BEST'S INS LR ANC'E REPORTS-FIRE AND MARINE.   z0 7

1O\\A MANUFACTURERS' INSURANCE COMPANY— Continued.

of New Haven, Conn.

Northey, N., president Northey Mfg. Co., Waterloo, Ia. Palmer, Robert, Dun's Commercial Agency, Cedar Rapids, la.

Paterson, Robert, president Iowa Paint Mfg. Co., Fort Dodge, la.

Pickett, C. E., attorney, Waterloo, Ia.

Sinclair, Robert S., T. M. Sinclair Packing Co., Cedar Rapids. Ia.

Sullivan, J. T., attorney and banking interests.

Turney, D,, member of Joel Turney & Co., Fairfield, Ia.

Weis, Henry, manufacturer, Waterloo, Ia. tStoekholders' Annual Meeting.— Second

January.

GENERAL REVIEW.

History.—This company vvas incorporated under the laws of Iowa July 31, 1903, and commenced business January 17, 1906, with $100,000 authorized capital, all of which was subscribed, and $25,000 paid in. During 1906 $10,000 surplus was paid in. During 1909 the balance of its capital, which had been represented by stockholders' notes, was paid in, with $40,000 additional surplus. 'The par value of the company's stock is $100 a share.

Its reinsurance reserve is figured on the 40% basis, as permitted by the Iowa law, and this must be considered when comparing its statement with those of other companies whieh figure the reserve on the much higher basis required in other States.

Management and Reputation.—'1' he directors are reputable Iowa business men, and the company, though small, is in good standing. The directors control the company, owning on December 31, 1919, $68,100, par value, of the capital stock. Its secretary has been in the insurance business for many years.

The company o rites a full volume of business in proportion to its capital and surplus. Its underwriting operations up to the end of 1917 were unprofitable, but a small under-writing profit was made in 1918 and 1919. In 1919 the

surplus was increased $13,556.

Its expenses of operation are high, but normal.

It has a good loss paying reputation.

Its investments are of good character.

which consists of a Home Office site, is carried at $20,000, and the company states that the appraised value is $30,000. The company has not yet moved into its new quarters, having a long time lease on its present quarters, but it advised us that it is receiving revenue from its real estate investment. The mortgage loans are secured by Iowa farm lands valued at over three times the amount loaned.

Classes of Business Written.— Fire, tornado and automobile insurance.

Territory,—It is licensed in Iowa only.

Dfv4tl nds.— It paid a dividend of $1,500 in 1910 and $3.000 in 1911. In 1919 it paid a dividend of $6,000.

Officers.—President, W. W. Marsh: vice-presidents, Geo. N. Garrettson and Robert Palmer: treasurer, A. H. Holt; secretary, Hermann Miller.

Directors.

Bauch. J. C., special agent of company, Des Moines, Ia. Copley, I. M. insurance, Waterloo, Ia.

G:lrrettson. Geo. N., president Iowa State Bank, Water-loo. Ia.

Headford. A. H„ Headford Bros. S. Hitchins, Waterloo, Ia. Holt. A. H., retired capitalist, Waterloo, Ia.

Kingsley. M. H., capitalist, Waterloo. Ia.

Lichty. Geo. E., president Smith, Lichty, Hillman Co., wholesale grocers, Waterloo, Iowa.

Louden. Wm.. president Louden _Machil}ery Co., Fairfield, iowa.

Marsh. W. W., president Iowa Dairy Separator Co. Miller. Carl, insurance adjuster.

Miller. Hermann, secretary of company.

Myers, II. V., state agent of Security Insurance Company,

INCOME, 1919.

TOTAL DISBURSEMENTS    $147.710 72

Ratios to Premiums Written.— Losses paid, 36.3%; incurred. 36.1%: underwriting expenses, 50.3%; underwriting profit. 4

Ratios to Premiums Earned.—Losses incurred, 39.6%; expenses incurred, 55 4%; underwriting profit. 5.1%. Miscellaneous, 1919.—Net losses incurred, $59,015.73; net premiums in force, $327,717.16.

Uimcicrrrriting Exhibit, 1919.— Premiums earned during 1919, $148,872.82; gain from underwriting profit and loss items. $292; total. $149,164.82.

Losses incurred during 1919, $59,015.73: underwriting expenses incurred during 1919, $82.538.44; total, $141,-554.17.

Gain from underwriting during 1919, $7,610.65. Investment Exhibit, 1919.—Interest, etc., earned during 1919. $12,021.14.

Investment expenses incurred during 1919, $75.45. Gain from investments during 1919. $11,945.69.

Gain and Loss Exhibit, 1919.— Gains:   Underwriting,
$.610.65: investments. $11.945.69; total. $19,556.34. Loss from dividends, $6.000.

Surplus. December 31, 1918, $36,648.65; increase, $13,-556.34: surplus. December 31. 1919, $50,204.99.

Net Prer limns   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $5.119 92   $79 37

Windstorm and tornado....   23.982 68   1.094 68

the loss ratio is The real estate.

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