60   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

283.22; total, $195,644.53.

CALIFORNIA INSURANCE COMPANY, 550 Sacramento Street, San Francisco, Cal.

ADMITTED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)    $60, 421 35

Mortgage loans on real estate    432,340 57

Interest due and accrued thereon    2,028 96

Bonds and stocks owned (market value)   1,027,567 56

Interest due and accrued thereon   9,938 79

Cash in banks and office    489,285 82

Agents' balances not over three months due   243, 331 39

Losses recoverable from reinsurers   7,083 95

Other admitted assets    726 93

TOTAL ADMITTED ASSETS    $2,272,725 3.2

LIABILITIES, DECEMBER 31, 1919.

LOSSES: Adjusted, due, $4,918.13; in process of adjustment, $97,138.19; resisted,$4,773; total, $106,829.32; reinsur-

ance, $22,195.25; net    $84,634 07

Unearned premiums: Fire and miscellaneous, 039,4556.11; inland navigation, $172,-

634.81; total    1,012,190 92

Salaries, rents, etc    4, 000 00

Estimated taxes hereafter payable    61, 000 00

Contingent commissions, etc    15, 000 00

Other liabilities    2, 178 00

TOTAL LIABILITIES, except capital. $1, 179.002 99 CAPITAL PAID UP    400,000 00

NET SURPLUS   693, 722 33

TOTAL   $2,272,725 32

GENERAL REVIEW.

History.— This company was incorporated in 1861. In 1892 it reinsured all its outstanding policies and retired from business until June, 1905, when it resumed with $240,-000 capital and $150,000 surplus paid in. In 1907 its capital was increased from $240,000 to $400,000 and $80.000 surplus was paid in. On February 4, 1920, its capital was increased to $1,000,000 by the issuance of 15.000 shares at par value of $40 per share and its charter was amended to include marine, boiler and machine. sprinkler leakage, team and vehicle and other miscellaneous lines.

The company's record is unique and admirable. Its net losses in the San Francisco conflagration in 1906 were considerably over five times its combined capital and surplus. The stockholders levied eight assessments upon them-selves, and the company settled all claims in full (100%). The par value of its shares is $40. Six assessments of $40 (100%) per share, one of $35 per share, and one of $30, per share, were made on the 6,000 shares of its capital stock, a total of $305 per share, or $1,830,000.

In October, 1913, control of this company was purchased by the Commercial Union Assurance Company, Ltd., Lon-don, England, a strong and reputable company.

This company and the City of New York Insurance Company, of New York, guarantee policies entitled "New York-California Underwriters," which are issued only in California. This company also guarantees policies en-titled " California Underwriters Agency; " issued only in California. Montana and Washington.

Management and Reputation.— The company has been conservatively managed and in recent years has made excellent prop ess.

The volume of business written is conservative. The company's expense of management has been above the average, but its loss ratio has been low.

Its loss paying record is excellent under all conditions.

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

The real estate owned is a four-story and basement brick building located at 550-558 Sacramento street, San Francisco, Cal., carried at $60.421.35.

The mortgages are well secured by improved property in California, Oregon and Washington.

Affiliations.— Eastern Union, Western Union, Southeast-ern Underwriters Association, Board of Fire Underwriters of the Pacific. Rocky Mountain Underwriters Association, Canadian Fire Underwriters Association, Western Canada Fire Underwriters Association, Mainland Board of Fire Underwriters, Pacific Coast Automobile Underwriters Conference.

Classes of Business Written.— Fire, marine, boiler and machinery, sprinkler leakage, team and vehicle, automobile and tornado insurance.

Territory.— This company is or anticipates being licensed in the near future in all of the States of the Union with the exception of Ark., Kan., Ky., Neb., N. M., N. D., S. D. and Tenn. In the Dominion of Canada it is entered in Alberta, British Columbia, Man., Ont., Saskatchewan and holds a dominion license.

Dividends.—1908, 7.5%; 1909 to 1912, inc., 15%; 1913, 13.8; none since; total dividends paid since organization, $325,000.