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Another Good Year With Satisfactory Increases Economical Mutual Fire ' Assets Total $2,766,409 m&-fimflnhfl“‘ mmmafld}) rectars® of «the > Economical Mutual | Fire Insurance Company bave every cess and growth of the Company as reported at the 67th annual meeting held at the head offices of the Comâ€" pany in Kirchkener, Wednesday, Feb. tor. expressed appreciation for the excellent volume of business r:â€"' ceived. especially from the Kitchenâ€"| er and Waterioo agents, and moved a voie of thaniks to the agents. Mr.| W. W. Fuot, in seconding the motion ‘ referred to the fact that the number | of agents was doubled since the mergâ€"| tmmg of the Merchants Casualty with | the Eromomical, and regretted that | it was mot possible to know all the | agents personally. Vr. Ervin Erb‘ Thanks to Agencies " The retiring Directors, Messrs. W. H. Somerville. R. A. Lang, and Henry Kmell. were reâ€"elected for three The Fire Department of Kitchenâ€" er was comgratulated for the spleonâ€" did record they have maintained in preventing fire losses, and the City Council and Water Dept. were inâ€" ciuded for adding to the fire fighting Mr. Henry Knell, President. occu ped the chair and presented his anâ€" mual report. In seconding the adopâ€" tion of the report Mr. H. J. Sims commented briefly. The figures, he said, indicated that the Company had made substantial progress. The Eco momical was one of the oldest fire inâ€" . surance companies in the Dominion. with the fimest traditions. While it | was originmally a local Company, with a large bulk of its business coming trom this district it has lately spread out its activities and covers a much wider field. The figures presented in the President‘s report are an indicaâ€" tiom of sound business progress. He joined with the President in expressâ€" ing his regret at the loss of Mr. Kranz, who was associated with the Company eo many years. Others who spoke were I« O. Breitâ€"| e Department ....__.____._$479,176.70 haupt. W. H. Somerville, J. R. Kirkâ€"| yyromobile Department ... 231,500.31 m Ervin Erb and T. H. Kay. | \ccident and Sickness e n w To the Members of The Economical| Ou behalf of the Board of Direcâ€" tors it is a pleasure at this time to preseat to you the financial stateâ€" ment as at December 31. 1933, yveriâ€" fied by the Company‘s auditor‘s, and to give you a summary of operations President‘s Address Mr. F. W. Suyder, manazing direc F w 5 | Tue balance shect discloses that| 4y K the total assets of the (‘ompany‘ *3 s e B |amoun: to $2.786.409.15, and when all 'af x J : babilities of $602.243.95 are deducted | there is a surplus for the protection | A ue [E jof policyholders for the sum of $2.| | adespenenenennneiney 184.165.u0. Adequate reserves have | es s been provided for unsettled and unâ€"| HON. W. D. EULER. M.P. F. w. SNYDER eported claims and it can be safely | said the Company has attained a new ; Minister of Trade and Com Managing Director of the Econâ€" peak in financial stability and in useâ€"|! merce. Viceâ€"President of the Econ omlcal Mutual Fire Insurance Co. ‘ :nIiness to its members omical Mutual Fire Insurance Co MANAGING DIRECTOR â€"THE ECONOMICAL MUTUAL FIREâ€"INSURANCE CO. Mortgage Loans on Real Estate, first Book Value of Real Estate owned or held Agreements fOF SIG...::::::::s2.csecâ€"ssserczce:s Book Value of Bonds and Debentures OWE TDE | !c:.â€"100...00ccc00000e 0981 rooeoneneeenbnarnenrorm hb Book Value of Stocks owned...................â€" Cash on hand and in bank...........0oâ€" Interest due and accrued............................. Agents‘ Balance written on or after Oct it /. > : . e e e e Amount due from Reinsurance on losses i ON this total the sum of $92,208.14 comomical | "*5 reinsured. and after providing |{or premium reserves, net premiums Company: |@arved in,all departments amounted i to $712.678.19. This represents an inâ€" | of Diree. |v‘*ase of 382.953.42 over the premium is time io | lncome of 1937. Net losses incurred "2 y o2 020 |amounted to $321.547.08. An Old Established Company in a Strong Financial Position l Dowision, Provincial | and Municipal HENRY KNELL ! Bonds ..............