BEST'S INSURANCE REPORTS—FIRE AND MARINE.   229

MADISON INSURANCE COMPANY OF INDIANA — Continued.

GENERAL REVIEW.

. History.— This company was organized in 1831 with an authorized capital of $100,000 (par value of shares $50 each), 20% of which was paid in when it began business, and the balance was represented by notes of stockholders which were paid later. It operates under a special perpetual charter.

In November, 1915, this company reinsured the outstanding business of the Firemen and Mechanics Insurance Company, of Madison, Ind.

During 1919 the present management purchased the special charter and reorganized the company. Collateral loan certificates (permitted under the special charter) were given for the par value of the stock by the subscribers. The par value of stock is $50, and $25 per share was contributed to surplus. Some of the stockholders gave notes instead of cash for surplus. which explains this item in the assets.

It is not under the supervision of the Insurance Department of Indiana, since the special charter does not compel it to report to it, but as a matter of courtesy statements are submitted by the company.

Management and Reputation.— The company, as at present constituted, has operated too short a time to have established a record.

The president. H. H. Woodsmall. has a local agency in Indianapolis and bears a good general reputation.

The Union Insurance Company (also under special charter) is operated in conjunction with it.

The fire underwriting of both companies is in charge of V. W. Cleary, assistant secretary, and the casualty under-writing is directed by H. H. Wooasmall, president.

Classes of Business Written.— Fire and automobile insurance.

Territory.— It operates only in Indiana.

Officers.— President, H. H. Woodsman; treasurer, Eben G. Wolcott; secretary, Chas. E. Henderson; assistant secretaries,'(V. W. Cleary and Dudley R. Gallahue.

Directors.—Adams, Thos. H.; Elliott, Arthur G.; Forgarty, W. M.; Henderson, Chas. E.; Leonard, Fred B.; McCartney, Harry J.; Tevis, John W.; Wolcott, Eben H.: \\'oodsmall, H. H.

St oekh o lders' Annual Meeting.— Third Monday in October.

INCODIE, 1919.   Marine

   Fire, etc.   and Inland.

   Gross premiums written..   $622 69   $480 58

   Less reinsurance    55 07

   Less return premiums..   32 00

   Total net premiums..   $535 62   $480 58

   TOTAL INCOME    $1,016 20

DISBURSEMENTS, 19'19.
Underwriting expenses    $213 86

MANUFACTURERS INSURANCE COMPANY OF AMERICA,
226 South LaSalle Street, Chicago, Ill.

$76,286 64

235, 454 60 3.500 00

$315.241 24 400.0'00 00 215.171 88

$930.413 12

GENERAL REVIEW.

History.—This company was incorporated October 25, 1913. and was licensed to commence business September 7, 1915, with $200.000 capital and $31,730.96 surplus paid in. The par value of the stork is $10 per share, and the stock was sold at $15 a share, the subscription blank providing a promotion expense of $3 per share.

January 1. 1919, the paid-in capital was increased to $400.000. The new stock was sold at $17 per share with no promotion expense, and approximately $140,000 was added to surplus.

During 1919 it changed its name from Associated Industries Fire Insurance Company to the Manufacturers Insurance Company of America.

Management and Reputation.— The company was organized by men prominent in the ice manufacturing, cold storage, brewery and laundry industries.

The stockholders, officers and directors of the company are associated with and are prominent in the various industries insured by the company. On December 31, 1919,

the directors owned $200.420, par value, of the capital stock.

The underwriting of the company is in charge of Alfred Wulff, under the general supervision of the secretary, H. O. McLain. Mr. Wulff was formerly, for about seven years, connected with the U. S. Branches of the Netherlands Fire & Life Insurance Company, and the Prussian National Insurance Company.

Corroon and Duffy, Inc.. New York City, act as general agent for the company, their territory covering the United States, Canada, Cuba and Porto Rico.

The company states that a large portion of its business will continue to be handled direct with the assured. The policies used in such cases are standard in form, except that they bear an indorsement evidencing the fact that they are participating in character. The savings returned to policyholders on these policies in 1919 amounted to $14,-187.29. These policies are handled direct from the Home Office.