100   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

CONTINENTAL FIRE INSURANCE COMPANY — Continued.

Directors.

Chevrier, Horace, Ex-M. P. 1'., director of La Campagnie Fonciere de Manitoba, Ltd., Winnipeg, Man.

Galembert, L. de., Paris, France.

Giclais, M. J. A. M. de la, president of company. Hickson, R. S., manager, Winnipeg, Man.

Hull. «'. F., National Trust Bldg., Winnipeg.

Langford, T. J., capitalist, Winnipeg, Man.

Lecomte, Joseph, retired, Winnipeg, Man.

Marion, J. A., manufacturer, St. Boniface, Man. Stockholders' Annual Meeting.— First Monday in February.

General Agent.—H. B. MacDonald, Calgary, Alta

GENERAL REvIEw.

History.— This company began business October 26, 1909. Its authorized capital is $500,000, $441,700 of which has been subscribed, and $55,337.50' paid in.

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

Management and Reputation.—The company is small and transact§ a moderate volume of business. Its stock is held largely by persons in Winnipeg and in France. The management of the company is in the hands of M. J. A. M. de la Giclais, who has been in business in the city of Winnipeg for many years and who bears a good reputation.

The securities owned are war loan bonds and municipal and school debentures, which yield a good return. The company's expense ratio has been high, due in part to the small volume of business transacted. Its loss ratio in 1919 was low.

The surplus decreased $4232.45 in 1917 and $1,250.72 in 1918, due in part to the increase of unearned premium liability. In 1919 the surplus increased $5,395.43.

Besides the assets shown above, the company has sub-scribed capital subject to call.

Affiliation.— Western Canada Fire Underwriters Association.

Classes of Business Written.— Fire and hail insurance.

Territory.— It operates in Alberta, Manitoba and Saskatchewan.

Dividends.—In 1913 the company paid $1,917; in 1914, $2,157.50; in 1915, $1,767; none since.

Officers.— President, M. J. A. M. de la Giclais; vice-president, M. F. Hull; manager, R. S. Hickson.

INCOME, 1919.

Total net premiums    $48.647 27
Interest, etc.

   4,556 21

TOTAL INCOME    $53,203 48

DISBURSEMENTS, 1919.
Net losses paid    $13.471 74

Underwriting expenses   24.596 19

Other disbursements    355 60

TOTAL DISBURSEMENTS    $38.423 53

Misoellaneous, 1919.— Net losses incurred, $17,286.69; net risks in force December 31, 1919, $2,831,769.53; net premiums in force, $64,161.01.

CONTINENTAL INSURANCE COMPANY,

80 Maiden Lane,

ADMITTED ASSETS. DECEMBER 31, 1919,

Real estate owned (market value)    $695, 000 00

Rents due and accrued    55 00

Mortgage loans on real estate   123, 200 00

Interest due and accrued thereon    3,020 71

Bonds and stocks owned (market value)    33, 643, 808 75

Interest due and accrued thereon   148, 089 45

Cash in banks and office    2, 493, 961 63

Agents' balances not over three months due   2.391, 962 30

Bills receivable taken for fire risks   132, 097 94

Reinsurance due on losses paid    7,393 01

Other admitted assets    1.137 29

TOTAL   $39, 639, 726 08
Excess of bills receivable not past due over

the unearned premiums    15, 349 84

TOTAL ADMITTED ASSETS   $39,624.376 24

New York, N. N.

LIABILITIES, DECEMBER 31, 1919. LOSSES: In process of adjustment, $1,869,-

568.65; resisted, $55,459; total, $1,925,-

027.65; reinsurance, $410,118.44; net.... $1,514.909 21 Unearned premiums: Fire and Miscellane-

Ious, $14,217,886.62: inland navigation,

$376,544.81; marine, $260,396.23; total   14,854.827 66

Interest due and accrued    6.055 50

Dividends to stockholders unpaid   1,000.000 00

Salaries, rents, etc   135. 750 00

Estimated taxes hereafter payable    473,30'5 00

Contingent commissions, etc   147. 289 91

Reserve for contingencies   100.000 00

Other liabilities    27. 414 67

TOTAL LIABILITIES, except capital   $18, 259, 551 95

CAPITAL PAID UP   10,000:000 00

NET SURPLUS    11, 364, S24 29

TOTAL   $39,624,376 24

GENERAL REVIEW.

History.— This company began business in January, 1853, with a paid-in capital of $500,000 (par value $100 per share). In October, 1871, its capital was increased to $1,000,000 by the sale of new stock, and in March. 1910, it was increased to $2,000,000 by a stock dividend of $1,000.000.

Tn January. 1916. the capital was increased to $10,000.000

by a stock dividend of $7,000,000 and the issuance of $1.000,000 new stock at par. The number of shares was changed from 20.000, par value $100 per share, to 400,000 shares, par value $25 per share. Stockholders were given the rigltt to subscribe at par for two shares of the new stock (par,value $25) for each share of the old stock held.

This company issues policies in accordance with the special reserve fund and guaranty surplus law of New York.