HARDWOOD RECORD 



J9 



During 101.'! the progress of your company shows: 



Incnase of Insurance In force Jl, 525, OSS. 17 



Increase of preniUinis In force 28,556.78 



Increase of net cash assets 20,084.66 



Increase of surplus 6,706.27 



Expiration return premiums paid In lOl.'i — 40 per cent 160.107.4B 



Losses incurred in 1913 — 11.58 per cent 185,17:{.48 



From orcunizallon — Losses paid to Dec. 31. 1013 $1,054,208.48 



Eipiiation return premiums pnid to Doc. 31. 1U13 897.082.76 



The history of all Are insurance companies shows that certain years 

 have proven to be years of loss, or at least years of less prosperity. 



The average loss ratio of this company for the nineteen years ending 

 December 31. 1913, is 34.02 per cent of the premiums. The tires In 1913 

 were fretiuent, and our loss ratio was 41. ."is per cent on a premium Income 

 of $445,316.41. Only two years have we had a heavier loss ratio than in 

 1013 — 1900. of S5.41 per cent loss ratio, and 1903, with 43.40 per cent. 

 Id the years 1S9S and 1910 the losses wi^re not so much above the aver- 

 aee, amounting to 37.40 per cent and 40.22 per cent of the premiums. 

 The year of our beginning, 1895, we passed without n loss, which was 

 fortunate, but the premiums written in that year amounted to only 

 $16,484. S7. In 1901 our loss ratio was only 10.00 per cent on a premium 

 Income of $52. 320. 46. In 1.S99. 1904 nnd 1906, our loss ratios were only 

 16.91 per cent, 21.00 per cent and 24.32 per cent. 



We brrag these facts to your attention that you may recognize insurance 

 companies have their years of unusual prosperity as well as years of heavy 

 losses. 



I am. nevertheless, very glad to report that, although we have suffered 

 a depreciation of $13,720.00 on our securities, made a 40 per cent saving 

 upon all renewals durins the whole of 1913, used 20,48 per cent for ex- 

 penses, and paid out 41.5.S per cent of the premiums written for losses. 

 yet we have l>een able to add the sum of $6,706.27 to our surplus, because 

 of the additional income from our own investments and because of income 

 from inspection service on insurance placed through the office of ,Tustin 

 Peters. It is very satisfactory to have passed through a year of heavy 

 losses, made our usual 40 per cent savini^ In full, and have added an 

 amount — although a small amount — to our surplus. 



Your attention is called to the statement on the enclosed leaf. You will 

 note that the company is in good, sonnd. healthy financial condition, and 

 your president is glad to reco'.-nlze that the maiingement of this company 

 could not be In safer hands than that of his colleagues on the board of 

 directors, each one of these directors beini in the lumber business. 



In view of the good condition of the compnny, 1 am glad to be able to 

 report to you that your directors have voted iu favor of continuing the 

 payment of the same 40 per cent expiration return premium throughout 

 the year 1914. 



Pertinent Information 



Building Operations in January 



January makes a creditable showing in building operations. Offlcial 

 reports received by the American Contractor, Chicago, from 56 cities 

 tbrouKbout the country show that building permits issued in those cities 

 total $37,152,920, as compared with ,?40.361.949 for the permits issued In 

 January, 1913. This Is a decrease of S per cent, but the showing is an 

 Improvement over that for December, 1913, when 70 cities reported total 

 operations of $57,266,319. With a number of the larger cities yet unrep- 

 resented the total for the same cities in .January will no doubt show a gain. 

 Another Interesting feature is that both New York and Chicago show rather 

 notable losses. The loss for these two cities is greater than that in the 

 entire statement, so that if they are omitted the statement would be favor- 

 able. The reason for his comparative decline in the largest two cities of 

 the country Is that the construction of buildings a year ago was very 

 active. The supply of office room in the larger skyscrapers has been rather 

 overdone and In that particular branch of construction work there will 

 therefore be some moderation until demand for space more nearly equals 

 the supply. It may be added that the cost of the skyscraper, as com- 

 pared with that for the great majority of structures, is so great that a 

 difference of one building turns the comparison sharply one way or the" 

 other. 



It Is gratifying to note the general improvement throughout the country." 

 Many cities made heavy gains over a year ago. Among these may be men- 

 tioned, with their percentages of gain, the following : Baltimore, 182 : 

 Cedar Rapids, 169 ; Duluth, 246 ; Grand Rapids, 318 ; Peoria. 274 ; Pitts- 

 burgh, 204; Seattle, 115; Shrevcport, 141; Topeka, 179; Worcester, 233. 