__$1.126,11218 * Corporation and P.rvskdenL who occupied the | Trust Company chair at the annual meeting. | Investments ... 314.190.51 1 _ [Preferred and Common 6 1 Sto@ks .cc 74,044.33 Tribute to Late Director Mortgages and ‘ Agreements for Before providing these details muay ; Sale ... 970.945.30 I refer with deep regret to the very Real Estate .q.â€". _ 355,797.77 swiden passing on May third, 1938, Agent‘s Balances .. 95450 30 of the Mite Carl Kranz who was a diâ€" (Cash on hand and in rector of this Company for tuflm% Danks ....2ulllll .. 101,645.10 years and Viceâ€"President at the time Other Assets ... 26,714.03 o‘ his death. Mr. Kranz‘s connection ; â€"â€"_â€"â€"â€"â€" with The Economical Mutual Fire| $2,766,409.15 Insuranee Contpany covered a period | of fortyâ€"four years as agent, and he| 1 should be remiss in my dut had a further sentimental interest Reglected to pay tribute to the in our welfare as his father had been staff of azents who have aga Manager of the Company many years loyally supported the Company ago. Mr. Kranz served the Company operations during 1938, and on | faithfully and well, as an agent and of the directors and members : Tater as a Director, and his death is Company I wish to thank then «eeply mourned. . The Board of Di sincerely for their patronage : |rectors elected Mr. W. H. Somerville, vish them a full measure of ‘Wenoral Manager and Director of the perity and happiness during th Vutual Life Assurance Company 0111939- Cunad. to fill the unexpired portion | of the late Mr. Kranaz‘s term as direc. AP‘y Managed j‘or. and the Honorable W. D. Euler,| ‘in closing. I can assure yo | M.P. was appointed to the Office Of your Company has been ably Viceâ€"President. ‘aged durinz the period under r« _ The Company experienced a subâ€" I stantiil increase in fire losses during tie year, which experience was I be theve shared by many other fire inâ€" ‘surance companies. The ratio of net losses incurred to net premiums \carned in the Fire Department was !41.3!":: in the Automobile Departâ€" | ment. 1%i",;: in the Accident and |Sickness Departmert 49.6%. and in |other lines 25.75). Toward the close ‘of the year the Company commenced tp iransact the business of plate class insurance for the first time in its history. and it is hoped this branch will grow profitably. Automoâ€" bile losses have azain been heary and nnless mbasures are taken by the public.suthoriti>s to curb the inâ€" Denartment Other Lines . 1938 Premiums Premiums written during the L238 appear as follows: _ _ The Sixtyâ€"Seventh Financial Statement and Auditors‘® Certificate Fire Losses Increased Inc public ease in Assets oi such losses by stricter orcement. it is very probable 11 further increases in rates necessary. Total written â€" $847,097.34 For the Year Ending December 31st, 1938 $ 55,797.77 $2.766,409.15 1,440,903.27 74,944.33 101,645.10 23.117.49 EN mR WPDsCIs agent, and he| 1 should be remiss in my duty if I ental interest Reglected to pay tribute to the large ither had been staff of azeunts who have again so ny many years loyally supported the Company in its the Company Operations during 1938, and on behaif an agent and . 0f the directors and members of the d his death is Company I wish to thank them very > Board of Di sincerely for their patronage and to H. Somerville, wish them a full measure of prosâ€" Director of the Férity and happiness during the year 965,542.41 5,402.89 95,459.30 3,596.59 131,516.66 Particular attention has ‘been paid to investments during the year andâ€" it is gratifying to observe that sevâ€" eral municipal securities which have been in default for a considerable period of time have now resumed payment of interest and principal as it falls due with the result that the portfollo of investments has been considerablyâ€"improved. New investâ€" ments during the year were confined 1:“!