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_ ASSETS REACH TOTAL OF $2,290,582;, NEARLY TWO MILLION SURPLUS The 65th annual meeting of the Economical Mutual Fire Insurance, like its 64 predecessors, was noted for the reports of splendid progress and achievements presented to the meeting ‘by the officers and direcâ€" 4ors on Friday afternoon at Kitchâ€" ener. Outstanding features of the past year are the taking pver of the asâ€" sets and liabilities of the Merchants Casualty Insurance Company of Waâ€" terloo, and changing the affairs of the Company to operate under the Dominion charter obtained during 1935. Taking Over of the Merchants Casualty Insurance Company of Waterloo One of Past Year‘s Achievements. â€"Now Operating Under Dominion Charter. ECONOMICAL FIRE ATTAINS NEW PEAK OF STRENCTH New Peak in Strength A new peak in strength was reached last year, with assets of $2,290,582.46, and a surplus for the protection of policyholders of $1,914,â€" 116.11. Securities amounting to $52%,â€" 000.00 are deposited with the Domâ€" inion and Ontario Insurance Departâ€" ments. iEvery precaution has been erercised in the investment of funds. and reserves have ‘been established in excess of the extent necessary to belance book values against actual market values. in Memorian Immediately after the opening of the meeting on Friday the President, Henry Knell, introducd a resolution expressing the regret of the comâ€" pany at the loss of the late Geo. C. H. Lang, who passed away July 15, 1936. The late president was first elected a director of the company at the 12th annual meeting held Jan. 11, 1884. ‘He was elected viceâ€"president, Feb. 18, 1893, and president, Sept. 1, 1922, which position he retained vntil his death. He was associated with the board for over 52 years, and his sound judgment and busiâ€" ness keenness had much to do with the success of the company. In seconding the resolution XCarl Kranz expressed his appreciation of the fine work of the late Mr. Lang. The fine progress of the company is very gratifying to the_policyholders, and the real security they have heâ€" hind their policies is 4 tribute to the solid foundation upon which the company has been built. The Economical realizes its deâ€" pendence upon the agents of the company, and the relations between the two have been mutually pleasâ€" ant and agreeable. A hearty vote of thanks was tendered to the agents. A. K. Cressman of ‘Waterloo, in replying to the motion, said that past experience has taught the agents they can depend upon the Economâ€" ical to deal fairly with the assured. ‘The company is popular with the agents because of the fairness with which they are treated. He congratâ€" ulated the company upon its excepâ€" tional record of progress, practically doubling its business every 10 years. L. D. Merrick in supplementing Mr. Cressman‘s remarks, said he had ocâ€" casion to call at the head office nearâ€" ly every day, and his treatment by the officers and clerical staff was beyond criticism. Reâ€"appointed by the Board of Directors as Managing Director for the ensuing year. MANAGING DIRECTOR Thanks to Agents Book value of Real Estate owned or held for sale..$ _ 58,686.37 Mortgage Loans on Real Estate, first mortgages.. 832,782.88 Agreements fOr SRIG...........0«ssslsllcon on rronnscnmcenhceerrrnne 5,549.22 Amount of loans secured by stocks................. 2,000.00 Book value of bonds and debentures owned*........ 1,188,186.12 Book value of stocks owned**....................l... 69,949.33 Cash on hand and in bank..................00000000. 50,481.71 Interest due ANO RCCTUEG...........â€".sosocazmmmmimemmemees 25,228.57 R@MtB GU@ ..........scs2llllssssss se 588.28 Agents‘ Balances written on or after Oct. 1, 1936 46,174.20 Amount due from Reinsurance on losses already paid . . . . . 11,066.78 Gentlemen:â€"We certify that we have made a continuous monthly audit of the books of account and vouchers of The Economical Mutual Fire Insurance Company for the year ending 31st December, 1986; that in our opinion the above balance sheet is properly drawn up so as to exhibit a true and correct view of the Company‘s affairs as shown by its books and other inh‘:mflion aupplied us, and that all our requirements as muditors of the Company have been complied with. Roqpectfnll‘! submitted, Dated at Kitchener, Ontario BCULLY & SCULLY, Chartered Accountants, January 13th, 1987. * J. A. LAW, Aunditora. To the President, Directors and Members of the Eeonomical Mutual Fire Insurance Company * Market value $1,152,337.14 ** Market value 27,900.00 THE ECONOMICAL MUTUAL FIRE INSURANCE CO. F. W. SNYDER SAFETY IS DOMINANT POLICY The Sixtyâ€"Fifth Annual Financial Statement and Auditors‘ Certificate ASSETS A motion expressing hearty appreâ€" ciation of the splendid work of Fire Chief Guerin and the Kitchener Fire Dept. was passed unanimously, and a grant of $50 made to the