profit out of its underwriting agreement, and that it had in effect deprived the Fire Insurance Company of the benefits of the sale of its stock which it ought to have received.
" After continuous negotiations the Brokerage Company has restored to the treasury of the Fire Insurance Company the sum of $100,000 and has, in the view of the Department, made substantial restitution of the unreasonable profits which it made on the underwriting contract. The Depart ment feels that, from the standpoint of the Fire Insurance Company, it is considerably better off by means of this $100,000 restitution, and that as a company it is now on a substantial basis. The underwriting contract between the Brokerage Company and the Fire Insurance Company has been cancelled, and under the new rules of the Department of Trade and Commerce adopted on December 1 it will not be possible for any companies in the future to enter into any contracts or underwriting agreements whereby they can be deprived of an unreasonable amount of the money they should receive for the sale of their stock. The Department feels that the hundred thousand dollar restitution which the Brokerage Company made was a signal victory for the Department and a great aid in putting on a substantial basis the fire Insurance Company."
The Bankers Fire was incorporated by H. W. Kenyon, Clark Turney, H. K. Burket, C. H. Swallow, H. W. Lansing, Will W. Wertz, A. H. Armstrong, Charles Maixner and M. V. Beghtol.
The Brokerage Company incorporated at the same time with a capital of $5,000, the articles being signed by H. W. Kenyon, Charles Maixner and M. V. Beghtol.
Management and Reputation.— The officers and directors