242   BEST'S INSURANCE REPORTS — F11ZE AND MARINE.

MERCANTILE INSURANCE COMPANY OF AMERI('_1,
76 William Street, New York, N. Y.

ADMITTED ASSETS, DECEMBER 31, 1919.
Bonds and stocks owned (market value) ..   $3,07S, 698 00

Interest due and accrued thereon    41,353 75

Cash in banks and office    133,255 39

Agents' balances not over three months due.   387, 812 09 Reinsurance recoverable on paid losses — au-

thorized companies    14, 931 14

TOTAL ADMITTED ASSETS    $3,656,050 37

LIABILITIES. DECEMBER 31, 1919.

LOSSES: Adjusted, due, $21,278; in process of adjustment, $238,741.34; resisted, $900; total, $260,919.34; reinsurance, $81,-

001; net    $179,918 34

Unearned premiums: Fire and miscellaneous, $1,234,913.09; inland navigation,

$147,608.98; marine, $7,276.09; total   1,389,79S 16

Salaries, rents, etc   4,700 00

Estimated taxes hereafter payable    50, 677 00

Contingent commissions, etc   17, 500 00

TOTAL LIABILITIES, except capital   $1,642,593 50

CAPITAL PAID UP    1,000, 000 00

NET SURPLUS    1,013,456 87

TOTAL   $3,656,050 37

GENERAL REVIEW.

History.— This company is a continuation of the North British and Mercantile Insurance Company which was incorporated under the laws of New York, August 4, 1897, with $200,000 authorized capital (par value of shares $100 each). It began business October 1, 1897, with its capital fully paid, and $1,000,000 surplus. On November 1, 1915, the name was changed to the "Mercantile Insurance Company of America." It is controlled by the North British and Mercantile Insurance Company of London, England.

On November 1, 1915, the capital of the Mercantile Insurance Company was increased from $200,000 to $1,000,000 by the capitalization of $300,000 cash surplus, paid in by the stockholders years ago; by capitalizing $200,000 of earned surplus and by the payment in cash of $300,000 for 3,000 shares of new stock at par.

Management and Reputation.— This company is under the same management as the parent company, and has made excellent progress. The volume of business written is conservative. Its expense of management is moderate and its loss ratio is normal.

It is in excellent repute in the matter of loss settlements.

Its investments are of excellent character. The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.

Early in 1919 Mr. Cecil F. Shallcross, who formerly was United States attorney and manager of the Eastern department of the Royal Insurance Co., Ltd., of Liverpool. assumed the presidency of this company. He is also U. S. manager of the North British and Mercantile Insurance Company.

Affiliations.— Eastern Union, Western Union, Western Insurance Bureau, Southeastern Underwriters Association, Board of Fire Underwriters of the Pacific, Rocky Mountain Underwriters Association, Eastern Automobile Underwriters Conference, National Automobile Underwriters Conference, New England Automobile Underwriters Conference, Pacific Coast Automobile Underwriters Conference, Southern Automobile Underwriters Conference, Western Automobile Underwriters Conference.

Classes of Business Written.— Fire, marine, war risk, explosion, registered mail, tornado, automobile and sprinkler leakage.

Territory.— It is licensed in Ala., Cal., Colo., Conn., D. C., Fla., Ida., 111., Ind., Ia.. Kan., Ky., La., Me., Md., Mass., Mich., Minn., Miss.. Mo., Mont., Neb., N. H., N. J.; N. Y.. N. C., N. D., O., Okla., Ore., Pa., R. I.. S. C., Tenn., Tex.. Wash., W. Va. and Wis

Ditidends.— It paid a dividend of 6% in 1902, and 10% each year since; 1919, none.

Officers.— President, Cecil F. Sballcross; vice-presidents, W. P. Young; C. R. Perkins, W. S. Alley, E. T. Cairns and C. E. Case; secretary, R. P. Barbour,

Directors.

Iselin, Jr., Adrian. A. Iselin & Co , New York.

Juillard, F. A., A. D. Juillard & Co., New York. Hamilton, Wm. Pierson, J. P. Morgan & Co., New York. Berwind, Edward J., Berwind-White Coal Mining Co. Middlebrook, Frederic J., Middlebrook & Borland. Brown, Chas. S.. Brown & Wheelock Co.. New York. Sballcross, C. F., president of company.

Straus, Jesse Isidor, R. H. Macy & Co., New York. Barbour. R. P., secretary of company.

General Agent.— R. W. Osborn, San Francisco, Cal. Stockholders' Annual lfeeting.— Last Thursday in January. ,

INcouE, 1919.

Gross premiums written.. $2.974.035 95   $419, 702 34

Less reinsurance    840.912 14   6,281 20

Less return premiums..   679, 8,17 52   103, 591 89

Total net premiums.. $1.453.306 29   $309, 829 25

Interest, etc   138,961 13

Other income    2,000 00

TOTAL INOOME    $1,904,096 67

DISBURSEMENTS, 1919. Net losses paid:

Fire and miscellaneous    $563,474 02

Marine and inland    223.146 38

TOTAL   $786,620 40

Underwriting expenses    748,737 17

Other disbursements    241,127 26

TOTAL, DISBURSEMENTS    $1.776.484 83