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6 LEVI W. SHUM ‘ President of the Watarios Mutual Firs Insurance Company, / the position until 1915, Levi Shuh, the present president, who succeedâ€" ed Mr. Haight and held office until 1925 when the present manager, Arthur Foster, succeeded to the position. â€" for some years transacted in his office. At the "inaugural meeting, Moses Springer was elected presiâ€" dent, C. M. Taylor, secretary, and John Shuh, treasurer. The active work of organization and manage ment ‘was largely in the hands of C. M. Taylor who was afterwards to a large degree responsible for the organization of the Mutual Life Asâ€" surance Company. In the sixtyâ€"three years of its existence the Waterloo Mutual has had only four managers, C. M. Taylor, who was the first manâ€" ager and held the office from 1863 to 1898, Frank Haight, who occupied abnormal. * Total increase $5,747,422 * The solid strength of the comâ€" pany‘s position is to be seen in the amount of cash assets over all liaâ€" bilities of $1,075,361.21. Naturaily this serves to heighten the confidâ€" ence of the insuring public in the company which was shown in a conâ€" vincing way in the marked increase in business reported for the year which was considérably larger than in any previous year. The increase totalled $5,747,42%2%, bringing the amount of insurance in force to the large total of $80,989,669. Congratulatory Addresses Policyholders ins attendance at the meeting gave expression to their ~batisfaction with the company‘s proâ€" gress in congratulatory addresses in which the management and the field force were highly complimented o the year‘s record. > The financial statement and audiâ€" tors‘ report was read by Manager Arthur Foster following the reading and adoption of the minutes of the last annual meeting, after which president Shuh presented the direcâ€" tors‘ report. Tx was seconded by the viceâ€"president, Mr. W. G. Weichel, the report being unaniâ€" mously adopted by the meeting. The President‘s Address The preEldent, Mr. Shuh, in movâ€" ing the adoption of the directors‘ report, briefly commented on tHw year‘s results after which he took occasion to refer to the early hisâ€" tory of the company. In course ol‘ his remarks he gavé some interest ing reminiscences concerning the‘ Waterloo Mutual which enjoys the distinction of being one of the few companies in existence at the time of Confederation, the Jnxlee of which is to be celebrated th§s year. Company Organized in 1863 Mr. Shuh made reference to the fact that a meeting for organization purposes was held in the office of his father, the late John Shuh, the business of the new concern being ending December 31st last, conâ€" ~tinued to forge ahoad. ‘This was oviâ€" dent in the reports presented at its §4th aunual meeting: held at its head office on Saturday. These were most encouraging to the ~ policyholders since they reflected growth of a ~highly satisfactory character. Proâ€" gressive and economical administraâ€" Those in attenfiance at the meetâ€" ing included L. W. Shub, W. G. Weichel, M.P.P.; Arthur Foster, J. H. Simpson, Guelph, 3oseph Stauffer, Galt, B. E. Bechtel, E. J. Bauer, C. A. Boehm, Oscar Rumpel, W. H. Somerâ€" ville, Richard Roschman, Mayor Brill, W. W. Bricker, Roy S. Bean, F. H. Moser, C. H. Ruppel and M. Euler. ‘ Mr. Levi Shuh, president of the Company, presided at the meeting, while the manager, Mr. Arthur Foster, acted as secretary. Of progress> which has for> years characterized its operations, â€" that solid and wellâ€"manager institution, the Waterioo Mutual Fire Insurance ‘Company, during the twelve months ending December 31st last. conâ€" gressive tion of amount which its affairs to its New Business Those Present ; surplus as a of s'u.n.s.u. although high enabled further material result of despite were not itten Exceeds All Previous Records.â€"Total Ins $5,747,422.â€"Net Profits of $74,43243 Added to t ..