Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1872-04-02
Correspondence Of the Hsrald)
The Madison Mutual-Reply to OBJ
server.
MnAI.nn u a.

OFFICE MADISON MUTUAL INSURANCE COMFY.
Madison, Wis. March n, 1874
Mr.. Cover An article appears in
your paper of the 10Th inst. signed
"Observer," criticising the report
OF this company, and assailing
its integrity. Like nearly every
publication hostile to this company,
whether through newspapers or by
circulars and handbills, it is anony-
nous, having no responsible name.
Its animus is the disturbance of the
pocket nerve of the writer, which like
that of many other insurance agents
has been shattered by the business OF
the Madison Mutual. A person who
makes his observations from the
elevated standpointe of the detunct
alone OF New Haven" and "Securi-
ty of New York" may be supposed
to know something about collapsed
comp mes whether stock or mus
tual
The tuition received in the school
of the Security" would render sob
server" especially qualified for the
work of abusing this company. That
swinding concern which went down
with some iixty other companies in
the Chicago fire, but which unlike
many of them has manifested no dis
position to divide its remaining funds
among its creditors, has taken deep
interest in the concern of the Madison
Mutual. Under the management of
its late State agent who Is now runs
ming large eastern company on the
inStdlLment plan, its local aud canvass
ing agents were drilled to the abuse
of this company with all the maigni-
ty that spite and selfishness could in
vent Three years ago he had the
stupid etfrontcry TO express in large
letters upon his manuals, the hope
that in two years the Security would
increase its capital to 81 coo, 900, and
see the winding up of every mutual
concern in Wisconsin! 1t is not
strange that pupils in this school for
scandal should continue their voca-
ton after the explosion of their insti-
tute Of instruction. II is the wriggle
OF the serpent's tail after the head is
crushed
This horror Of Mutual companies
with which Observer" would bespat.
ter his readers is an old "harp of q
thousand strings" 1t has been play.
ed for the last half dozen years till
the strings are strained to danger
Gus tension. To some the music has
been expensive. 1t has led them out
of a safe place into one which has no
bottom, and the cost has been doubled
while their security has been lost.
Aud those who have gone into
"Sound Stock Companies" il they
have been as lucky as TO find such
institutions, have paid at least all we
should have charged them including
the assessments. 1t may surprise
the reader to be told the fact that no
Mutual Company-unless a town or
county company-has ever failed in
Wisconsin.
The Troy. Milwaukee and Rock
River companies did not fail as mu-
tuals. They were more in analogy
with the stock companies than with
tho Madison Mutual. They attempt
Ell to do a stock business Uithom dde-
quate capital. Such was the case
with tho Troy; the Mlwau-
kee was no: mutual company for
the last four years of its life, and the
Rock River died OF the ihStallment
plan. The notes Of the latter com
pany, the prosecution Of which is
now working so much injustice to
the makers, have nothing IN common
with our notes. They are perpetual,
ours expire with the policy, andiare
given up whenever called for
The criticisms and aspersions OF
observer" will pass with candid and
DISCERNING men for what they are
worth The condition of this com
pany, past and present, is known to
the public, nothing being kept in the
dark, and We are ready at all times
to answer any respectful enquiry, or
make any proper exhibit to respect
full applications But we denouuce
as dishonayable and only worthy of
reproach lhese masked battery as.
saults in which the weakest fool like
the African Bushman may cast his
poisoned arrows at his victim
ID. WoRTHINGToN, Secretary.