350   BEST'S' INSURANCE REPORTS   FIRE AND :MARINE.

I'H(ENIN INSURANCE

1919, $1,040.905.33; profit on investments during 1919, $233,969.64; total, $1,274,874.97.

Loss on investments during 1919, $490,954.35; investment expenses incurred during 1919, $61,296.35; total, $552,280.73.

tiain from investments during 1919. $722,594.24.

Gain and Loss Exhibit, 1919.—Gains: Underwriting, $1,172,159.50; investments, $722,594.24; other sources, $145,721.54 (including stockholders tax of $86.417) ; total, $2,040,475.28.

Loss from dividends, $806.417.

Surplus, December 31, 1918, $7,506,412.32; increase. $1.-234,058.28; surplus, December 31, 1919, $5.740.470.60.

COMPANY —Continued.

   Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $662,343 83   $398,243 S2

Tourists' baggage    177 00    

Registered mail    1, 555 89   63 48

Windstorm and tornado   292,533 51   52,643 27

Hail   234, 030 93   103,889 42

Sprinkler leakage    18, 314 23   3,894 78

Explosion   2, 235 58   480 32

Earthquake   6 78   13

War risk (other than marine)   2,553 SS

PIEDMONT FIRE INSURANCE COMPANY,
South Tryon Street, Charlotte, N. C.

ADMITTED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)    $75, 000 00

Mortgage loans on real estate    286,803 00

Loans on collateral security    146, 774 00

Cash in banks and office    34,021 85

Agents' balances not over three months due   42,765 36

Liberty Bonds    100,000 00

War Stamps    846 00

$7, 781 29 190,277 06

TOTAL LIABILITIES, except capital   $198,05S 35

CAPITAL I'AlD UP    100, 000 00

NET SURPLUS    388, 156 86

LIABILITIES, DECEMBER 31, 1919.

Unpaid losses    

Unearned premiums    

TOTAL ADMITTED ASSETS     $686.215 21   TOTAL    $686.215 21

GENERAL REVIEW.

History.— This company began business in 1895 as the Carolina Mutual Fire Insurance Company. In 1896 it was reorganized as a stock company with $50,000 capital, and the present title was adopted. During 1909 its capital was increased from $50,000 to $100,000.

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

Management and Reputation.—The company is small but is very well managed, and is making steady progress, its underwriting each year being profitable. The bulk of the companys stock is held by the directors, who at the end of 1919 owned $84,400, par value.

Its loss paying record is excellent. The volume of business written is conservative, and its operating expenses are very low. Its average loss ratio is normal, and in recent years has been low.

The chief item of real estate is the company's Home Office, a four and one-half story brick building on the principal business street of Charlotte.

The mortgage loans are secured by improved property in North Carolina. and the collateral loans are secured by local bank and industrial stocks. and by personal notes.

Affiliation.— Southeastern Underwriters Association.

Class of Business Written.— Fire insurance.

Territory.— It is licensed in North Carolina only.

Dividends.— In recent years it has paid dividends as follows: 1902 and 1903, 10%; 1905, 6%; 1906, 7%; 1907, 8% : 1908 and 1909, 8%: 1910, 6%; 1911 and 1912, 8%; 1913-1917, inc., 10%: 1915 and 1919, 154% total dividends paid since organization, $130,500.

Officers.— President, Henry M. McAden; vice-president, B. D. Heath ; secretary, A. L. Smith: manager. Eug. H. Chisholm.

Directors.

Anthony, J. T., manufacturer, Charlotte, N. C.

Belle, Vii'. H., president Belk Bros., chain of department stores, Charlotte, N. C.

Chisholm, Eug. H., manager of company.

Heath, B. D., vice-president of company, manufacturer and dealer in cotton.

MeAden, Henry M., president of company; also president of First National Bank, Charlotte, N. C., and of Me-Aden _Mills, McAdenville, N. C.

Smith, A. L., secretary of company, manufacturer and dealer in cotton.

Valaer, C., manufacturer and president of Valaer Bottling Works, Charlotte, N. C.

Stock-holders' Annual Meeting.—Last Thursday in January.

INCOME, 1919.

Gross premiums written    $325, 919 SS

Less reinsurance    116,231 59

Less return premiums    43, 047 00

Total net premiums    $le6.641 29

Interest, etc   ~d.486 45

Other income    42.172 05

TOTAL INCOME    $244.299 79

DISBURSEMENTS, 1919.

Net losses pain   $51.792 06

Underwriting expenses    45.774 54

Dividends to stockholders    15,000 00

Other disbursements   58,883 11

TOTAL DISBURSEMENTS       $171.449 71

Ratios to Premiums ICritten.—Losses paid. 31.1%; incurred, 319%; underwriting expenses, 27.5%; underwriting profit, 23.8%.