& highest type of bonds. s.o.v‘- mortzage properties which fallen into arrears of interest and principal have been taken over and are now included under the heading "Real Estate Held for Sale." When it is considered that the total funds invested in mortgages have never exceeded the sum of $1,000,000 and preperties taken over had a book value of only $10,.797.77, it must be eonceded that the Company has had an excellent experience in its mortâ€" gage investments. Classification of Assets It will be of interest to observe the fellowing classification of the Comâ€" pany‘s assets with the ratio of each type of asset to the whole, which indicates tha‘ the funds of the Comâ€" ;filywue invested in a satisfactorily liqu‘id manner: â€" In closing. I can assure you that your Company has ‘been ably manâ€" aged during the period under review ; that it has made substantial progress in the volume of business transactâ€" od, and that while higher loss ratios ; were experienced. this was occasionâ€" ed ‘by general conditions rather than by any deviation from the cautious underwriting principles that have| governed the Company throughout its long history. I believe we can | look forward to the year 1939 with . » reasonable measure of confidence ; and can. assure you that your Board | in{ Directors zealously insists on the imintena.nce of those high standards of conduct and business ethics which have successfully brought The Econâ€" tomical Mutual. Fire Insurance Comâ€" ‘pany into iis sixtyâ€"eighth year of ‘existence and to its present enviable tflmcial position. Total Provision for unpaid claims............. Total net reserve carried out at 80 ... Reserve and unpaid Josses under unlicensed reinsurance, unsecured ......00.000000. Taxes dite ANJ RECTWBN....;:::::sssoumrsciscssicncasss Reinsurance premiums ................................ Reserve for loss on investments............ CONtIRIENE FESETYE ..:...â€"»»..1..020005s0rmevercosarercc Reserve for return of premiums............... Accounts payable and accrued commissions Surplus for protection of policyholders VICEâ€"PRESIDENT Faithfully yours HENRY KNELL, President THE !ATIILOO (Qutario) cn;gllcu Por C LIABILITIES $0.$ 11.3 2.0 1t Rural Milling Company Takes Over Local Plant The Snider Flour Milling Comâ€" pany, Limited, which operates mills here and in St. Jacobs, has taken over the milling business of the Wm. Snider Milling Co. in Waterloo and have taken possession on Tuesday. The Milling _ Company‘s . many friends here will wish them success in their new venture.. â€" _ Mr. Arthur Musselman of St. Thomas is visiting at the home of his parents, Dr. and Mrs. Peter S. Musselman. Entertains Ladies‘ Aid. _ St. Matthew‘s Ladies‘ Aid were pleasantly entertained at the home of Mr. and Mrs. Wm. Hemmerich on the occasion of their monthly meetâ€" ing l(:n Wednesday afternoon of last week. Steighing Party Enjoyed. St. Matthew‘s Luther League enâ€" joyed a sleighâ€"ride party at the home of Mr. and Mrs. Martin C. Schweitzer on Wednesday evening of last week, which was also their regular meeting. Many Inspect School. _ _ L Gonera!l Manager, The Matual ’ Guests from Baden were Mr. and Lile Assurance Company, reâ€"electâ€" |Mrs. Jacob ‘Rittinger and daughters, ed Disector of the Economical Mrs. E. Becker, Mrs. A. Margetts and Mutual Fire Insurance Company. Florence, also Delton Steinman. The Open House period observed in many public schools last week was also shared in .by our school when parents and friends had the epportunity to see how their chilâ€" dren were taught a t Heene Mr. Jacob Jonas of the Molesâ€" worth section has been visiting relaâ€" tives here and in the vicinity for ten days. _ _ aie _ _ Miss Etta Bartman has returned to her home in Elmira after spendâ€" ing a short time at the home of her sister, Mrs. Erwin Dahmer and Mr. Dahmer. â€" fe s Mr. and Mrs. Enoch Martin, Ruth and Lorraine, and ‘Miss Ada Bruâ€" bacher of St. Jacobs, Mrs. Jeremiah Good and Misses Elma and Nina Good of New Hamburg were recent visitors at the home of Mr. and Mrs.