42   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

BALTIMORE AMERICAN INSURANCE COMPANY — Continued.

1919, $272,200.63; loss from' underwriting profit and loss items, $2,072.22; total, $270,128.41.

Losses incurred during 1919, $105,679.50; underwriting expenses incurred during 1919, $130,810.88; total, $236.-490.38.

Gain from underwriting during 1919, $33,638.03.

Investment Exhibit, 1919.—Interest, etc., earned during 1919, $76,695 64; profit on investments during 1919, $8.-715.49; total, $85,411.13.

Loss on investments during 1919, $3,577.95; investment expenses incurred during 1919, $7,402.54; total, $10,980.49. Gain from investments during 1919, $74,430.64.

Gain and Loss Exhibit, 1919.—Gains: Underwriting, $33.638.03; investments, $74,430.64; total, $108,068.67.

Losses:   Other sources, $7,425.43; dividends, $55,000; total, $62,425.43.

Surplus, December 31, 1918, $644,903.48; increase, $45,-643.24; surplus, December 31, 1919, $690.546.72.

BANKERS AND SHIPPERS INSURANCE COMPANY,
3 South William Street, New York, N. Y.

ADMITTED ASSETS, DECEMBER 31, 1919.

Bonds and stocks owned (market value)   $2,463,250 00

Interest due and accrued thereon    33,906 26

Cash in banks and office    382,390 90

Agents' balances not over three months due   421, 175 19

Reinsurance recoverable    206,464 65

Other admitted assets    399 29

TOTAL ADMITTEll ASSETS    $3.507,586 29

LIABILITIES, DECEMBER 31, 1919.

LOSSES: Adjusted, due, $2,174.62; not due, 8116,018.27; in process of adjustment, $1,-035,3S8.83; total, $1,153,581.72; reinsur-

ance, $611,187; net    $542,394 72

Unearned premiums: Fire and miscellaneous, $396,315.44; inland navigation, $51,-

309.30; marine, $112,697.01; total    560,321 75

Estimated taxes hereafter payable   18.028 23

Legal expenses    5,000 00

TOTAL LIABILITIES, except capital. $I,125,744 70

CAPITAL PAID UP    1,000,000 00

NET SURPLUS    1,381,841 59

TOTAL   $3,507,586 29

GENERAL REVIEW.

History.— This company was incorporated under the laws of New York State and received its license from the New York Insurance Department on January 9. 1919. It began business with a paid-in capital of $1,000,000 and a surplus of $1,500,000. The stock, par value $100 per share. was sold at $250 per share.

The stockholders are associated with some of the largest banks and trust companies in New York City, and also with large shipping and insurance interests.

Management and Reputation.—The underwriting of the fire business, which it began to write in April, 1919. is under the management of C. V. Meserole, who is vice-president of the Bankers & Shippers, and who has been president of the Pacific Fire Insurance Company for ten years. L. R. Bowden, who is vice-president of the Bankers & Shippers Insurance Company of New York. as well as of the Pacific Fire Insurance Company, is the assistant fire manager. H. G. Stevens and H. B. Lamy, .Jr., are fire secretaries of both companies. L. P. Tremaine, assistant secretary of both companies, will be the active underwriter under Mr. Meserole. He has had three years' experience in the office of the Pacific, and prior to that was for several years with Fester, & Folsom. general agents. The other officers have all had good insurance training.

The underwriting manager and agent for the company's marine business is the Maritime Underwriting Agency, Inc„ successors to Whist & Co., Inc., which company has been doing a large business.

The Maritime Underwriting Agency, Inc.. is located at 1 South William street, and represents, as marine general agent, the following companies: Yang Tsze Insurance Asso., Ltd., of Shanghai; Norske Lloyd Ins. Co., of Christiania; Western Assurance Company, of Toronto; Union

Insurance Society, of Canton; New Zealand Ins. Co., of Auckland. and the Bankers & Shippers Ins. Co, of New York.

The president and general manager of the Maritime Underwriting Agency is Mr. J. Scofield Rowe, formerly vice-president and secretary of the 'Etna Casualty & Surety Co., of Hartford.

It is writing a conservative volume of business with a normal loss ratio and moderate expense for a young company. The company has a good loss paying record.

Its securities are of good character.

Territory.— It is licensed in Cal., Conn., Ga., Ill., Ind.. Ia, La., Md., Mass., Minn., Mo., N. J., N. Y., O., Ore., Pa., R. I., S. C., Tenn., Utah and Wash.

Classes of Business Written.— Fire, marine, automobile. tornado, sprinkler leakage and explosion insurance.

Officers.— Chairman of the board, Eugene V. R. Thayer; president, William G. Willcox; vice-presidents, Harold Stanley, James Barber, C. V. Meserole and J. Scofield Rowe: secretary, Robert Van Iderstine; treasurer. Raymond T. Marshall.

Directors.

Austin, Chellis A., president, Mercantile Trust & Deposit Co.

Barber, Edward J.. vice-president. Barber & Company. Barber, James, chairman of board, Barber & Company. Bayne, Howard, vice-president, Columbia Trust Company. Harwood, P. H., vice-president, Pan American Petroleum

& Transport Co.

Hildt. Thos., vice-president, Bankers Trust Company. Kirkby, Oswald, director, Willcox, Peck & Hughes. Meserole, C. V., president, Pacific Fire Insurance Com-

pany.

Peck, Charles E., president, Willcox, Peck & Hughes.