BEST'S INSURANCE REPORTS —FIRE AND MARINE.   27

AMERICAN MERCHANT MARINE DISBURSEMENTS, 1919.

Net losses paid:

Fire and miscellaneous    $52,537 OS

Marine and inland   1.100,210 51

TOTAL   $1,152,747 59

Underwriting expenses    651,663 16

Dividends to stockholders    150,000 00

Investment expenses    4,703 42

Other disbursements    15, 497 60

TOTAL DISBURSEMENTS    $1,974,631 77

Ratios to Premiums Written.—Losses paid, 65.7%; incurred, 81.9%; underwriting expenses, 37.2%; underwriting loss, 22.2%.

Ratios to Premiums Earned.—Losses incurred. 99.6%; expenses incurred, 26.6%; underwriting loss, 27.0%.

Miscellaneous, 1919.— Net losses incurred, $1.436.719.98; net risks in force December 31, 1919, $129,414,866; net premiums in force, $3,560,432.24.

INSURANCE COMPANY — Continued.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $1,441,734.42; loss from underwriting profit and loss items, $11,775.95; total. $1,429,958.47.

Losses incurred during 1919, $1,436,719.98; underwriting expenses incurred during 1919, $383,293.30; total, $1,820,-013.28.

Loss from underwriting during 1919, $390,054.81. Investment Exhibit, 1919.— Interest, etc., earned during

1919, $195,646.14; profit on investments during 1919, $370,-

561.57; total, $566,207.71.

Loss on investments during 1919, $14,960.59; investment

expenses incurred during 1919, $4.703.42; total, $19,664.01. Gain from investments during 1919, $546.543.70. Gain and Loss Exhibit, 1919.— Gains: Investments,

$546,543.70; surplus paid in, $600.000; total, $1,146,543.70. Losses: Underwriting, $390.054.81; dividends, $150,000;

total, $540,054.81.

Srplus. December 31, 1918, 81,271,441.68; increase, $606,-488.89; surplus. December 31. 1919, $1,877.930.57.

AMERICAN MERCHANTS FIRE INSURANCE COMPANY, 334 Railway Exchange, Kansas City, Mo.

ADMITTED ASSETS, DECEMBER 31, 1919.

Mortgage loans on real estate    $118, 900 00

Interest due and accrued thereon    1.608 15

Loans on collateral security    14, 700 00

Interest due and accrued thereon   115 57

Bonds and stocks owned (market value)   98,545 63

Interest due and accrued thereon    1,403 12

Cash in banks and office    57,229 50

Agents' balances not over three months due.   62, 452 84

Certificate of deposit    13.250 00

Interest accrued thereon    28 60

TOTAL ADMITTED ASSETS   $368,233 41

GENERAL REVIEW.

History.— This company was organized and incorporated under the name of the Retailers National Fire Insurance Company on June 21, 1916, under the laws of the State of Missouri. It was licensed by the Insurance Department of the same State May 14, 1919, and changed to its present title on June 2, 1919, on which date it began business. It has an authorized, subscribed and paid-in capital of $200,000 and a surplus of $50,000, and was organized with-out expense, which is commendable. - Stock, par value $10 per share, was sold at $12.50 per share, thus providing the surplus.

Management and Reputation.— The president of the company is F. C. Harvey, who was its active promotor. He is attorney and manager of the Western Reciprocal Under-writers and for the present this company will confine itself to fire reinsurance only, accepting business largely from this inter-insurance organization and other reciprocal ex-changes. He is capable and in excellent repute.

E. G. Trimble, vice-president, is president of the Employers Indemnity Corporation, which writes accident and health, automobile liability and workmen's compensation. He has had many years' experience in handling these lines.

It is backed by substantial interests and at the end of 1919 the officers and directors owned, at par value, $95,600 of the capital stock.

It is too young to have established a record.

LIABILITIES, DECEMBER 31, 1919.

The loss ratio was low as naturally would be expected for the first year of a company's operations and its expense ratio exceptionally low for a company starting business.

The volume of business transacted was well within its loss paying capacity and although it operates in but two States at the present time, these afford it a fair spread of liability.

No complaints have reached us concerning its treatment of loss claimants.   .

Its investments are of good character. the mortgage loans being high grade and other investments consisting of U. S. Government. School and Highway Bonds.

Classes of Business 11'ritten.—Fire, automobile and tornado.

Territory.— Missouri, Texas.

Officers.—President, F. C. Harvey; vice-president, E. G. Trimble; secretary, E. B. Bell; treasurer, J. L. Ashton. Directors.

Smith, L. C., president Commonwealth National Bank, Kansas City, Mo.

Wittmann, Otto, president Kansas City Automobile Sup-ply Co., Kansas City, Mo.

Trimble, E. G., president Employers Indemnity Corporation, Kansas City, Mo.

Mehornay, O. F., president North-Mehornay Furniture Co., Kansas City, Mo.