234   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

MARQUETTE NATIONAL FIRE INSURANCE COMPANY, 175 West Jackson Boulevard, Chicago, 111.

ADMITTED ASSETS, DECEMBER 31, 1919.

laws of the State of Illinois on October 1, 1912, with an authorized capital of $1.000.000, divided into 40,000 shares, with a par value of $25 each.

In June, 1914, the incorporators found that they were unable to begin with the capital intended because of the failure of the La Salle Street Trust and Savings Bank, from which the company had just purchased securities at a book value of $372,000, which upon the closing of that institution were taken possession of by the receiver. The incorporators then amended the charter by reducing the capitalization to $300,000, and the par value of the shares from $25 to $10. The stock was at first sold at a premium of $25 per share; and the reduction of the par value in-creased the cost per share from that figure to $40. This amendment was allowed by the Insurance Superintendent, upon condition that a personal consent was secured from each subscriber, and in order to secure this it was necessary to send representatives to each one of the sub-scribers, acquainting him with the condition of the company and securing his consent to the amendment. This entailed an additional expense. inasmuch as about 2.200 stock-holders. scattered in all parts of the United States, had to be personally visited. The consent was obtained, but in many instances shareholders asked for, and were given, ex-tensions of time for the payment of their notes given for surplus. The company sold 30,000 shares at $50 per share. After an examination made by the Insurance Department of the State of Illinois on January 1S, 1915, the company was licensed on January 28, 1915, with $300.000 capital and $35.34S.65 surplus.

The company advised us that the organization expenses amounted to 24%, which included the office equipment. maps. etc. It further explained thet Were it not for the fact that every stockholder had to be visited personalty on account of' the reduction of capital, mentioned above, the organization expenses would have been 19%.

The Marquette Stock Agency. whose president is Francis J. Matre, son of Anthony Matre, president of this company. sold stock of the company which came into the possession of the Stock Agency through the failure of some of the subscribers to complete their payments. Most of this stock was sold at $50 per share, par value $10, and a limited amount was sold at $60.

Management and Reputation.— The underwriting was formerly in charge of Henry J. Woessner, who resigned from the company early in 1919. The underwriting is now in charge of Henry Hoffman, who prior to his being assistant underwriter of this company. was connected with the United States Branch of the Hamburg-Bremen In-

LI:,RILITIES, DECEMBER 31, 1919.

surance Company, serving in office and special agency capacities. He started in the insurance business as a clerk about 1891.

Mr. Picard, secretary-treasurer, is manager of the Insurance Exchange Building. Chicago, and has had long experience as an insurance man. He will be the president of the Great Western Fire Insurance Company, Chicago, Ill., now' in process of organization.

The company's business increased greatly during 1918 and 1919 and it now writes a full volume.

The expense ratio has been very high, but the loss ratio has been low. The decrease in surplus in 1919 of $39,-573.20 was due to the increase of reserves because of greater volume of premiums.

Among the securities owned, the company carries bonds of various Roman Catholic institutions. These are secured by first mortgages on all the property in the different dioceses, and have been approved by the Insurance Commissioner of Illinois. The security valuations in this statement' are those fixed by the Convention of Insurance Commissioners.

The mortgage loans are chiefly upon Chicago property, and appear to be well secured.

The company bears ,a good reputation with reference to its treatment of loss claims.

Affiliations.— Western Insurance Bureau. Rocky Mountain Underwriters Association.

Classes of Business Written.—Fire and tornado insurance.

Territory.— Licensed in Colo., Ill., Ind., Ia.. La., Md., Mass., Mich., Minn.. Miss.. Mo., Mont.. Nev . N. H.,, N. J., N. Y., N. C., 0.. Pa.. Tenn., Tex., W. Va. and Wis.

Dividends.—The first dividend was paid in 1918 the rate being 5%. In 1919 it paid 10%.

Officers.— President. Anthony Metre: vice-presidents, Dr, Henry Reis and Joseph Berning: secretary and treasurer, Napoleon Picard.

Directors.

Berning. Joseph, Cincinnati. president Joseph Berning Printing Company, Inc.

Gaudin. Dr. Felix. New Orleans, president Cardin Insurance-Underwriters Agency.

Gallagher, Thomas E., Chicago, Ill.. manager Western Department _Etna Insurance Company, of Hartford.

Houlehan, James F., Kansas City, Mo., president Houlehan Realty and Insurance Company.

Matre, Anthony, Chicago, president of the company. Matre, Francis J., Chicago, manager of Marquette Agency.

O'Neill. Hugh, Chicago, Ill., attorney at law.

TOTAL   $1,410,2.02 78