BEST'S INSURANCE REPORTS-FIRE AND MARINE.   89

COLUMBIAN NATIONAL FIRE INSURANCE COMPANY — Continued.

GENERAL REVIEW.

History.— This company was incorporated under the laws of the State of Michigan in May, 1911, with an authorized capital of $500,000, divided into 20.000 shares of a par value of $25 each. It was licensed to begin business on February 27. 1913, with its full capital paid in and a surplus of _82.29,248.54. During 1913 its authorized capita] was increased from $500,000 to $1,000,000, and $40.2.650 of the additional capital was paid in with $104.265.68 surplus. in 1914 $59,675 capital and $94,956.19 surplus were collected; in 1915, $925 capital and $5,018.13 surplus were collected; 1916. $425 capital and $50 surplus; 1917, $500 capital and $500 surplus. In 1918, $12.500 capital and a like amount of surplus were. paid in. making the paid-up capital $976,675 on January 1, 1919.

The contract for the sale of the first $500,000 capital stock sold provided for a commission of 271/2%, and 25% for the second $500000 ,capital stock, making the total amount to be paid $525,000 on the total subscriptions of $2,000,000. Its stock was sold at $50 per share, and subscription payments were made in instalments as follows: 40% in cash with subscriptions, 40% three months later, and 20% six months later.

The persons most active in the promotion of the corn-_ pally were John G. Ewing, who was a professor at law at Notre Dame University, Notre Dame, Indiana, and Sher-man Steele, who was a professor at the St. Louis University, St. Louis, Mo. The stock of the company was sold mainly to Roman Catholics. The organizers. of the company are open to criticism for the heavy cost of promotion.

On April 10. 1915, John G. Ewing and M. Al. Welsh re-signed as president and secretary, respectively. At that time H. P. Orr, formerly Deputy Insurance Commissioner oI Michigan, was elected secretary, and T. A. Lawler, then first vice-president, was designated acting president, later being elected president.

In Decennccr, 1915. John C. Ewing circularized the stock-holders for proxies in order to oust the present management at the annual meeting held in January. In this he was unsuccessful, securing only a very small percentage of the total number of shares.

At the stockholders' meeting held January 26, 1920, it was voted to change the home office of the company to Lansing, _Mich., and it is expected that it will purchase and equip a building in that city some time during the year.

Management and Reputation.—The company's under-writing operations since organization have been unprofitable. In 1919 the surplus was increased by $31.818.24. an under-writing loss being more than offset by the gains from investments. The loss and expense ratios have been high, particularly the latter.

The directors of the company own very little of the company's outstanding stock. At the end of 1919 the amount of stock held by them, at par value, was $81,925.

It transacts a conservative volume of business.

The company's loss paying reputation is excellent.

Nev., N. H., N. J., N. F.. N. C., Ohio, Pa., R. I. Tenn., Texas, W. Va. and Wis.

Dividends.— The first dividend was paid in 1917, the amount being $28,910; 1918, $39,067; 1919, none. Officers.— President, T. A. Lawler; first vice-president,

Jas. J. Carey; second vice-president, John Deck: secretary

and treasurer, J. E. Murphy.

Directors.

Campbell, I'. 51., capitalist, Ottawa, Ill.

Carey, James J., manufacturer, Lansing, Mich.

Deck, John, merchant, Conneaut, Ohio.

Dunn, E. G., lawyer, Mason City, Iowa.

Gardner, E. A., broker.

Gerson, J., manufacturer.

Higgins, Charles J., cashier Federal State Bank, Detroit, Mich.

KerEvin, Leo T., merchant.

Lawler, Thomas A., attorney, Lansing, Mich.

O'Conner, F. J., district judge, Johnstown, Pa.

O'Leary, banker. Algonac, Mich.

Stockholders' Annual Meeting.— Fourth Monday in April. General Agents.

For Pacific Coast, Jos. F. Magee, San Francisco, Cal.

For Minnesota and Kansas, Iledwall-Sundberg Co., Minneapolis.

For Tennessee, W. L. Timmerman, Memphis.

For Texas, M. Murphy, Dallas, Tex.

INCOME, 1919.   Marine

   Fire, etc.   and Inland.

Gross premiums written... $1,403.049 41   $19.077 30

Less reinsurance    240.594 87    

Less return premiums..   343,863 73   4. 765 69

Total net premiums...   $818, 590 81   $14,311 61

Interest, etc   86,710 16

Other income    9.707 36

TOTAL INCOME    $929,319 94

Net losses paid:

Fire and miscellaneous    $396,922 38

Marine and inland    7,061 99

TOTAL   $403,984 37

Underwriting expenses    399,568 20

Other disbursements    11,855 81

TOTAL DISBURSEMENTS $815,408 38

Ratios to Premiums Written.— Losses paid, fire, etc., 48.5%: marine, 49.3;x; incurred, fire, etc., 49.6%; marine, 49.0%: underwriting expenses, 48.0%; underwriting loss, 6.1%.

Ratios to Premiums Earned.— Losses incurred, 53.9%; expenses incurred, 52.7%; underwriting loss, 6.6%. -Miscellaneous, 1919: Net losses incurred, fire and miscellaneous, $405,932.57: marine and inland, $7,010.99; net risks in force December 31, 1919, $101.805.441; net premiums in force, $1,141,729.87.

mobile and tornado insurance.

7'erritortt. .It is licensed in Ark., Cal., Colo., Illl., Ind., la., Kan.. La., Md., Mass., Mich., Minn., Miss., Mont.. Neb.,

Inrestnieat Exhibit, 1919.—Interest, etc., earned during 1919, $87.309 33; profit on investments during 1919, $4,-608.62; total, $91,917.95.