228   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

LUMBERMEN'S INSURANCE COMPANY—Continued.

GENERAL REVIEW.

History.— This company was organized in December, 1873, with $125,000 paid-in capital and no surplus. In 1876 its capital was increased to $200,000 and in 1880 to $250,000. The par value of the stock is $25 per share.

Management and Reputation.— The company is well managed and has made excellent progress.

It is backed by substantial interests. The control of the company is not closely held. On December 31, 1919, the directors owned $43,550. par value, of the capital stock.

The company is in excellent repute concerning its treatment of loss claims. The volume of business transacted is very conservative. Its expenses of operation have been above the average, but its loss ratio has been very low.

Its investments are high grade and remunerative. Substantial dividends have been paid to stockholders.

The largest item of real estate is the company's Home Office at 427 Walnut street, Philadelphia, carried at $40,-000. The other items were acquired under foreclosure, and consist mainly of improved property in Philadelphia, and some western cities. The mortgage loans are nearly all small, and are well secured.

Affiliation.— Western Insurance Bureau.

Class of Business 1Pritten.—Fire insurance. Territory.—It is licensed in Colo., Ill., Mich., Minn., N. Y.. 0., Pa. and Wis.

Dividends.—In recent years it has paid dividends as follows: 1900 to 1905, inc., 10%; 1906 to 1908, inc., 12%; 1909, 14%; 1910, 16%; 1911 to 1915, inc., 18%; 1916 to 1919. 20%; total dividends paid since organization, $1,-153,000.

Officers.— President, Oliver H. Hill; vice-president, Isaac 4V. Roberts; secretary, Arthur H. Clevenger.

Directors.

Brown, J. Howard.

Dixon, Edwin S., attorney.

Gates, Jay, vice-president of The Penna. Co. for Insurance on Lives and Granting Annuities.

Haines, Wm. A., retired.

Hay, John, retired.

Hill. Oliver H., insurance.

IIoopes. Herman, surety.

Mcllvain, J. Gibson, lumber.

Roberts, Isaac W., real estate.

Watson, George J.

Whelen, T. Duncan.

Williams, David E., coal.

MADISON INSURANCE COMPANY OF INDIANA,
Indianapolis, Ind.

ADMITTED ASSETS, DECEMBER 31, 1919.   LIABILITIES, DECEMBER 31, 1919.

Mortgage loans on real estate    :$-1.590 14 Unearned premiums    

Interest due and accrued thereon   103 64 Accounts payable    

Loans on collateral security    100,000 00

Interest due and accrued thereon    2, 500 00   TOTAL LIABILITIES, except capital..   $846 22

Cash in banks and office    10, 594 63 CAPITAL PAID UP    100,000 00

Agents' balances not over three months due   825 39 NET SURPLUS, INCLUDING NOTES...   46.001 54

Bills receivable taken for fire risks   80 69

Interest on same    753 27

TOTAL CASH ASSETS    $119,447 76

NOTES TAKEN FOR SURPLUS    27,400 00

Stockholders' Annual Meeting.—Third Monday in January.

Western Managers.—Herrick & Auerbach, Chicago, Ill.

INCOME, 1919.

Gross premiums written    

Less reinsurance    

Less return premiums    

Total net premiums    

Deposit premiums on perpetual risks   

Interest, etc   

Other income    

TOTAL INCOME    $483.180 24

DISBURSEMENTS, 1919.

Net losses paid    8125,091 29

Underwriting expenses    171, 419 11

Dividends to stockholders    50.000 00

Other disbursements    31.420 25

TOTAL DISBURSEMENTS       $377,930 65

Ratios to Premiums Written.—Losses paid, 32.8%; incurred, 35.7%; underwriting expenses, 45.0%; underwriting loss, 3.4%.

Ratios to Premiums Earned.— Losses incurred, 44.7%; expenses incurred, 59.6%; underwriting loss, 4.2%.

Miscellaneous, 1919.—Net losses incurred, $136,250.84; net risks in force December 31, 1919, $87,400,542; net premiums in force, $786,999.65.

Underwriting Exhibit, 1919.—Premiums earned during 1919, $304,812.13; gain from underwriting profit and loss items, $35.05; total, $304,847.18.

Losses incurred during 1919, $136,250.84; underwriting expenses incurred during 1919, $181,569.11; total, $317,-819.95.

Loss from underwriting during 1919, $12,972.77. Investment Exhibit, 1919.— Interest, etc., earned during 1919, $99,595.82.

Loss on investments during 1919, $66,469.70: investment expenses incurred during 1919, $10,836.31; total. $77,306.01. Gain from investments during 1919, $2.2,289.81.

Gain and Loss Exhibit, 1919.— Gain from investments, $22,289.81.

Losses:   Underwriting, $12,972.77; dividends, $50,000:
total, $62,972.77.

Surplus, December 31, 1918, $1,253,611.04; decrease, $40,-682.96; surplus, December 31, 1919, $1,212,928.08.

$627, 453 36 156,106 84 90, 109 OS

$381, 237 44
4,509 81
97,318 99
114 00

$341 15 505 07

TOTAL ASSETS    $146, 847 76   TOTAL   $146. 847 76