CHAPTER XX
INSURANCE COMPANIES
The Central Manufacturers' Mutual Insurance Company—The Farmers' Mutual Aid Association of Van Wert County.
THE CENTRAL MANUFACTURERS' MUTUAL
INSURANCE COMPANY.
This company was incorporated on April 7, 1876, under the name of The Van Wert County Mutual Fire Insurance Company.
The company commenced doing business on October 2, 1876, the first officers being as follows: President, J. M. C. Marble; secretary, G. A. Sahlquist ; treasurer, John A. Conn ; executive committee—J. S. Brumback, J. M. C. Marble and S. Swineford; directors—S. Swineford, A. Conant, J. S. Brumback, A. W. Baker, W. H. Pennell, J. M. C. Marble, A. B. McCurdy, John A. Conn, A. L. Teubner, J. L. Price, Jacob Fox, T. S. McKim, Levi F. Zimmerman and G. A. Sahlquist.
On February 1, 1877, M. L. Purmort was elected secretary of the company and W. H. Hahn, State agent.
On January 9, 1883, J. S. Brumback was elected president of the company and filled the office until the day of his death, December 11, 1897.
On January 9, 1883, Frank W. Purmortwas elected assistant secretary of the company.
On February 13, 1885, the name of the company was changed to The Central Manufacturers' Mutual Insurance Company, since which time the business has been conducted under this name.
On the 6th of February, 1885, P. A. Montgomery was elected manager of the company..
On January 12, 1887, Frank W. Purmort was elected secretary of the company.
The company does a general business throughout the United States. It makes a specialty of first-class manufacturing plants. It charges a premium for one year in advance and at the end of each year pays to its policy holders such a dividend as it has been able to earn and which is deemed advisable by the board of directors.
The officers of the company on the 1st day of January, 1906, were as follows.: President, H. V. Olney ; vice-president, J. P. Reed ; secretary and treasurer, Frank W. Purmort; directors—O. S. Brumback, Toledo, Ohio; C. A. L. Purmort, Van Wert, Ohio; George R. McConnell, Troy, Ohio; C. M. Purmort, Van Wert, Ohio; and the president, vice-president and secretary of the company who are named above.
The condition of the company on the 1st day of January, 1906, is shown by the following statement :
280 - HISTORY OF VAN WERT COUNTY
|
ASSETS |
|
|
(MARKET VALUE) |
|
U. S. Government 2 per cent. registered bonds price) |
$ 51,867.00 |
|
$ 51,867.00 |
|
|
U. S. Government 3 per cent. (market value) |
829.00 |
|
First mortgage bonds on real estate (worth more than twice the amount loaned thereon) |
28,280.00 |
|
Ohio City, Ohio, drainage bonds |
1,200.00 |
|
Van Wert, Ohio, street improvement bonds |
3,460.00 |
|
Pleasant Township, Van Wert, County, Ohio, bonds |
2,800.00 |
|
Interest accrued thereon |
2,579.50 |
|
Real estate, office building |
18,048.12 |
|
Total Invested Assets |
$208,884.12 |
$208,884.12 |
Cash in Van Wert National Bank |
7,580.18 |
|
Cash in office of company |
1,155.22 |
|
Premiums in course of collection, not more than three months due |
33,349.83 |
|
Cash Items |
42,085.23 |
42,085.23 |
Total Cash and Bonds |
|
250,969.35 |
Liability of members to assessment |
|
1,022,115.77 |
Total Assets |
|
$1,273,085.12 |
|
LIABILITIES |
|
Losses adjusted (estimated) |
4,741.96 |
|
Losses registered |
3,282.00 |
|
Total Unpaid Losses |
8,023.96 |
|
Re-insurance reserve (50 per cent. of gross premiums on risk in force) |
139,685.52 |
|
Total Liabilities |
147,709.48 |
147,709.48 |
Surplus, including members' liabilities |
|
1,125,375,64 |
Amount of members' liability |
|
1,022,115.77 |
Net Cash Surplus |
|
$ 103,259.87 |
The total amount the company has at risk is $15,143,228. The losses paid by the company since its organization have aggregated $1,049,576.47; in the same period the cash dividends paid to policy holders amounted to $229,055.18. The present rate of dividends to policy holders is 25 per cent.
THE FARMERS' MUTUAL AID ASSOCIATION OF
VAN WERT COUNTY
Is a corporation organized under the act of March 30, 1877, adopted January 16, 1879, as amended May 6, 1882, May 5, 1883, May 3, 1884, May 1, 1886, May 7, 1887, November 28, 1891, November 23, 1893, January 4, 1896, January 4, 1902, and January, 1904.
"The object of the association is to enable the members of the association to insure each other against loss by fire, lightning and other casualities and to enforce any contract or contracts which may by the members be entered into and by which those entering therein agree to be specifically assessed for incidental purposes and for the payment of losses which may occur to any member of such association.
The first meeting called by the farmers of Harrison township for the purpose of organizing a Farmers' Mutual Aid Association, was held at the German schoolhouse in April, 1878, and a committee was appointed to draft a constitution and by-laws, as follows : Abraham Balyeat, J. F. Akom and H. Germann, Jr.
The second meeting was held in May, 1878. A constitution and by-lays were adopted and the following officers elected : President, Abraham Balyeat: secretary, C. F. Germann; treasurer, H. Germann, Jr.; directors—Aaron Hoover, Frederick Geisler and Joseph Larue.
Abraham Balyeat, H. Germann, Jr., J. F. Akom and Peter Kreischer commenced to write insurance and succeeded well near home, but away from Harrison township it was slow
AND REPRESENTATIVE CITIZENS - 281
work. Abraham Balyeat and H. Germann, Jr., went to Mercer County, but found only a few farmers that could he convinced that farmers could manage an insurance compaany at a saving over the rates charged by old line companies.
The first year, after hard work, 157 policies were written, covering risks of $201,346. It was only after it was demonstrated by experience that the mutual plan of insuring farm property was not only safe but cheaper and that all losses were promptly paid that the public took hold with confidence.
The Farmers' Mutual Aid Association ofVan Wert County is now one among the largest mutual companies in the State of Ohio.
On December 31, 1905, the amount of insurance in force was $5,437,078; the amount written during the year, $1,120,369; a gain for the year of $133,222. The total losses for the year 1905 were $10,570.26. There are 2,780 members of the association who hold 2,971 policies.
At the annual election on January 6, 1906, the following officers were elected : President, Hon. J. S. Stuckey; secretary, E. V. Walborn; treasurer, H. Germann, Jr. ; directors—George Lewis, J. D. Lare and P. M. Wiseman.