‘ to $1,395,290.. in which had réposed the first dof | Companies who were paying for the lars of the company. In referfing‘ loss, instead of realizing that after to the active work ot C. M. Taylor, all Insurance Companios are only John Shuh and Moses Springer in tax collectors, and are merely a conpection with the organization of a means of distmibuting the fire waste the company, he sp@wested that it |* among the many, instgad of letting would be quite appropriate to have it test npon the fow, that the groater ofl paintings made of these citizons W. G. WEICHEL, M.P.P. the fre wasth, the highor the Inswrâ€" and also of Frank Haight and Levi Viceâ€"President of the Waterioo Muâ€"|‘ance promiums will be, and that theâ€" Shuh, former managers. ‘ â€"Aual Fire Insurance Company, old adage is still true that the "pub He referred to the year‘s business as having been highly gratifying, particulars of which had been ably given by president Shuh, and Manâ€" ager Foster. Referring to the presâ€" ent president, Mr. Shub. he said that too much credit could not be given him. He had grown np with the company of which his father had been one of the fotinders, and posâ€" sessed those sterling qualities of inâ€" tegrity and honel]g. Too much credit, he also declared, could not be given those first settlers in Watâ€" erloo who were . instrumental in founding the insurance companies which had made Waterloo the "Hartford of Canada." He alluded to the fact that in the early days the salary of the officials of the comâ€" pany was $300 a year and they were able to thrive and raise Jarge hn‘ files on this amount. Hosbom.doi reference to the key presented to the company by president Shuh as a souvenir of the early days of the Waterloo Mutual, It had been nd1 in the yault in the Uffelmann block 4x Mr. Shuh produced an old me mento of the early days in the form of a key which he presented to the company, it having beon used to lock the vault in the first offices used by the company. He also made reference to the fact that the Waterâ€" too MutSat was the parent company of the various companies which have since been established. in the town of Waterloo. s W. G. Weichel, M.P.P., the viceâ€" president of the company, seconded the motion for the adoption of the Directors‘ Report. The liabilitics, made up of $9,568.95 We of unpaid lasses, and $310,360.28 unâ€" a earned premiums, are $319,929.13. | ARTHUR FOSTER The balance of cash assets over Manager and Secretary of the Watâ€" all liabilities is 81,0"\5,361.21, and if| _ erloo Mufual Fire Insurance Co. The total cash assets are shown to gbe, including accrued interest, Sl.‘95,290.34. The residue of preâ€" mium notes is $235,221.84, making the total assets of the Company $1,â€" 630,512.18. The Company‘s total income for the year, from all sources, was $606,812.64, and the expenditures $486,940.27. * The total number of policies now in force is 41,562% and the total amount of insurance covered thereâ€" L}nder is $80,989,669.00, being an inâ€" crease of $5,747,422.00. The net amount in force, after dgguctlng reâ€" insurance is $69,800,538.00, an inâ€" crease of $4,976,073.00. Your Directors beg to submit to you the Sixtyâ€"fourthâ€" Annual Stateâ€" ment of the business of the Comâ€" pany, comprising the receéipts and expenditures of the past year, and the balance sheet showing assets and liabilities of the Company on the Thirtyâ€"first day of December, 1926, with the Auditors‘ certificate for the correctness of the sarffe apâ€" dendad thereto. The total number of policies is sued for the year was 24,52%5, and the total amount of insurance wrmeQ was $43,275,773 00. Gentlémen x TBE LATE C. Mc TAVLOR _ i _~ eug CaTRIOHN SHUR > One of the Founders and First Manâ€" 4 ager of the Waterloo Mutual Fire WhO Was One of the Founders of Insurance Company. the Waterioo Mutual Fire ins. Co. To the Members of The Waterioo Mutual Fire Insurance Companyâ€" ? | 4 | | | E J | | Presented Key as Memento Viceâ€"President‘s Remarks Presented at the Annual Meeting of the W o Insurance Company. . Founders of The Waterloo Mutual Fire Insurance DIRECTORS‘ REPORT We are frequently asked why our fire loss per capita is so much higher than that of other countries, and what are the primcipal causes of Our premium income has not only been maintained during the past year, but has increased approximateâ€" ly $31,000.00. On the other hand, the losses while still high, have not been abnormal. The loss ratio for the year being 479 of our total inâ€" come, or 53% of our earned income. It is also gratifying to note that the expense ratio during the past year dropped slightly. â€" From the reports which have alâ€" ready been presented to you, it is quite evident that the affairs of the Waterloo Mutual Fire Insurance are in a satisfactory condition. Wekave had an increase in business. We have added substantially to our reâ€" serve. We have been giving our policyholders adequate insurance at practically cost. This is the state of affairs which should