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of progress which has for years characterized its operations, that solid and well managed institution, the Waterloo Mutual Fire Insurance Company, during the twelve months ending December 31st, 1928, con tinued to forge ahead. This was evident in the reports presented at the annual meeting held at its head office on Saturday afternoon. These were most encouraging to the policy» holders since they reflected growth of a highly satisfactory character. Progressive and economical adminisâ€" tration of its aifairs enabled the Company to add a further substantial amount to its surplus as a result of substantial net profits, despite losses which â€" although high were not abnormal. â€" m The solid strength of the Comâ€" pany‘s position is to be seen in the amount of cash assets over all liaâ€" bflities of $1,286,171.26, an increase of $101,849.14 over last year. Natur ally this serves to heighten the conâ€" fAdence of the insuring public in the Company which was shown in a conâ€" wincing way in the increase in busiâ€" mess reported for the year. The inâ€" crease totalled $1,221,331.00, the net amount of insurance in force now being $75,771,529. ® Policyholders in attendance at the meeting gave expression to their satisfaction with the Company‘s proâ€" gress in congratulatory addresses in which the management and the field force were highly complimented on the year‘s record. Among those in attendance at the‘ meeting were L W. Shuh, W. (;.‘ Weichel, M.P.P., _ Arthur _ Foster, Richard Roschman, J. Howard Simpâ€" son, of Guelph, Joseph Stauffer, of Galt, F. S. Kumpf, E. J, Bauer; Oscar Rumpel, J. C. Haight, F. H.] Moser, Roy S. Bean, W. R. I!rlcker,’ J. A. Fischer and C. H. Ruppel. ' The president, Mr. Shuh, in movâ€" ing the adoption of the directors‘ re port, briefly commented , on the year‘s results. He said that all the policyhoiders _ should be â€" highly pleased with the successful operation of the Company‘s business under the able management of Mr. Foster. He referred to the very conservative estimate placed on the Company‘s real estate comprising the head office building and the property adâ€" joining purchased last year from the Young estate, which were listed in the statement of fassets for at least a third less than their actual cost. He said he rejoiced in the excellent reâ€" sults of the year‘s operations. It was quite a contrast to the time of his boyhood wheh the Waterloo Muâ€" tual was struggling along and he watdered how the company was able to @ontinue without losing 1ts idenâ€" tity by being absorbed by a larger President Levi Shuh presided at the meeting while the manager, Mr. Arthur Foster. actér as secretary. The _ financial â€" statement _ and auditors‘ report were read by Manâ€" ager Arthur Foster following the reading and ‘adoption of the minutes of the last annual meeting, after which President Shuh presentâ€" ed the Directors‘ Report. This was seconded ‘by viceâ€"president W. G. Weichel!, the report being unanimousâ€" ly adopted by the meeting. Ford S. Kumpf Managingâ€"Director of the Dominion Life Assurance Co., who was re appointed a Director of the Waterâ€" loo Mutual Fire Insurance Co., at the annual meeting held on Saturâ€" day afternoon. _‘ Waterloo Mutual Enjoys Another Barner Yea Net Insurance In Force Now $75,771,529, An Increase of $1,221,331; Balance of Cash over all Liabilities is $1,286,771,26, an Advance of $101,849,14 over inst year; Tetal_Income $604,249,46 and Expenditures $501,649,90 Congratulatory Addresses The President‘s Address Reports Presented Those Present American Insurance réport which reâ€" ported the Wateribo Mutual Fire insurance Company as one of the biggest of its kind in Canada. The speaker said that with the surplus the Company now has and the large interest income it is enjoying it will be only a matier of five or six years until the total assets of the Company reach the two million dollar mark. People: may ask what is the Com ’pany doing with this money. It is veing put out with various munick ’palmeo in the form of debentures and helps in the development of the resources of the Dominion of Canâ€" ‘ada. Mr. Shyh stressed the fact that Canada