Firemen‘s Benefit Fund. W. J. Motz thought the greatest thanks they owed the chief and his men were for their atâ€" tention to fires that never occurred. Among those present were Henry Knell, .L. O. Breithaupt, Carl Kranz, W. J. Motz, Henry C. Krug, F. W. Snyder, H. J. Sims, K.C., R. A. Lang, W. W. Foot, A. K. iCressman, 1. (D. Merrick, ‘W. ‘H. E. Schmalz, V. W. Cressman, L. J. Shantz, A. H. Devitt, R. S. ‘Bean, and others. ; (entlemen : â€" al 1 am pleased at this time to preâ€" sent on behalf of the Board of Direcâ€" tors, a report covering the operations of your Company during the fiscal year 1936, 1 feel I must first refer to the loss sustained by the iCompany in the death of our esteemed iPresident, Mr. Ceorge C. H. Lang, who passed away on July 15th, 1936. Mr. Lang ‘was first elected a director of the ‘Comâ€" pany at the twelfth annual meeting in the year 1884; he assumed the viceâ€"presidency in 1893, and had been president from September 1st, 1922 until his death. Thus, for fiftyâ€"two years, he had been actively associatâ€" ed with your directors, and his steadâ€" fast faith in the future of the Comâ€" pany will serve as an inspiration to those who worked with him, for many years to come. On November 1st, 1936, the deâ€" tails of Dominion incorporation were completed and your Company operâ€" ates henceforth as a Dominion comâ€" pany â€" with â€" considerably enlarged The year 1936 has again marked substantial progress in the affairs of your Company. Assets now stand at $2,200,582.46 and the surplus for the protection _ of policyholders is $1, 914.116.11, both of these figures beâ€" ing the highest in the history of the Company. Fire Insurance premiums written during the year less reinsurâ€" ance. amounted to $308,157.97 and windstorm premiums were $3601.65. powers Your funds have been most careâ€" fully invested in securities of the highest type, and in first mortgages very largely on residential property ali within Ontario. ‘The Company has no mortgages on farms. A divisâ€" ionr of the Company‘s investments as at December 31st, 1936 appears as follows: Dominion, Provincial and Muâ€" HENRY KNELL President, who occupied the chair at the annual meeting on Friday. ‘(‘(-)mp:my Investments ... 138% Preferred and Common Stocks 3.0% Mortgages and Agreement for Sale ... Real Estate MICHPHI BONUS â€"sâ€"mmmmcucacs Corporation iBonds and Trust To the Members of the Economicâ€" Mutual Fire Insurance Co. PRESIDENT PRESIDES Directors‘ Report Appreciate Fire Dept. For the Year Ending December 31st, 1936 ‘Those Present CERTIFICATE OF AUDITORS $2,200,582.46 33.9% 36.3% 269 Agents‘ Balances ........................ 20% Cash on Hand and in Bank ... 13% Other ABBOLS .......â€".«...~....... 9.1% Toward the close of the year your directors entered into an agreement with ‘The Merchants Casualty Insurâ€" auce Company of Waterloo to take over the assets and liabilities of that company and to continue the bustâ€" ness of Automobile and Sickness and Accident insurance formerly trans acted by that company, under the name of The Economica] Mutual Fire Insurance Company. Jt is expected this new enterprise will prove sucâ€" cessful during the years to come; that the seope of usefulness of your Company will be widened, and also that our members will gradually avail themselves of these added serâ€" vices. Whereas, years ago, insurance companies specialized in single classâ€" es of insurance, and your Company has grown up in this atmosphere, toâ€" day the larger insurance companies write multiple lines of insurance, and in order to be abreast of the times your Company now provides a broadâ€" er service to its agents and policyâ€" holders. Your Company is honestly and capably managed and all transâ€" actions which have passed through the books to form the balance sheet now placed ‘before you have been audited and certified by the Com:â€" pany‘s auditors. I report with a great deal of re gret the resignation of Mr. L J. Breithaupt who has today asked to be relieved of his duties as director, due to advancing years. He was elected an honorary director in 1881 â€"â€"an active director in 1888, and was viceâ€"president from 1921 until 1935. He has thus been closely associated with The iEconomical for fiftyifive years This morning your directors have elected Mr. L .O. Breithaupt to take his place. ‘This ‘being the first annual meetâ€" ing of the Dominion Company, all the directors retire and are eligible for reâ€"election. A resolution will be inâ€" troduced to provide for the manner and term of reâ€"election which 1 trust will receive your support. ‘Respectfully submitted, The Economical Mutual Fire Inâ€" surance Company. Gentlemen : â€"â€" To the President and Board of Directors : â€" I take great pleasure in presentâ€" ing my annual report for the year 1936. The results of the year‘s work show a very pleasing and healthy condition, both in the volume of busiâ€" ness in force and in the very reasâ€" onable amount of losses paid, which are considerably below the average. It must be remembered that the amount of business in force grows from year to year, but I am pleased to say, the losses do not increase in the same proportion. ‘The classified list of gross losses follows: 564 â€" Mercantile losses ............