BEST'S INSURANCE REPORTS—FIRE AND MARINE.   239

_MECHANICS AND TRADERS INSURANCE COMPANY — Continued.

and F. E. Stone & M. H. Thomson. assistant general agents, San Francisco, Cal.

Home Office Department, R. L. Emery; vice-president, and T. B. Norton, secretary, New Orleans, La.

H. C. Hare & Co., Jacksonville, Fla., for Florida.

INCOME, 1919.

Gross premiums written    $2, 359. 186 38

Less reinsurance    590,577 96

Less return premiums    427, 475 78

Total net premiums    $1. 041, 132 64

Interest, etc   83. 836 22

tither income    364 97

TOTAL INCOME    $1,125.423 83

DISBURSEMENTS, 1919.

Net losses paid    $384,435 84

Underwriting expenses    425, 469 32

Other disbursements   4, 212 75

TOTAL DISBURSEMENTS    $814,117 91

Ratios to Premiums Written.— Losses paid. 36.9%; incurred. 39.0%: underwriting expenses, 40.8%; underwriting profit, 9.7%.

Ratios to Premiums Earned.—Losses incurred. 42.4 expenses incurred, 46.9%; underwriting profit, 10.6%.

Miscellaneous, 1919.-Net losses incurred. $405.738.57: net risks in force December 31, 1919, $161,575,953; net premiums in force, .$1.556,905.51.

Cade-writing Exhibit, 1919.—Premiums earned during 1919. $956.24422; loss from underwriting profit and loss items. $72.19; total, $956,172.03.

Losses incurred clueing 1919, $405.738.57: underwriting expenses incurred during 1919. $448.469.32: total. $854,-207.80.

Gain from underwriting during 1919, $101.964.14. Increstmeent Exhibit. 1919.—Interest, etc., earned during 1919, $85,371.48; profit on investments during 1919, $13,-515: total, $98,886.48.

Investment expenses incurred during 1919, $4,212.75. Gain from investments during 1919. $94,673.73.

Gain and Loss Exhibit, 1919.—Gains: Underwriting, $101.964.14; investments. $94.673.73; other sources, $3,-S69.43; total, $200,507.30.

Surplus, December 31, 1918, $762.S3&41; increase, $200,-507.30; surplus. December 31, 1919, $963,345.71.

Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Windstorm and tornado....   $34,139 60   $3.792 22

Hail   S0. 033 42   35,816 82

Sprinkler leakage   105 01   100 66

MECHANICS' INSURANCE COMPANY, 500-502 Walnut Street, Philadelphia, Pa.

ADMITTED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)    $98,000 00

Mortgage loans on real estate    82, 200 00

Interest due and accrued thereon    889 76

Bonds and stocks owned (market value) .   1.393. 25S 25

Interest due and accrued thereon    15 738 09

Cash in banks and office    151. 847 25

Agents' balances not over three months due   149, 204 29

Reinsurance due on losses paid    3,411 11

Other admitted assets   100 00

TOTAL ADMITTED ASSETS    $1, 894, 643 75

LIABILITIES. DECEMBER 31. 1919. LOSSES: Adjusted, not due, $21,698.04;

in process of adjustment, $122,486.21; re-

sisted. $18,500; total, $162.684.25: rein-

surance, $52.631.11; net    $110.053 14

Unearned premiums    908.561 65

Amount reclaimable on perpetual deposits   314. 474 89

Salaries, rents, etc   3, 000 00

Estimated taxes hereafter payable    22. 500 00

Contingent commissions, etc   5, 000 00

TOTAL LLABILITIES, except capital   $1. 363.589 68

CAPITAL PAID UP    250. 000 00

NET SURPLUS    281. 054 07

TOTAL   $1. 894, 043 75

GENERAL REVIEW.

[history.— This company began business May 4. 1854. Its paid-in capital is $250,000.

On January 3. 1916. control of the company- was purchased by the Firemen's Insurance Company of Ne:ark. N. J., which also controls the Girard Fire and Marine Insurance Company of Philadelphia. This company has been continued in business as a separate institution under the direction of the Firemen's Insurance Company.

At the annual meeting of the stockholders of this company, held on May 10, 1917. it was voted to increase the authorized capital to $1.000,000, and to amend the by-laws to permit the company to transact other branches of insurance in addition to fire. The company advised us on March 30. 1920. that paid-in capital stock had been in-creased from $250,000 to $600.000 and $385.000 had been contributed to surplus.   This gave the company as of

March 1, 1920.'assets, $2.618,751.57 and a net surplus of $655,161.89.

Besides its own policies it guarantees policies under the title " Insurance Exchange Underwriters."

Management and Reputation.— Except in 1919 when a gain of .$42,981.62 was made, the company's underwriting operations in recent years have not been profitable. In 1918 the company's business increased considerably. and the loss in that year was due to the increase in unearned premium liability.

The expenses in the past have been high, but in 1918 and 1919 the ratio was about normal. The loss ratio in recent years has been below the average.

It writes a large volume of business in proportion to its net resources.

Its investments are of good character. The security