244   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

MERCHANTS AND SHIPPERS INSURANCE COMPANY —Continued.

Frank. Alfred, Rose & Frank Company, 150-154 \\. 22d street. New York.

Galland. Israel, Federal Snap Fastener Corp., 25 \V. 31st street, New York.

Goldman, Samuel P.. Goldman & Unger, 120 Bro_Idway, New York.

Mather, Charles E., Mather & Company, 49 Wall street, New York.

Lorsch, Edwin S.. Sussfield, Lorsch & Co., 90 Maiden Lane, New York.

Robertson. Louis J., L. F. Robertson & Sons, 41 Spruce street, New York.

Stein, Enrico N.. Abe Stein & Company, 97 Gold street, New York.

INCOME. 1919.

DISBURSEMENTS, 1919.

Net losses paid    $4, 432 20

Underwriting expenses    42,398 57

Other disbursements    844 20

TOTAL DISBURSEMENTS    $47,674 97

Ratios to Premiums IVritten.— Losses paid, 7.8%; incurred, 64.6% ; underwriting expenses, 74.6%; underwriting loss. 59.4%.

Ratios to Premiums Earned.—Losses incurred. 80.8%; expenses incurred, 93.6%; underwriting loss, 74.5%.

Miscellaneous, 1919.— Net risks in force December 31, 1919, $11.319.284: net premiums in force, $32,434.05.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $45,271.65.

Losses incurred (luring 1919, $36,019.93; underwriting expenses incurred during 1919, $42,398.57; total, $79,018.50.

Loss from underwriting during 1919, $33,746.85.

Investment Exhibit, 1919.— Interest, etc., earned (luring 1919, $16,218.50: profit on investments during 1919, $1,-379.87; total, $17,598.37..

Loss on investments during 1919, $300; investment expenses incurred during 1919, $544.20; total, $844.20. Gain from investments during 1919. $16.754.17.

MERCHANTS' FIRE ASSURANCE CORPORATION,
45 John Street, New York, N. Y.

ADMITTED ASSETS, DECEMBER 31, 1919.

Mortgage loans on real estate    $383,500 00

Interest due and accrued thereon    4,262 50

Bonds and stocks owned (market value)   2,343,320 00

Interest due and accrued thereon    13,664 56

Cash in banks and office    80,232 07

Agents' balances not over three months due   247. 453 01

Reinsurance due on paid losses    33.135 00

Other admitted assets   146 67

TOTAL ADMITTED ASSETS    $3,105.713 Si

LIABILITIES, DECEMBER 31, 1919.

LOSSES: Adjusted, due, $13,231; not due, $3,550: in process of adjustment, $311,-542; resisted, $19,000; total, $347,323;

reinsurance, $52.893; net    $294,430 00

Unearned premiums: Fire and miscellaneous, $929,135.78: inland navigation, $89,-

927 77: marine. $14,309.42; total    1, 033, 372 97

Other liabilities    300, 000 00

TOTAL LIABILITIES, except capital   $1,627,802 97

CAPITAL PAID U1'    400,000 00

NET SURPLUS    1,077,910 84

TOTAL   $3.105,713 81

GENERAL REVIEW.

History.— This company was incorporated under the laws of New York in February, 1910, with e200.090 authorized capital. It began business March 1, 1910, with its capital all paid in and a surplus of $300,000. In January, 1916. the capital was increased to $400,000; the new stock was divided equally into common and preferred. The common stock was offered to the stockholders at par, and the preferred stock was issued as 7% accumulative and offered pro rata to the stockholders at $105 per share.

The company was organized by E. L. Ballard, its president, formerly vice-president of the Continental Insurance Company of New York.

The par value of the stock is $100 per share.

Management and Reputation.— The company is well managed and has made good progress. It has made an underwriting profit each year for the past nine years.

The volume of business written is conservative. The company's management expenses are moderate, and its average loss ratio is normal.

The company is controlled by prominent business men and

financiers, its control being in a comparatively few hands. On December 31, 1919. the directors owned $217.500, par value. of its $400,000 capital stock.

It is in excellent repute in the matter of loss settlements. The mortgage loans are secured by improved property in New York and Brooklyn.

The securities owned are high grade. The security valuations used in this statement are those of actual market values as of December 31, 1919.

Classes of Business lVritten.— Fire, inland and ocean marine, war risk, hail, tornado, sprinkler leakage, automobile (including collision and property damage) and explosion insurance.

Territory.—It is licensed in Cal.. Colo., Conn.. D. C., Hawaii, Ill.. Ind , Ia., La., Md., Mass.. Mich., Minn.. Miss., Mo . Mont.. N. J., N. Y.. O.. Ore.. Pa.. Tex., Utah, Wash., Wis. and W. Va. It also operates in Canada in the Provinces of Alberta, British Columbia. Ontario and Saskatchewan:

Diri'dcads.—It paid dividends of 10% in 1912 and 1913; 12% in 1914. and 16''/c in 1915: 1916, 11.4%: 1917, 15%; 1918. 151/i%: in 1919, 1934%