History.— This company was incorporated under the laws of Pennsylvania on April 29. 1911, with an authorized capital of $100,000, all of which was paid. with $50,000 surplus. when it began business on April 27. 1912.
Its stock, par value $25. was sold at $37 50 per share. The company sold its own stock, and after paying sales-men, and partly furnishing its office, it had left a surplus of $28.959.68. During 1913 the capital was increased to $112,500. and $7,500 surplus was paid in. The new stock was sold at $40 per share, and was practically all taken by old stockholders. In 1914 the capital was increased to $150.000, and $30.000 was added to surplus. This stock was sold at $45 per share, and was taken up by the di-rectors and some of the old stockholders. During 1915 the capital was increased to $275,000, and $100,000 surplus was paid in. The increase of capital during 1915 was effected through a sales agent who paid the company $45 net for the stock, and sold it on a graded scale at $50, $52.50, $55, $57.50 and $60 per share.
In 1916 the capital was increased to $300,000. and $20.000 was collected for surplus. As of December 31. 1917, the capital was increased to $400,000 and $110.000 was paid into surplus account. During 1918. the paid-in capital was increased to $500.000, and $100,000 was collected for surplus, the stock being taken up by the directors at 200%
In 1915 interests connected with this company purchased control of the City Insurance Company of Pittsburgh, and on January 8, 191S, control of the Pittsburgh Fire Insurance Company, of Pittsburgh, Pa., was purchased by John G. Sell and his associates in the North Branch Fire. In April, 1920, control of the Pittsburgh Fire Insurance Com