$ 68,260.73 38 over $500 each ............$ 46,574.24 526 under $500 each ... 21,686.49 310 Isolated losses ... 48,737.11 23 over $500 each ... 38,588.91 287 under $500 each ............ 10,148.20 30 _ Hazardous josses |.2u....22. 0 9,398.57 HENRY C. KRUG Who was reâ€"elected a Director for a term of three years. insurance, unsecured ........ Taxes due and accrued.............. Reserve for loss on investments Special Reserves ... Total Provision for unpaid claims.................... Total net reserve carried out at 80%................... Reserve and unpaid losses under unlicensed reâ€" Surplus for protection of policyholders SUPT. OF AGENCIES REâ€"ELECTED Henry ‘Knell, ‘President fi: LIABILITIES Deducting the amounts collected from reinsurance companies brings our net loss for 1936 to $108,350.12. During the year we appointed nineâ€" teen new agents, some of whom reâ€" placed former agents who disposed of their business, and others in loâ€" calities which we expect will prove profitable to the Company. The Ecâ€" onomical is ideed very fortunate in having a most efficient and loyal staff of agents and I wish herein to thank them, one and all, for their splendid coâ€"operation. We regret to report the loss by death of three of our esteemed agâ€" ents, one of whom had represented the Company for many years: Mr. E. J. Pearson â€" Kintore Dr. D. Hurteau â€" Cornwall Mr. H. J. Hoshal â€" Cayuga It is pleasing to know that in each case the ‘business has been taken over by a son of the deceased. I, have, as usual, covered about 25,000 miles during the year in my numerous duties of promoting the interests of our Company, and I have reason to know that our frequent contact with the agents produces beneficial results. It is now generally admitted that the depression is almost a thing of the past and all look forward for a period of prosperity in which I feel sure the Economical will have its fair share. 3 over $500 each 27 under $500 each Gentlemen : â€" ‘To the President and Directorsâ€" The Economical Mutual Fire Inâ€" surance Company, It is a pleasure to present my anâ€" nual report relative to the work unâ€" der my supervision for the year 1936. Who was reâ€"elected viceâ€"president at the Board of Directors‘ meetâ€" ing on Friday. In performing my duties I have travelled approximately 28,000 miles which enabled me to contact and visit practically all our representaâ€" tives at least two or three time durâ€" ing the year. In addition to a general promotion caumpaign for new business, I have endeavored to concentrate on inspecâ€" tion work as much as possible, reâ€" commending alterations and improveâ€" ments _ wherever â€" necessary, . and checking hazardous physical features and negligent housekeeping. The volume of business written has been maintained and a small inâ€" crease also shown over and above the corresponding period of the pre vious year, which can be partially accounted for through this continual contact with our agencies. While our loss ratio is favorable, competition has ‘been exceptionally keen and there is a growing tendenâ€" cy on the part of many of our comâ€" petitors to get business at any price. I frequently find that agents who have leyally supported this Company for many years are offered inducements that are fundamentally unsound and which makes the field work considerâ€" ably more difficult. The most serious competition appears to emanate from foreign companies who do not apâ€" pear to understand this field. Through the acquisition of the Merchants Casualty and their agency connection, I feel certain that the fire business can be substantially inâ€" creased during the current year with the added facility at their disposal, and arrangements are being made and contemplatea with the thought in Respectfully submitted, INSPECTOR‘S REPORT mind to extend the possibility of VICEâ€"PRESIDENT . A. H. Devitt, Superintendent of Agencies $126,396.41 $126,396.41 $ 12,340.63 213,951. $2,200,582.46 376,466.35 1,914,116.11 46,242.42 7,901.37 87,897.31 8,183.32 1.130.15 1,667.82 securing more fire business wherever further representation is deemed adâ€" visable. s The reputation of the Company has been maintained to a high déegree in the minds of our representatives and policyholders and 1 feel cerâ€" tain that the year 1987 is bound to be a most successful period for our Company. Kenneth Williams principal of Heiâ€" delberg school is spending two weeks at his home here as the school is closed on account of an epidemic of measles. Mr. and Mrs. Sam