BEST'S INSURANCE REPORTS-FIRE AND MARINE.   391

ST. PAUL FIRE AND MARINE the volume of fire business transacted. Its expenses of operation are very moderate, and its average loss ratio is normal. In 1919 it had a very low loss ratio on tire business and a normal loss ratio on marine, making a gain from underwriting of $1,391,970 96.

Its loss paying record is excellent, under all conditions.

The largest item of real estate is the company's Home Office building, at the northwest corner of Fifth and Washington streets, St. Paul, _Minn., carried at cost ($215,-167.26).

The mortgage loans are largely upon improved property in Minnesota, Montana. No. and So. Dakota. Washington and New Mexico, worth over three times the amount loaned.

The securities owned are of excellent character. The security valuations in the statement are those of actual market values.

Affiliations.— Eastern Union, Western Union, South-eastern Underwriters Association, Board of Fire Under-writers of the Pacific, Rocky Mountain Underwriters Association. Canadian Fire Underwriters Association, West-ern Canada Fire Underwriters Association, Mainland Board of Fire Underwriters, Nova Scotia Board of Fire Under-writers, Eastern Automobile Underwriters Conference. National Automobile Underwriters Conference, New England Automobile Underwriters Conference, Pacific Coast Auto-mobile Underwriters Conference, Southern Automobile Underwriters Conference, Western Automobile Underwriters Conference.

Classes of Business Written.— Fire; marine, windstorm, explosion, earthquake. sprinkler leakage, riot and civil commotion, automobile, hail, registered mail, parcel post. and tourist and merchandise floaters of all kinds.

Territory.—It is licensed in all the States and Territories except Guam. Philippines, Vermont and the Virgin Islands. It also operates in Canada, where it maintains a branch office.

Dividends.— The dividends paid in recent years ranged from 10% to 12% up to 1912, when 20% was paid; 1913, 20%: 1914, 12%: 1915, 20%; 1916, 25%; 1917. 20%; 1918 and, 1919, 30%.

Officers.—President, F. R. Bigelow; vice-president J. H. Skinner: vice-president and secretary, A. W. Perry; auditor, A. E. Krebs; assistant secretaries, J. C. McKown, R. N. Martin, C. A. Dosdall and L. B. Grossmith.

Directors,

Bigelow. C. H.. president Farwell, Ozmun, Kirk & Co., St. Paul, Minn.

Bigelow. F. R., president. St. Paul, Minn.

Cole, H. S., president Investment Service Co., St. Paul, Minn.

Dean, W. B., retired, St. Paul, Minn.

Drake, H. T., loans and real estate. St. Paul, Minn. Fogg. F. A., farmer, St. Paul, Minn.

Irvine, H. H,, real estate, St. Paul, Minn.

Lusk, J. VV., retired. St. Paul, Minn.

Noyes, C. P.. president _Noyes Bros. & Cutler, St. Paul, Minn.

Perry, A. W., vice-president and secretary, St. Paul, Minn. Prince, George H., chairman Merchants National Bank. Skinner, J. H., president Merchants Trust and Savings Bank. St. Paul, Minn.

Watkins, V. SI., president Wilder Charities, St. Paul, Minn.

Stockholders' Annual Meeting.— January 17th.

General Agents and Managers.

Benj. Goodwin, San Francisco, Cal.. manager for Alaska,

INSURANCE CO. — Continued,

Ariz., Cal., Hawaii, Idaho, Mont., Nev., Ore., Utah and Wash.

Al. C. Harrison & Co., San Francisco, Cal., general marine agents for Pacific coast.

F. Merges & Co., New York, managers for N. J., part of N. Y. and Pa.

\V. H. McGee. New York, N. 1 general marine agent. Cravens, Dargan & Roberts, Houston, Tex., managers for Tex.

OBrien, Russell & Co.. Boston, managers for Me., Mass., 11. I.. N. H. and Conn.

E J. Richardson & Sons, Baltimore, general agents for Maryland and Delaware.

INCOME, 1919.

Fire, etc.

Gross premiums written. . $12, 524. 838.29 Less reinsurance    1.592.50S 50 Less return premiums.. 1,616. 797 37

Total net premium,.. $9.315,532 42

Interest, etc   

Other income    

TOTAL INCOME    $13,266,642 82

DISBURSEMENTS, 19111.

Net losses paid:

Fire and miscellaneous    $3,390, 104

Marine and inland    1,776,666

ToTAr   $5,166.771 02

Underwriting expenses    4,581,689 78

Dividends to stockholders    300, 000 00

Other disbursements    680,776 83

TOTAL DISBURSEMENTS    $10,729,237 63

Ratios to Premiums Written,—Losses paid, fire, etc., 364%: marine, 53.7%; incurred, fire, etc., 37.1%; marine, 54.5% ; underwriting expenses, 36.3%; underwriting profit, 11.0%.

Ratios to Premiums Earned.—Losses incurred, 44 5%; expenses incurred, 43.7% : underwriting profit, 11.7%.

Miscellaneous, 1919.— Net losses incurred, fire and miscellaneous, $3,458,047.13: marine and inland, $1.801,461.07; net risks in force December 31, 1919, fire and miscellaneous, $1,257.074,516: marine and inland, $93,540,089: net premiums in force, fire and miscellaneous, $12.971,313.97; marine and inland. $1.484,235.31.

Underwriting Exhibit. 1919.—Premiums earned during 1919. $11,810,044.35; gain from underwriting profit and loss items, $1,834.37; total, $11,811,878.72.

Losses incurred during 1919. $5.259,508.20; underwriting expenses incurred during 1919, $5.160,399 56; total, $10,-419,907.76.

Gain from underwriting during 1919, $1,391,970.96. Investment Exhibit, 1919.—Interest, etc., earned during 1919, $659,559.78: profit on investments during 1919, $11,-513.77; total, $671,073.55.

Loss on investments during 1919. $663,786.96; investment expenses incurred during 1919, $62,739.23; total, $726,-576.24.

Loss from investments during 1919, $55,502.69.

Gain and Loss Exhibit, 1919 —Gains: Underwriting,

Marine

and Inland. $6.353,317 83 2.356, 748 68

691,642 45

$3.304,926 70 634, 359 61 11,824 09

76 26