miums were considerably less than in the preceding year. It made during the year an underwriting gain of $56,-463.21 and increased its surplus over that of December 31, 1918, $60,371.55. Its expenses of operations are moderate and its loss ratio is normal.
Its investments are high grade. The security valuations are. those fixed by the Convention of Insurance Commissioners.
The mortgage loans are upon improved property, chiefly in Buffalo, and are well secured.
Class of Business Written.— Fire insurance.
Territory.— It is licensed in Ill., Mich., N. J., N. Y. and Pa.
Dividends.— In recent years it has paid dividends as follows: 1901 to 1903, inc., 6%; 1904, 11%; 1905, 3%; 1906 to 1909, inc., 6%; 1910, 3%; 1911-1914, inc., 6%; 1915 to 1917, inc., 8%; 1918, 9%; 1919, 10%; total dividends paid since organization (cash), $401,000.
Officers.— President, O. E. Foster; vice-president, J. H. Laseelles; vice-president and secretary, C. Lee Abell. Directors.
Abell, C. Lee, insurance and president Marine Elevator Co., Buffalo, N. Y.
Abell. Harold L., manager Marine Elevator Company, Buffalo, N. Y.
Adolph, F. W., wholesale woolens, Buffalo, N. Y. . Ambs, G. J., Armstrong-Roth-Cady Co., Buffalo, N. Y.