Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1871-02-07
The Madison Mutual Insurance Com
pany.

pany.
Glen Haven, Jan. 2sth, 1871.
EDITOR HERALD Having done.
business with almost the whole peo-
pie Of the county of Grant for the |
last ten years on insurance, feel it |
my duty to make full and careful.
statement % the standing and sound |
ness OF the Madison Mutual Insur-
ance Company
In the first place | know Of no |
company that gives so wide rance
IN the class OF property wo take es
he Madison Company. pavi,o 81 |
damage done by lightning. whether
he buildings are burned or o.her.
wise damaged also oil damages to
i've stock by lightning anywhere
within The limits OF the State To-
sether win all kinds OF personal
property naturally belonging TO
dwellings, or farm property at the
low rate ot0nc por cent cash prem
lum, and two per cent. premium note.
Bat not outstanding the low rate n
cash charged wc have paid ali losses
promptly without assessment on the
premium notes tor almost thirteen
years {, he best and safest capital IN
no world) tor the very reason that
hey can only be converted into cash
N such portions and at such times az
the Directors Of said company may
require-a record that few Mutual
Companies can show the people.
The business of the company has
gradually increased until he prem
urn notes amount to 81 100 342 SO
and notes given on cash premium
S85 9l58l The losses Of the last
year have been fearful with all com
panies. Losses in Madison Com
pany for the last year have been al
most double what they were in 1869,
we having paid Sl55 900. Notwith-
standing the large amount paid we
have come out ahead TO the amount
of SIS, OPS 20 in cash u. S. Bonds,
and Madison City Bonds S25, 600
And here let me remark that we have
not borrowed to the amount of
single dollar of any person, corpora
ton or company on earth which
speaks well for the management Of
Company business for the last thir-
teen years. The amount Of notes
given for cash premium uncollected
Is S85, 1851. All Of which we are
determined to collect without delay,
or it is not treating the prompt pay
ing members of the company as they
should be treated. We have entirely
a different system in regard to the
agents holding notes now than for
merly. All agents are required at
the close of each month to send the
money or the notes to the office SUBJ
Iiect to the control of the Executive
Committee. We have had special
agent employed for the last year to
settle with delinquent agents, and
have been enabled in most cases to
obtain mortgages on real estate avail
able as the several mortgages expire.
The same agent examines the risk
taken by all agents and when prop
erty is taken too high the policy is
cancelled Immediately. Mortgages
secured of delinquent agent, $l7 377.
10. Judgment obtained in favor o
the company, SO 95621. Rea state
belonging to Company, So Up So
Bills receivable $46,52A.13. Furni
ture and fixtures, S1,74l 6S. Inter
est amount due the company iron
agents, SIS 169 67.
BY careful examination Of tn
above you will readily sec that th
J company is perfectly sound and reli
able. But Notwithstanding all that
if the Legislature pass the law com
peiling all companies doing business
in the State to deposit ore hundred
thousand dollars IL United State,
Bonds for the purpose Of dauhly 81
caring the people ogaius; the ba-
frauds that have been perpetrate,
upon the people IN the way OF ineur
: ance, v c shalt be under the necessity
OF levying an assessment II twenty
ave per cent. on our premium no t
10 order TO obtain tho surplus tina
will be required. And when yor
: bring TO mind that the capital Of
mutual company is in their premium
notes you will readily zee tina tn
money can be raised ia no other way
If such law had been passed las
winter, it would have saved many
mans money that insured in th,
Home, a stock company that ha
lately failed, located at New Haven
Connecticut. With one hundred
thousand in United States interest
bearing bonds deposited in our Stat,
Treasury the Madison Company will
stand firm as Q rock for time to come
The Mutual Companies that have
failed for the past two years were
bankrupt before they commenced
assessing. On the other hand we
have money in our treasury to pay
losses as they occur without borrow.
ing a dollar from any one. But in
order to establish basis of security
doubly sure, and TO have cash cap
ltal bearing interest for the benefit
of the company we have resolved to
ask little from each one in order to
quiet the fears of some Of the oldest
members that the company is bound
to fail with capital in premium
notes Of over a million dollars.
For the last year we have had a
loss every fifteen hours. Showing
the necessity for each and every one
to keep their property insured. One
word in regard to members with
drawing from the company. In ev-
cry instance of withdrawal the as
sessment will be deducted from the
return premium, and short rates will
be charged for the time insured, the
rule of all companies, in retiring pol
icies. So you will have but little left
to reinsure in other companies, where
as, if you remain, your insurance is
as firm as a rock. want it express
ly understood that for one ask no
man to stay in the company a MN
ute longer than he wants to- Wheth-
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