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_ OLDEST FINANCIAL KIRM IN KITCHENER ~ ECONOMICAL MUTUAL INSURANCE COMPANY mwâ€"w»am HOLDS 90# ANNUAL MEETING The newly elected Board of| Directors immediately set aboucf with enthusiasm, organizing and | laying plans. They named the eompany "The Economical / During the summer, subscripâ€" tions for sums of insurance rangâ€" ing from $200 to $2,000 soon reached the total of $49,000. In the fall those who had subscribâ€" ed to form the Mutual Fire Inâ€" surance Company again met in the Town Hall on September 5th, 1871, to elect the first board of directors, Henry F. J. Jackâ€" son, Wm. Oelschlager, Hugo Krenz, George Davidson, Fredâ€" erick Snyder, John A. Mackie, John Fennell. Mr. H. F. J. Jackâ€" son was chosen President. * l 3 % «ts , E e y V): : d L «3 . # ces ' * * . f P $ ie P F 4 $ x 59 “ «l ‘..«:r £ ; § . yw J ':~ 4 A i sc f * a t e / is o3 j $ $ af ‘ € The seeds had been planted for a new company which servâ€" ed the town well and in later years branched out from Kitchâ€" ener to serve the nation. .. . and further to appoint Sheriff George Davidson and Moses Springer and myself to open and keep a book in which all freeholders of the municipality may sign their names and enter sums for which they respectively bind themselves to effect insurance with the company . . ." dressed E?e.assembled freeholdersâ€" "Gentlemen, you have seen fit to pass the motion, ‘Resolved that in the opinion of this meeting it is expedient to establish a Mutual Fire Insurance Company in the municipality of the Town of Berlin There is no living resident who would rememâ€" ber that day in June 1871 when Mayor Pipe drew }Eimself up to his full six feet, three inches and adâ€" From small beginning in Town of Berlin, Economical grows to become one of Canada‘s largest insurance companies «* R # s 4 * * T4# 8| M , Workh e ts > t > § * ling x *pi like _ + )} Lo. 2 m ap â€" g 3 aJ ul . s h o 9 '.: . o 2 % k Pa 4 ho l mss .. t .. 8 wl id * * k. o.b i | K > PA ECS PMA Ass‘t. General Manager R. A. LANG C. N. WEBER Président Lang Tanning Co. President C. N. Weber Ltd THE Branch Offices at Toronto @ Montreal ® Hamilton © london @ Ottawa @ Moncton @ Haliftax HENRY C. KRUG President In all your GENERAL INSURANCE needs ask for the name you know â€" ECONOMICAL ... INSURANCE _ From this humble beginning the Economical struggled and withstood serious losse$ to beâ€" come one of the largest mutual Except for stationery there was only one operating cost â€" for each application which the Board accepted, Mr. Springer rcâ€" ceived one dollar, out of which he was to pay for any clerical work necessary. It was over a year later before the Manager, then Mr. Wm. Oelschlager, reâ€" ceived a regular salary of $400 a year â€" and the Town Direcâ€" tors were allowed twentyâ€"five cents a meeting, providing they attended; the Country Directors, one dollar and fifty cents. Mutual Fire Insurance Company of Berlin‘"; selected Mr. Moses Springer as Manager and Genâ€" eral Agent and located, rent free, in the front room of Mr. Alexander Millar‘s law office. Fire Manager Following are some highlights and excerpts from the President‘s report. Mr. Krug paid tribute to the late Honorable William D. Euler who had been President from 1948 until 1961. ‘"‘This meeting is particularly notable as repreâ€" senting the Ninetieth Annual Meeting of the Comâ€" pany, every one of which has been held in this comâ€" munity, and we should be justly proud of the fact that our Company is the oldest fimancial institution in Kitchener, President Reports 1961 Best Year in GCompany‘s Long History Established 1871. Head Office â€" Kitchener, Ontario H. J. ORPEN Secretary OFFICERS OF THE COMPANY | _ In the beginning, only Fire insurance was written. Today ‘the types of insurance offered |include Fire, Composite Dwellâ€" ing Policies, Automobile, Acciâ€" [dent and Sickness, Burglary and ‘Robbery, Fidelity Bonds, Surety Bonds, Contractors‘ Equipment, Farm Machinery, Electric Signs, Fine Arts, Golfer‘s Floater, Meâ€" chanic‘s Tools, Outboard Motors and â€" Boats, Physician‘s â€" and Scientific Instruments, Televiâ€" |sion, Wedding Presents, All Liaâ€" |bility Classes, Plate Glass, Comâ€" posite Mercantile Policies. |__Just as the founders had roots in the community, the company \grew as a good citizen, shoulderâ€" fmg its responsibilities while contributing to the area‘s prosâ€" |perity. _ Believing that a firm has obâ€" ligations beyond providing emâ€" |ployment and taxes in its own fcommunny‘ the Economical‘s management has enthusiasticalâ€" |ly supported local charities, hosâ€" fpitals and university. The comâ€" pany‘s way of doing business has rrarned it the respect of citizens, |civic leaders and others in the insurance field. Policyholders, _ management and eraployees can look with pride to a glowing record. The future promises even greater justification of the Economical‘s faith in this area and the rest of Canada. insurance companies in Canada J. K. SIMS, Q.C. W. Ww. FOOT Sims, Boos, Bauer & Sims Gen. Mgr. Economical Mutual W. MOORE Automobile Manager 1871â€"Freeholders met to form the company. 