128   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

FARMERS INSURANCE

Underwriting Exhibit, 1919.— Premiums earned during 1919, $389,426.47; gain from underwriting profit and loss items, $16,701.51; total, $406,127.98.

Losses incurred during 1919, $154,4S1.27; underwriting expenses incurred during 1919, $309,318.70; total, $463,-799.97.

Loss from underwriting during 1919, $57,671.99. Investment Exhibit, 1919.— Interest, etc., earned (luring 1919, $72,230.08.

Loss on investments during 1919, $6,775.S3; investment expenses incurred during 1919, $12,317.51; total, $19,093.34. Gain from investments during 1919, $53,136.74.

COMPANY — Continued.

Gain and Loss Exhibit, 1019.—Gain from investments, $53,136.74.

Losses: Underwriting, $57,671.99; dividends, $20,000; total, $77,671.99.

Surplus, December 31, 1918, $129,834.50; decrease, $24,-535.25; surplus, December 31, 1919, $105,299.25.

   Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles   $8, 905 37   $3, 294 52

Windstorm and tornado .. ..   112,381 95   13,082 94

Hail   259 82   37 50

FARMERS INSURANCE COMPANY, Liberty Bank Bldg., Dickinson, - N. Dak.

ADMITTED ASSETS, DECEMBER 31, 1919.

Cash in banks and office    $14,535 43

Premiums in course of collection    7, 793 42

Certificates of deposit    74,091 87

County warrants    250 48

Bills receivable taken for capital stock   87, 990 00

TOTAL ASSETS    $184, 661 20

LIABILITIES, DECEMBER 31, 1919.

Unearned premiums    $19,243 98

Funds held under reinsurance treaties    4,831 61

TOTAL LIABILITIES,. except capital.   $24, 075 59

CAPITAL PAID UP    72, 060 00

NET SURPLUS    535 61

TOTAL   $184, 661 20

GENERAL REVIEW.

History.— This company was incorporated under the laws of the State of North Dakota February 21, 1919, with an authorized capital of $250,000, of which $160,050 had been subscribed on December 31, 1919, and $72,060 paid in. It was licensed June 12, 1919.

Stock, par value $50, was sold at $65 per share. The surplus collected was all allowed for organization expense.

Management and Reputation.—The officers are: President, Obert A. Olson; vice-presidents, L. R. Baird, Anthony Walton, James A. Buchanan, E. A. Bowman and W. J. Mozley; secretary and treasurer, W. A. McClure; assistant secretary and superintendent of agencies, Lyall B. Merry; general manager, C. F. Merry.

The directors are: Olson, Obert A.; Walton, Anthony; Bowman, E. A.: Bennett, O. H ; Lahr, F. A.: McClure, W. A.; Maddock, Walter J.; Merry, C. F.; Hollister, George H.; Davis, John F.; Buchanan, James A.; Baird, L. R.; Landt, A. D.; Martin, A. L.; Mozley, W. J.

Obert A. Olson. president, is treasurer of the State of North Dakota.

This company writes fire, tornado, automobile and live

stock insurance.   According to latest advices this com-
pany was licensed only in North Dakota.

Stockholders' Annual Meeting.— Third Tuesday in October.

INCOME, 1919,

Gross premiums written    $39,538 33

Less reinsurance    4,642 93

Total net premiums    $34, 895 40

On sales of stock    4,996 24
Interest on bills received and certificates of

deposits    70 90

TOTAL INCOME    $39,962 54

DISBURSEMENTS, 1919.

Net losses paid    $315 00

Underwriting expenses    15, 036 00

TOTAL DISBURSEMENTS    $15.351 00

3[iscellaneos, 1919.- Net losses incurred, $315; net risks in force December 31, 1919. $1,731,638.40: net premiums in force, $30,054.79.

FEDERAL FIRE AND HAIL INSURANCE COMPANY,
Colorado National Bank Bldg., Denver, Colo.

This company, which has been recently organized, with a reported authorized, subscribed and paid-in capital of $200,000 and a surplus of $325,000, was licensed by the Insurance Department of the State of Colorado to write

fire, automobile and hail insurance just as this form was going to press.

For complete details see ` Addendum" to this volume.