262   BEST'S INSURAN('E REPORTS — FI ItE AND MAIZI NE.

NATIONAL AMEE:RICAN FIRE INSURANCE COMPANY —Continued.

Misko, Frank, capitalist, Ord, Neb.

Johnson, Alfred J., bank director and tell, Neb.

Stockholders' Annual Meeting.— First ruary.

Directors.

Ahmanson, AV. H., president of company.

Wilcox, William L., vice-president of company.

Smith, W. A., vice-president of company, capitalist, president of the State Savings Bank, Missouri Valley, Iowa; vice-president of the Mondamin Savings Bank, Mondamin, Iowa.

Foster, James E., secretary and treasurer of company,

Omaha, Nebraska.

Tyson, N. H., president of the Bank Nebraska.

Goodman, E. R., president of the Buckley Trust Co., North Platte, Neb. Achtemeier, F. C., vice-president of Jansen, Jansen, Neb.

Jones, H. H., vice-president of Brinn & Jensen Co., whole-sale paper and notions, Omaha, Neb.

Wentz, C. W., vice-president American State Bank, Aurora, Neb.

Dunham. C. L., retired president of Farmers State Bank, Eustis, Neb.: director of Phelps County State Bank, Holdrege, Neb.; vice-president Farnam State Bank, Farnam, Neb.

Barta, Dr. Frank, bank director and physician, Ord, Neb. Hathorn. Dr. J. E., president of State Bank of Bartley, Bartley, Neb.

Baker, F. O., president Bushnell State Bank, Bushnell, Neb.

Lydick, Samuel J., vice-president of Citizens State Bank, Lyons, Neb., and member of Advisory Board of the Skinner Packing Company.

Hueftle, G. C., president of Farmers State Bank, Eustis, Neb.

Smith, J. F.. insurance and real estate broker, Eustis, Neb.

Bovee, Leo M., capitalist, Craig, Neb.

Poynter, D. J., capitalist, Albion, Neb.

Harrison, G. J., grain dealer, Seward, Neb.

Brinkerhoff, C. L., farming and stock raising, Mt. Clare. Neb.

stock raiser, Ax-Monday in Feb-

INCOME, 1919.

Gross premiums written    $26, 540 84

Less reinsurance   119 00

Total net premiums    $26,421 S4

Commission on reinsurance    29 75

Interest, etc   3,963 68

Capital by notes    372,150 00

Premium on stock sales    671.635 80

Borrowed money   154, 949 25

TOTAL INCOME    $1,229.150 32

DISBURSEMENTS, 1919.

Net losses paid    $1,210 26

Underwriting expenses    23,306 93

Interest on borrowed money    5,869 75

TOTAL DISBURSEMENTS    $30,356 94

Ratios to Premiums Written.— Losses paid, 4.6%; incurred. 4.6Y: underwriting expenses, 88.2%; underwriting loss, 77.6%.

Ratios to Premiums Earned.— Losses incurred, 10.4%; expenses incurred, 266.8%; underwriting loss, 177.0%. Miscellaneous, 1919.—Net risks in force December 31, 1919, $1,827,413; net premiums in force, $19,464.02.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $11,577.13; gain from underwriting profit and loss items, $29.75; total. $11,606.88.

Losses incurred during 1919, $1,210.26; underwriting expenses incurred during 1919, $30,891.63; total, $32,101.89. Loss from underwriting during 1919, $20,495.01. Investment Exhibit, 1919.— Interest, etc., earned during 1919, $16,625.06.

of Benson, Benson, firm of Goodman-the State Bank of

NATIONAL AUTOMOBILE INSURANCE COMPANY.
Wilkinson Bldg., Lincoln, Neb.

ADMITTED ASSETS, DECEMBER 31, 1919.

Mortgage loans on real estate    $137.700 00

Bonds owned    40,066 12

Interest accrued    2,693 92

Deposits in banks    9.290 31

Premiums in course of collection    48, 145 68

Other admitted assets    17,900 80

TOTAL ADMITTED ASSETS    $255, 796 83

GENERAL REVIEW.

History.— This company was incorporated under the laws of Nebraska in May, 1916, and began business January 3, 1917, with $250,000 subscribed capital, of which $100,000 was paid in cash, together with $25,000 surplus. The par value of the stock is $50 per share. There were no pro-

motion expenses, which is very commendable. The gross assets of the company have increased from $125,000 at the time of commencing business to $250,000 at the close of 1919.

Management and Reputation.— The company's affairs are