‘ Phares Koch, while Mr. and Mrs. Melvin Hinsberger, sons Roy and| Maurice, Mr. and Mrs. Ruaull‘ Peters and son Donald, of New Hamburg, and Mr. and Mrs. Edwnrd' Francis and daughter Marion of‘ Petersburg, were visitors at the Phares Koch home last Sunday. . | Attend Holstein Meeting. _ [ REâ€"ELECTED DIRECTOR Mr. and Mrs. Oliver Wright and to Port Hope hospital Saturday with Mr. and Mrs. Kenneth Betzner were a fractured hip. Mr. Olver was walkâ€" in Toronto attending the Holstein|ing along Walton St. when, in an Breeders‘ Association convention on attempt to retrieve a woman‘s hat, Wednesday of last week. ‘hé collided with another pedestrian Mr. and Mrs. Allen R. Good atâ€" intent upon the same objective. Mr. tended the funeral of the former‘s Olver was knocked to the ground. Mr. and Mrs. Allen R. Good atâ€" tended the funeral of the former‘s cousin, the late Gideon Reist, in Kitchener, Wednesday of last week. At Oshawa Funeral. Mr. Norman Dahmer and daughâ€" ter Anita were in Oshawa recently attending@ the funcral of the formâ€" e‘s cousin, Mrs. Stanley Cook, nee Gertrude Dahmer, only daughter of Mr. and Mrs. Martin Dahmer. Both Mr. and Mrs. Dahmer have spent their early years in this village. _ A group of schoolboy friends were invited in to help celebrate the birthday of Donald Stroh, on Satâ€" urday afternoon. _ The youthful party spent a few enjoyable hours. Mr. James Mann of Kitchener was visiting at the home of Mrs. Lioyd,. Mann over Sunday. _ _ Mr. and Mrs. Sol. Kirch were Sunday visitors with Mr. and Mrs. Edward Kirch at Sunnyside. W. H. SOMERVILLE $ 0 77,444.58 366,086.78 $ 602,243 2.164.165 $2,766,409.15 31,644.70 17,284.18 5,150.81 81,255.61 15,000.00 5.687.170 2.689.59 CONESTOG O 95 20 Baden Man Weds At Fort Erie solemnized at Wort Wrie Central Unitâ€" ed Church on Saturday when Doris Adeline Entwistle, daughter of Mra J. Mayor, Fort Erie, was united in tinger, son of Mr. and Mrs, Jacob Rittinger of Baden. The bride given in marriage by her father, Mr. Jack Entwistle of Welland, wore a floor length gown of white chiffon trimmed with white velvet ribbon, long white veil and accessories and carried a bouquet of The maid of honor, Miss Florence Rittinger of Baden, sister of the bridegrooim, wore a long pink chifâ€" fon gown timmed with matching vel vet roses and carried sweet peas and tes roses, + sister in blue floor length chiffon trimmed with blue velvet ribbon and wore a shoulder bouquet of sweet Mr. Avory Duet of Buffale was best man and Mr. Delton Steinman of Baâ€" den and Mr. George Schaef of Grimsâ€" by were ushers. A meeting was held in the Townâ€" &ip Hall on w;;dneuhy_ eveainz for e purpose agreeing some terms by the Township Council and the trustees of St. Jacobs and Conestogo police villages as the existing agreements appeared out of date and decidedly unjust to the ratepayers of the township. Would Draw Up New Agreements Miss D. Cotton, daughter of Rev. Mr. Cotton who performed the cereâ€" mony played the wedding music while her sister sang ‘Because". After a short honeymoon the young couple will reside in Grimsby. Assessors Ready To Do Work. | Woolwich Township Assessors met at the municipal hall on Saturday afternoon, where they received their supplies and instructions for their season‘s work. Attend County Councils‘ Meet. Woolwich Council members