Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1925-09-04
REPORT OF
S. F. M. ms. co.
President Pence Gives Facts and Fig
ures-Big Increase

At the annual meeting Of Shenan-
doah Farmers Mutual Insurance
Company, held on Friday, August 2S,
President Gilbert E. Pence made the
following report:
Gentlemen of the Shenandoah Farm
ers' Home Mutual Fire Insurance
Company:
This morning we are again assem-
bled in the biennial meeting of our
company to submit to the policy
holders for their consideration,
either for your approval or rejection,
the management of the company
during the past two years. The bus
mess of our company has expanded
along wise and conservative lines,
yet our losses have not increased in
the proportion of new business.
The president and secretary have
had the full cooperation of the entire
board of directors, and we have all
labored together with the harmony
of family, with but one end in view,
namely, the protection of the inter-
ests of every policyholder.
This we have been able to accom-
plish in a satisfactory manner, by
promptly paying every loss sustained
by fire, without increasing the assess
ments, and now have in the treasury
a balance of about $4,000. When
the number of risks are considered
and the millions of dollars of prop
erty protected, it seems to me that
the record of the company could not
be any better than is shown by the
books.
The members of the board of di-
reetors deserve and are entitled to
great credit for the excellent finan-
cial condition of the company. They
have given their time and services in
every case. and instance requested.
Their wise counsels have guided the
company along safe and conservative
lines, and the results of their efficient
services are set forth and contained
in the financial statement. These
men are thoroughly familiar with the
details of our company, and further
they are competent in all respects to
build up and maintain one of the best
and strongest mutual fire insurance
companies in the State, if in fact they
have not already done so.
1t seems to me that the policy
holders can do no better than to re-
elect the old board of directors. They
and their record is one of continu
Gus service for the purpose of pro-
teeting each and every policyholder.
| do not hesitate to state that the in
terests of the stockholders who are
the policyholders are absolutely safe
and well protected in the hands of
directors.
Saved $4,000
During the past ten years, we have
missed four assessments, whereby the
polieyholders were actually saved
more than $4,000 in premiums,
which would in that time have been
paid, in the event the four assess
ments had been levied. Two assess
ments were missed in succession. We
knew that in all probability it would
be necessary to borrow some money
when we did not make any assess
ment for two years. Yet by reason of
the trying financial conditions of the
farmer at that time, we believed that
the best services we could render as
your officers, was not TO make an as
sessment, but borrow enough money
from the banks to pay such losses as
occurred AS result of this course
it became necessary for US to bor
row $1,000 from local banks, but this
we do not owe to any bank or any
person one penny, but have balance
in the banks of $4,000. We were
therefore able to save every policy
holder his premium at a time when
such savings would be fully appre-
ciated.
The company is now carrying fire
insurance in the sum of 100000
on property, for which premium of
$17,S99.54 was assessed, whereas ten
years ago we had fire insurance
business of s2,500,00O with prem
ium of $4,000, such has been our
growth in ten years. During this
period of time the rate of assessment
was not increased one penny, and you
today pay the same rate, as was paid
ten year ago. However, taking into
consideration the number of assess
ments not made. within this period,
the rate of assessment was actually
reduced two-ffths of your former
rate over like period of time
Business Increasing
The new business of the company
is now increasing at the rate of about
100000 of insurance each year. 1t
will only be a matter of time until
we shall reach a fire insurance of
over $40 100000 with a premium of
about $4,000.
l have examined the books of the
company relative to losses by fire dur
ing the past five years and find the
results as follows:
For year