today is more prosperous than any other country in the world. He said we should be proud of the banner Province of Ontarié and the ibanner County of Waterico. He reâ€" ferred to a statement made by l'l‘hom.u Hilliard, veteran president iu( the Dominion Life Assurance Company, that Waterloo had more insurance companies per capita than any other place in the world. We should ‘be proud, declared Mr. Shuh, ‘to know that Waterlco stands #o (pre-emlnem. as an insurance centre and that the town had the banner ‘flre insurance company in the Watâ€" erloo Mutual In seconding the motion dor the adoption of the Directors‘ Report, the viceâ€"president, W. G. Weichel, M.P.P., took occasion to refer to the loss sustained in the passing during the past year of two ploneer direc tors, the late Allen Bowman, a former presic'l,ent of the Company, and the late Peter E. Shants of Preston. They were men of the highest integrity and honor and gave invaluable service particularly in the early days of the Company, and their loss is keenly felt. The Comâ€" pany, however, were particularly fortunate in being able to appoint a new director in Ford S. Kumpf, who is so well and favorably known throughout Canada as the managingâ€" director of the Dominion Life Assurâ€" ance Company. Mr. Kumpf‘s appointâ€" ment was considered one of the best ever made in view of his wide exâ€" perience in insurarce and financial matters, and should be a great asset to the Company. Mr. Weichel said he was pleaeed to know that President Shuh was now on the road to good health after a three weeks‘ illness. That the Waterloo Mutual had enâ€" joyed a splendid year must be very gratifying to Manager Foster, the Board of Directors and the policyâ€" ho‘ders, stated Mr. Weichel. Presiâ€" dent Shuh had alluded to the early days of the Company. The speaker said that the Waterloo Mutual had been able to weather the storm through the able and efficient manâ€" agementsof the late Frank Haight, Mr. Shuh, and those associated with them and today we have one of the best fire insurance companies in Canada. L The reports which have just been presented to you show a very gratiâ€" fying state of the Company‘s affairs. The number of policies in force has been increased by 430, the net amount of insurance by $1,221,331.00, and the net premium income for the year by $12,775.00 over last year. On the other hand our losses though somewhat heavier than last year are still normal and we are able to show a very fair underwriting profit. The classes of business which have shown the greatest percentage of loss during the year have been ‘chm-ches. chopping mills, farm and tobacco risks. Our general business, consisting of dwellings and stores, has shown comparatively few losses, ‘which more than offeets our loss on the other classes. At the last session of Legislature an amendment to the Company‘s Act was passed permitting Joint Stock Companies and Cash Mutual Comâ€" panies with Ontario charters to exâ€" ‘tend their field of investment, giving them the same privileges that Comâ€" panies with Dominion charters now As I intimated in my remarks last year, competition for fire insurance is increasing year by year and the fact that we have been able to make an increase in our business through the year and still maintain a fair average rate, shows the confidence that the people of Ontario still have in "The Waterloo Mutual". i As reported last year, ail our inâ€" vestments are in good shape. All m-‘ ments of principal and interest han| been met and the investments made through the year have been at .‘ higher rate of interest than we hn‘ had for many years. : Tribute to Late Directors MANAGER‘$ REPORT > report which T0 a 4e loo Mutual Fire $« ; as one ot the f _ in Canada. The @,u with the surplus ,(‘ 4 has and the large | . s enjoying it wil |_" five or six years ;é s of the Company [/ lion dollar mark. J rhat is the Com |:" his money. It is [3 i various munict [*_ 3 m of debentures |. . . velopment of the |... _‘ Jominion of Can |; . ssed the fact that | . ‘u more prosperous |@ ntry in the world. ‘ be proud of the |f ‘ Ontarié and the To the Members of the Waterioo Mutual Fire Insurance Company: Gentlemen: Your Directors beg