BEST'S INSURANCE REPORTS—FIRE AND MARINE.   171

HANOVER FIRE INSURANCE COMPANY,
34-36 Pine Street, New York, N. Y.

ADMITTED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)    $979, 300 00

Rents due and accrued    639 10

Loans on collateral security    155,661 00

Bonds and stocks owned (market value)    3,975,148 00

Interest due and accrued thereon    32, 890 66

Cash in banks and office    405, 106 07

Agents' balances not over three months due   740, 930 73

Other admitted assets    83.444 43

TOTAL ADMITTED ASSETS    $6,373,119 99

GENERAL REVIEW.

History.— This company began business in April, 1852, with a paid-in capital of $150,000. In 1857 the capital was increased to $200,000. and in 1864 to $400,000. In 1871 it was reduced from $400,000 to $200.000, and later in the same year was again increased to $400,000. In 1872 it was reduced to $250,000, and in 1873 increased to $400,-000. In 1875 it was increased to $500,000 by a stock dividend of $100,000. In 1880 it was increased to $1,000,000.

In 1906 the capital stock was reduced to $500.000, thus transferring $500,000 to surplus. and later in the same year the capital was restored to $1,000,000 by the issuance of $500,000 new stock at a premium of 50%, or $250,000, which was added to surplus account.

The par value of the stock is $50 per share.

This company guarantees policies entitled " Illinois Underwriters."

Management and Reputation.— The company is under experienced and reputable management. and bears an excellent reputation.

The volume of business written is large in proportion to the capital and surplus, but the liability is well distributed. The average loss ratio is normal. The expenses are some-what above the average.

Its directors are substantial and of high business standing. The company's stock is closely held, large blocks being owned by a comparatively few individuals. Its directors owned. at the end of 1919, $249,050, par value, of the $1,-000,000 capital stock then outstanding.

The company is in excellent repute concerning its general treatment of loss claims.

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

The real estate is the company's Home Office, a thirteen-story modern building, at Nos. 34 and 36 Pine street, New York City.

Affiliations.— Eastern Union, Western Union, Southeast-ern Underwriters Association, Board of Fire Underwriters of the Pacific. Eastern Automobile Underwriters Conference, National Automobile Underwriters Conference,

New England Automobile Underwriters Conference, South-ern Automobile Underwriters Conference, Western Auto-mobile Underwriters Conference.

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

Dividends.— In recent years it has paid dividends as follows: 1905, 8%; 1906, 4%; 1907, 1908 and 1909, 10%; 1910, 15%; 1911, 19.5%; 1912 and 1913, 16%; 1914, 121,%: 1915 to 1919, inc., 10%.

Territory.— Licensed in all States and Territories except Ark., Guam, Hawaii, Nev., N. M., Philippine Islands, Porto Rico, S. C., Vt. and the Virgin Islands.

Officers.— President, R. Emory Warfield; vice-president, Fred A. Hubbard; secretary, E. S. Jarvis; assistant secretary, William Morrison.

Direetors.— Arnold, Benjamin Walvorth; Butler, William Allen; Carpenter, Frank P.; Clark, James E.; Clarke, Samuel J.; Cogan, Charles; Coleman, Horace C.; Darte, Frank G.: Hubbard, Fred A.; Ladd, Jr., Edward H.; Lan-don, Edward Hunter; Low, Joseph T.; Marling, Alfred E.; McCord. Joseph: Pardee, Israel P.; Pierrepont, Robert L.; Sanford, Henry G.: Shaw, Charles A.; Stickle, George W.; Straus, A. D.: Walcott, Arthur S.; Warfield, R. Emory; 1i arfield, S. Davies; Ziegler, W. H.

Stockholders' Annual Meeting.— Second Monday in January.

General Agents.

Western Department, Chas. W. Higley, Chicago, Ill. Pacific Coast Department, Selbaeh & Deans, San Francisco. Cal., general agents for Metropolitan district. Howie