62   BEST'S INSURANCE REPORTS—FIRE AND MARINE'.

CAMDEN FIRE INSURANCE ASSOCIATION,
434 Federal Street, Camden, N. J.

GENERAL REVIEW.

History.— This company was incorporated as a mutual company and commenced business in April, 1841. In July, 1870, $105,730 of its surplus was capitalized, the policy-holders becoming stockholders in proportion to the amount of premiums in force.

Up to 1900 its operations were almost entirely local. In that year its capital was increased from $105,730, to $200,-000, and in 1903 it was again increased to $300,000, $100,000 being added to surplus. In 1904 its capital was increased by $100,000 and the same amount of surplus was paid in; and in 1909 $100,000 was added to capital and surplus, respectively, making the paid-in capital $500,000.

In January, 1912, the directors voted to increase the capital to $600,000. the additional stock being sold at $10 per share, par value $5, thus adding $100,000 to surplus. In January, 1914, the capital was again increased by $100,000, the new stock being sold at 200%, increasing the paid-in capital to $700,000 and producing $100,000 additional surplus.

During 1916 the capital was increased to $800,000, the stock being sold at 200%, thus adding $100,000 more to surplus. In 1918 the paid-in capital was increased to $1.-000.000, the new stock being sold at par.

Phis company issues and guarantees policies entitled Eastern Underwriters' Agency." These policies are issued in all States in which the company is licensed.

The par value of the stock is $5 per share.

Management and Reputation.— The company has been conservatively managed and has made excellent progress. Its directors are substantial and of high business standing. The company's stock is fairly well distributed. The directors owned at' the end of 1919 $137,160, par value, of the $1.000,000 capital stock.

Its loss paying record is-excellent, under all conditions.

The company increased its writings in recent years, and now transacts a large volume in proportion to its net resources. Its expense of operation and its loss ratio have been about normal. The marine loss ratio in 1918 and 1919 was high.

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

The real estate consists of a two-story brick office building, and addition, corner of Fifth and Federal streets, Cam-den, carried at $60,000: a two-story brick annex to office building at 428 Federal street, carried at $70.000; and a frame dwelling in Longport, N. J., carried at $4,500. The mortgage loans are chiefly upon dwelling-house property in southern New Jersey, mainly in Camden, and are well secured.

Affiliations.— Eastern Union, Western Insurance Bureau, Southeastern Underwriters Association, Board of Fire Underwriters of the Pacific, Rocky Mountain Underwriters Ass'n, Eastern Automobile Underwriters Conference, National Automobile Underwriters Conference, New England Automobile Underwriters Conference, Pacific Coast Auto-mobile Underwriters Conference, Southern Automobile Underwriters Conference, Western Automobile Underwriters Conference.

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

Territory.— It is licensed in Ala., Ark., Cal.. Colo., Conn., D. C., Fla., Ga., Hawaii, Ill.. Ind., Ta.. Kan., Ky., La.. Me., Md.. Mass., Mich., Minn., Miss., Mo., Mont., Neb., N. H., N. J., N. Y., N. C., N. D.. Ohio, Okla.. Ore., Pa.. R. I , S. C., Tenn.. Tex., Va., Wash., W. Va. and Wis.

Dividends.—Iu recent years the dividends paid have been as follows: 1885 to 1910, inc., 10%; 1911 to 1917, inc., 12%; 1918, 12% on capital of $500.000. Tn 1919 it paid a dividend of $117, 977.20.

Officers.— President, Edmund E. Read, Jr.; vice-president, J. Lynn Truscott: secretary and treasurer, Joseph K. Sharp; secretary, John F. Gilliams; assistant secretaries, Milwood Truscott. Norman B. Stinson, Elwood S. Thompson and Barret Truscott.

Directors.

Archer, F. M.. Camden. N. .T.. president National State Bank.

Ayer, F. Wayland, banker, Philadelphia, Pa.

Baird, David. retired, Camden, N. J.

Burr, Frank J., real estate. Camden, N. J.

ITarned, John F., lawyer. Camden, N. J.

Jones, Wm. C., lawyer, Camden, N. J.

Read, E. E., Jr., president of company, Camden, N. J. Read, Wm. T., lawyer. New Jersey.