BEST'S INSURANCE REPORTS—'FIRE AND MARINE.   139

FIREMEN AND MECHANICS' INSURANCE COMPANY —Continued.

Stockholders' Annual Meeting.— First Monday in October.

INCOME, 1919.

Marine

   Fire, etc.   and Inland.

Gross premiums written..   $182, 442 21   $83, 445 89

Less reinsurance    30,456 17   162 56

Less return premiums..   20,235 59    

Total net premiums..   $131. 720 45   $83.253 33

Interest, etc   7.932 03

Borrowed money    5,500 00

TOTAL INCOME    $228.435 81

DISBURSEMENTS, 1919. Net losses paid:

Fire and miscellaneous    $20,673 85

Marine and inland    50,503 72

TOTAL   $71,177 57

Underwriting expenses    67, 590 10

Dividends to stockholders    6,250 50

Borrowed money repaid with interest   5.517 83

Other disbursements    121 93

TOTAL DISBURSEMENTS    $150,687 93

Ratios to Premiums Written.—Losses paid. fire, etc., 15.7%; marine, 60.6%; incurred, fire, etc.. 23.4%; marine,

66.5%; underwriting expenses, 31.4%; underwriting profit, 1.9%.

Ratios to Premiums Earned.=Losses incurred, 54.6%; expenses incurred, 42.8%; underwriting profit, 2.6%.

Miscellaneous, 1919.— Net losses incurred, fire and miscellaneous, $30.838.55; marine and inland, $55,393.74; net risks in force December 31, 1919, fire and miscellaneous, $13,910,757; marine and inland, $2,197,549; net premiums in force, fire and miscellaneous, $168,011.11; marine and inland, $38,778.56.

Underwriting Exhibit, 1919.—Premiums earned during 1919. $157,952.77.

Losses incurred during 1919, $86,232.29: underwriting expenses incurred during 1919, $67,590.10; total, $153,8.22.39. Gain from underwriting during 1919, $4,160.38.

/n restment Exhibit, 1919.— Interest, etc., earned during 1919, $7,792.27.

Loss on investments during 1919, $765.

Gain from investments during 1919, $7.027.27.

Gain and Loss Exhibit, 1919.— Gains: Underwriting, $4.160.38; investments, $7,027.27: total, $11,187.65. Loss from dividends, $6,280.50.

Surplus, December 31, 1918, $40,184.02; increase, $4.-907.15: surplus, December 31, 1919, $45,091.17.

Net Premiums   Net Losses

FIREMAN'S FUND INSURANCE. COMPANY,

California and Sansome

ADMITTED ASSETS, DECEMBER 31, 1919.

TOTAL ADMITTED ASSETS    $20,010,852 95

Sts., San Francisco, Cal.

LIABILITIES, DECEMBER 31, 1919.

LOSSES: Adjusted, not due, $186,062.42; in process of adjustment, $4,732.378.15; resisted, $139,287.57: total, $5,057,728.14;

reinsurance, $2,750,542.19; net    82,307,185 95

Unearned premiums: Fire and miscellaneous, $7,323,696.61; inland navigation, $2.-

399,543.95; marine, $172,303.34; total   9,895,543 90

Salaries, rents, etc    10, 500 00

Estimated taxes hereafter payable   675,000 00

Contingent commissions, etc    225.000 00

Reserve for unpaid liability losses   7,854 64 Earned quarterly dividend declared Jan. 20,

1920   90,000 00

TOTAL LIABILITIES, except capital. $13. 211, 084 49

CAPITAL PAID UP    1,500,000 00

NET SIJRPLUS    5,299.768 46

TOTAL   $20,010,852 95

GENERAL REVIEW.

History.— This company was organized May 6, 1863, and began writing fire insurance June 18, 1863. with $200,000 authorized capital, par value of stock $10 per share. During 1865 its capital was increased to $500,000. In 1867 it commenced writing marine insurance.

In 1871 its stockholders were assessed 50% to meet Chicago conflagration losses, in which the company paid more than its entire capital. In January, 1873, its capital was reduced from $500,000 to $300,000, to assist in meet-

ing losses sustained in the Boston, Mass., conflagration of November, 1872. The par value of its stock was increased to $100 per share, and provision was made for increasing the capital to $1,000,000. In 1880 the paid-in capital was increased to $750.000, and in 1886 to $1,000.000, and $75,000 surplus was also paid in. In January, 1907, the capital was increased from $1,000,000 to $1,600,000, and during 1909 was reduced to $1,500,000, the difference being transferred to surplus.

The company lost an immense sum in the San Francisco