70   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

CAPITAL FIRE INSURANCE COMPANY OF CALIFORNIA—Continued.

J. Stovel, of San Francisco, California, who has had Mich., for Mich.; Western Mortgage Co., Albuquerque, insurance experience, is now the general underwriter N. M., for N. M.; R. W. Mumford, Indianapolis, for Ind.;

Arthur E. Nathan & Co., Chicago, Ill.; J. A. Mets, Jr., 91 William street, New York, manager for all territory east of the Rocky Mountains,

INCOME. 1919.

Gross premiums written    $460,973 73

Less reinsurance    141,583 29

Less return premiums    110,727 52

C. long

of the company. J. A. Meta, Jr., of the Mets-Stovel Agency, 91 William street, New York City, is manager of the Eastern Department, having charge of all territory east of the Rocky Mountains. He is an underwriter of long experience and in excellent repute.

On December 31, 1919, the directors of the company owned $83,345, par value, of the company's capital stock. Under the laws of California, stockholders of insurance companies are liable to assessments to meet the companies' obligations.

The mortgage loans are upon improved property in California and are considered of good character.

The principal item of real estate owned is a lot and building in Sacramento, which was acquired by the company on November 1, 1915, at a cost of $32.637.62. It is now carried' in the assets at $55,000. From 1915 to 1919, inclusive, the company received no net income on this property.

It also owns a piece of property in Sacramento acquired October 9, 1917, for $20,634.52, which it carries in the above statement at $50,000.

The company owns fourteen additional parcels of real estate, and in each case the value has been marked•np,

The actual cost of the real estate owned amounted to $78,938.45 on December 31, 1919. The company arbitrarily marked up the value of the real estate $68,361.55, and is now carrying it in its assets at $147,300. The total net income on the above real estate was only $485.89 in 1918. and $2,317.80 in 1919.

The company bears a good general reputation in the matter of loss settlements.

Affiliations.— Board of Fire Underwriters of the Pacific and Rocky Mountain Underwriters Association.

Class of Business 'Written.— Fire insurance.

Territory.— Licensed in Cal., Ill.. Ind., Mich., Mont., N. M., O. and Pa.

Officers.— President, H. C. Muddox; vice-presidents, J. H. H. Heitman and H. S. Williamson; treasurer, Phil C. Cohn; secretary, J. F. Landis.

Directors.—Cohn, P. C.; Ellis, C. J.; Gattman, J. S.; Heitman, J. H.; Hollister, C. E.; Landis, J. F.; Michel,. F. J.; Muddox, H. C.; Williamson, H. S.

Stockholders' Annual Meeting.—Third Saturday in January.

General Agents.— Bierce and Sage Co., Inc., Detroit,

Total net premiums    $208. 662 92

Interest, etc   16,202 19

Assessment on capital stock    '   67.500 00

Other income    1,282 8S

TOTAL INCOME    $293.647 99

DISBURSEMENTS, 1919.

Net losses paid    $184,854 22

Underwriting expenses    129.802 02

Other disbursements    3,507 70

TOTAL DISBURSEMENTS    $318,163 94

Ratios to Premiums Written.— Losses paid. 85.6%; in--curred, 85.1%; underwriting expenses, 62.2%; underwriting loss, 31.7%.

Ratios to Premiums Earned.— Losses incurred, 72.6%; expenses incurred, 47.6%; underwriting loss. 27.1%.

Miscellaneous. 1919.— Net losses incurred, $177,521.60: net risks in force December 31, 1919, $14.642,716: net premiums in force, $243,024.21.

L-nderic'riting Exhibit, 1919.— Premiums earned during 1919, $244.581.91: loss from underwriting profit and loss items, $16,859.89; total, $227,722.02.

Losses incurred during 1919, $177.521.60; underwriting expenses incurred during 1919, $116,467.51; total, $293,-989.11.

Loss from underwriting during 1919. $66,267.09.

Investment Exhibit, 1919.—Interest, etc., earned during 1919, $16,083.70; profit on investments during 1919, $1,-769.01; total, $17,852.71.

Investment expenses incurred during 1919, $3,507.70. Gain from investments during 1919, $14,345.01.

Gain and Loss Exhibit, 1919.— Gains: Investments, $14,-

345.01: assessment on capital stock, $67,500; total, $81,-

845.01.

Loss from underwriting, $66,267.09.

Surplus, December 31, 1918, $26,357.25; increase, $15.-577.92; surplus, December 31, 1919, $41,935.17.

CAROLINA INSURANCE COMPANY, 10 Princess Street, Wilmington, N. C.

ADMITTED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)    

Mortgage loans on real estate     Bonds and stocks owned (market value) .

Cash in banks and office     Agents' balances not over three months due.

Other admitted assets    

' TOTAL ADMITTED ASSETS    $160,949 48

LIABILITIES, DECEMBER 31, 1919. LOSSES:* Adjusted, due, $2,000; in process of adjustment, $3,824.57; total, $5,824.57;

reinsurance, $1,365; net    $4,459 57

Unearned premiums    36,927 03

Estimated taxes hereafter payable    1,500 00

TOTAL LIABILITIES, except capital   $42,886 60

CAPITAL PAID UP    50, 000 00

NET SURPLUS    68, 062 88

TOTAL   $160, 949 48 * Drafts sent but not returned.

$5, 000 00
70, 800 00
64, 759 00
5, 035 90
14,374 80
979 78