176   BEST'S INSURANCE REPORTS-FIRE ANI) _L-1R I N E.

HA\VKEVE SECURITIES FIRE INSURANCE COMPANY — Continued.

During 1919 it paid in additional capital and contz ibuted $366,414.16 to surplus account. As of December 31. 1919, it had a paid up capitalization of $859,650.

The stock, par value $100 per share, was sold at $200 per share.

The organization expenses amounted to $485.356.25. which is very high. The company stated that this expense included the establishing of an agency plant of about 200 agents in Iowa: also printing, stationery, fees. taxes and other such expenses.

The company was organized by R. S. Ilowell, its vice-president and secretary, who was formerly connected with the old Hawkeye Insurance Company, of Des Moines, which in 1910 was merged with the Des Moines Fire Insurance Company. This latter company reinsured its business in the Fireman's Fund Insurance Company, of San Francisco. in February, 1913.

Carr, Fred P., counsel, Des Moines, Ia. Cordes. Albert, capitalist, Osage, la. Dunn, E. G., counsel, Mason City, Ia. Fry, George \V., farmer. Vinton, la. Haning, E. G., Anderson, Ia.

McDaniels, Frank, farmer, AVoulstock, Ia. Manuel, Jas. L.. farmer, Britt. Ia.

Miller, George F., produce dealer, Dubuque, Ia. Murphy, H. J., _Marengo, la.

Neessen, Christ, banker, Wellsburg, la. Peterson, H. H., banker, Lowden, Ia. Reynolds, Lark, Swea City, Ia.

Sullivan, P. P., banker, Bridgewater, la. Wilkinson, L. P., farmer. Chelsea, la. Stockholders' Annual Meeting.— Second Monday

nary.

INCOME, 1919.

in Jan-

nected with the old Hawkeye Insurance Company. He later became assistant manager for five years of the Iowa department of the Fireman's Fund Insurance Company.

C. M. Garver, treasurer of the company. has been engagcd in the coal mining business in Des Moines for many years and is reported to have considerable means.

H. K. Miller, assistant secretary, was aleo with the old Hawkeye Insurance Co.. and later in the Chicago office of the Liverpool & London & Globe Insurance Co.

On December 31. 1919, the directors owned $71.875. par value, of the company's capital stock. All of the officers and directors are reported to be men of good standing and good business ability.

It is writing a moderate volume of business in proportion to its loss paying capacity and expense of operation has been moderate for a young company, and losses low. No complaints have come to us of treatment of loss claimants.

Classes of Business 1I'ritten.—Fire, automobile. hail end tornado insurance.

Territory.— The company is licensed in Cal.. Iowa. Kan.. Minn... Mont.. Neb.. N. Y.. N. D.. Okla.. S. D., Tenn. and Tex.

Officers.— President, H. R Howell: vice-presidents. H. C. Hargrove and W. S. Hazard, Jr.: vice-president and secretary, R. S. Howell: treasurer. C. M. Garver: assistant secretary, H. K. Miller.

Directors.

The directors are the above officers and

Baadte, P. J.. Sheldon, Ia.

Butler. H. S.. banker. Des Moines, Ia.

Ratios to Premiums Written.— Losses paid. 20.S%; incurred, 28.5%; underwriting expenses, 49.9%; underwriting loss. 2.7%.

Ratios to Premiums Earned.—Losses incurred. 35.3%; expenses incurred, 67.5% : underwriting• loss. 3.3%.

Jliscellaneous, 1919.— Net losses incurred, .$173.553.29: net risks in force Decemzb,'r :11. 1919, $12,930.825: net premiums in force, $173.501.51.

Undcru•ritina Exhibit, 1910. Premiums earned during 1919. $491.473.93: loss from underwriting profit and loss items. $2,590.08; total, $488,883 85.

Losses incurred during 1919, $ 173.533.29: underwriting expenses incurred during 1919, $331.664.84: total- $505.-218.13.

Loss from underwriting during 1919, $16,334.28. Investment Exhibit, 1919.—Interest. etc.. earned during 1919, $71,475.14.

Investment expenses incurred during 1919, $3.243.90. Gain from investments during 1919. $68.231.24.

Gain and Loss Exhibit, 1919.— Gains: Investments, $68,-231.24: surplus paid in. $366.414.36: total, $434.645 60. Loss from underwriting. $16.334.28.

Surplus, December 31, 1915. 828.7 84.51: increase. $418,-311.32: surplus, December 31, 1919, 8447.096.13.