216   BEST'S INSURAN(''E REPORTS   FIRE AND MARINE.

LIBEIITY FIRE INSURANCE COMPANY—Continued.

stantial backing and is well managed. Its directors owned $40,200, par value, of its capital stock on December 31, 1919.

Its premium income is very small and entirely local. Its investment income is greater than the premium income. Good dividends have been paid stockholders and the surplus has steadily increased.

The company's high expense ratio is due to the small premium income referred to above. Its loss paying record is excellent, and its loss ratio is very low.

The mortgage loans are practically all secured by property in Jefferson county, Ky.. most of it being located in Louisville.

The security valuations in this statement are those based on the actual market values.

Class of Business TVritten.—Fire insurance. Dividends.— It has paid annual dividends of 6% from

1875 to 1919, inclusive: total dividends paid since January,

1873, stock, $100,000; cash, $518,000.

Territory.— It is licensed only in Kentucky.

Officers.— President, A. P. -Winkler; secretary, Frank R. llerhoff; assistant secretary. Jos. F. Laufer.

Directors.

Almstedt, Henry, Almstedt Bros.

Cook, Robt. N . vice-president Liberty Insurance Bank. Huhn, John 1:., vice-president Liberty Insurance Bank. Kopmeier, Geo.. president C. F. Vissman & Co.

Merhoff, Frank R., vice-president Liberty Insurance Bank. Peter, Edw. F., president Peter & Melchor Steam Stone Works.

Scholtz, Charles. president Joseph Denunzio Fruit Co., Inc.

Walbeck, Henry C.. chairman Board of Directors, Liberty Insurance Bank.

Wathen, O. H., president R. E. Wathen & Co.. Inc. Winkler, A. P.. vice-president P. Winkler's Sons and president Liberty Insurance Bank.

Stockholders' Annual Meeting.—First Monday in January.

INCOME, 1919.

Gross premiums written    $26.463 37

Less reinsurance    3.111 S6

Less return premiums    1.965 54

Total net premiums    $21.385 97

Interest, etc   30.953 23

TOTAL INCOME       $52.339 20
DISBURSEMENTS, 1919.

Net losses paid    $2,985 52

Underwriting expenses    18%666 2S

Dividends to stockholders    12.000 00

Investment expenses    7.944 15

TOTAL DISBURSEMENTS    $41.595 95

Ratios to Premiums lhritten.—losses paid, 14.0%: incurred. 14 0%; underwriting expenses. S7.3% : underwriting loss. 24.5%.

Ratios to Premiums Earned.—Losses incurred. 18 2%; expenses incurred, 113.7%: underwriting loss, 31.9%.

1[iscellaneous, 1919.—Net losses incurred, $2,985.52; net risks in force December 31. 1919, $4,427.981.78: net premiums in force, $57.594.84.

Underwriting Exhibit, 1919.—Premiums earned during 1919. $16,413.72.

Losses incurred (luring 1919, $2,985.52; underwriting expenses incurred during 1919, $18,666.28; total, $21,651.80.

Loss from underwriting during 1919. $5.238.08.

Investment Exhibit, 1919.— Interest, etc.. earned during 1919, $30,121.69; profit on investments during 1919, $1,-021.97: total, $31,143.66.

Investment expenses incurred during 1919, $7,944.15. Gain from investments during 1919, $23,199.51.

Gain and Loss Exhibit,. 1919.— Gain from investments, $23,199.51.

Losses:   Underwriting, $5,238.08; dividends. $12,000;
total, $17,238.08.

Surplus, December 31. 1918, $272,090.31; increase, $5,-961.43; surplus, December 31, 1919., $278,951.74.

LIBERTY FIRE INSURANCE COMPANY,
St. Louis, Mo.

ADMITTED ASSETS, DECEMBER 31, 1919.

GENERAL REVIEW.

History.—This company was incorporated under the laws of Missouri and received its license to commence business February 27, 1919.

It started with an authorized and paid-in capital of $200,000 and as of December 31, 1919, $247,021.47 had been contributed to surplus.

LIABILITIES, DECEMBER 31, 1919.

LOSSES: Adjusted, not due, $1,820.12; in process of adjustment, $23,190.8i; resisted. $700; total, .$25,710.99; reinsur-

ance, $2,250; net    $23.460 99

Unearned premiums    131.408 62

Salaries, rents. etc   1.589 29

Estimated taxes hereafter payable   6,797 02

TOTAL LIABILITII?S, except capital   $163.255 92

CAPITAL PAID UP    200,000 00

NET SURPLUS    210,488 28

TOTAL   $573. 744 20

The stock, par value $100 per share, was sold at $125 per share.

The company was organized by the Insurance Corporation of St. Louis, which acts as a holding concern. It was established for the purpose of organizing the Laclede National Fire Insurance Company, which changed its name to the Liberty Fire Insurance Company; and also a Trust