its capital and surplus. Its operations so far have resulted in an underwriting loss each year.
Its expense ratio has been above the average, which is not unusual in the case of young companies. Its loss ratio in 1917 was normal, but in 1918 and 1919 it was high.
The mortgages are mainly small loans on improved property in Michigan, and are apparently well secured. They constitute the bulk of the assets. The real estate consists of a four-story brick apartment and basement at Fourth and Ferry avenues, Detroit, acquired July 30, 1918, for $212401.66, subject to an incumbrance of $60,000.
The company's loss paying reputation is good. . Atli Nation.— Western Union.
Territory.— At last advices it was licensed in Colo., Del., Ill., Ind., La., Mass., Mich., Miss.. Mont., Nev., N. H., N. J., N. Y., N. C., 0., Pa. and W. Va.
Dividends.— The first dividend was paid in 1917. the rate being 4% ; 1918 and 1919, none. .
Officers.— President. C. A. Palmer; vice-president, S. D. Andrus; secretary, W. A. Eldridge: treasurer, Leo K. Hennes; assistant secretary, H. R. Vernor; assistant managing underwriter, J. A. Moriarity.
Aldrich, F. H., general counsel.
Andrus, S. D., managing underwriter.
Beckton, J. H., cashier Peoples State Bank, Caro, Mich. Bennett. Thos., capitalist, Wyandotte, Mich.
Berns, Jul. AV., real estate and insurance, Grosse Pointe Park, Mich.
Clarage, Chas., manager, Clarage Foundry and Mfg. Co.. Kalamazoo, Mich.
Dodge, Dr. W. T., physician, Big Rapids, Mich.
Eldridge, W. A.. chairman Parker Bros. Co., insurance, Detroit.
Hennes, Leo K.. L. K. Hennes Insurance Agency, Detroit. Liken, Chas. W.. lumberman, Sebewaing, Mich.
Moss, W. E., president American State Bank, Detroit. Palmer, C. A., president of company.
Sadowski, Dr. R., physician, Detroit.
Sands. G. T., banker, Pentwater. Mich.
Santo. John R., insurance, Traverse City. Mich
Vance, Dr. W. A., dentist, Nashville, Mich.
Vernor, H. R., Vernor Bros., assistant secretary of company, Detroit.
Wright, W. W., insurance and real estate, Jackson, Mich. .S'tockholders' Annual Meeting.—Third Tuesday in January.