1885â€"The company had its first telephone installed . . . first CPR train ran from Montreal to Vanâ€" couver. j JVVL 1 VUI their variety of experience in » Canadian business and finance l \ enables the Board to contribute 0“ |s n substantially to both security and rate of return on the Comâ€" pany‘s investment portfolio." nmnaainibe s ue s 4t To ggt o be able to report to this Nin&rmmwr of The Missisquoi & [ueth Annual Meeting that the Rouville Insurance Company, a results of operations during 1981/ subsidiary of Economical, which }!uve been the best in our long enjoyed a 10% increase in premâ€" history. ‘lums written during the year | "The management of the The Missisquoi and Rouville Inâ€" Company‘s investments has reâ€" surance Company has the enâ€" ceived close attention by the Diâ€" viable distinction of being the rectors throughout the year. As oldest Canadian controlled inâ€" our Company grows, this branch surance company and has carâ€" 1888â€"The "Economical Block" was built . . . the Northwest Territory was granted an Assembâ€" ly. 1912â€"The company bought its first adding machine . . . provincial boundaries of Manitoba, Queâ€" bec and Ontario enlarge‘d to present size. 1916â€"New Head Office built on Queen Street North. 1918â€"The first automobile was bought for the comâ€" 1899â€"Company bought its first typewriter . . . penny postage was introduced in Canada. 1904â€"The company suffered its first conflagration loss in the Toronto Fire . .. total loss for all : companies was $8,000,000. pany. 1936â€"The Economical Mutual was incorporated as a Dominion Company . . . during the short reign of Edward the Eighth. 1950â€"The present Duke Street head office was comâ€" pleted. 1955â€"The firm acquired the Missisquoi and Rouâ€" ville Insurance Company . . . combined assets of firms approached $20,000,000. "The management of the Company‘s investments has reâ€" ceived close attention by the Diâ€" rectors throughout the year. As our Company grows, this branch HIGHLIGHTS OF 90 YEARS THE BOARD OF DIRECTORS FOR 1962 H. HEIBEIN, C.P.A. Treasurer ©® Vancouver ®@ Edmonton of our operation demands more attention from the Directors and subsidiary of Economical, which| He thanked the Directors for Corporation bonds srex 11.2% enjoyed a 10% increase in premâ€" honoring him with the Presiâ€" Preferred stocks . ... 16.9 % lums written during the year.|dency of such an important Caâ€" Common stocks . 16.5% The Missisquoi and Rouville Inâ€" nadian institution and paid speâ€" Mortgages 3.0 surance Company has the enâ€"|cial tribute to the Company staff us viable distinction of being the and agents whose conscientious 100.0" oldest Canadian controlled inâ€" efforts and enthusiasm made ( surance company and has carâ€" 1961 operations a success ECTORS FOR 1962 .\-‘."\ < N C w 4 4 +s & 4 1~ attie sw p4: #l a 1e :) es h _ 32 * 4 2 m > ~â€" h ‘ ar 1 4 & § P d 6 Saam. ; fi ‘ $ «: ‘ k Pres. Gen . F. MILLER, FL.1.C. D. W. BROWN Office Manager COMPANY . BROWN J. E. F. SEAGRAM N. C. SCHNEIDER WALTER A. BEAN, C.B.E Spring Products Pres. J. E. Seagram & Sons Ltd. Viceâ€"Pres. J. M. Schneider Ltd. _ Viceâ€"Pres. Gen. Mgr. Waterloo Quebec, continuously since 1835. The Hawmilton office building, other important step in the company‘s development. the election of Mr. Walter A. Bean to fill the vacancy created on the Board by the death of the late Senator Euler Book Value of Real Estate under agreement of sale All other assets ...... after October 1, 1961 ... 1,354,2609.87 Amount due from reinsurance .. 48,580 20 First Mortgages on Real Estate 402,873 42 Book Value of Real Estate book value .......00....... 4,432,283.12 Cash on hand and in banks .. .. 469,066.01 Interest and Dividends due and Agents‘ Balances written on or Bonds and Debentures, book value .â€":ssulsicc..s Preferred and Common Stocks The Economical Mutual Insurance Company ASSETS Ninetieth Annuval Fingancial Statement For the Year Ending December 31st, 1961 $16,320,.062 27 $ 8,425,120.78 1,019.542 63 114,608 46 15,077.48 47.631.23 Premiums . Policyholders‘ Surplus Dominion, Provincial and Municipal bonds ‘ Corporation bonds ......... Preferred stocks Common stocks ... Mortgages . % INVESTMENTS â€" All CANADIAN 1961 â€" HIGHLIGHTS Surplus for protection of Policy holders . 2200 . der unlicensed reinsurance 86.471.76 Taxes due and accrued ........ 202,799 96 Investment Reserve ........... £00,000 00 All other liabilities ............ 295,854.08 Provision for unpaid claims $ 2,871,667 36 Reserve for unearned premiums â€" 5,024,084.64 Amount due for reinsurance 242,701.31 Reserve and unpaid claims unâ€" 20,672 Losses Serviced W. W. Foot, General Manager Henry C. Krug, President LIABILITIES $16,329,.062 $ 9,176,821 $ 6,735,893 $16,3290.062.27 $ 9.593.680.11 6,735,393.16 52.4 11.2% 16.9 16.5% 1.0‘%