BEST'S INSURANCE REPORTS—FIRE AND MARINE.   33

ATLANTIC CITY FIRE INSURANCE COMPANY— Continued.

good progress and is in good repute. The directors owned at the end of 1919 $56,300, par value, of the $200,000 capital stock.

It is managed by its secretary, an experienced insurance man. It writes freely upon hotels and other property in Atlantic City, and its manager is considered capable to judge the liability which can safely be assumed in that city. So far, its looal business has been very profitable, and the company has paid substantial dividends to stockholders. The company- is now writing business throughout the United State and Canada through the King, Alley & Lawrence, Inc., 96 Maiden Lane, New York, who are in good standing. In 1918 the premium income increased from $39,012 to $137,848.

Its loss ratio has averaged exceedingly low, and its expense ratio is about normal. In 1919 it had a high loss ratio.

Its general loss paying record is good.

The securities owned are of good character. The valuations in this statement are those fixed by the Convention of Insurance Commissioners.

The mortgages are all first liens upon Atlantic City and Ventnor property, valued at twice the amount loaned.

Class of Business TVritten.— Fire insurance.

Territory.— It is licensed in N. J., N. Y. and Pa.

Dividends.—1906, 1907 and 1908, 6%; 1909, 8%; 10%; 1911 and 1912, 12%; 1913 to 1916, inc., 14%; 66%; 1918, 14.9%; 1919, 10%.

Officers.— President, Wm. Riddle; vice-president, Frank B. Off; treasurer, Jas. T. Bew; secretary, Edward E. Seeler. Directors.

Bateman, Amos, capitalist.

Bew, Jas. T., capitalist.

Bew, Dr. Richard, physician.

Lord, Ernest A., banker.

Off, Frank B., real estate.

Riddle, Wm., mayor (real estate).

Risley, Maurice, real estate and insurance.

Ruffu, A. M., real estate.

Seeler, Edward E secretary.

Schroeder, Chas. E., hardware.

Shoemaker, Silas, banker.

Sickler, H. T., banker.

Woodruff M. B., deputy sheriff.

Stockholders' Annual fleeting.—Last Saturday in January.

INCOME, 1919.

Gross premiums written    $186, 048 12

Less reinsurance    10,098 06

Less return premiums    35,570 24

Total net premiums    $140,379 82

Interest, etc   25, 430 75

Other income    7,677 36

TOTAL INCOME    $173,487 93

DISBtiRSEMENTS, 1919.

Net losses paid    

.Underwriting expenses    

Dividends to stockholders    

Other disbursements    

Ratios to Premiums Written.—Losses paid, 63.7%; incurred, 55.0%; underwriting expenses, 39.2%; underwriting loss, 0.8%.

Ratios to Premiums Earned.—Losses incurred, 58.8%; expenses incurred, 42.0%; underwriting loss, 0.9%.

Miscellaneous, 1919.— Net losses incurred, $77,277.98; net risks in force December 31, 1919, $11.044,270.87; net premiums in force, $152.267.83.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $131.369.72: loss from underwriting profit and loss items, $113.37 total, $131.256.35.

Losses incurred during 1919, $77,277.98; underwriting expenses incurred during 1919, $55,181.28; total, $132,-459.26.

Loss from underwriting during 1919, $1,202.91.

Investment Exhibit, 1919. — Interest, etc., earned during 1919. $28,142 58; profit on investments during 1919, $8,-411.87; total, $36,554.45.

Loss on investments during 1919. $1,024.75; investment

expenses incurred during 1919. $8,143.S7; total, $9,168.62. Gain from investments during 1919, $27,385.83. Gain and Loss Exhibit, 1919.— Gain from investments,

$27,385.83.

Losses:   Underwriting. $1,202.91; dividends, $20,000; total, $21.202.91.

Surplus, December 31. 1918, $205,043.82; increase, $6,-182.92: surplus. December 31, 1919. $211,226.74.

1910, 1917,

$89.468 98 55. Ohl 46 20, 000 00 9,426 94

TOTAL DISBtiRSEMENTS    $173,910 38

ATLANTIC' FIRE INSI`RAN('E COMPANY,
204 Fayetteville Street, Raleigh, N. C.

ADMITTED ASSETS, DECEMBER 31. 1919.

Mortgage loans on real estate    $93,000 00

Interest due and accrued thereon   404 67

Loans on collateral security    5.500 00

Bonds and stocks owned (market value)   180. 565 37

Interest due and accrued thereon    1.774 00

Cash in banks and office    62.093 06

Agents' balances not over three months due   60.272 SO

Other admitted assets    93 30

TOTAL ADMITTED ASSETS    8403. 703 20

LIABILITIES. DECEMBER 31, 1919. Losses in process of adjustment, $12,563.18:

reinsurance, $7.813.46: net    $4, 749 72

Unearned premiums    119.779 98

TOTAL LIABILITIES, except capital   $124.529 70

CAPITAL PAID UP    200, 000 00

NET SURPLUS    79, 173 50

TOTAT   $403.703 20