to submit to you the Sixtyâ€"sixth Annual Stateâ€" ment of the business ‘of the Comâ€" pany, comprising the receipts and exâ€" penditures of the past year, and the balance skeet showing assets and liabilities of the Company on the Thirtyâ€"first day of Decomber, 1923, with the Auditors‘ Certificate for the correctness of same appended thereâ€" to. â€" ‘The total number of policies issued for the year was 23,930, and the total number now in force is 44,250, an increase of 430 over last year. _ The total amount of insurance written was $43,339,088. ‘The gross amount now in force is $88,584,759.00, and after deducting reâ€"insurance the net amount in force is $75,771,529.00, being an increase of $1,221,331.00 over last year. $300,000.00, netting an average rate of 5.56%. By thischange in the Comâ€" pany‘s Act, we were required to show in our returns to the Government the market value of our securities as well as the par value, and it is gratiâ€" fying to know that our market value was considerably higher than the value which we have placed on these :securitiee in our books. The Company‘s total income from all sources was $604,249.46 and the total expenditures were $501,649,90. He said he had no hesitation in stating that the four cash mutual companies in Canada were, the strongest fire insurance companies in America, with one exception. Their strength was in their greater proportion of cash assets to their liabilities. There was no stock comâ€" pany in the world that had equalled itholr record. There were none in their record. There were none in Canada stronger than the Waterloo Mutual. President No. of Policies in foree ........................ 44,250 ’%@W PeC Â¥ k. \ / C e .. : * s e Cl ie , C o o se Py t NA t LE . x | 2 S o o | i . : / *A r P ,( \ e _ | 34 | | ce Levi W. Shuh Arthur Foster " W. G. Weichel, M.P.P. a 3 r Secretary of the Watâ€" [ .. ent of the Waterloo MutuaWManager and Secretary of the Wa CicePresident of the Waterico Muâ€" Fire Insurance Company. erloo Muqml Fire Insurance Co. tual Fire Insurance Company. RECEIPTS Premiums, Cash and Fees ..............$398,667.74 Premiams, Mutual .......c.ccccll.. 74,8%5.55 Commissions on Rebates and Reâ€" INE@P@Bt | ..............cscsccmmmmens. Appreciation on Investments Sundry Receipts ............... Real Estate Mo immmemonmmemmmenntormmacscs 1290008 Du:?: Reâ€"insurance Companies 3,904.52 Agenté‘ Balances ............................. 526.18 Cash ow Hand and in Banks ....... 17,034.93 + $1,807,004.16 Residue of Premium Notes .........$ 218,119.60 Total Assote ................................... $1,810,088.78 insurance ... Reâ€"insurance for Losses The Waterloo Mutual Fire Insurance â€" Company . L. W. SHUM, Preaident. Market Value $1,540,709.31 4 Presented at the Annual Meeting of the Waterloo Mutual Fire Insurance Company The Sixtyâ€"sixth Annual Financial Statement of DIRECTORS‘ REPORT For the Year Ending December 31, 1928 The cash assets of the Company including accrued interest amount to $1,597,964.16. The residue of premiâ€" um notes is $218,119.60, making the total assets of the Company $1.816, 083.76. The market value of our se curities is over $7000.00 more than the par value at which they are taken in the Statement. The liail ities, consisting of $11,413.00 of unâ€" paid losses and $299.779.90 . of unâ€" earned premiums,. total $311:192.90, leaving a balance of cash assets over all liabilities of $1,286,771.26, an increase â€" of $101.$49.14 over | last year. ~ . Death removed from us. during the year, two who were prominently identified with the Mevelopment of the Company during the past thirtyâ€" five years,â€" Mr. Ailan Bowman. formerly President of the Company There have been very few .chantes n the staff during the past year. and so far as the general work of. the office is concerned everything is proâ€" gressing very harmoniously. The reâ€" lation between the members of the staff and the executive branch is all that could be desired. We have added a few to our agency staff during the, year and the thanks of the Company is due the agents for their untiring efforts in helping to keep up our [premium income. We are also grate ful to our agents for the coâ€"opera¢ion they have shown ns in paying up outstanding balances due, so that we The net amount of premiums wriiten I who retired from the presidency of for the year was $365,730.00, an inâ€" the Board in 1924, died on April Tth, crease.of $12,775.00 over last year. _ |and Mr. P. E. Shantz, who had been The net amount of losses incusred ill for a number of years, passed was $188,747.00, an increase of $21.