Devils Lake inter-ocean and Devils Lake free press. (Devils Lake, Ramsey County, N.D.) 1905-1909, 1907-07-26
ABLE PAPER R
Pres. W. G. MCF adden. of
Fargo, Presents
INTERESTING PAPER ON INSURANCE
Which is Read Before Merchants S
!" Convention in Devils Lake
Last Week

The following address which
was to- have been given at the
State Convention of Retail Mer-
chants Assn. of the state, which
was held = at the Chautauqua
grounds last week, by Pres. W.
G.. McFadden of the Commercial
Bank Of Fargo, was read by Mr..
w. w. King, Mr.. McFadden be-
ing unableho be present:
&"To the members of the North
Dakota Retail Merchants asso-
citation, gentlemen: I fully ap-
preciate the honor Of being in
vited to address your association
representing as it does the men
who have done so much in the
development Of the state. It is
of course true that the farmer
must of necessity rely upon the
returns from his soil, but how
often is he helped by the store
keeper over the hard places, the
crop failures and misfortunes
which overtake him. The assist
ance he must have from time to
time often comes from you when
his banker, by reason of the re-
strictions which must surround
the bankers credits, cannot :~"-~r'
to his aid. So that it is to you
we owe "a very large degree. of
credit for: the sdevelo lopment Of our.
state, and the success with which
anNof you have been rewarded
!. has been a;:l mos l,1 taiustly earned.
When ssssel7 s,sN Vyited
me to attend your convention he
suggested that..I. come prepared
to say a few. words on the SUBJ
ject of mutual fire insurance. I
do not want to be- understood as
being in favor Of mutual fire in
surance to the utter exclusion of
the stock companies. We need
stock company insurance, and
will always have it, but I do
deem it absolutely necessary
that you should do your part in
the building up and strengthen
ing Of good mutual fire insurance
companies in our state. One of
the greatest arguments in favor
of the mutual companies, from
your point of view, that Of econ
omy, is that the mutual COM
panies insure only the classes Of
risks which show the lowest rate
ratio, viz: Farm risks, dwelling
house risks and mercantile risks.
J The stock companies insure your
property along with all other
classes of risks carried by them
and the result is that you pay
more than your just proportion
of the losses. 4,.
Eighteen years ago I assisted
in the organization in Cass coun-
ty of the first County Mutual
company in the state for the pur-
pose Of carrying farm risks in
Cass county only. The Farmers
County Mutual Of, 4Cass. county
now carries in the neighborhood
Of $2,O00,O00 ofSfarm risks. At
their "Ie, ont annual meeting a
careful estimate was made Of the
average amount of insurance
carried during the time the com
I pany has been III existence the
actual cost=of the insurance and
!. what the cost would have been
ut rates charged by the stock
companies. The figures show an
actual saving to the farmers Of
Cass county for the eighteen
4 years Of $65, 900. This is no
small item, gentlemen. The
keeping Of this amount Of money
in Gass county instead of send
ing it to New Y FORK or Chicago
means something in the develop
lnent and upbuild ling Of the state.
Did you ever stop to figure out
the amount 4 Of money collected
in North Dakota fire and life
insurance prenliu unas by the stock
companies doing business III this
stats, and the proportion Of the
same which is returned toSus5 for
actual losses? ? The repor Of the
state insurane ee>con onal1lis ssion for
the yea 80 n shows the prem
inns collected for fire Insurance
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