give satisfacâ€" tion to every policyholder present toâ€"day. Manager‘s Address The Manager, Mr. Arthur Foster, in contmenting on the reports, spoke in part as follows: we include the premium notes, we have a net balance of $1,310,583.05. The volume of new business writâ€" ten during the year was considerâ€" ably larger than any previous year, which necessitated a very large inâ€" crease in the amount of our unearnâ€" ed premium reserve. This increase of reserve was $44,260.30 more than the previous year. The losses for the year were over $25,000.00 more than last year, but in spite of this we were enabled to make a fair underwriting profit, wX Waterloo Mutual Fire _ Careless smokers with matches, cigar or cigarette stubs have been responsible for many fires which are rated as "unknown." If farmers thought more of their dwellings and outbuildings, they would rod them properly ‘to protect them from lightning, and would be more care ful of how their barns were lighted, and what machinery is used in them. A great many of our dwellings are equipped with improperty bailt chimneys, and many other instances of carelessness ‘:;L-nm fire might be cited; but d all this is the fact that the public has Mtloru; thought that it was.the Insurance Companies who 'r:'ngh‘ for the loss, Instead 6t ‘that after all Insurance Companies are only tax collectors, and are merely a means of distmbuting the fire waste among the many, instgad of letting it teat upon the fow, that the groater the fire wasth, the highor the Insurâ€" | fires. Our Inspector has toâ€"day given }you a "report on the fires that have occurred during the past year, and lit you wouldâ€"analyze these carefully, Imd also reports of previous years, you would find that carelessness, and a lack of appreciation of the fact that the public pays in the end, is at the bottom of most of our fires. It is believed by many that incenâ€" diarism is the cause of a great many: fires. While this is true, it is not so to the extent that many pooplo‘ believe. Our people, as a whole, are not dishonest, but it is a sad fact tbat a great many of our people are habitually careless. Our country is a comparatively new one, and buildâ€" ing materials have been cheap and plentiful. Our buildings were not built with any view to permanency, and the building that was put up this year for some specific reason may be abandoned next year, or nlt‘ to some other use for which it was not originally intended. Whether it burned or not was immaterial to the owner so long as it was reasonâ€" ably insured. o In conclusion _ we beg to draw yourlattention to the main object of the meeting, viz. the disposal of the â€"several statements before you and the election of three directors for a term of three years, and one Direcâ€" tor for a term of two years, in the place of those retiring. The retiring Directors are Messrs. J. Howard Simpson, Joseph Stauffer, W. G. Weicheh and Oscar Rumpel, all of whom are eligible for reâ€"elecâ€" tion. President. Waterloo, Ont., January 29th, 1927. ber of the Executive Committee, his wide experience in financial matters made him a most valued member of the Board: of Directors. The Comâ€" pany and the community in which he lived felt keenly the loss of a man who ‘occupied so prominent a place in all the activities of the town. The vacancy on the Board of Directors caused by his death was filled by the appointment of Mr. Oscar Rumpel Tor the balance of the current year, THE LATE MOSES SPRINGER First Mayor of Waterioo, Member of Parliament, and Firatâ€" President of the Waterloo Mutual Firé insurance We regret to report the déath on August 5th of one of our Directors, Mr. Julius H. Roos. Mr. Roos was not a member of the Board many years, but during his term of serâ€" vice both as Director and as a memâ€" which added to the interest earnâ€" ings, and a few sundry sources of re ceipts, made the net profit for the year $74,432.43, which amount has been added to our surplus. On behalf of the Roard io cnpugirn s C Rak L. W. SHUH, Advanced Mr. Qscarâ€"Rumpel, who was apâ€" bointed to fill the vacancy caused by the death of the late J.H. Roos, said he was pleased to note the wonderâ€" ful progress of the company which was a credit to the intelligence an business ability of the management. The forecast was that business for the new year would be very much better and he hoped the company would make still greater progress. Inspector‘s Remarks ' Inspector Oof Agencies, B. E. Bechtel, alluding to the history of the company, noted that he was one of the oldest officials of the Waterâ€" loo Mutual, having become first con-, nected with it in 1881 when he was‘ paid a salary of $300 per yenr' which at that time was sufficient to ‘ ‘emable him to make both ends meet.