454   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

UNION MARINE INSURANCE COMPANY, LIMITED— Continued.

Investment Exhibit, 1919.— Interest, etc., earned during   Surplus, including deposit capital, U. S. Branch, Decem-

1919, $41,506.67; profit on investments during 1919, $3,-   her 31, 1918, $537,447.63; decrease, $118,932.54; surplus,

006.25; total, $44,512.92.   including deposit capital, U. S. Branch, December 31, 1919,

Loss on investments during 1919, $20,954.15; investment   $418.515.09.

expenses incurred during 1919, $1,189.37; total, $22,143.52.   Net Premiums   Net Losses

Gain from investments during 1919, $22,369.40.   _MISCELLANEOUS CLASSES:   Written.   Incurred.

Gain and Loss Exhibit, 1919.— Gains: Investments, $22.-   Motor vehicles    $13, 696 70   $4. 693 28

369.40; other sources, $10,044.26; remitted from Home Tourists' baggage    741 18   2,518 50

Office, $620.209,76; total, $652,713.42.   Registered mail    1,542 85   6,136 56

Losses: Underwriting. $168,642.30; remitted to Home

Office, $603,003.66; total, $771,645.96.

UNITED AMERICAN I\SLRANCE COMPANY OF PENNSYLVANIA, 316 Fourth Avenue, Pittsburgh, Pa.

GENERAL REVIEW.

History.--- This company began business June 2, 1873, with $100.000 capital. During 1909 its capital was in-creased from l00,000 to $200,000 and $50,000 was added to surplus. Its ncn;c was formerly the German-American Insurance Co., but on March 1. 1918, its present title was adopted.

The par value of the stock is $50 per share.

This company, the Globe Insurance Co. of Penn., the Union, and the Western insurance companies, all of Pitts-burgh, issue policies entitled " Ke5-stone Underwriters." Each company receives one-quarter of the premiums and pays one-quarter of the losses. .

Management and Reputation.— The company is conservatively managed, and has, made fair progress, but )ts underwriting in recent years has not been profitable.

On December 31, 1919, the directors owned $34,750, par value, of its $200,000 capital stock.

The company is in excellent repute concerning its general treatment of loss claims. The volume of business written is conservative. Its loss ratio is about normal, but the expense ratio has been above the average.

Its investments are of good character. The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.

The real estate owned consists of dwellings in Pitts-burgh and vicinity. The mortgage loans are mainly upon dwelling and mercantile property in, or near, Pittsburgh, affording good security.

Affiliations.— Western Insurance Bureau, Board of Fire Underwriters of the Pacific.

Class of Business Written.— Fire insurance. Territory.—It is licensed in Cal., Ill., La., Md., Mass., 0.. Pa., Tex., NV. Va. and Wis.

Dividends.— 1901, 8%; 1902, 9%; 1903, 10%; 1904, 8%; 1905, 7%; 1906 to 1908, inc., 10%; 1909, 12%; 1910, 10½% : 1911 and 1912, 14%; 1913 and 1914, 14%; 1915, 1916, and 1917, 13%; 1918, 14%; 1919, 15%.

Stockholders' Annual Meeting.— Second Monday in January.

Officers.— President, W. J. Patterson; vice-president, W. H. Barker; secretary, E. P. Niebaum.

Directors.— (All of Pittsburgh.)

Aufderheide, George R., with Arbuthnot Stevenson Co., wholesale dry goods.

Barker, W. H., president of Hazelwood Savings and Trust Co.

Geilfuss, Charles H., assistant treasurer of Manufacturer Light and Heat Co.

Gettman, Philip, retired.

Kaercher, J. B., retired.

Klauss, George H., of Scarborough & Klauss, hardware merchants.

Myers. E. H., Jr., capitalist.

Niebaum, E. P., secretary United American Insurance Co. Patterson, Alexander H., of S. R. Patterson & Son. Patterson. W. J., president of United American Insur-

ance Company of Pennsylvania.

Riesmeyer, John R., retired.

Voskamp, August H., merchant.

General Agencies.— Berry, Tremaine & Co., New York City, general agents for New York City and Suburban;