BEST'S INSURANCE REPORTS—FIRE AND MARINE.   247

MERCHANTS FIRE INSURANCE COMPANY OF INDIANA— Contsnued.

GENERAL REVIEW.

History.—This company was incorporated under the law's of Indiana and began business September 6, 1917. Its authorized and subscribed capital is $100,000, all of which has been paid in. The stock, par value $50 per share, was sold at $62.50 per share, thus contributing $20,000 to the company's surplus in addition to the organization expenses, which were limited to 5% of the capital, or $5,000, as specified in the application for stock. The company ad-vises that the stock was voluntarily subscribed, and that no solicitors were employed.

_Management and Reputation.—The company was organized by R. B. Clark, who is secretary-manager of the Indiana Retail Merchants Association Mutual Fire Insurance Company. of Indianapolis (formerly of Anderson, Indiana), with which company he has been connected since it commenced business in 1907. The Merchants Fire and the Indiana Retail Merchants Association Mutual are under the same management, and are in the same office, dividing expenses equally.

In 1919 its loss ratio was very low and its expense ratio below the average. The company made a good underwriting profit. The volume of business transacted was conservative.

The investments are of good character, consisting of U. S. Liberty Bonds and Vigo county, Indiana, gravel road bonds.

Its statement as of December 31. 1919. was audited and approved by examination of the Indiana Insurance Department in January, 1920.

The company is in good repute with reference to its treatment of loss claimants.

Class of Business Written.— Fire insurance.

Dividends.— In 1919 it paid dividends of $5,000 to stock-holders and $1.860 to its policyholders.

Territory.— It is licensed in Indiana, New Jersey and Ohio.

Officers.— President, Frank Donner, Greencastle, Ind., retired capitalist: vice-president. T. H. Rulo, South Bend, grocer: secretary-treasurer, Ralph B. Clark, Indianapolis. insurance: assistant secretary and manager. Robert W. Clark, Indianapolis.

Directors.

Adamson, W. W., Terre Haute, merchant,

Brickley, E. T., Anderson. druggist.

Clark, R. B., Indianapolis.

Donner, Frank, Greencastle, president of company. Haughton, C. L.. Vincennes, retired merchant.

Levi. S. V., Evansville, merchant.

McKiernan, T. J., Ft. Wayne, merchant.

Rubs, L. H.. South Bend, grocer.

Smock. W. V., Frankfort, furniture dealer.

Stockholders' Annual Meeting.— Second Tuesday in January.

INCOME, 1919.

TOTAL DISBURSEMENTS    $31.856 89 Ratios to Premiums Written.—Losses paid, 14.5%; incurred. 13.6%: underwriting expenses, 32.9%; underwriting profit, 29.0%.

Ratios to Premiums Earned.—Losses incurred. 17.9%; expenses incurred. 43.4%; underwriting profit, 38.3%. .Miscellaneous, 1919.— Net losses incurred, $7,162.04; net risks in force December 31, 1919, $4,074,787.83: net premiums in force, $50,446.22.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $39.991.88: loss from underwriting profit and loss items. $177.50; total. $39,814.38.

Losses incurred during 1919, $7.162.04: underwriting expenses incurred during 1919, $17,344.57; total, $24.506.61. Gain from underwriting during 1919. $15,307.77. Investment Exhibit, 1919.— Interest. etc.. earned during 1919. $4,804.26; profit on investments during 1919, $362.01: total. $5,166.27.

Gain from investments during 1919, $5166.27.

ME UCIIANTS' FIRE INSURANCE CO'MPANY,
86 Adelaide Street, East, Toronto, Canada.

GENERAL REVIEW.

History.— This company began business in January, 1898. It was incorporated under the laws of the Province of On-

tario, with an authorized capital of $500,000, $380,000 of which was subscribed and $96.312.50 paid in on December 31, 1908. It lost heavily in the Toronto conflagration in