organized 1905. Lii
censed for Marion and Horny Coun-
ties. Losses for year ending Oct. /,
1908. $2,659.40. All expenses, ST.
S6o.s7. Average cost about 70 to S4
cents per annum per hundred dollars
Of insurance. Insurance in force
ss2s.0O0.
With the exception of the COM
panies organized and doing business
exclusively In the city of Charleston,
the companies named above practical
ly confine their business to country
dwellings Only limited risk is carried
on each. generally not more than ST.
600. AS a general rule the company
has director In each township who
passes upon the value Of the property
and upon the desirability Of the appli-
cant for insurance from a moral
standpoint and who makes the ad-
justments of loss. Generally these
directors receive small compensation
Tor their services 1t is seen from the
small expense at which the majority
Of the companies run. there is little
compensation for any one. With these
companies the cost of insurance is
wonderfully low. Even in those cases
In which reasonable compensation is
paid the officers. the cost of insurance
Is far below that Of the old line COM
panies. OF course. 1t must be under
stood that such companies are not put
to anything like the expense of the old
line companies. The risks are inspected
By an officer of the company and the
losses are adjusted In the same man.
ner. But the fact remains that such
companies when properly managed
may be made to pay reasonable COM
pensation to the officers and to give
insurance TO those who frequently are
unable to get 1t otherwise and at a
cost much less than 1t may be had
from the old line companies. The
majority Of the companies do not levy
assessments until after losses, but 1t is
thought by many that the wisest plan
Is to levy before loss. so that there
may be funds in hand with which to
settle promptly. and then levy an ad-
ditional assessment before another
loss.
AS will be seen number of the
companies have been doing business
for "a sufficient number of years to be
considered as we'll established. A
few have accumulated considerable
surplus funds, but as general rule
no effort is made at accumulation.
The rule seems to be that whenever
company has confined It's business
to one county that the companies have
been universally. almost, successful.
Il Is only when a company has at
tempted to do general State business
that failures have occurred. The saw
Ing principle Is in the management Of
a company by the policyholders, the
iact OF mutual insurance Is then ap-
preciated. 1t is only when companies
haVa pnssed into tho bopJc 80 - g..