68   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

CAPITAL FIRE INSURANCE COMPANY,
2 South Main Street, Concord, N. IL

GENERAL REVIEW.

history.— This company began business March 19, 1886. On June 5, 1915, the capital was increased from $200,000 to $300,000, of which $110,000 is common and the balance, 6%, preferred stock. $100,000 of the preferred stock was sold at par to a Concord investment banking concern, which sold to the public at $110 per share. The company received a certain percentage of whatever profits the concern made in selling the stock.

The stock was all common until 1909, when $90,000 was retired and the same amount of 6% preferred stock issued to stockholders who were not satisfied to wait until the company was strong enough to pay larger dividends. Since 1912 it has each year paid a 10% dividend on the common stock, and 6% on the preferred.

No surplus was paid in when the company began business. The surplus shown in the above statement has been earned.

The par value of the stock is $100 per share.

In July. 1911, it reinsured all its outstanding liability, with the exception of part of its New Hampshire business and some reinsurance in the Milwaukee Mechanics' Insurance Company, of Milwaukee, Wis.

In addition to its own policies, it guarantees policies issued under the title "New England Underwriters Agency."

The Underwriters Fire Insurance Company, the Phenix Mutual and the Manufacturers and Merchants' Mutual fire insurance companies, all of Concord, N. H., are closely identified with this company, and are practically under the same management.

Management and Reputation.— The company bears a good reputation. and has substantial backing. On December 31, 1919, the directors owned $24,700, par value, of the company's capital stock.

The volume of business written is conservative and a large portion of the business in force is term business. The loss ratio is moderate, but the expenses have been above the average.

The company is in excellent repute concerning its general treatment of loss claims. The business written in the larger cities is of moderate volume, indicating that the conflagration hazard is carefully observed.

Its investments are of good character. The real estate is

a brick building on School Street, Concord, N. H., carried at $75,000.

The mortgages are upon improved property in New Hampshire, Kansas, Vermont and Massachusetts, valued at more than twice the amount loaned.

Class of Business Written.— Fire insurance.

Territory.— It is licensed in Conn., Mass.. N. H.. N. J., N. Y.. Pa.. R. I. and Vt.

Dividends.— From the year it began business until 1895 it paid dividends of 6% per annum, and the rate was then reduced to 4%. In 1901 only one dividend (2%) was declared, and in 1902 none, earnings being added to the surplus. It paid 4% in 1903, 1904 and 1905, and 5% in 1906, 1907 and 1908. In 1909 it paid 2.5%; 1910, 4.5%; 1911, 4.5%: 1912 to 1919. inc., 10% on the common stock, be-sides the regular annual 6% dividend on the preferred stock.

Officers.— President, Charles L. Jackman; vice-president, Edward G. Leach: treasurer, Josiah E. Fernald; secretary, Archibald R. Kendall; assistant secretary, Freeman T. Jackman.

Directors.

Britton, Arthur H., merchant, Concord. N. II.

Fernald, Josiah E.. banker, Concord, N. H.

Jackman, Charles 1... Concord. N. H.

Jackman, Freeman T., Concord, N. 11.

Ladd. F. N.. treasurer, Loan & Trust Savings Bank. Concord, N. H.

Leach. Edward G.. Franklin, N. H.

Mills, John D., member of firm of Mills & Honness. 75 Maiden Lane. New York City.

Savage. I. M.. retired merchant, Concord, N. H. Thompson, Willis D., merchant, Concord, N. H. White, Benj. C.; capitalist, Concord, N. H.

b'toc1 holders' Annual Meeting.— Second Wednesday in February.

General Agents.

Mills & Honness, New York City, for Metropolitan and Suburban Department.

Percy B. Dutton, Rochester, N. Y., for New York State outside of territory covered by Mills & Honness.

M. J. O'Malley & Co., Scranton. Pa.. for Scranton and vicinity.