its expense of operation has been moderate, although in 1918 and 1919 the expense ratio was above normal. In recent years the loss ratios were very low.
On December 31, 1919, the directors owned $24,000, par value, of the company's capital stock.
The volume of business transacted is conservative, and the company's loss paying record is excellent.
The securities owned consist mainly of local bank and industrial stocks, and United States Liberty Loan bonds. The company carries among its securities 162 shares of Southern Underwriters stock. The collateral loans are well secured.
Class of Business II ritten.— Fire insurance.
Territory.— It is licensed and operates only in North and South Carolina.
Dividends.— It has paid dividends of 7% each year from 1906 to 1915. In 1918 and 1919 a special stock and cash dividend was paid. See above, under "History."
Officers.—President and treasurer, A. W. McAlister; vice-president, A. M. Scales; secretary, C. A. Mebane; assistant secretary, W. L. Sharpe.
Davis. E. J., insurance, Greensboro, N. C.
McAlister. A. `'\-., insurance, Greensboro, N. C.
_Mebane, C. Al. insurance, Greensboro, N. C.
- _Mebane, R. automobile manufacturer, Greensboro,
Scales, A. _11., attorney, Greensboro, N. C.
Sherwood, T. D., merchant, Greensboro, N. C.
Sykes, A. J J. merchant, Greensboro, N. C.
Tanner, S. B.. cotton mill owner, Forest City, N. C. Tate, F. P., hanker. Morganton, N. C.
Vaughn, R. G., banker, Greensboro, N. C.
Stockholders' Annual Meeting.—Third Thursday in January.