Koebel attendâ€" ed the funeral of the latter‘s aunt, in St. Marys on Friday. Miss (Ruth Schummer and ‘Mr. Vin Wright of Guelph spent Sunday at the home of Mr. and Mrs. Frank H. Schummer. Mrs. August Schneider of Hawkesâ€" viile is viaiting at the home of Henry Neuerts. Miss Marian Laing of Guelph spent the weekâ€"end with her parents, Rev. and Mrs. A. A. Laing. Miss .Frieda Holling of Elmira spent the weekâ€"end with Mr. and Yirs. ‘R. H. Wilker, Mr. and Mrs. Sebastian Englert and family of Kitchener called on Mr. and Mrs. F. iH. Schummer, Sunâ€" day. Mrs. J. E. Campbell of Guelph spent (Friday with Mr. and Mrs. J. Leith. Mrs. Norman Murray spent the weekâ€"end with friends in Beamsville. Mr. and Mrs.C. M. Schultz of Hesâ€" peler spent Saturday evening with VMr. and Mrs. T. W. Schultz. The Y:P.U. of the United Church beld their fortnightly meeting in the church ‘basement on Friday evening. Gordon Musser, Christian citizenship convener, presided. ‘The scripture lesson was taken by Miss Marian Laing. Miss Florence Tyack led in prayer. The topic, "Christian family and home", was presented by Wm. MdPherson. Rev. A. A. Laing gave a talk on "Christ‘s Healing of the Paâ€" ralytic at \Capernaum". At this point ‘Mr. and Mrs. Oliver Faulhafer and Mrs. M. Wescott of Wellesley spent Sunday with Mr. and Mrs.)C. Lantz. Interesting Topic. ‘This being the first annual meeting of the Company under the Dominion Charter, a new Board of Directors had to be elected. ‘The old board was eliâ€" gible for reâ€"election and were elected as follows: Henry C. Krug, Louis O. Breithaupt and ®F. W. Snyder for a term of three years; Henry Knell, R. A. Lang, and Carl Kranz for a term of two years; and (Hon. W. D. J. sims, K.C., for one year Respectfully submitteed, Euler, W. J. Motz M.A., and H DIRECTORS ELECTED LINWOOD WILLIAM MILNER, L. J. Shantz. Inspector ;tteway to the u/ot/c( J Manager of the meeting the president, Miss Ethel Ogram took the chair to disâ€" pose of the business. The secretary reported that the Elmira Y.P.U. of the United Church had accepted the invitation which was extended to them for Friday evening of this week. The meeting was closed with benediction by the pastor. The fifth meeting of the Linwood Busy ‘Bees was held at the home of Mrs. A. O. Schnurr last Saturday. ‘The next mecting will be at the home of Mrs. F. H. Schummer. Mr. and Mrs. Anthony Stemmler yisited in St. Agatha Sunday. â€" Wm. Giese of Elmira spent the weekâ€"end at his home here. Lost Game 6â€"5. Saturday â€" evening the Linwood liks. THE SALVE WITH A BASE OF ! OLD FASHIONED MUTTON SUET There is magic in the telephone: in every item of the vast assemblage of plant and equipment that stands behind it to make modern telephone service possible. Take the simple plug on the switchboard. A piece of metal on the end of a cord; yet it bridges unheardâ€"of distances. The World is literally at its gleaming tip. It can connect you with the office on the next floor, send you winging across the continent or take you overseas. It annihilates time. | This is but one aspect of the perfectly coordinated army of miracle workers that has grown from Alexander Graham Bell‘s initial experiments at Brantford. Canada, the birthplace of the telephone, is today its greatest user, leading the world with more calls per capita than in any other country. Itis telephoneâ€"minded, not because of sentiment but because of the scope, effiâ€" ciency and low cost of service as pioneered and developed through the years by the Bell Telephone Company. Already, the fast growing sales of PENETRO in Canada colds. Canadians have discovered that PENETRO does what it claims to do, and they are buying it because of their faith in its penetrating, healing properties. PENETRO is a medicated "rub" made with the oldâ€" fashioned tz y suet base, its accepted popularity Mr. and Mrs. F. W. Hill and chilâ€" dren spent Saturday evening in Kitchener. Union Jacks went to St. Clements where they suffered a 6â€"5 defeat by the St. Clements Maple Leafs. _ _ _ St. Thomas. â€"Anxiety is felt over the condition of Samuel S. Clutton, Elgin County‘s first Warden and the oldest Free Mason, who is seriously i!l at his home in Vienna following a paralytic stroke some days ago. Mr. Clutton is in his ninetyâ€"eighth year. ELGIN‘S FIRST WARDEN, * 98, IS SERIOUSLY ILL which penetrates through the skin, and goes deep to fight congestion and to ease pain. Applied to chest, back or the seat of inflammation, while its aromatic vapourâ€"released by body temperatureâ€"soothes and heals the irritated nasal passages and restores free breathing. As good for children as for adults, PENETRO will not harm the tenderest skin. Snowâ€"white, it will not discolor personal attire or bedâ€"clothes. â€"â€"BUY FROM ADS.â€"â€"â€" PENETRO strikes at PENETRO is the friend of the Canadian familyâ€" keep it for every day emergency. At all druggists: 25c.