BEST'S INSURANCE REPORTS — FIRE AND MARINE.   351

COMPANY Continued.

Gain from underwriting during 1919, $39,605.14. Investment Exhibit, 1919.- Interest, etc., earned during

1919, $56,612.35.

Investment expenses incurred during 1919, $37,836.96. Gain from investments during 1919, $18,775.39.

Gain and Loss Exhibit, 1919.— Gains: Underwriting, $39,605.14; investments. $18,775.39: total, $58.380.53. Loss from dividends, $15,000.

Surplus. December 31, 1918, $344,776.33; increase, $43, 380.53: surplus. December 31, 1919, $3S8,156.86.

PILOT FIRE 1N SURANCE COMPANY,
112 East Market Street, Greensboro, N. C.

PIEDMONT FIRE INSURANCE

Ratios to Premiums Earned.— Losses incurred, 38.3%; expenses incurred, 33.0%: underwriting profit. 28.6%.

Miscellaneous, 1919.— Net losses incurred. $53,120.90; net risks in force December 31, 1919, $14,162,578; net premiums in force, $363,474.05.

Underwriting Exhibit, 1919.— Premiums earned during 1919. $138.500.58.

Losses incurred during 1919, $53.1.20.90: undera thing expenses incurred during 1919, $45,774.54: total. $98.-895.44.

ADMITTED ASSETS, DECEMBER 31, 1919.

Mortgage loans on real estate    $85,000 12

Interest due and accrued thereon    1, 019 47

Loans on collateral security    61.000 00.

Interest due and accrued thereon    1,157 92

Bonds and stocks owned (market value)    170, 471 00

Interest due and accrued thereon   412 92

Cash in banks and office    23,910 OS

Agents' balances not over three mouths due   67, 110 03

TOTAL ADMITTED ASSETS    $410, 081 54

GENERAL REVIEW'.

11 istory. This company began business early in 1895 as the Southern Stock Mutual Insurance Company, but early in 1906 changed its title to the Southern Stock Fire Insurance Company. During 1919 the name was again changed and the present title adopted. It at first operated on the plan of charging tariff rates, paying dividends to policy-holders out of its profits. In December, 1901, rates having been reduced, it decided to charge the reduced rates and pay no dividends.

On January 1, 1906, the company increased its capital from $100.000, represented by stockholders' notes, to $200,-000. This was dune by converting the surplus of $70,000 into cash capital and by an additional payment of $30.000 by the stockholders. the notes of the guarantors remaining $100.000 as before. During 1909 $20.000 additional capital was paid in. During 191S, $120,000 of the surplus was distributed to the stockholders, retiring the guarantee capital of $100,000. The stockholders were given the option of taking cash or stock. In this way the capital w:as reduced in 1918 from $220,000 to $179,700, and in 1919 to $175,000. The surplus at the end of 1919 was $45,328.47.

The par value of the stock is $100 per share.

Management and Reputation.— The company is well managed and has made good progress. It is under the same management as the Underwriters of Greensboro and the Southern Underwriters of that city. Its president is also president of the Southern Life and Trust Company of Greensboro. All three companies have established good reputations.

In March, 1920. this company, together with the Under-writers of Greensboro and the Southern Underwriters. formed a special department through which policies are issued under the title of " McAlister Underwriters." which are guaranteed by these three companies.

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.

Directors.

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,
N. C.

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.