atâ€" tended the County Councils‘ Assoâ€" ciation convention, in Kitchener, on Taesday. Taesdnfi. Mr. Noah Stroh spent Tuesday in Kitchener on official business. Hold Last Rites. _ _ _ ~a The funeral of the late Geo. Schreiber, of Kitchener, and formerâ€" ly a resident of this village, was held here on Tuesday afternoon followâ€" ing a service at his late home in Kitchener. A service was held in the Lutheran church, followed by interâ€" ment in the adjoining cemetery. Rev. J. Schmieder, of Kitchener preached the sermon, while Rev. S. J. Wittig was in charge of the altar service. Mr. Gilroy McLean of Kitchener was a Sunday guest at the Norman Pahmer home. ; Miss Margaret Gies of Waterloo spe?t Sunday under the parental roof. Mr. and Mrs. Geo. Holle and chilâ€" streamers. dren of Kitchener were Sundaying| The bride wore plum colored velâ€" with relatives in the village. ‘vet, with a halo of lilies of the valley Mr. and Mrs. Clifford M. Snider and golden slippers. She carried a were weekâ€"end visitors with friends bouquet of pink carnations and white in Toronto. * narcissus. in Toronto. f narcissus. Mr. and Mrs. Herbert Huehn atâ€" She was attended by Helen and tended the funeral of the late Henry Hilda Seyler. sisters of the bride Funk, in Kitchener, on Sunday groom. They wore sapphire blue velâ€" afternoon. . vet gowns and carried daffodiis and Mrs. Ryckman and Mrs. Beckerâ€" snapdragons. son of Simcoe, and Mr. and Mrs.| The bridegroom was attended by Stephen Payne, of Brantford, were Staniey and Elmer Hohl, brothers visiting at Thos. Payne‘s last Sunâ€" of the bride. day. > | ‘Those present were from Kitchenâ€" RETRIEVES WOMAN‘S HAT, BREAKS HIP PORT HOPE.â€"Benjamin Oiver, reâ€" tired merchant hete, was sdmitted to Port Hope hospital Saturday with a fractured hip. Mr. Olver was walkâ€" Miss Betty (Entwistle, attended her CHIEF SAVES BLIND DOG BUT GETS DUCKING MEAFORD.â€"Chief Constable M. Moore went into the icy waters of the harbor to rescue Teddy, a blind wireâ€"haired terrier who wandered off the dock. Teddy is owned by Mrs. C. J. Kennedy, and when he fell in the chief tried to fish him out with a boatâ€"hook. Unable to reach him, he lowered a rope ladder and went down to the water‘s edge. He still couldn‘t reach the dog and had to «rtlv immerse himself before he could get hold of his collar. He trought the terrier to safety, both none the worse for the ducking. Thursday â€" Friday â€" Saturday FEB. 16 â€" 17 â€" 18 "DEVILS ISLAND ‘Next Time I Marry Every Thu. Fri., "Her Majesty" Dinnerwareâ€"To the Ladies. Sunday Midnite 12.05 a.m. and Monday â€" Tuesday . Wednesday "Homicide Bureau "Dramatic School" Every Mon. â€" Tues. â€" Wed. The lovely new "Petit Point" combination Ovenware and Dinnerware Service â€" To the Ladies. Free Parking â€"Duke & Ontaric Sts. â€"â€" ADDED ATTRACTION â€"â€" LUCILLE BALL JAMES ELLISON â€"â€" ADDED ATTRACTION â€"â€"â€" BRUCE CABOT RITA HAYWORTH LUISE RAINER PAULETTE GODDARD ALAN MARSHALL _ BORIS KARLOFF NEDDA HARRIGAN FEB. 20 â€" 21 â€" 22 works, which in themseives are more |that many of the municipalities ;which a year ago were in default, have since readjusted their inâ€" | debtedness along interest lines satisâ€" ‘hetory to investors. No principal reduction has yet taken place, and ‘it is expected that in almost all inâ€" stances, where adjustments are now ‘under way, no leueninte of the :hrincip.l amounts will made. ‘ Municipalities have been more careâ€" {ful in their expenditures, and with the greater controls now in operaâ€" ‘tion, no recurrence will likelli be experienced of the unusual difficulâ€" ‘ties experienced by some, brought about mainly by excessive and overâ€" optimistic expenditures for projects outside the needs of such municiâ€" palities. Thanks to Directors and Staff. therefore, a continuously low inâ€" terest level. The problem of taxation