|#@way on September 2nd. Both of 475.00 over last year ances at the end of the year and to are showing very little agents‘ bal thanks agency In conclusion I wish to express my anks to the office staff and the $ â€"10,000.00 1,497,556.12 662.98 72,304.82 2,074.58 136.30 26,442.41 18,833.71 36,743.80 force for their coâ€"operation, the Board of Directors for Cash Balance over all Liabilities.... 1,280,771.26 Unpaid Losses (m@t) .......l..â€" Unearned Premium Reserve For Cash Premiums | $278,967.34 For Mytnal Premiums . 20,812.56 LOS§E8 simusmcmsninemecmine Rebates, Cash and Mutnal Reâ€"insurance ........l.22l200 Taxes, Government and Municipal Balance Net Amount at Risk .............. $75,771,800.00 Co m m iesd o n a Expenses of Management ARTHUR FOSTER, Manager. EXPENDITURES LIABILITIES these men ‘had contributed largely to the development of the Company and their retirement from active business Was a loss both to the Company and to the Town of Preston where they resided. Mr. Shantz‘s place on the Board of Directors was filled by the »ppointment of Mr. Ford S. Kumpf. In conclusion we beg to draw your attention to the main objects of the meeting, viz. the disposal of the several statements before you and the election of Three Directors in the place of those retiring. © The retiring Directors are Richard Roschman, Oscar Rumpel and Ford $. Kumpf, all of whom are eligible lor reâ€"election. 5 n the Dominion today. 1t would maâ€" terially help the agents if this was broadcasted and the Company would be placed in an even stronger posiâ€" tion each year. He was pleased to know Mr. Shuh had regained his health. With the foresight of Presiâ€" dent Shuh and the able management of Mr. Foster and the officers, the Waterloo Mutual will continue to prosper in the future. Manager Witerloo, Ont., January 26, 1929. Director Oscar Rumpel. of Kitchâ€" ‘mer, said it should be gratifying to av‘icyholders taking out .policies to mow they have the special security ind protection of the best company heir sympathetic appreciation of our ‘forts during the past year. On behalf of the Board, aterloo, Ont., January 26, 1929 Director O. Rumpel ARTHUR FOSTER, L. W. SHUH, $1,607,004.16 $ 11,413.00 $218,530.66 . 41,986.45 _ 65,714.96 87,581.56 _ 8,498.37 â€" 19,337.90 299,779.90 , 102,599.56 President The new director of the Ootnpany.| ‘A hea, wwu mc-muuuu-%-dfi‘ honor to become a member of the|spectors and egeney fore Board. After looking over the Anay |uition of the efficieat 1 cial statement and noting the reâ€"|dered during the year. © marks of Manager Foster ho was im s i o# pressed with the high standing of <~ Sieot Offfgers erioo Mutual had turned the corner. in 1901 the progress of the Company Byâ€"Law Passed had been very marked. The offéicers| The meeting passed a byâ€"law proâ€" of the Company were doing exactiy {Yiding for the payment of pensions '.Iomnh(hwlflllwnnl“ gratuities to officers or serve as we want security. He noted mm.nn&vl\-n.z that the securities of the Company |the age of 6 years er who have be were of an exceptionally high order |°°M¢® 'huy.m . and there was evéry reason to be w n mmz mm proud of the success of the Company. 18 CRUSHED TO OEATH K.C. The substantial underwriting profit, he said, was very gratifying both to the management and to all. He joined in congratulating the management on the satisfactory conâ€" dition of affairs disclosed in the statement presented and the sucâ€" cess of the Company during the year just closed. The statement presented should satisfy the best aspirations of the policyholders, stated J. C. Haight, Directors Reâ€"elected The retiring directors, Richard Roschman, Oscar Rumpel and Ford S. Kumpf, were reâ€"elected. Mesars. J. F. Scully and R. P. Uffelman were elected auditors of the Company for the year. J. C. Haight, K.C. Auditors Elected :The present policy of the company safeguards fu Service has been given by steadily extending the system from a féew hund:cd telephones in 1830 to over 700,000 now in use. The company is spending over $27,000,000 this year to extend and improve the system further and has made plans to spend over $120,000,000 in the next five years. F given authority by parliament, the Bell Teleâ€" I phone Company will issue new shares of stock over a period of years, at intervals and in amounts depending on the expansion required to serve public demand. The new shares will be offered for purchase by shareholders and the price will depend on the manâ€" agement‘s judgment of conditions. This method is the efl procedure by which the company has built the present telephone systeri in Ontario and Quebec. In fortyâ€"eight years the teléephone company has neiâ€" ther suggested nor received a government subsidy. In fortyâ€"eight years it has never split its stock, nor issued shares that were not fully paid for at par lN choosing and following this financial policy the management of the company has had conâ€" stantly in mind the double obligction of those who operate a public utility. There is, first, the obligation to the users of the telephone system to give them proper service at lowâ€" est possible cost. And, secondly, there is the obligaâ€" tion to the owners to protect their property and pay them a fair return on the money they advance to build the system. THE management does not favor any changs in its policy, because: 1. theSecord of the company‘s policy. in efficiently fuifiliing the obligations to both users and ownâ€" erd justifies its continuance. 2. if, however, the financial policy of public utility companies is to be fixed by parliament it should be made applicable to all such companies rather than to single out one company which does not deserve special restrictions. In fortyâ€"eight years it has never been exploited for the benefit of either individuals or groups. although it is now one of the laigest institutions in the country. * system by retaining support of reliâ€" able investors, and promotes the national interest of Canadians in Canadian develop ment. Quebec are the lowest in the world for comparable service. The Board of Railway Commissioners has officially acknowledged that they are more reasonâ€" able than other rates in Canada. The 15,3C0 owners of the system receive a fair roâ€" turn, but not more than a fair return. The comâ€" pany‘s policy has handed out no "melons" nor extra dividends. And this service has been given at low cost. The rates paid by telephone subscribers in Ontario and A test of this is the actual experience of a shareâ€" holder who bought Bell Telephone stock on the marâ€" ket fifteen years ago at $145 and has since taken advantage of every opportunity to buy new shares as they have been offered. His annual return today, on the money he has paid for his shares, is less than seven per cent. To be exact it is 6.9 per cent. : Bell Telephone Company and its financiai policy a change in policy is not in th@ national interest; it means that Canadian investors will be attracted to put their money into namerous American utility companies with which the telephone company is now competing for new capital and where it is the recognized vraciice to offer new shares to two has met double obligation in the national interest obligations have been scrupulously ful« and reâ€"olected L. W. Shub prosident © 3 and W. G. Woeichel,; vico@resident. . .\ Immediately fellowing the anoual gulfled a bus and an electric interâ€" urban car ul_'bll-fll for a crash on Wednesday which .claimed 18 lives and resulted in injury to 14 others. The collision vecurred when a bus operated by the Greyhound Company between Toledo and Pittsburg was struck squarely in the centre by an express electric car of the Lake Shore Line, en route from Norwalk to Bellevue, Ohio, at a doublegrade Bellevue. â€" Those riding the electric car franâ€" tically ibegan digging into the wreckâ€" age to extricate the dead and inâ€" jured. Passing motorists made imâ€" provised ambulances of their maâ€" chines. Minard‘s Liniment for the Grippe and Flu. , a mile and a half east of (s