BEST'S INSURANCE REPORTS   FIRE AND MARINE.   41

• BALTIMORE AMERICAN INSURANCE COMPANY. 411 East Baltimore Street, Baltimore, Md.

ADMTTTED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)    $57, 638 34

Rents due and accrued    427 00

Mortgage loans on real estate    742.2262 98

Interest due and accrued thereon    8.719 54

Loans on collateral security    45.500 00

Interest due and accrued thereon   97 96

Bonds and stocks owned (market value)   611,905 30

Interest due and accrued thereon    6.130 40

Cash in banks and office    24,393 60

Agents' balances not over three months due   56, 304 11

Other admitted assets    

T(1TAL ADMITTED ASSETS    $1.553.585 23

LIABILITIES, DECEMBER 31, 1919. LOSSES: In process of adjustment, $33,-965 27: resisted. $1.200: total. $35,165.27;

reinsurance, $11,371.74; net    $23.793 53

Unearned premiums    316.139 48

Amount reclaimable on perpetual deposits   105 50

Salaries. rents. etc    1.000 00

Estimated taxes hereafter payable    20.000 00

Contingent commissions. etc   2, 000 00

TOTAL LIABILITIES, except capital   $363.038 51

CAPITAL PAID UP    500. 000 00

NET SURPLUS   690,546 72

TOTAL   $1,553,585 23

GENERAL REVIEW.

History.— This company began business September 20, ISSO. with $215,000 capital, which later was reduced to $200,000. It lost $330,562.35 in the Baltimore conflagration in 1904 and the stockholders promptly paid in $150,000. thereby keeping the capital intact, and maintaining a working surplus. Only two other local stock companies survived the Baltimore disaster.

During 1911 its capital was increased from $200.000 to $500,000 by the issuance of 12,000 shares of additional stock to stockholders at $40 per share. The stock was al-lotted pro rata to the stockholders, and was all paid in during the year, with $180.000 surplus.

The par value of the stock is $25 per share.

This company was formerly the German-American Fire Insurance Co., but during 1918 the present title was adopted.

Management and Reputation.—The company is hacked by substantial interests. The control is not closely held. On December 31, 1919, the directors owned $83,300, par value, of the $500,000 capital.

The company is in excellent repute concerning its general treatment of loss claims. The volume of business written is conservative and in proportion to the company's net resources. Its expense of management is normal and its average loss ratio is low.

Its investments are of excellent character. The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.

The largest item of real estate is the company's office building, No. 411 E. Baltimore street, corner Custom House avenue, carried at $40,000.

The mortgage loans are secured mostly by Baltimore property valued at nearly three times the amount loaned thereon.

Affiliation.— Western Insurance Bureau.

Classes of Business Written.—Fire and tornado insurance.

Territory.— It is licensed in Conn.. D. C., Ill., Md.. Mass., N. J.. N. Y., O. and Pa.

Dividends.— In recent years it has paid dividends as follows: 1900 to 1902, inc., 6%; 1903, 8%; 1904, 51/2%; 1905 to 1908, inc., 6% ; 1909 to 1913, inc., 8%; 1914 to 191S, inc., 10°! ; 1919. 11%.

'Officers.— President, John C. Distler, Jr.: vice-president, George A. Hax: secretary, R. W. Macdonald: assistant secretary. Louis Huether, Jr.

Directors.

Bressler. Dr. F. C'., physician. Distler, Jr., .John C.. capitalist. Hax, George A., grain dealer. Bake:, Frederick \\ .. insurance. Lederer, L. J., grain dealer. Schmeisser, Ernst, capitalist. Schneidereith. L., printer.

Sommerwerek, R., capitalist. Thaler, George, plumbers' supplies. Von Ileine. Henry G.. coal merchant. Wallenhorst, Arthur, capitalist.

Stockholders' Annual Meeting—First Monday in June. General Agents.

Secor Cunningham, Illinois, for Cook county.

Wakefield, Morley & Co.. for Connecticut.

TOTAL DISBURSEMENTS    $295.362 56

Ratios to Premiums Written.—Losses paid, 31.8%; incurred. 34.6%; underwriting expenses, 41.9%; underwriting profit, 11.0%.

Ratios to Premiums Earned.—Losses incurred, 38.8%; expenses incurred, 48.0%; underwriting profit, 12.3%. Miscellaneous, 1919.—Net losses incurred. $105,679.50; net risks in force December 31, 1919, $71,358,832: net premiums in force. $582.159.91; perpetual risks in force, not included in above, $4,550; perpetual deposits held, $105.50.

Underwriting Exhibit, 1919.— Premiums earned during