Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-10-30

O~~N~A~~S
walls Of the fortress-the pillows over
leap the barriers-the last column is
routed. Sometimes, too, treason has
mined the castle, and those depending
on it for safety have been lost; some
times the guardians have been false,
and stolen its splendid munitions. All
this because in the last analysis every
human enterprise depends upon the
honesty and wisdom of man. But the
fact remains--these are the best that
have yet been devised to meet the
imperative want There is no posi-
bility of dispensing with insurance, and
mankind will not try to do so.
The capital invested in these COM
panies has not been extravagantly re-
mum erative. The New York reports
show very moderate average, while
Chicago, Boston and st. Johns show where
almost hundred companies disap-
peared from sight with all their capital
and accumulations. Indeed we need
not look beyond the fires occurring
since 1871 for the cause Of tie financial
distress. An amount equal to half the
national debt has been annihilated. and
the drafts to replace this loss have left
vacuum vastly greater than the con-
traction of the currency, or the amounts
tied up by wild railroads.
Realizing the supreme Importance of
this interest, it is we'll for the public to
enquire whether the pressure for Glow
rates" is not going beyond tie point of
safety. This prop, upon which the
whole business structure leans, may be
hewed so thin that it cannot sustain the
weight. Competition is great, and
every man feels justified in getting the
lowest rate in the market. No excep-
ton can be taken to this; but just one
step beyond is the "yawning gulf" of
bankruptcy, or abandonment of the
business. neither of which is desired or
can be tolerated by any healthy interest
of the country.
There is tremendous depreciation
of values going on throughout the
world; and there is an unseen but act
ual connection between this shrinkage
and the loss by fires; and it is no
time to weaken this buttress, upon
which all pecuniary interests lean more
than ever, because it is more difficult to
replace a dollar lost now than in ordin-
airy times.
These thoughts have run away with
me, and have used more space than l
intended in calling attention to the fact
that the demand for low rates is being
pushed so far as to compel prudent
companies to retire, while others join the
"devil take the hindmost" race for
whatever premiums they can get, with
very we'll defined purpose of taking
care of themselves in time.
The madison" is company willing
to write as low as compatible with their
promise never to issue policy which
could not be redeemed. Adhering to
this rule it is one of the few companies
that saved any money in the first half
of 1873. This has also been aided by
careful wedding out of old risks. by
watchfulness in selecting new ones, and
economy in expenses. That this new de-
parture has met the approval of the pub
lie is evidenced by the TACT that we can
pay our usual dividend and all losses
and expenses from the premius of 1873,
and show ratio of cash assets to
amount at risk greater than ever before
in its history.
The Madison intrenched itself in the
position-fair rates or pass the risk;
and if the time comes that its patrons
cannot afford such rates we shall always
be in situation to meet liabilities, re-
insure the risks, redeem the policies at
the counter and give the field to some
one who wishes to assume the great
perils of fire insurance purely " for the
fun Of the thing"
B. E. HUTCHINSON.
Sec'y Madison +. l, Co.