for Low Cosf and Diotdends"

' The Agsociated Lor(b", Mutuals have coneistently kept operating exp/nse to a minimum because operating expense is one of the big factors in the cost of insurance.

The operating cost of our Companiee averages only 22Y2% of premium income, as against 45/" and more with some of the biggest and strongest stock companies.

Our Companies were organized and are operated for the two-fold purpose of providing for the lumber industry, better insurance at lower cost.

Low operating cost and earnest attention to prevention of loss have effected gubetantial savings which make possible our dividende to policy holders and the low net cost of our insurance.

I'I/rite anlt of our Comianies for full inf ormation about our policies, our Payment of claims, our fire preaentiok seruice and otr diviilends-