BEST'S INSURANCE REPORTS-FIRE AND MARINE.   57

BUFFALO INSURANCE

fund and guaranty surplus law of New York, and has on deposit with the Insurance Department of New York $300,000 "special reserve fund" and $300,000 "guaranty surplus fund."

Management and Reputation.—The company does a conservative business, and has built up a large surplus besides having paid substantial dividends. Its directorate includes prominent business and financial men of Buffalo. On December 31. 1919, the directors owned $62.700, par value, of the company's capital stock.

It writes a moderate volume of business in proportion to its loss paying capacity, with a good spread of liability.

The company is in excellent repute concerning its general treatment of loss claims. Its expense of operation has been above the average, but its loss ratio is normal.

The real estate consists of a five-story fire-proof office building at Main street and Broadway. Buffalo. occupied in part by the company, carried at $525,000. The cost of the building was $320.000.

The securities owned are of excellent character and are carried at the prices fixed by the Convention of Insurance Commissioners. The collateral loan is well secured. The mortgage loans are secured by improved property in Buffalo, valued at nearly three times the amount loaned.

Affiliations.— Western Insurance Bureau.

Classes of Business Written.—Fire and tornado insurance.

Dividends.— The dividends paid in recent years have been as follows: 1901 to 1905, inc., 30%; 1906, 20%; 1907 to 1909, inc., 30%; 1910 to 1912, 35%; a special dividend in 1913 of 100% (on account of increase in the valuation of its real estate) ; and in 1914, 15% on the increased capital; 1915 and 1916, 24%; 1917, 24.5%; 1918, 24%; 1919. 25%; total dividends paid since organization (cash), $2,S68.925.

Territory.—Conn., D. C., Ill., Ind., Ia., Ky., Md., Mass., Mich.. Minn., Mo., Neb., N. J., N. Y.. Ohio, Pa., R. I., W. Va. and Wis.

Officers.— President, John G. Wickser; first vice-president. Edwin B. Eggert; second vice-president, Fred Greiner: secretary. Charles A. Georger.

Di rectors.

Adolff, Jr.. Louis P., real estate and insurance, Buffalo, N. Y.

Benstead, Jno., vice-president Swope, Hughes, Waltz and Benstead, Buffalo, N. Y.

Berrick. A. A., capitalist. Buffalo, N. Y.

Beyer, Wm. J., commissioner of elections, Buffalo, N. Y. Beyer. Oliver J.. O. J. Beyer & Sons. pants and overalls manufacturing, Buffalo, N. Y.

Boller. Charles, president Chas. Boller & Sons, Buffalo, N. Y.

Daniels, William H., pianos. Denton. Cottier & Daniels, Buffalo. N. Y.

Dold. Jacob C., meat packers, Buffalo, N. Y.

Eggert, Edwin B., first vice-president. Buffalo, N. Y. Eggert, Oliver J., retired, Buffalo, N. Y.

Georger. Chas. A., secretary, Buffalo, N. Y.

Goetz, Frederick L., insurance.

Greiner, Fred, second vice-president and attorney, Buffalo, N. Y.   .

COMPANY—Continued.

Groben, Arthur, merchant, Buffalo, N. Y.

Houck, George E., attorney, Buffalo. N. Y.

Houck, Wm. G., steel manufacturer, Buffalo, N. Y. Koons, Edw. L., banking and real estate.

Mesmer, John M., physician, Buffalo, N. Y.

Miller, G. F., Gerhard-Lang Brewing Company, Buffalo, N. Y.

Person, Frank P., merchant, Buffalo, N. Y.

Schmidt, Geo. W., brick manufacturer, Buffalo, N. Y. Urban, Jr., George, president Geo. Urban Milling Co., Buffalo, N. Y.

Wickser, John C., president, Buffalo, N. Y.

Wickser, Philip J., attorney, Buffalo, N. Y.

Stockholders' Annual Meeting.—First Thursday in February.

INCOME, 1919.

Ratios to Premiums Written.— Losses paid, 35.3%; incurred. 35.6%; underwriting expenses, 45.7%; underwriting profit. 8.4%.

Ratios to Premiums Earned.— Losses incurred, 39.05'; expenses incurred. 51.9%: underwriting profit, 9.2%.

Miscellaneous, 1919.—Net losses incurred, $324,463.42; net risks in force December 31, 1919, $187.041,319; net premiums in force, $1,840,076.63.

Underwriting, Exhibit, 1919.— Premiums earned during 1919, $831.794.69; gain from underwriting profit and loss items, $935.07: total. $832.729.76.

Losses incurred during 1919, $324.463.42; underwriting expenses incurred during 1919, $431,457.85; total, $755,-921.27.

Gain from underwriting during 1919, $76,808.49.

Investment Exhibit, 1919.— Interest. etc., earned during 1919. $167,631.06; profit on investments during 1919, $1,-211.S7: total. $168.842.93.

Loss on investments during 1919, $24.894.27: investment expenses incurred during 1919. $36.982.17: total, $61,876.44.

Gain from investments during 1919, $106.966.49.

Gain and Loss Exhibit, 1919.— Gains: Underwriting, $76,808.49; investments. $106.966.49; total. $1S3.774.98.

Losses:   Other sources, $10.000; dividends, $100,000; total, $110.000.

Surplus. December 31, 1918. $1,999.075.53: increase, $73.-774.98: surplus, December 31, 1919, $2.072.8550.51.