| ,-uppomu a small family. He said | he had had the pleasure of interâ€" j viewing Mr. Fox, the first clerk in the store of Levi Shub, from whom he had secured much earlTSI historyl relating to the Waterioo Mutual.' \Durln( the first years Mr. Taylor: acted as both manager and agent.‘ The insurance companies founded in Waterloo in early days, he said, were â€" living monuments to their founders. He also alluded to the strong positidh of the company| shown in its cash assets. Other Speakers ‘ Mr. W. _H. Somerville, General Manager of the Mutual Life, said this was the first meeting of the company he was privileged to atâ€"| tend. He congratulated the presiâ€" dent, mahager and officials of the| company on the statements presentâ€" . making steady progress. He favored the suggestion of Mr. Wâ€"ichel reâ€" garding having oilâ€" painiic.. made of the foundars of the company, as appropriate and timely. In. reâ€" gard to the heary fire losses experiâ€" enced by the company, he pointed Mle pays". When we bring our people better public sentiment is j regards carelessuess in the handling of fire, and our people learn to build with & view of eliminating the fire waste, then, and only then, will our Joss ratio compare favorably â€" with that of European countries where the fire waste is at a minimum. Directors Comment on Reports Mr. Simpson, a director of the company for thirteen years, referrâ€" ing to the gratifying report presentâ€" ed, said it showed theâ€"company was making steady progress. He favored the ‘suggestion of Mr. W â€"ichel reâ€" garding having oll paintis.. made out were the largest in any country in the world. ‘The loss ratio in Canada was $4.50 as compared with 70,cents in England and in some cases they were twentyâ€"fAive times as high as in ‘other‘ countries. Sgme ..of.. the causes, he stated, were carelessness and incendiarism while it was inâ€" teresting to note that where some particular business was not paying there you will at times find unusualâ€" ly large fire losses. Mr. Jos. Stauffer also expressed his satisfaction with the year‘s re port and the results being achieved which reflected much credit on the splendid organization of the comâ€" «_ No. of Polici®® In f0r08 ...............» 41,882 0( L. W. SHUHM, President. Waterlo6, Ont., 8th Jannary, 1927. Residue of Premium Notes .......$ â€"285,221.84 TOLRMI AsBOU® ......Z2~<....................... 1,830,512.18 ReGl WBUWLG .m.â€".ertelmmncecnriycns iirbriness Due from Reâ€"insurance Companies Cash on Hand and in Banks ......... Acerued Interest. on Debentures ow U MEOPFEGHEOS ...sscusorcreseernccomess \ _ HRBBMERRON | 1â€"srisirrrremmcmree Anvervenct Reâ€"insurance for Losses ... ROMEE: +o. »seavessives e vevesbrovers ieecsesresvevenscenees HEODOUE ssiciesescervcorini ce it (BnTrsrinervavmussecvavery Appreciation on Debenture Sales SURMATI@® | ........................l.0.ullllll.2l2.2. Premiums, Cash and Fees ........~.. Premiums, Mutual «.........c.lllls. Commissions on Rebates and Reâ€" an Increase of The Waterloo Mutual Fire Insurance Company ~ The Sixtyâ€"Fourth Aunnal Financial Statement of RECEIPTS ASSETsS For the year ending December 31, 1926 He said: it was fnteresting to nbte| â€" â€" that the same gropp of men founded Prg ‘ both the w.’u’:'u.tw and the | " og Government Deposit 4 Officers Elected® ' At a meeting of the directors of |the company held immediately folâ€" lowing the annual meeting, Mr. Levi Shuh was reâ€"elected president and W. G. Weichel, viceâ€"president. The executive committee will~comprise : the president, Mr. Shuh, the viceâ€" president, Mr. Weichel, the manâ€" lager. Mr. Foster, and Mr. Oscar Rumpel. ‘ Hearty votes of thanks were tenâ€" dered the manager, office staff, inâ€" spectors and agency force of the company in appreciation of their exâ€" cellent work during the year. Mr. Wililam Bricker, inspector of the company, gave a review of his work for the year and read a list of fire losses. During the year he visitâ€" ed the various agencies of the comâ€" pany, including those in Quebec. Directors Elected The retiring directors, J. Howard Simpson of Guelph, Joseph Stauffer of Galt, L. W. Shuh and W. G. Weichel, M.P.P., were reâ€"elected