248   BEST'S INSURANCE REPORTS   FIRE ANI) MARINE,.

MERCHANTS' FIRE INSURANCE COMPANY— Continued.

1904. and made a call upon the subscribed capital. Its paid-in capital was heavily impaired on December 31. 1908. and to offset this, that item was reduced one-half early in 1909, and the amount written off was credited to the reserve fund. The amount subscribed was also reduced by this tran-action, but has since increased to $300,000. The sub-scribed capital is considered a good asset in Canada.

During 1910 its paid-in capital was increased from $48.-812.50 to $75.000. During 1918. a stock dividend of $75,000 was declared, increasing the paid-in capital to $150.000.

The par value of the stock is $50 per share.

Management and Reputation.—The company is in good standing and is under reputable management. Its operations are confined to the Province of Ontario. It writes a full volume of business in proportion to its net cash resources.

Its expense of management was moderate and its loss ratio low in 1918 and 1919.

On December 31. 1919, the amount at risk was $69.-899.767, and there were 56,988 policies in force.

Its loss paying reputation is good.

The real estate owned is the company's own office, located at S6 Adelaide street. East, Toronto. The securities owned are of good character, consisting mainly of municipal debentures. The mortgage loans are secured by improved real estate.

The company has $111,500 deposited with the Ontario Insurance Department for the security of policyholders. Class of Busbies Written.— Fire insurance.

Territory.— It operates only in the Province of Ontario.

Dividends.— It has paid dividends of 10% each year since 1904. In 1918 it paid a 10% dividend on its capital of $75,000 and a stock dividend of $75,000.

Officers.— President, Ralph E. Gibson; first vice-president, major-general, G. Sterling Ryerson; second vice-president and general manager. J. H. C. Durham; assistant manager. Frederic P. Wythe.

Directors.

Gibson, Ralph E., Toronto, vice-president Conger Lehigh

Coal Co., Limited; president Gibson-McCormack-Irvin Co., Limited; director, Toronto Feed & Produce Co., Limited.

Ryerson, G. S., Major-General, Toronto, president Sterling Realty Corporation, Limited.

Durham. John II. C., Toronto. vice-president Sterling Realty Corporation, Limited.

Greene, R. H . Toronto. director Gutta Percha & Rubber, Limited; director Toronto Iron Works, Limited.

Corey. Bross P., Petrolia, H. Corey & Sons, oil producers; director Crown Savings & Loan Co., Limited: president Draper Manufacturing Co., Inc.; president J. 1;;. Scott Cup Co.. Inc.: director Detroit Valve & Fittings Co.. Inc.

Scott, J. W., Listowel. J. W. Scott & Son, pris-ate bankers; president British Mortgage Loan Co.. Limited: director Sterling Trusts Corporation, Limited: director Canada Bond Co.. Limited.

Stevens, Nathan II., Chatham, president Canada Flour Mills Co, Limited; director Sterling Trusts Corporation. Limited.

Dingman, W. S., Toronto. vice-chairman Ontario License Commission.

Durham, James R., M. D.. Warren, Pa.. director Sterling Realty Corporation, Limited.

Prendergast. William, Toronto. math, master. Normal School.

Bankers.— Royal Bank of Canada. Union Bank of Canada and Canada Permanent Mortgage Corporation.

INCOME, 1919.

MERCHANTS' INSURANCE COMP_1NY.
25 Broad Street, Bangor, Me.

laws of Maine in 1885 with $100,000 authorized capital. and began business in 1886. In 1917 the paid-in capital was increased to $200,000 through a stock dividend.

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

Management and Reputation.— The company writes marine insurance only. It transacts a conservative business, and is in good repute. On December 31, 1919, the

Its average loss ratio has been high and in 1919 was very high, so that it sustained a loss from underwriting of $21.631.70 in that year. Its expense of management is very moderate.

The bonds and stocks owned are of good character. Among its stocks it carries 72 shares of the Union Insurance Company of Bangor, Me.