Show UTAH HOME FIRE INSURANCE COMP ANY I T a special meeting of ot the stockholders stockholders stock stock- A AT holders of the Utah Home Fire In- In held at the offices of ot ur company the tho company compan at 22 S S. S Main street Salt Lake City Utah on April 2 22 1910 1919 it was voted to amend the tho articles of or incorporation In in- In Incorporation corporation to Increase the capital stock of ot tho the company compan from Crom to and to sell the Increase of 1000 shares at per share This action upon the part of ot tho the stockholders Is worthy of ot note noto for tor tho reason that It has always Been een tho the policy of or the company to increase the capital Cc stock In Just such proportion aa as was warranted b by the expansion of ot It Its I Insurance business an and furthermore I for tor tho the reason that It was not dono done I until an nn examination of ot the records I and accounts of or the company had been made mado by the tho insurance departments of ot the status states of or Utah Idaho Colorado and I made mado that Texas Texan and tho report was vas the tho company compan was ms fully Justified In this expansion From a modest beginning at tho the time of ot its organization In tho Utah Homo Home Fire Insurance company has expanded Its field of or activity to 10 such a degree that it now receives business from all parts part of tho the United States and British Columbia It is now formally admitted to carr carry on on a n. n fire Ire ins insurance business In twenty four states sixteen of ot these having been entered In 1918 During the tho convention examination of ot the records and md accounts of tho compan company company com com- pany pan which was arranged by Hon James R. R Young Youn chairman of ot the com- com on examination of or tho the national convention of oC Insurance commissioners the the states in which this company Is admitted to do business s being represented represented represented through this committee those committee those who did ld the tho work were so favorably impressed with the condition or of the tho company's affairs as to make many expressions of oC confidence and nt sur- sur ur- ur ance regarding tho the stability and soundness soundness soundness sound sound- ness of ot the tho company and Its operations This examination was commenced February 13 13 1919 and In the report which the Insurance department of or Utah Idaho Colorado and Texas ha had published on March 1 J. J 1919 tho the followinG following following fol fol- lowing comment was made Your Tour examiners feel Ceol that It should be stated that tho the Inception and successful successful successful suc suc- development of this company and Its present strong financial condition conditIon con con- Is due primarily to Its president Hober J. J Grant Prior to the tho expansion expansion expansion sion of tho the company's business In 1918 1915 the profits from Investments were de depended depended depended de- de upon upon principally to Increase Its surplus the tho evident policy being to build the latter to an nn amount which would warrant further expansion of or Insurance business by Increase Ue of or ter terr territory and reinsurance arrangements Tho The success of this policy polley has n we e be believe believe be- be lieve 0 been demonstrated In the course of this examination The records were all found to be In good shape shalo and the books booles anti and records reco-ds were found Cound to be be accurately kept an and In exact balance i It is a matter of ot record that many In Insurance Insurance In- In companies of or tho the country have ha failed tailed In business for or tho the reason that the stocks and bonds carried as no assets for the companies were of or low character charac charac- ter and failed to tn meet tho the approval of ot tho the examiners ut In the case easo of or the Utah Homo I o Insurance company tho stocks and bonds carried as assets are of or such soundness as to satisfy the most conservative In commenting upon tho the bank and trust company stocks hold by tho the company tho the examiners stated All All these stocks as listed are I rated by the national convention of In Insurance In- In commissioners at a hl higher her figure figure figure fig fig- ure than carried by the Utah Homo home I I Fire Insurance company compan They are all paying largo larse dividends and are amon among the strongest Institutions In the west It has been and Is sU still the tho policy of ot the company to carry Just such stocks and bonds tho the nature of ot which Is 15 be beyond beyond be- be yond ond question and In cases where somo some have been held as assets and there has hns appeared to bo be a weakening weakening- In their strength th to dispose o of ot them Imme- Imme j I In determining the soundness o of ot an Insurance company compan too much stress cannot bo be laid upon tho the form torm of or In Investments Investments investments In- In vestments ma made e with tho funds of or tho the company to Insure proper taro coro of or In Insurance insurance In- In risks and other liabilities One Item of or particular Interest In this connection connection connection con con- Is th the mortgage C loan account f lor of consisting consisting- of ot over loans mostly with Interest at 8 S per percent percent percent cent on properties worth generally from two to three times tho the amount of oC I the th loin loan The loans arc are first lien Ilen and for tor the most part on properties located in Utah and Idaho Also In regard to the company's In Investments Investments investments In- In vestments In of or banks and In Industrial In- In corporations It Is noteworthy that these theo arc all well weIl known to bo be among among- the strongest and most conservatively conser conser- managed In the tho west All are more or less affiliated and tho the L. L D. D S. S church organization Uon Is heavily In Interested Interested interested In- In In runny many of them This fact Is undoubtedly one of the company's principal prin I cipal sources of ot strength and ln H ity The Utah Home Fire Insurance company company com com- pany has today a surplus of one and ahalt ahalt a n halt half million dollars Its total assets being more than Tho rho history of oC the Utah Homo Home Fire Insurance company hay haJ been one ono of ot roth growth and expansion based upon I sound business methods and honest dealing with the public Heber J. J Grant R Co incorporated In Utah h has s served er as u general nc agent nt for COr all excepting ng tho Ito reinsurance business business busi busl- ness nes of or tho the Utah Homo home Fire Insurance company sinco its Ita organization In 1886 1881 The two corporations aro are located In the thA seine same building George J J. J Cannon 1 Is secretary nn and na m manager or of both compa compa- nies ales Reber Heber J. J Grant president ent of or tho the Utah Homo home Fire Insurance company compan p. p Is president pros pre ident of or the thc Church of or Jesus Jesus Christ of or Latter 1 Saints He with other officers officers of of- and directors of or the company comp are arc either cither the chief or other officers or directors of or Zions Zion's operative Co Mercantile In Institution the Deseret National National Na Na- 3 lIonal and Deseret Savings banks bank tho the Zions Zion's Savings Bank Dank Trust company I II I the Utah State National bank the Utah Idaho Sugar Sug-ar company and othero othera I IThe I The These and other Institutions In which the church la Is largely Interested In financially finan dally are arc and have o been managed e with I unusual con conservatism er and ability The officers of the aro are Hc He- Heber ber J. J Grant president George Rom nom ne ncy ney vice Ico president Horace Hornce G. G Whitney Whit Whit- ney vice president George J. J Cannon secretary A A. A L. L Macdonald and B. B P. P Willis Ill Is assistant t secretaries and Edgar Edgar Ed Ed- gar bar S S. S Hills treasurer rho Tho executive committee Is composed of or tho the following Heber J. J Grant e ox- ox officio John C. C Cutler Charles S. S Burton Bliss Ellas A A. Smith and Horace G G. Whitney The seventeen directors of ot the company comI company com com- J. J Grant George Georgo Rom Rom- I pany are arc Heber no ncy ney John C C. C Cutler Culler P P. P T T. I arnew Thomas Thoma G. G Webber Charles S. S Bur Burl 1 A. A Smith John F. F Bennett S. S Browning W. W W. W Biter Riter Horace Horace- Whitney hUne E. E O O. Howard Leon Sy Sw Charles W. W Nibley Robert C. C Guy Cry OU C C. Bowerman and J J. J c I ron rott |