28   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

AMERICAN MERCHANTS FIRE INSURANCE COMPANY—Continued.

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Crowe, J. R., president Crowe Coal & Mining Co., Kansas City, Mo.

Harvey, F. C., president Campbell-Harvey Underwriting Co., Kansas City, Mo.

Gabel, Henry J., president Gabel-Johnson-Harwood Brokerage Co., Kansas City, Mo.

Bell, E. B., president Home Realty Co., Kansas City, Mo. McCrum, W. H., president Diamond Gasoline Co.. Kansas City, Mo.

Ashton, J. L., treasurer American Merchants Fire Ins. Co., Kansas City, Mo.

Stockholders' Annual Meeting.— January 13, 1920.

INCOME, 1919.

Marine

   Fire, etc.   and Inland.

Gross premiums written..   $168, 490 65   $1. 497 09

Less reinsurance    800 00    

Less return premiums..   12, 546 06   181 37

Total net premiums..   $155, 144 59   $1.315 72

Interest, etc   4,775 29

TOTAL INCOME   $161,235 60

DISBURSEMENTS, 1919.

Net losses paid    $22.704 82
Underwriting expenses

   22.836 62

Other disbursements    616 19

   TOTAL DISBURSEMENTS    $46,157 63

Ratios to Premiums Written. — Losses paid, 14.6%; incurred, 38.S%; underwriting expenses, 14.6%; underwriting profit, .02%.

Ratios to Premiums Earned.—Losses incurred, 71.9%; expenses incurred, 28.1%; underwriting profit, .03%.

Miscellaneous, 1919.—Net losses incurred, $60,206.32; net risks in force December 31, 1919, fire and miscellaneous, $9,721.269; marine and inland, $163,070: net premiums in force, fire and miscellaneous, $144,072.19; marine and in-land, $1.315.72.

Underwriting Exhibit, 1919.—Premiums earned during 1919, $83,766 35.

Losses incurred during 1919, $60,206.32; underwriting expenses incurred during 1919, $23,530.13; total, $83,736.45. Gain from underwriting during 1919, $29.90.

Investment Exhibit, 1919.—Interest, etc., earned during 1919, $7,930.73.

Investment expenses incurred during 1919, $922.68. Gain from investments during 1919, $7,008.05.

   Net Premiums   Net Losses

   MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles   $11, 028 14    

Windstorm and tornado ....   1, 396 92   12 50

AMERICAN NATIONAL FIRE INSURANCE COMPANY,
16 East Broad Street, Columbus, Ohio.

ADMITTED ASSETS, DECEMBER 31. 1919.

TOTAL ADMITTED ASSETS    $1.091.422 00

LIABILITIES, DECEMBER 31, 1919.

LOSSES: Adjusted, due, $2.143.60; in process of adjustment, $46.075.35; resisted, $600: total, $48,815.95; reinsur-

ance, $15,451.14; net    $33,367 81

Unearned premiums: Fire, and miscellaneous, $242,928.77; inland navigation, $6,-

526.51; total   249,455 2S

Salaries. rents, etc    250 00

Estimated taxes hereafter payable    7,500 00

Contingent commissions, etc    1,500 00

TOTAL LIABILITIES, except capital   $292. 073 09

CAPITAL PAID UP    500.000 00

NET SURPLUS    299,34S 91

TOTAL   $1,091,422 00

GENERAL REVIEW.

History.— This company was incorporated under the laws of Ohio, September 17, 1914. and was licensed by the Insurance Department of that State, November 28. 1916, with $350,000 paid-in capital. The stock. par value $10 per share, was sold at $20 per share. The amount avail-able for organization expenses was limited to 15% of the selling price, or $3 per share. This is reasonable, and was provided for in the stock subscription blank. Up to the end of 1917, $328,592.20 surplus had been collected. The sale of stock was handled by John W. Zuber, president of the company, who was formerly State Fire Marshal of Ohio.

In February, 1919, the capital stock was increased from

$350,000 to $500,000. The new stock, par value $10 per share, was sold at $20 per share, without cost or expense to the company. thereby adding $150.000 to surplus ac-count.

Management and Reputation.—The company is under capable management and bears a good reputation. It has reinsurance arrangements with the United States Branch of the Royal Insurance Company. Ltd.. of Liverpool, and has the benefit of the conservative judgment and guidance of the Western Department of the Royal Insurance Company.

On December 31, 1919, the directors owned $58,820, par value, of the $500,000 capital stock.

The company's loss ratio has been very low. Its expense