is much discussed. And those in the mortâ€" of which is fifl-&.fii liable, yet not all entirely so. The average person is paved roadways, parks systems and wmfimmujon and for which a ‘considerable part of \h"énu are applicable. But a danger appears manifest, inasmuych as too great a concentration of taxes seem to apply to real estate, without e o tch mevarte, m meralk such pro as in Great Britain and other eom Taxation applied to real estate which surmounts a reasonable inâ€" vestment of rental value retards g‘-fly the construction of new uses. And with taxes other than property, so much of it, in Canada, enters Qiroeg.ly or indirectly into a multitude of coffers, services, producing thereby a more substantial drain on capital than a more orderly and less varied nationâ€" al economy would require. _ _ _ It is always a pleasure to extend, on behalf of the officers and staff, thanks to the Board of Directors for‘ sympathetic and constructive advice and direction during the year under review. Also it is satisfying to make reference to the loyal and capable manner in which the officers and staff have undertaken their duties. _ I believe that the Company can lock forward to a satisfactory busiâ€" ness growth this year. Catherine Hohl Is Winter Bride HESSON.â€"An interesting wedding took place at the home of Mr. and Mrs. George Hohl, near Lisbon, on Saturday, when â€" their youngest daughter, Catherine Mae, became the Ibflde of Mr. Edgar D. Seyter, son of Mr. and ‘Mrs. William Seyler of Philipsburg. The Waterloo Trust ‘The room vn‘decouted with an evergreen arch and pink and white streamers. Rev. G. R. Schults, Philipsbursg, officiated. ‘Those present were from Kitchenâ€" er, Stratford, Waterloo, Philipsburg and Hesson Road. economy would require. You 'ilY be interested in knowing They will reside at Philipsburg at (Continued from Page 2) ‘ILLY 2C es a h 2. R l % _‘ J JA t inzdial" ME A i “ \:’w( Mn ' I:IIIM NC They call me a killer...but I‘m innoâ€" cent...as innocent as you are! They made me everything I am! They‘re guilty of every crime I commit... because they made me a criminal! inâ€"| The bride was gowned in Alice irds| blue silk crepe and carried a bouâ€" new quet of spring flowers. She was atâ€" han tended by Miss Ferne Howey of Vaâ€" rda,‘nessa, wearing a French wool frock 0 & in Princess blue tone and carrying with ‘ sweet peas. eful _ Mr. Wallace Young of Oakland was &BG the ibest man. Mr Fred Schlote, Young St., Waterâ€" loo, is a patient in the KW Hospital seriously i11 with pneumonia. Choose Valentine a guest of Mrs. Cassio Fry, William Bt., Waterloo. Day For Marriage WINTERBOURNE.â€"A "Valentine" wedding was solemnized at the home of Mr. and Mrs. Herbert Lundy on Tuesday afternoon, â€" when _ their daughter, Annie Catherine became the bride of Mr. Hilton Irvin Mitchell son of Mr. ‘Claude ‘Mitchell, of Scotâ€" land, Ont., and the late Mrs. Mitchell. ‘The ceremony °was performed by Rev. J. S. Wright. . The rooms were decorated in pink and white and refreshments were served from the bride‘s table centred with a wedding cake surmounted with spring flowers. After the ceremony a reception was arranged, the bride‘s mother, gowned in navy blue with cut velâ€" vet trimming, receiving with the young people. After the reception Mr. and Mrs. Mitchell left to spend their honeyâ€" moon at Buffalo and other points. They will reside at Scotland. the home of the bridegroom‘s par ents. SHOT SELF WITHOUT GUN PITTSBURGH.â€"Gerald Fabbio, 10. sat on a board and shot himself in the leg although he had no gun. Docâ€" tors at the hospital where he was treated Saturday said thero was a .22 calibre bullet ‘under the board and that Gerald‘s weight was suffiâ€" cient to set it off. Miss Mamie Fisher of Millbank is THUR. â€" FRIL â€" SAT. Extra! "ACE DRUMMOND" GARY COOPER MERLE OBERON Personals PAGE THREE FRJ. SAT.