BEST'S INSURANCE REPORTS—FIRE AND MARINE.   243

MERCANTILE INSURANCE COMPANY OF AMERICA —Continued.

Ratios to Premiums Written.— Losses paid, fire, etc., 38.8% ; marine, 72.0%; incurred, fire, etc., 35.6%; marine, 78.7%: underwriting expenses, 42.4%; underwriting profit, 7.8%.

Ratios to Premiums Earned.—Losses incurred, 45.8%; expenses incurred. 45.1%; underwriting profit, 8.3%.

Miscellaneous, 1919.—Net losses incurred, fire and miscellaneous, $517,012.42; marine and inland, $243,980.51; net risks in force December 31, 1919, fire and miscellaneous. $296.396.567; marine and inland, $15,549,790; net premiums in force, tire and miscellaneous. $2,282,615.01; marine and inland, $30.2,494.06.

Underwriting Exhibit, 1919.—Premiums earned during 1919, $1.661,074.45: loss from underwriting profit and loss items, $11,340.58: total, $1,649,733.87.

Losses incurred during 1919, $760,992 93: underwriting expenses incurred (luring 1919, $750,004.17; total, $1,510,-997.10.

Gain from underwriting during 1919, $138,736.77. Investment Exhibit, 1919.— Interest, etc., earned during 1919, $144,774.28: profit on investments during 1919, $49,-

302.20; total, $194,076.4S.

Loss on investments during 1919, $Z36,848.63; investment expenses incurred during 1919, $4,217.15; total, $241,-065.78.

Loss from investments during 1919, $46,989.30. This loss is more technical than actual.

Gain and Loss Exhibit, 1919.— Gains from underwriting, $138,736.77.

Losses: Investments, $46,989.30; other sources, $101.29; total, $47,090.59.

Surplus, December 31, 1918, $921,810.69; increase, $91,-646.1S; surplus, December 31, 1919, $1,013,456.87.

MERCHANTS AND SHIPPERS INSt'RANC'E CO_IIP \`Y. SO Beaver Street, New York City.

GENERAL REVIEW.

History.— This company was incorporated under the laws of New York State. and received its license to commence business on April 22, 1919, with a paid-in capital of $200,-000, and a surplus of $300,000. The par value of the stock is $100 per share.

This company, at a meeting of the board of directors. held on January 21, 1920, authorized an additional $200,000 capital. This new issue, par value $100 per share, will be sold at $250 per share, thus providing additional re-sources of $500,000; $200,000 will be carried to capital account and $300,000 to surplus account, so that after this is completed the capital will be $400.000, or double the original subscribed capital, and the surplus will be substantially increased. This will bring the total capital and surplus over $1,000,000. This new issue at $250 per share will be pro-rated among the present stockholders who avail themselves of the opportunity to subscribe. and it is expected that the increase will be subscribed and paid in within a short time.

Management and Reputation.—The company has substantial backing. the directors being men of prominent business connections, who owned as of December 31, 1919, at par value, $62,400 of the $200,000 capital stock.

Mather & Company, 51 Wall street, New York City, who have been in the general insurance business for a great many years, and who are in excellent standing, have charge

of the underwriting management.

The active direction of the company's affairs is largely in the hands of the secretary, Samuel L. Martin. It transacts marine insurance only.

It wrote during 1919 a conservative volume of business at a moderate expense and a low loss ratio for a young company.

It is licensed in New York State only.

In the above statement, reinsurance with two Pennsylvania mutual companies is taken into account, because the companies are entirely responsible, although not licensed in New York.

The officers are: First vice-president, Robert Binger (acting president) ; vice-presidents, L. J. Robertson and Sylvan Bier: secretary, Samuel L. Martin; treasurer, Julian B. Beaty.

D i.rectors.

Arnstein, Leo, J. H. Rossbach & Brothers, 55 Frankfort street. New York.

Binger, Robert, New Castle Leather Co.. 75 Cliff street, New York.

Beaty, Julian B., American Metal Company, Ltd., 61 Broadway, New York.

Bier, Sylvan, 79 Wall street, New York.

Crawford, William C., Hambleton & Co., 43 Exchange place. New York.