16   BEST'S INSURANCE REPORTS   FIRE A:NI) MARINE.

AMERICAN AUTOMOBILE INSURANCE COMPANY — Continued.

Losses incurred during 1919, $1,250,698.02; underwriting expenses incurred (luring 1919, $1,271,655.48; total, $2.-522,353.50.

Loss from underwriting during 1919, $16,697.40. Investment Exhibit, 1919.— Interest, etc., earned during 1919, $69,424.64.

Loss on investments during 1919, $19,476.25: investment

expenses incurred (luring 1919, $1,844 60; total, $21,320.85.

Gain from investments during 1919, $48,103.79.

Gain. and Loss Exhibit, 1919.— Gain from investments. $48,103.79.

Losses:   Underwriting, $16,697.40; dividends. $48,000; total, $64,593.61.

Surplus, December 31, 1918, $167,432.57; decrease, $16,-593.61 ; surplus, December 31, 1919, $150,838.96.

AMERICAN CENTRAL INSURANCE COMPANY,
S16 Olive Street, St. Louis, Mo.

TOTAL   $4.984,355 93 Deduct market value of special deposits in

excess of corresponding liabilities....   45,506 93

TOTAL ADMITTED ASSETS    $4 938.849 00

LIABILITIES, DECEMBER 31, 11)19.

LOSSES:   Adjusted, due, $50,477; in process of adjustment, $659,274; resisted,

$52,275:   total, $762,026;   reinsurance,

$452,486; net   $309,540 00

Unearned premiums: Fire and iniscelleaneous. $1,843,534.22; inland navigation,

$134,340.02: total   1.97 7.874 24

Dividends to stockholders unpaid   255 98

Salaries, rents, etc    9,307 08

Estimated taxes hereafter payable    110,000 00

Contingent commissions, etc    50.000 00

TOTAL LIABILITIES, except capital. $2.456.977 30

CAPITAL PAID UP    1,000,000 00

NET SURPLUS   1.481.871 70

TOTAL   $4.938,849 00

GENERAL REVIEW.

History.— This company was incorporated under the laws of _Missouri, and commenced business in February. 1833, as a mutual company, with the title " Atlantic \[utnal Insurance Company." It operated on that basis until 1869, when it became a stock company, with a subscribed capital of $300,000, and changed its name to " Atlantic Insurance Company." Early in 1870 the present title was adopted.

On January 1, 1870, the paid-up capital was $143,719.10: a year later, $231,370, and on January 1. 1872, $275,000. at which figure it remained until January 1. 1876. when the remainder of the $300.000 authorized capital was paid in. During 1881 it was increased to $600,000. In 1901 $400.-000 capital and $400,000 surplus, and in 1906 $1.000.000 capital and $1.000,000 surplus were paid in.

On December 23, 1913, its directors voted to change the par value of the stock from $100 to $50 per share. reducing the capital of the company from $22.000.000 to $1.000.000 and transferring the difference to surplus account. This action was approved by the stockholders and the transfer made on March 6, 1914, with the approval of the Missouri Insurance Department.

For a number of years the Mercantile Fire and Marine Insurance Company of Boston, Mass., was represented in the West in the Home Office of this company, and the latter company's New England business was hend'ed by the Home Office of the Mercantile Fire and Marine   Tn 1912 the
" American Central " reinsured the Mercantile Fire and Marine's business.

A contract was consummated December 31. 1914, by and between this company and the Commercial Union Assurance Comp: ny, Ltd., of England, by which the Commereial Union reinsured one-half of the entire net liability of the American

Central and entered into a continuing contract for a considerable term of years to reinsure one-half of all business written. The stock control of the company was purchased by the Commercial Union Assurance Company in 1916. We were advised early im 1920 that the above con-tract was by mutual consent terminated December 31. 1919, and commencing January 1, 1920, the American Central will retain the full amount of its net writings for its sole account.

dlancrgenlent and Reputation.—This company is under competent management, and is in excellent repute.

The volume of its business is conservative and in pro-portion to its capital and surplus. The business written in the congested centers of the largest cities is of moderate volume, the conflagration hazard being carefully observed. The business of the company is widely distributed through the operation of over 6,000 agencies.

The company is in excellent repute concerning its treatment of loss claimants.

Its expense ratio is below the average of companies trans-acting relatively the same volume and character of business. The average loss ratio is about normal.

Its investments are of good character. The security valuations are those fixed by the Convention of Insurance Commissioners

Affiliations.— Eastern Union, Western Union. South-eastern Underwriters Association, Board of Fire Under-writers of the Pacific, Rocky Mountain Underwriters Association, Western Canada Fire Underwriters Association.

Automobile Underwriters Conferences.— Eastern Auto-mobile Underwriters Conference, National Automobile Underwriters Conference, New England Automobile Under-writers Conference. Pacific Coast Automobile Underwriters