Illinois Staats-Zeitung -- January 17, 1890German Mutual Fire Insurance Company.
The German Mutual Fire Insurance Co. held its annual meeting, yesterday, at Folz's Hall, corner North Avenue and Larrabee Street. The majority of its 1,700 members were present. The proceedings were cordial and very pleasant. The last biannual financial report of Christian Zuber, the treasurer, contains the following information:
Dec. 31st, 1889.
Cook County Bonds, yielding 5% $3,000.00 Chicago City " " 4½% $4,500.00 " " " " 4% $43,500.00 " " " " 3.65% $3,000.00 Cash $5,379.98
During the last six months the risk-rate was diminished by accepting insurance valuations of $700.00; a diminishing of premium notes amounting to $52.50, and an increase through net-receipts that produced $3,082.31.
The financial condition, according to Dec. 31st, figures, shows the following:
Liabilities to cover all accepted insurance policies, $2,980,000.00 Capital, in the possession of the company and covered by premium payments $ 223,545.63 Cash funds in bonds and money $ 59,378.98
The expenditures of the large company have been very nominal during the preceding year, only $1,004.00 has been paid for actual damage by fire and a little more than $1,300.00 for current expenses. The net profit of $3,000.00 will be used for an initial fund, which is to be used for the erection of its own office building.
Election results: Mathias Schmitz, President.
The company received a petition, signed by fifty respected German citizens from 3the Fullerton to Belmont, and Ashland to the Lake district, requesting the insurance firm to open a branch office. A committee of ten will take the matter under advisement.
II A 2, II D 2
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