BEST'S INSURANCE REPORTS—FIRE AND MARINE.   25

AMERICAN INSURANCE COMPANY — Continued.

Stockholders' Annual Meeting.— First Monday in February.

General Agents.

Pacific Department, Balfour, Guthrie & Co., general agents, San Francisco, for California, Idaho, Montana, Oregon, Utah, Washington and Alaska.

Western Department, Chas. E. Sheldon, manager, Rock-ford, Ill., for Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Oklahoma and Wisconsin.

New England Department, Henry J. Ide, manager, Boston, Mass., for Connecticut, Maine, Massachusetts and New Hampshire.

Southern Department, Harry R. Bush, manager, Greensboro. N. C., for North Carolina, South Carolina and Virginia.

INCOME, 1919.   Marine

   Fire, etc.   and Inland.

Gross premiums written. ..$10, 207. 640 87   $1,311,715 33

Less reinsurance    1,780, 300 84   329,726 92

Less return premiums... 1,671,669 66   194, 484 73

Total net premiums... $6,755,670 37   $787, 503 68

Interest, etc   617,256 83

Other income    998 06

TOTAL INCOME    $8.161.428

DISBURSEMENTS, 1919. Net losses paid:

Fire and miscellaneous    $2. 323, 760

Marine and inland   442, 914

TOTAL   $2,766,675 22

Underwriting expenses    3,050.360 19

Dividends to stockholders    400,000 00 Decrease in liabilities during the year on ac-

count of reinsurance treaties    3.361 51

Other disbursements    567.979 03

TOTAL DISBURSEMENTS    $6.788.375 95

Ratios to Premiums Written.— Losses paid, fire, etc., 34.4%; marine, 56.2r/c; incurred, 38.5%; underwriting expenses, 40.4% ; underwriting profit, 7.2%.

Ratios to Premiums Earned.— Losses incurred, 43.8%; expenses incurred. 48.1%; underwriting profit, 8.2%.

Miscellaneous, 1919.— Net losses incurred, $2,901,925.96; net risks in force December 31, 1919, fire and miscellaneous, $1,382,608.472; marine and inland, $32,065,329; net premiums in force, fire and miscellaneous, $14,208,045.23; marine and inland, $658,358.45.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $6,617,776.59; gain from underwriting profit and loss items, $11.287.30; total, $6,629.063.89.

Losses incurred during 1919, $2,901,925.96; underwriting expenses incurred during 1919, $3,181,346.23; total, $6,-083,272.19.

Gain from underwriting during 1919, $545,791.70.

Investment Exhibit, 1919.—Interest, etc., earned during 1919, $624,549.58; profit on investments during 1919, $562.50; total, $625.112.08.

Loss on investments during 1919, $237,230.37; investment expenses incurred during 1919, $48,802.19; total, $286,-032.56.

Gain from investments during 1919, $339,079.52.

Gain and Loss Exhibit, 1919.— Gains: Underwriting, $545.791.70; investments, $339,079.52; other sources, $4,-149.43; total, $889,020.65.

Losses.— Dividends to stockholders, $400,000.

Surplus, December 31, 1918, $2,700,512.15; increase, $489,020.65; surplus, December 31, 1919, $3,189,532.80.

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AMERICAN MERCHANT MARINE INSURANCE COMPANY, 56 Beaver Street, New York, N. Y.

Bonds and stocks owned (market value)    

Interest due and accrued thereon    

Cash in banks and office     Agents' balances less amounts due reinsurers

Reinsurance recoveries on paid losses   

ADMITTED ASSETS, DECEMBER 3

1919.

,

LIABILITIES, DECEMBER 31, 1919.*

46 96 00 00

TOTAL LIABILITIES, except capital. *$3, 129,860 42

CAPITAL PAID UP    600,000 00

NET SURPLUS    *1,877,930 57

TOTAL   $5.607,790 99 * Allowing credit for non-admitted reinsurance (see

TOTAL ADMITTED ASSETS    $5. 60'i,790 99 below).

GENERAL REVIEW.

History.— This company was organized under the laws of the State of New York and began business February 29, 1916, with $200,000 capital and $100,000 surplus paid in. The stock. par value $100 per share, was sold at $150 per share. There were no organization expenses.

In August. 1917, tie stockholders voluntarily contributed $300,000 to surplus account.

On October 1. 1918, the capital stock was increased from $200.000 to $300.000, the entire new issue being taken by the then stockholders at $500 per share, so that $400.000 was added to surplus account.

In January, 1919, the paid-in capital was increased to $400,000 by a stock dividend of $100,000.

In June, 1919. the paid-in capital was increased to $600,000, the entire new issue of 2.000 shares being sub-