 Of the 54 cities, ."JO show gains. The figures in detail are as follows : 



January January Percent 



1914 lOi:: Gain Loss 



Akron $ 138.150 $ 208.230 ... 34 



Albany 149.08.''. 91,0.10 84 



Atlanta 320.98.5 3n.1.005 ... 19 



Baltimore 1.71)«.351 63,1.670 182 



Buffalo 330.000 487.000 10 



Cedar Rapids 384.650 14,3.000 169 



Chattanooga / 5.", 170 108.725 



Chicago 4,6B«.80O 6.902,000 ... 32 



Cincinnati 580.910 946.962 ... 38 



Cleveland 1.298.620 704.740 84 



Columbus 178.740 208 335 ... 14 



Dallaa 727.035 417.700 74 



Dayton 84.705 1,991.575 ... 96 



Denver , 229.318 181.000 20 



Detroit 2.0:i0.'280 2,029.805 30 



Duluth 237.010 68.675 246 



East Orange 84.338 92.955 ... 9 



Ft. Wavne 35.350 64.975 ... 45 



Grand Rapids 341.240 81.825 318 



Hanror.l 25B.887 191.7.50 84 



Indianapolis 482.342 305.385 58 



Kansas City 8S4,2«5 ,569.405 55 



Los Angeles 1,18-2.240 2.078.7.S6 ... 43 



Louisville ,'in3.2S0 217.250 ,S9 



Manchester 78,445 48.405 62 



Memphis ...•,,....., 361,390 271,244 29 



Milwaukee 476,138 441.211 8 



Minneapolis 504,505 



Nashville 102,269 



Newark 350,800 



New Haven 264.320 



New Orleans 204.051 



New York — 



Manhattan 4,419.142 



Bronx 1.410,202 



Brooklyn 2,459,290 



Boro of Richmond 80,514 



Boro of Queens 1,151.014 



Toial 9.521,112 



Oakland 257,786 



Omaha 180,440 



Palerson 29,941 



Peoria 182,850 



Phlladephla 1,247,985 



Pittsburgh 1,171,037 



Richmond 233,534 



Rochester 354,320 



St. Jo.seph 48,500 



St. Louis 854,122 



Scranton 101,925 



Seattle 1,206.580 



Shreveport 184,500 



Sioux City 75.125 



South Bend 28.740 



Springfield, III 29,410 



Syracuse 106.885 



Toledo 234.894 



Topeka 58,455 



Washington 481.780 



Wichita 18.905 



Wilkes-Barre 103,109 



Worchcster 530.184 



Total $37,152,020 



' Cw:;;i.^^5t>ii^^i>.vv>ws^!tt;!^:;itj»Mi^ ^;t>:tf^^ • 



Hardwood ^ews ^otes 



:-< MISCELLANEOUS >= 



The Medford Veneer Company of Medford, Wis., has increased its capital 

 stock to $100,000. 



The Queen Chair Company of Thomasville, N. C„ has been adjudged 

 an involuntary bankrupt. 



The Southern Novelty Works of Mobile, Ala., has been incorporated with 

 a capital stock of $15,000. 



The American Furniture Company has been incorporated at Shreveport, 

 La., with $50,000 capital stock. 



The Columbia Chair Company has been incorporated at Columbia, S. C, 

 with a capital stock of $50,000. 



'The Westhus Furniture Company has been incorporated at St. Louis, 

 .Mo., with $100,000 capital stock. 



The Greentielrt Wood Turning Company has removed Its operations 

 from Grecntield to Columbus, Ind. 



The Central Hardwood Lumber Company of New Orleans has become 

 involved in an involuntary petition in bankruptcy. 



The Reeder-Ncwton Furniture Company has been incorporated at Green- 

 rillo. S. C. The company has $6,000 capital stock. 



The Bloomfield Woodworking Company has been incorporated at Bloom- 

 fleld. Ind., with an authorized capital stock of $6,000. 



The J. H. Gerlach Company of Boston, Mass., manufacturer of interior 

 finish and trim, has moved to .\rlington in that state. 



The Sandberg Interior Finishing Company has been incorporated at 

 Little Rock, Ark., with an authorized capital stock of $25,000, 



The Lincoln Furniture Manufacturing Company has been incorporated 

 at Lincolnton, N. C, with the capital stock being set at $50,000, 



The Alexander Hardwood Company, Ltd., of Eunice, La., has been 

 placed in receivers' hands, James J, Lewis and T. B. MUkcy being the 

 appointed receivers. 



The liobinson-McGill Buggy Company is an incorporated concern 

 which has just started business at Pulaski, Tenn. This company has 

 $15,000 capital stock. 



The Fort Pitt Box Company has been Incorporated at Sharpsburg, Pa. 

 This concern has been operating under that name, the incorporation bring- 

 ing in a capital of $25,000, 



The Lauzon Furniture Company has been incorporated at Grand 

 Rapids, Mich. C. !3. Lauzon and E. B. Neeley are the incorporators and 

 the concern will h.tve $15,000 capital, manufacturing living rooiu furni- 



=•< CHICAGO >. 



The Koley-Williams Piano Company of Chicago is reported to have 

 increased its capilal stock to $10,000. 



The Ideal Automatic Show Case Company recently began business at 

 1010 North Campbell avenue, Chicago. 



The Western Wood Tvirnlng and Manufacturing Company has been 

 incorporated in Chicago. This cincern has $15,000 capital stock. 



J. .M. W'ells of the American Hardwood Lumber Company of St. Louis, 

 Mo., spent the last few days with the local trade. 



K. L'. .Macl.,eaD, general manager of the 1. Stephenson Company of 

 Wells, Delta county, Mich., spent a few days in Chicago last week. 



T. E. Jones, secretary and treasurer of the F, T. Dooley Lumber 

 Company, .Vemphis. Tenn., made a business trip of several days' dura- 

 tion to Chicago last week. 



