Lo)zalt>. of Polic)zholders

E ARE proud of the loyalty of the policyholders of the Northwestern Mutual Fire Association. Every meana, both fair and foul have been used by the enemy to eliminate the competition of your company. That system of insurance which profits through the distribution of losses does not look upon mutual insurance as a competitor but as a deadly enemy which must be destroyed. Why? Because their "cost plus system" of fire insurance so increases losses that they cannot meet such competition. Many of our policyholders have been offered insurance rates much below cost and others have been asked to name any rate necessary to take the business f rom your own company. 'We are safe in saying that not one in one hundred has yielded to this bait. Had all done so the companies would be successful in driving competition from the field. They would then be able to increase rates to their own liking.

In your ovn compang you wiII alwags get govr insurance at cosl. It mah.es no difrerence whether the basis rate ls high or low. A'high rate merelg means a high diviilznd; a low rate a small dividend.