BEST'S INSURANCE REPORTS—FIRE AND MARINE.   249

MERCHANTS INSURANCE

The company's loss paying reputation is excellent.

Classes of Business Written.— Marine and registered mail insurance.

Territory.— It is licensed only in Maine and St. John, N. B., Canada.

Dividends.— In recent years it has paid dividends as follows: 1900 to 1906, inclusive, 8%: 1907 to 1909, inclusive, 10%; 1910 to 1919, inclusive. 12%; and a stock dividend of $100,000.

Officers.- President and treasurer, Wm. B. Snow; vice-president. Arthur Chapin; secretary, H. S. Stewart. Directors.—   '

Adams. F. W., cashier Merchants National Bank, Bangor. Chapin. Arthur, wholesale grocer.

Cutler, Fred B., wholesale lumber merchant and manufacturer.

Dole. A. G., farmer.

Higgins, Walter S., lumber manufacturer.

Sargent, H. P., retired.

Singleton, J. F., insurance agent.

Snow, Wm. B., president.

Stewart, H. S., secretary.

Stockholders' Annual Meeting.—Third Wednesday in January.

INCOME, 1919.

Fire, etc.

Gross premiums written    

Less reinsurance    

Less return premiums    

Total net premiums..   .   

Interest, etc   

Other income    

TOTAL INCOME    

COMPANY—Continued. DISBURSEMENTS, 1919.

Net losses paid    $191,617 69

Underwriting expenses    61, 639 30

Dividends to stockholders    24,000 00

Other disbursements    3,160 61

TOTAL DISBURSEMENTS    $250,417 60

Ratios to Premiums Written.— Losses paid, 90.3%; incurred, 77.8%; underwriting expenses, 29.1%a; underwriting loss, 10.2%.

Ratios to Premiums Earned.— Losses incurred, 81.1%; expenses incurred, 29.5%; underwriting loss, 10.6%. Miscellaneous, 1919.— Net losses incurred, $165,061.88; net risks in force December 31, 1919, $2,599,380; net premiums in force, $107,881.94.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $203,544.57; gain from underwriting profit and loss items, $24.91; total, $203,569.48.

Losses incurred during 1919, $165,061.88; underwriting expenses incurred during 1919, $60,139.30; total, $225.-201.18.

Loss from underwriting during 1919, $21,631.70.

Investment Exhibit, 1919.—Interest, etc., earned during 1919. $21,167.24; profit on investments during 1919, $346: total, $21,513.24.

Loss on investments during 1919, $10,555.50; investment expenses incurred during 1919, $500.61; total, $11,056.11. Gain from investments during 1919, $10,457.13.

Gain and Loss Exhibit, 1919.— Gain from investments, $10,457.13.

Losses: Underwriting, $21,631.70; dividends, $24,000; total, $45.631.70.

Surplus, December 31, 1918, $116,065.35; decrease, $35,-174 57: surplus, December 31, 1919, $80,890.78.

Marine

and Inland. $265,964 31

31,368 88

22, 574 54

$212,020 89
21,253 91
370 91

$233,645 71

METROPOLITAN-HIBERN IA FIRE IN ST'RAY('E COMPANY,
175 West Jackson Blvd., Chicago, Ill.

ADMITTED ASSETS, DECEMBER 31, 1919.

Mortgage loans on real estate    $17. 300 00

Interest due and accrued thereon    410 94

Bonds and stocks owned (market value) ..   352,440 00

Interest due and accrued thereon    5.760 66

Cash in banks and office    21, 860 93

Agents' balances not over three months due   25.043 96

TOTAL ADMITTED ASSETS    $422. 816 54

LIABILITIES, DECEMBER 31, 1919. TOSSES: Adjusted, not due, $5,494.72; in process of adjustment, $10,766; resisted, $3,000; total, $19.260.72; reinsurance,

$351,873; net   $15,741 99

Unearned premiums    149,052 86

Dividends to stockholders unpaid   74 00

TOTAL LIABILITIES, except capital   $164. 868 85

CAPITAL PAID UP    200, 000 00

NET SURPLUS    57,947 69

TOTAL   $422, 816 54

GENERAL REVIEW.

History.— This company is the result of a merger, con-summated early in 1919, of the Metropolitan Fire Insurance Company and the Hibernia Fire Insurance Company, both of Chicago, Illinois.

The Metropolitan Fire Insurance Company began business in 1903 with an authorized, subscribed and paid-in capital of $100,000 and a surplus of $25.000. It subsequently increased its capital to $200,000 and afterwards reduced it and at the time of the merger it had a capitalization of $100,000. It was organized by John Naghten &

Company, which practically controlled the company and which acted as its general agent.

John Naghten & Company also organized and were general agent for the Hibernia Fire Insurance Company, which began business in 1916 with $100,000 capital and $49,-341.75 surplus.

The par value of the stock of the merged company is $10 per share.

As of December 31, 1918, the Metropolitan Fire Insurance Company had total admitted assets of $222,575.56; capital paid in, $100,000; net surplus. $23,135.61. The Hibernia