Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-07-22
HOME FIRE l MAKES
STRONG SHOWING n
Local Insurance Company Exam.
ined al California's
Request.
NOW B. DOES 3 BUSINESS \ 1 !: THERE / !:
Assets Arc Invested iii Strong Class
OF Local Securities, Including Real
q. Estate, Stocks and Bonds.

eurnnce commissioner OF the state of
california, George B. Squires, insurance
commissioner for Utah, has recently
completed determination Of the affairs
of tile Home Fire Insurance company
4 Of Utah. This company applied for
admission into California some time
ago, and as preliminary to that step
the 3eXamina ion wa s. ordered. IS lsS
THAT the examination proved sa It's
factory is shown by the following re-
mort as we'll as by the fact that the
tome was at once given permission to
write sinsurance risks in California, and
its agencies are now established there
and doing a satisfactory business. The
report was filed June II, since which
+ time In order that the company mi ght
do business in Wyoming, it has sin IN ii
creased Its capital to 100000, the new
issue of $4,000 having been sold at
$40 per share or $50 above par, and the
proceeds invested lin real estate mort
gage loans. The company's surplus is
y now s240. 900.
sIThe report for Col. Squircs' depart
,nent was made by State Bank Exam
iner c. A. (Ilazier, and shows the bust
ness of the company during the first,
three months of 1909. During this perl
cd the total income is shown to pc
a S19,663.o9. the net premium receipts,
with the proper reductions made, lor.
reinsurance rebate, abatement and re-
turn premiums. sl1,12S,4S and the net
ledger assets at close of the previous
year, S53O,S12 .33, making the total foot
ings s560.475. Az
During these three months the dis
bursenents were S21.296.20, leaving a
balance of s52e.179.22. The gross
amount paid for losses was S15,I AZ:
q deductnga salrages and reinsurance, the
net amount paid for losses was 5 *
04435, leaving the remaining disburse-
Incnts, s1o.25l. S.. OF this amount,
$1,000 was paid stockholders for interest
or dividends. and s2,S35.56 for commits
sions or brokerage to agents, salaries
4 md allowances to agents. fees and
otller4cliarges. Taxes an premiums, in-
surance department fees. advertising.
printing. maps, kilograms and5ti like
occupied the i'emaindersof the disburse-
ments.
A statement Of the property or assets
shows a book value Of $500, % and "a
market value or S65S ,673.62, Against this
amount are liabilities amounting to
800, 267.57. This includes known losses
adjusted known losses resisted, tho
sinaunt required to insure outstanding
risks. amount due banks. unpaid pre-
MUM taxes and capital stock, leaving
q net surplus OF S226.91l.65 over The LA
hilitics, reckoning the assets at their
hook value, and of $3.50 .4O6. 05sreckoning
the assets at their market value
ASSETS IN REA1. ESTATE
The onlyere estate owned blythe
companygis the home office building at
IS to 26 South Main street in this city,
which is valued at $4,000. The ex-
aminer states that he considers the
value Of $4,000 a conservative esti-
mate. a long list Of bonds IDS and stocks stocks,
owned by the company Is shown, ana
Includes zion's Co-operative Mercantile
Institutions, Dcseret National bank,
Deseret Savings bank, Consolidated
Wagon and Machine company State
Bank Of Utah, Ogden Savings bank,
Analgamated Sugar company (pre-
4 ferred stock) Utah Idaho Sugar COM
pany fpreferred) and other companies
The examiner remarks that the rate
used il, computing the market values
of these stocks may seem high. but
hat it would be difficult. to purchase
the securities in this market at thu
rates given. Isl -
The company carries mortgages o.
s1S.GoOson the Provo Wooden Mills com,
Spany, eight mortgages of 5000 eacl
on an irrigated ranch In Rich county
n mortgage OF $500 on a portion o
Danilsnnis addition in Blackfoot. Idaho
md two MORTGAGES aggregating $50
on Salt Lake City property. The ex
aminer states that he Is familiar Will
all the properties, except the 4. lBlac kfoo
property, and finds them satisfactory
He is assured by those who are sup
posed to know, that the Blackfoo
property is well worth the value place,
upon it.
STATEN Emf a. c; REEFS. RI
The examiner. says that the state
mcnt of the company for5l90S has bee
checked up and found to agree wit
the books of the company. The valua
tons have been approved by this de
S partment. The company's books sho,
prnmptness in the settlement of Iosse
care in the selection of risks and cor
servatism in lines written. 1T has
Reinsurance treaty with the Hartfor
Fire Insurance company and the Mort
British Mercantile of London. On tt
matter of double liability$raised by, tt
commissioner of Montana. the exam
liner states that he finds that while IL
, company has q large number OF risl
covering properties owned ns5corpor;
tions whose stocks furnish a. portion /
the securities of tho $compnny, held /,
Investment. these risks are so vide
scattered and SO carefully selected th;
no considers the double liability as
negligible quantity. The risks write
on the Utah-Idaho Sugar company
different places are so selected TIL
not more than $500 is subject to az
f5t one fire. 81 l55S i55 '
The report says this company WI
organized Sept so, 1886 and cor
menced business during that year.
officers and directors are among Il
most prominent citizens and busine
nioii OF the state.
Floating at Snltair--It's Glorious