BEST'S INSURANCE REPORTS —FIRE AND MARINE.   219

LIBERTY _MARINE INSURANCE COMPANY— Continued.

Gain and Loss Exhibit, 1919.-Gain from investments, $56,133.78.

Loss from underwriting, $104.999.85.

Surplus, December 31, 1918. $161,470.98; decrease, $48,-866.10; surplus. December 31, 1919, 8112,604.88.

expenses incurred during 1919. $158.409.15; total, $866,-703.92.

Loss from underwriting during 1919, $104.999.88.

Investment Exhibit, 1919.—Interest.. etc., earned during 1919. $54,150.44; profit on investments during 1919, $7.855; total. $62.005.44.

Loss on investments during 1919, $5,355; investment expenses incurred during 1919, $516.66; total, $5.871.66. Gain from investments during 1919. $56.133.78.

Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $468,539 03   $360.868 96

LINCOLN FIRE INSURANCE COMPANY,
201 Stahlman Street, Nashville, Tenn.

ADMITTED ASSETS, DECEMBER 31, 1918.

GENERAL REVIEW.

History.— This company was incorporated under the laws of Tennessee March 3, 1913, but the sale of stock was not actively begun until September, 1915. Its authorized and subscribed capital is $100.000, of which $36,760 was paid in on June 16. 1917, together with $15.504 surplus.

On December 31, 1917, the capital was $47,965 and the surplus $4.397.77. At the end of 1918 the paid-in capital was $61,280. and the surplus $1,050.71. The par value of the stock is $5 per share.

The stock was sold by the American Securities Company, of Nashville, Tenn., at $10 and $12.50 per share, and $3 pet share was available for organization expenses, which was consented to by the stockholders.

The company was licensed by the Tennessee Insurance Department on June 30th, and began business July 2. 1917. It transacts fire insurance on the industrial and ordinary plans.

Management and Reputation The company is too young to have established a record. Its operations in 1918 resulted in an underwriting loss of $28.290, and the surplus was reduced in that year to $1,050.71, as shown above. Its expense ratio was very high.

The president, B. B. Coffey, is vice-president of the Compton-Johnson Publishing Company, Chicago, Ill. He is Southern manager of that company, and was formerly president and general manager of the Southwestern Publishing Company, of Nashville. He is also president of the American Securities Co., Inc.

The first vice-president and underwriting manager is H. S. Dortch. The company gives his insurance experience as follows: He has been engaged for fourteen years in fire, life and accident insurance, one year in industrial life and accident business in Nashville, two years as fire insurance solicitor in Jackson and Nashville, for two years was as-

LIABILITIES, DECEMBER 31, 1918.

Unearned premiums    $9,101 91

Salaries, rents, etc    2,650 21

Estimated taxes hereafter payable   100 00

Due for borrowed money    2, 430 00

Other liabilities    650 00

TOTAL LIABILITIES, except capital   $14, 932 12

CAPITAL PAID IN    61.280 00

NET SURPLUS    1,050 71

TOTAL   $77, 262 83

sociated with a fire insurance agency in Gulfport. Miss., and in charge of a fire insurance agency in Gulfport for three years. He was in the life insurance business in Mississippi and Louisiana for one year, and in the fire, life and accident business in Nashville for about two years. He is vice-president of the American Securities Co.. Inc.

The second vice-president is D. C. W. Brown. a physician of Nashville.

F. G. Langham. the secretary, has had eight years insurance experience as an agent in Nashville.

The treasurer and general counsel, M. S. Ross, is connected with the law firm of Pitts & McConnico.

On December 31. 1918, the directors owned $7,000, par value, of the capital stock then outstanding.

We have not been furnished schedules of the company's investments.

The company is writing business in Tennessee only. It advised us that the largest policy written is for $1,500, and that it does not accept risks in excess of that amount subject to any one fire. It does business direct and not through brokers.

Directors.

The directors, in addition to the above officers, are: M. S. Dickert. supt. Chattanooga Plow Co., Chattanooga, Tenn.; W. T. Eastes. Nashville. Tenn., an employee of the Post Office at Nashville; A. E. Spotswood. president and general manager of the Hay Market Milling Company, Nashville, Tenn.; Roy F. Williams, president of the Williams Printing Company, Nashville. Tenn.

Stockholders' Annual Meeting.— Second Wednesday in March.

Territory.— It is licensed in Tennessee only.

This company did not respond to our several requests for a statement as of December 31, 1919, and the above statement and general information is as of December 31, 1918.