for a threeâ€"year term, and Oscar Rumpel of Kitchen@r for a two year term. Auditors Appointed â€"Messrs. Scully_and Scully were reâ€"appointed‘ auditors of ‘the com pany for the enwlfig year. $ 30,000.00 _ 1,288,989.13 2,000.00 _ 5.8086.71 4,557.94 4,011.64 31.103.46 $ 606,812.64 oil pointings of these men in the building would be quite a historic setting to the history of the Waterâ€" loo Mutual. * t Mayor Brill said ‘he was pleaged to be present and noted the exce} lent reports as presented by the president and manager. He pointed out that some of the men who had. beern responsible for the founding and growth of the company had first been members of the town council, Sheriff Moses ‘Springer being the first chief ‘magistrate of the town. He humofously referred to the low fire losses in Waterloo as due to the speedy and modern firc fighting equipment, Waterloo stiu usingâ€"fire horses as it had not yet Acquired a motor truck. \G C. A. Boehm said he m to see a move made in ion of having oil paintings made of the founders of.the company and moved that the directorate order‘ such paintings. Richard Roschman, in seconding the motion, said he‘ quite well recalled the late Moses Springâ€" er‘ back in 1873 and he with other founders of the company were perâ€" sonal friends of his. The blacing of $1,305,290.34 $ 415,838.72 f 80,015.38 21,761.48 17,790.28 26,186.61 500.00 64,004.35 1,354.30 223.00 Vote of Thanks Net Amount Aat Risk Cash Balance over all Liabilities 1,075,361.21 Unpaid Losses (mé6t) ...................... Unearned Premium Reserve For Cash Premiums $287,951.13 For Mutual Premiums 22,409.15 Losses eevervsemrnnnnnennenenrrne nogeenfterenencerec en Rebates, Cash and Mutual ............. ReARSUFRANCB® ... rermmercmnesistntmriness COMMMSBIOMS . ...........scsmme mss Expenses of Management ................ Taxes, Government and Municipal ARTHUR FOSTER, Manager. EXPENDITURES _ In morving the adoption Directors‘ report the presid: Shuh, after stating that the He said that they took great pride in the fact that the Waterloo Mutual than either confederated :Canadua ‘Or the Monetary Times,. having been established 64 years ago. It was a peculiar fact, he stated, that the ! company was founded on Friday the Lthirtunds.lm ® h _ Miss Ada Yost of Kitchener spent the weekâ€"end at her home here. Mr. Jas. L. Hammond of Crossâ€" hill spent a few days last week at the home of Mr. Jas. B. Hammond. Mr. and Mrs. A. Robertson of Lisâ€" bon spent Wednesday at Mr. D. Rewar‘s. Mr. W. D. Weir of Milverton disâ€" publi¢ auction for Mr. Ezra Gascho posed of stock and implements by on Wednesday last. The sale was wel lattended, the proceeds amountâ€" ing to a good figure. In conclusion he said that what pleased and gratified him just as much as being a president of such an old and well establisked comâ€" panyâ€" was the fact that it was the pioneer company of t‘e many su¢â€" cessful institutions of like nature for which the town of Waterloo was famous. > to the history of the Waterloo Muâ€" â€"/ tual, prompted by the fact that he /‘ recently had a request to furnish a _ history the company which â€" cently .&mu in the. Diamond . _ Jubilee number of the Monetary At this point Mr. Shuh passed around a large key which he took occasion to present to the company. Mr. Ghuh said it had been used to lock up the first dollar of the comâ€" pany‘s money. The Waterldo Muâ€" tual had since that time continued to grow and prosper until today it occupied its present enviable posiâ€" tion. spoke for themseives and He asked the meeting to picture _/ a general ‘country store situated | _ where Uffelmann‘s Seed Store. h«}j"" located. ‘The store, which was no.. _ doubt typical of that class of store â€"~.â€" at that time, â€" was <probably ,".'J"'}"‘”' nmflumolmm-:ohflw; exchange news and views. ‘maid .. that it was probably at one of these _ â€" meetings of the community held one . ._ evening thatâ€"the idea of the Water â€"_. Too Mutual Fire Insurance Company . ~ _ was born. It was fostered by Mr. ':fi, John Shuh, his‘ father, Moses _ Springer and C. M. Taylor. Moses . Springer, the first Mayor of Water _ _ lo0, and gt one time a member of _ _ parliament, was the company‘s first . president, while C. M.â€"Taylor was the splendid showing made byâ€" the LIABILITIES superintendent, manager and KINGWOOD $ 606,812.64 $1,305,290.34 $ 210,060.42 : 32,234.65 f T1,016.74 . 90,471.04 172,745.44 \ . 9,411.98 _ 119,072.37 310,360.28 9,568.85 of *Â¥ C rl