120   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

INSURANCE COMPANY — Continued.

INCOME, 1919.

Gross premiums written    

Less reinsurance    

Less return premiums    

EQUITABLE FIRE

Its expense of operation has been very moderate in recent years, and its loss ratio low.

Its investments are of good character. The real estate is a three-story brick building, used as the company's Home Office, and warehouse adjoining. The mortgage loans are upon improved property in Charleston. The market value of the property mortgaged is $178,550. The collateral loans are apparently well secured.

Class of Business Britten.—Fire insurance.

Territory.   It is licensed in N. C.. S. C. and Va.

Diridends.— In recent years it has paid dividends as follows: 1900 to 1902, inc., 6%; 1903, 7%; 1904 to 1909, inc., 6% ; 1910 and 1911. 7%; 1912, 7.5% ; 1913 to 1916, inc., 7%: 1917, 7.5%; 1918, 8%. In 1919 it paid $21,-865.82.

Officers.— President, David Huguenin : vice-president, F. Q. O'Neill; secretary and treasurer, AVm. G. Mazyck; assistant secretary and treasurer, R. F. Touhcy. Directors.

Carrington, W. P vice-president and director Carolina Savings Bank.

Gadsden. P. H., president Charleston Consolidated Rail-

way and Lighting Company.

IIanahan, J. Ross, president Carolina Portland Cement Company, general manager Planters Fertilizer and Phosphate Cwnpnny. director South Carolina Loan and Trust Co.

Huguenin, David. president Equitable Fire Insurance Company.

Ingram. T. J., general insurance agent. Lynchburg, Va. Lapham, Samuel. president City Ice Mfg. Co., director Peoples National Bank.

Murray, A. B., director Peoples National Bank and Security Savings Bank.

O'Neill, F. Q., director First National Bank.

Pringle, E. H., president Bank of Charleston. N. B. A. Simmons, B. I., wholesale lumber. director South Carolina Loan and Trust Co.

Wulbern, J. H. C., of C. Wulbern & Company, wholesale grocers, director Peoples National Bank.   ,

Stockholders' Annual Meeting.— Last Thursday in January.

General Agent.—T. J. Ingram, Lynchburg, for Virginia.

$485.587 94 1,;.736 94 48.682 61

Total net premiums    $279.16S 39

lutenist, etc   32, 056 26

Other income    819 12

TOTAL INCOME    $312.043 77

Net losses paid    $58,650 Si)

LTnderw-riting expenses    134, 828 67

Dividends to stockholders    21.865 S2

Other disbursements    17,330 35

TOTAL. DISBURSEMENTS    $232.675 73

Ratios to Premiums Written.—Losses paid, 21.0%; incurred, 21.8%; underwriting expenses, 48 3%; underwriting profit, 12.4%.

Ratios to Premiums Earned.—Losses incurred. 24.8%; expenses incurred, 60.9%; underwriting profit, 14.0%. Miscellaneous, 1919.—Net losses incurred. $61,031.56; net risks in force December 31. 1919, $31,470,896.13: net premiums in force, $378,575.75.

Underwriting Exhibit. 1919.—Premiums earned during 1919, $245.799.11; loss from underwriting profit and loss items. $472.24; total, $245,326.87.

Losses incurred during 1919. $61,031.56: underwriting expenses incurred during 1919, $149.775.37: total. $210.-809.93.

Gain from underwriting during 1919. $34,516.94.

Investment Exhibit, 1919.— Interest, etc., earned during 1919, $33,489.99: profit on investments during 1919. $13,-332.85; total, $46,822.84.

Loss on investments during 1919, $14,8SO.90: investment expenses incurred during 1919, $2,449.45; total. $17,330.35.

Gain from investments during 1919, $29,492 49.

Gain and Loss Exhibit, 1919—Gains: Underwriting, $34.516.94; investments, $29,492.49; total. $64.009.43.

Loss from dividends, $21,865.82.

Surplus, December 31, 1918, $202,697.92: increase, $42.-143.61; surplus, December 31, 1919. $244,841.33.,

EQUITY FIRE INSURANCE COMPANY,
Twenty-Eighth and Wyandotte Streets, Pansas City, AIo.

ADMITTED ASSETS, DECEMBER 31. 1919.

Real estate owned (market value)   $36,750 00

Mortgage loans on real estate    69, 500 00

Interest due and accrued thereon    451 75

Bonds and stocks owned (market value)    163, S98 5S

Interest due and accrued thereon    1, 627 23

Cash in banks and office    133, 005 38

Agents' balances not over three months due   15, 612 51

Other admitted assets    8 14

TOTAL ADMITTED ASSETS    $420, 853 59

LIABILITIES, DECEMBER 31, 1919.
Unearned premiums    $80, S56 8S

TOTAL LIABILITIES, except capital   $80.856 8S

CAPITAL PAID UP   100,000 00

NET SURPLUS    239,996 71

TOTAL   $420. 853 59

GENERAL REVIEW.

History.— This company was incorporated under the laws of Missouri December 19, 1908, and began business January 19, 1909, with an authorized capital of $100,000, all of which was paid in with a surplus of $10,000.

The par value of the stock is $100 per share.

Management and Reputation.— The company is in good repute, and is managed and controlled by Bruce Dodson, who operates the Reciprocal Exchange, an inter-insurance organization in Kansas City.

The company does a small and conservative business, and its operations have shown a substantial underwriting