farmers' mutual insurance companies' union. 365 



known as the "Board of Underwriters of Mutual Fire Insurance Com- 

 panies of America." Tlie object of tliis board is to determine the stand- 

 ing and legality of companies operating in the mutual name. Many fraud- 

 ulent companies have been operating in some of our Western States, and 

 have proven to be swindlers whereby the people have been deceived at 

 their great cost and also at the expense of the honored name Mutual. 



There has been no means devised by which these fraudulent com- 

 panies can be detected until after they have accomplished their work and 

 are then ready to move to new fields with their booty. These companies 

 cannot be compelled to submit their plans of operation for investigation 

 by this board of underwriters, neither will they request it, but the pur- 

 pose of this board is to reach them in a negative way, by asking all com- 

 panies doing a legitimate business to submit their plans for investigation. 

 A company that attempts to do business without this certificate of good 

 standing is open to suspicion, and may soon be detected. But understand 

 that no company is required to submit to an examination by this board. 

 That is left to the discretion of each individual company, but it occurs 

 to me that a certificate of good standing and approval by the National 

 Board of Underwriters would certainly be a good recommendation to pre- 

 sent to the people when soliciting insurance, and a splendid weapon of de- 

 fense against attacks frequently made upon us by stock companies. The 

 cost»of such application and certificate is ten dollars for a State company, 

 five dollars for a district company, two dollars for a county company and 

 one dollar for a township company. 



I shall consume too much of your valuable time were I to attempt to 

 make a more extended report of this interesting meeting, but I desire to 

 assure you that while it was interesting to see and to hear the work ac- 

 complished, that in eflx>ct and in its far-reaching results it is equally in- 

 teresting to you, and to every individual mutual insurance company in the 

 United States. Interesting by reason of the fact that the National Asso- 

 ciation stands as a protector and a promoter of the mutual insurance in- 

 terests in all of the States. Gigantic in its construction and poAverful in 

 its intiuence for good it is the shield and helmet to all mutual organiza- 

 tions and should be strengthened by the support of every mutual company 

 in the land. Every company that is identified with the State Mutual In- 

 surance Company Union of Indiana owe it to themselves that they see 

 that they send delegates to the next meeting, which will be held in Chi- 

 cago, March 7, 8, 9, and 10, 1905. Every president and every secretary of 

 such companies owe it to themselves and to the companies they represent 

 that they attend this meeting, as by so doing they will gather more 

 knowkdge and assistance in the wise management of their interests and 

 thus infuse new light and vigor in the work before them. This I say 

 you owe to yourselves, but let me add also that you ow.e very much more 

 to an association that has fathered your Interests unsolicited, and associa- 

 tion that seeks the jDrosperity and welfare of every mutual company, no 



