LIABILITIES. DECEMBER 31, 1919.
LOSSES: In process of adjustment, $31,-
514.57; resisted, $2,250; total, $33,764.57;
reinsurance, $15,719.53; net $18, 045 04
Unearned premiums $52,579 51
Salaries, rents, etc 12 20
Estimated taxes hereafter payable 2, 000 00
Contingent commissions and unpaid divi-
dends 8,826 60
Return premiums due (net) 3„171 00
Reinsurance premiums due (net) 4,677 74
TOTAL LIABILITIES $89, 312 09
NET CASH SURPLUS 49,552 57
TOTAL $138, 864 66
in October. 1918, and found it necessary to levy an assess
ment upon mutual policyholders of 40% of the annual
premiums, based upon board rates. This was the first
assessment ever made by the company. The company bor
rowed $35,000 to pay these losses. which was repaid in
1919 as shown by item in disbursements.
No doubt the successful collection of this assessment
can be attributed to the past record of the company with
reference to savings to policyholders, which have averaged
20 annually since organization.
C. L. Thurber, the founder and secretary of the company,
died June 20, 1919. His son, L. M. Thurber, who was
associated with him for many years, succeeded him 'as secre
The company has been in business since 1898 and has
established an excellent reputation in the matter of treat
ment of policyholders and prompt payment of just claims;
it has had an honorable career.
On December 31. 1919, the contingent assets (policyhold
ers' liability) amounted to $222,668.
Officers.— President, F. L. Tesca; vice-president, F. G.
Stoudt; secretary and treasurer, L. M. Thurber.
Directors.— F. L. Tesca, retired hardware merchant,
Chatfield, Minn.; L. M. Thurber, insurance, Chatfield,
Minn.; S. E. Bibbins. insurance. Chatfield. Minn.; F. G.