AMERICAN SURETY COMPANY of NEW YORK
 

New York, N. Y., October 27, 1936.

To Our Stockholders:

Financial Statement of your Company as of September 30, 1936, is enclosed.
The satisfactory progress reported for the first six months of 1936 has been con¬
tinued during the third quarter of the year.

How often we hear the statement made "I have never collected a dollar from
the insurance company." While it is true that the insured purchases indemnity against
loss due to negligence or accident, in the case of liability insurance,
or the dishonesty of an employee, in the case of Fidelity Bonds, the
real benefit of insurance is derived from the prevention of losses.
The cooperation of the insured with his insurance company to this
end will be mutually beneficial.

Cordially yours,
 

President.