238   BEST'S INSURANCE REPORTS   I'1 l;E AND _MARINE.

MASSACHUSETTS FIRE AND MARINE INSURANCE COMPANY—Continued.

Loss on investments during 1919, $1,414.02; investment   Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $508,170 68   $326,526 27

Tourists' baggage    750 7S   44 60

Registered mail    499 73   40 24

Explosion   -270 95

War risk   -491 86

expenses incurred during 1919, $1,876.50; total, •$3,290.82. Gain from investments during 1919, x70,055.52.

Gain and Loss Exhibit, 1919.—Gain from investments. $70,055.82.

Losses:   Underwriting, $20,376.88:   other sources, $150.61; dividends, $30.000; total, $50,527.49.

Surplus, December 31, 1918, $213.522.34; increase, $19,-528.33; surplus, December 31, 1919, $233,350.67.

MECHANICS AND TRADERS INSURANCE COMPANY,
144 Carondelet Street, New Orleans, La,

ADMIrrED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)    $23,500 00

Bonds and stocks owned (market value)   1,786,050 00

Interest due and accrued thereon    27,156 64

Cash in banks and office    144,356 85

Agents' balances not over three months due   262, 965 SO

Reinsurance due on losses paid    6,784 44

TOTAL ADMITTEll ASSETS    $2. 250, 813 73

LIABILITIES, DECEMBER 31, 1919.

LOSSES: Adjusted, not due, $27,925.66; in process of adjustment, $185,309.33; resisted, $17,400; total, $230,634.99; rein-

surance, $143,864.74; net    $86,770 25

Unearned premiums    841,197 77

Salaries, rents, etc    2.500 00

Estimated taxes hereafter payable    52,000 00

Contingent commissions, etc    5,000 00

TOTAL LIABILITIES, except capital.   $987.468 02

CAPITAL PAID UP    300, 000 00

NET SURPLUS    963, 345 71

TOTAL   $2,250,813 73

GENERAL REVIEW.

History.— This company began business in November, 1809. In June, 1895, interests identified with the National Fire Insurance Company of Hartford secured control of the company, and have operated it since, the National acting as general agent of the company. Nearly all of the stock is owned by the Colonial Securities Company of Hartford, Conn., which is practically owned and controlled by the National Fire.

Management and Reputation-.—The company is under the same management as the National Fire Insurance Company of Hartford. a large and reputable institution. The volume of business written is conservative. Its expense of management is moderate, and its average loss ratio below normal.

It has greatly increased its writing in recent years and has added considerably to reserves for unearned premium liability.   In 1919 it increased its surplus $200,507.30.

The amount of stock owned by the directors on December 31, 1919, at par, was $71,000.

Its investments are of good character. The security valuations are those fixed by the Convention of Insurance Commissioners.

The real estate consists of a three-story brick office building at 144 Carondelet street, New Orleans, acquired in 1901.

The company's loss paying reputation is excellent.

Affiliations.— Eastern Union, Western Union, Southeast-ern Underwriters Association, Board of Fire Underwriters of the Pacific, Rocky Mountain Underwriters Association, Mainland Board of Fire Underwriters.

Classes of Business Written.— Fire, tornado. hail and sprinkler leakage insurance.

Territory.— Licensed in Ark., Cal., Colo., Conn., D. C., Fla , Ill.. Ind., Ia., Kan., Ky., La., Md., Mass.. Mich., Minn., Miss.. Mo.. Neb.. N. J.. N. Y., N. C., O.. Okla., Pa., R. I.. Tenn., Tex., Utah, Va., Wash., W. Va. and Wis. It also operates in British Columbia.

Dividends.— In recent years it has paid dividends as follows: 1909 and 1910, 6%; 1911-1914, inc., 4%; none since; total dividends paid since organization, $1,262,337.

Officers.— President, H. A. Smith; vice-presidents, R. L. Emery and S. T. Maxwell; secretaries. T. B. Norton and G. H. Tryon; assistant secretary, F. D. Layton; treasurer, R. L. Emery.

Directors.

Baldwin, J. P., lawyer, Baldwin & Cage, New Orleans, La. Casanas. B. C., merchant, president Merchants Coffee Co., New Orleans, l.a.

Cochran, Sam P., insurance. Trezevant & Cochran, Dallas, Texas.

Emery, R. L., insurance and capitalist, New Orleans, La. Godchaux, F. A., president California Rice Milling Co, New Orleans, La.

Grote, John. grocer, president A. M. & J. Solari, Ltd., New Orleans, T.a.

Kernaghan. VV. A., real estate. Kernaghan & Cordill, New Orleans, L.a.

_Maxwell, S. T., vice-president of company, insurance, Hartford, Conn.

Pratt, Geo. K., retired physician and capitalist, New Orleans, La.

Saunders, P. H., president Commercial Trust & Savings Bank, New Orleans, La.

Smith, H. A., president, Hartford, Conn.

Zunts,, Jas. E., attorney, director of Federal Reserve Bank and A. M. & J. Solari, Ltd., New Orleans, La.

Btocl.holders' Annual Meeting.—Third Thursday in February.

General Agents.

Eastern Department, National Fire of Hartford, Hart-ford, Conn.

Western Branch, G. H. Bell, manager, Chicago, Ill. Southwestern Branch, Trezevant & Cochran, Dallas. Tex, Pacific Coast Branch, W. 0. Wayman, general agent,