256   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

Dividends paid, $187,500.

Surplus, December 31, 1918, $1,316,193.21; increase,

$125,345.75; surplus, December 31, 1919, $1,441,538.96.

Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.

Motor vehicles    $104,417 94

MINNEAPOLIS FIRE AND MARIE INSURANCE COMPAN 1",

_MILWAUKEE _MECHANICS INSURANCE COMPANY — Continued.

Tourists' baggage    

Registered mail     Windstorm and tornado....

Sprinkler leakage     Riot and civil commotion...

Incurred. $30,201 11

   6,864 80   3,867 62

   7,140 21   181 00

   101,764 98   32,148 72

   2,388 22   538 50

   17,934 00   274 3S

419-429 Second Avenue,

ADMITTED ASSETS, DECEMBER 31, 1919.

Mortgage loans on real estate    $209,600 00

Interest clue and accrued thereon    5,602 22

Bonds and stocks owned (market value)    502, 021 00

Interest due and accrued thereon    7.043 36

Cash in banks and office    183, 131 18

Agents' balances not over three months due   101, 046 16

Bills receivable taken for fire risks   252 11

Other admitted assets    2,151 67

TOTAL ADMITTED ASSETS    $1, 010, 847 70

South, Minneapolis, Minn.

LIABILITIES, DECEMBER 31, 1919.

Losses in process of adjustment, $89,444.25;

resisted, $2,750; total, $92,194.25; rein-

surance, $37,948; net    $54,246 25

Unearned premiums   571, 826 56

Salaries, rents, etc   3, 500 00,

Estimated taxes hereafter payable   50, 000 00

Contingent commissions, etc   7, 500 OU

TOTAL LIABILITIES, except capital   $687, 072 SI

CAPITAL PAID UP    200. 000 00

NET SURPLUS    123.774 89

TOTAL   $1,010,847 70

GENERAL REVIEW.

History.— This company began business July 1, 1902, as the Winona Fire Insurance Company, with $100,000 capital, and assumed risks of the Grain Dealers' Indemnity, an inter-insurance organization. During 1904 its capital was increased to $160,000, and in 1906 the company declared a stock dividend of $40,000, increasing the capital to $200,000. In March, 1911, its title was changed to the above.

During 1917 the stockholders paid in $51,815.18 to surplus account. The par value of the stock is $100 per share.

This company reinsured the business of the Globe Fire Insurance Co., Huron, S. D., as of July 17, 1916. Policies entitled " Globe Fire Underwriters Agency " (issued in N. D., S. D. and Mont.) are guaranteed by this company.

Management and Reputation.— Since late in 1917 the underwriting has been in charge of the secretary, Walter C. Leach, who is an experienced underwriter, having been formerly president of the Northwestern Fire and Marine Insurance Co. until that company was purchased by the Hartford.

The company is owned and controlled plainly by people identified with grain elevator interests in Minneapolis. On December 31, 1919, its directors owned $173,200, par value, of the $200,000 capital stock.

The company transacts a very large volume of business in proportion to its capital and surplus.

In recent years its underwriting has not shown a profit, due in part to the increase of the unearned premium liability, but in 1919 a small underwriting profit was made. Its loss ratio has been high in recent years, although in 1918 and 1919 improvement was shown in that item. The average expense ratio is about normal.

Its loss paying record is excellent.

The company's surplus was considerably reduced in 1918, and the company states that this was due largely to the increase of reserve and to the fact that, it set up $20,000 for unreported or unknown losses in connection with the _Minnesota conflagration of October, 1918. In 1919 the surplus was increased by $66.361.33.

Its investments are of good character. The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.

The mortgage loans are secured largely by improved farm property located in Minnesota and North and South Dakota.

Affiliations.— Western Union, Board of Fire Underwriters of the Pacific.

Classes of Business Written.—Fire, hail, registered mail and tornado insurance.

Territory.— It is licensed in Cal., Colo., Ill., Ia., Kan.. Md., Mass., Mich., Minn., Mo., Mont., Neb., N. J., N. Y., N. D., O., Okla., Ore., Pa., S. D., Tex., Wash. and Wis.

Dividends.— In 1905 it paid a dividend of 10%; in 1906. 10% in cash and a stock dividend of 25%, on $160,000 capital: 10% cash dividend each year since; total dividends paid since organization (stock), $40,000: (cash), $316,800.

Officers.— President, Fred C. Van Dusen; vice-president. J. D. McMillan; treasurer and secretary, Walter C. Leach; assistant secretary and treasurer. F. M. Merigold.

Directors.— (All of Minneapolis.)

Case, Chas. M., president Atlantic Elevator Co.

Crosby, John, president Washburn Crosby Co.

Douglas, H. F.. grain dealer.

Howe, P. L., president Imperial Elevator Co.

Leach. Walter C., secretary of company.

Mayfield. J. R., grain dealer.

McMillan, John D., president Osborne-McMillan Co. Sexton. Chas. W., general insurance.

Van Dusen, Fred C.. Van Dusen-Harrington, capitalist. 'Stockholders' Annual Meeting.— Second Wednesday in January.   -

General Agent.

J. F. Magee, San Francisco. for California, Oregon and Washington.

INCOME, 1919.
Gross premiums written    $2, 572, 223 95

   Less reinsurance    1,061.075 24