24   BEST'S INSURANCE REPORTS—FIRE ANI) MARGNE.

AMERICAN INSURANCE COMPANY.
70 Park Place, Newark, N. J.

ADMITTED ASSETS, DECEMBER 31, 191!1,

Real estate owned (market value)    $470.360 00

Mortgage loans on real estate    1.507,605 00

Interest due and accrued thereon    21.936 23

Bonds and stocks owned (market value)    10. 601. 610 00

Interest due and accrued thereon    94.676 49

Cash in banks and office    789, 672 15

Agents' balances not over three months due   1.031 594 29

Bills receivable taken for fire risks    339.757 63

Reinsurance due on losses paid    11,725 07

Other admitted assets    17. 332 67

TOTAL   $14.886.269 53
DEDUCT ASSETS: Excess of bills receiv-

able not past due over unearned premiums   41. 131 80

TOTAL ADMITTED ASSETS    $14,845, 137 73

GENERAL REVIEW.

history.— This company began business in February, 1846, as the American Mutual Fire and Marine Insurance Company. In 1855 it discontinued writing marine business, but in 1917 again began writing that class. Dividends or profits were paid to policyholders in the form of scrip, which amounted to $600,000 in 1872, and in addition the company had a net surplus of $291.907. In that year the company discontinued issuing scrip and was reorganized as a stock company with the $600,000 scrip as capital. In 1899 it reinsured the risks of the Rockford Insurance Company, of Rockford, Ill.

In 1907 its capital was increased from $600,000 to $750,000 by the issuance of $150,000 additional stock, which was sold at 300%. producing $300,000 additional surplus, and in 1909 it was increased from $750.000 to $1,000,000 by the issuance of $250,000 additional stock, which was sold to old stockholders at par, the market price of the stock at that time being about 500%.

During 1917 the capital was increased to $2,000,000 by a stock dividend of $1,000,000. The par value of the stock is $5 a share.

Policies entitled " The Jersey Fire Underwriters " are also issued by this company throughout the United States.

Management acid Reputation,.—The company is backed by substantial interests, and its directorate includes prominent business men and financiers. The control of the company is not closely held. The directors owned at the end of 1919, $168,490, par value, of the company's $2.000,000 capital stock.

Its underwriting policy has been conservative and successful. It has node steady progress and bears an excellent reputation. Its business has been profitable, and substantial dividends have been paid to stockholders.

Its general loss paying record is excellent.

It writes a full volume of business in proportion to its net resources. Its writings has incre,ased considerably in recent years. Its loss ratio has been low and the expense ratio moderate.

Its investments are of excellent character.

The principal items of real estate are the Home Office building at 68 to 72 Park Place, Newark, acquired in 1902, and carried at $357,800 (cost over $425,000) ; a building at the northwest corner of Main and Peach streets, Rock-

ford, Ill., used for the Western Department office, built in 1904, with a new addition built in 1913, carried at $96,900, and a dwelling and lot adjoining at 56 _Main street, Orange, N. J., valued at $15,960.

Its mortgage loans are nearly all small, and are amply secured by New Jersey real estate.

Affiliations.— Eastern Union, Western Insurance Bureau, Southeastern Underwriters Association, Board of Fire Underwriters of the Pacific, Rocky Mountain Underwriters Association, Canadian Fire Underwriters Association.

Classes of Business Written.— Fire, marine, tornado, registered mail, hail, sprinkler leakage, explosion and auto', mobile insurance.

Territory.— It is licensed in all the States and Territories except Ariz.. Guam, Hawaii, Nev.. New Mex., Philippine Islands. Porto Rico, Vt. and \\ yo. It also operates in Canada in the Provinces of Manitoba, Saskatchewan and Alberta.

Dtvfdcnds.— 1900 to 1902, inc., 10%; 1903 to 1905, inc., 16%: 1906, 18%; 1907, 16%; 1908 to 1910. inc.. 20%; 1911, 23%: 1912, 24% ; 1913. 1914, and 1915, 28%; in 1916, 32%. In January and April, 1917, it paid 9% on $1,-000,000 capital, and in July and October 41/z% on $2.000,000. In 1918 and 1919 it paid 20%.

Officers.— President, C. W. Bailey: vice-presidents. Charles E. Sheldon, William E. Stewart and J. O. H. Pitney: secretary. Freckrick Hoadley; treasurer. Archibald C. Cyphers.

Directors.

Atha, Benjamin, vice-president National Newark & Essex Banking Co.

Bailey, C. Weston, president of company.

Carter, William T., Carter, Gough & Co.

Clark, J. William, president Clark Thread Co.

Dennis. Samuel S., president Howard Savings Institution Dryden, Forrest F., president Prudential Insurance Co. Farrell, Charles L., president, National Newark & Essex Banking Company.

Hardin. John R., Pitney, Hardin & Skinner.

Ketcham. George W., vice-president Central Stamping Co. Pitney, John O. H., counsel of the company.

Stewart, William E., vice-president of company. Vanderpool, Wynant D., attorney-at-law.