BEST'S INSURANCE REPORTS — FIFE AND MARINE.   479

WESTERN INSURANCE COMPANY OF PITTSBURGH— Continued.

Directors.

Bissell, George AV. J., director of the Stove & Range Company of Pittsburgh.

Black. David P., second vice-president of the company, president and director of the Real Estate Trust Company of Pittsburgh.

Frew. William. attorney at Luy, director City Deposit Bank of Pittsburgh.

Holmes, Nathaniel, treasurer Citizens Traction Company, of Pittsburgh, Pa.

Laughlin, Geo. M.. Jr.

Lloyd, John W.

Lockhart, James II., vice-president and director Lockhart Iron & Steel Company, Pittsburgh. Pa.

Miller, John D. C., secretary and treasurer of the company: director Keystone Underwriters of Pittsburgh: secretary and treasurer Woodlawn Cemetery Association of Pittsburgh.

Nimick. \V. H., president of the company; president and director of Keystone National Bank of Pittsburgh.

Noble. Daniel C., president, treasurer and director of Pittsburgh Spring & Steel Company; vice-president and trustee Dollar Savings Bank, Pittsburgh, Pa.

Stewart. H. S. A., first vice-president of the company; vice-president and director of the Fidelity Title & Trust Company of Pittsburgh, Pa.

Wolff, Paul C., attorney at law, secretary Automobile Club of Pittsburgh. Pa.

Woodwell. John, treasurer and director of Joseph Wood-well Company, Pittsburgh, Pa.

General Agents.

E. A. Flickner, Columbus. 0.. for Ohio.

George V. B Hill &. Co.. Minneapolis, for Minnesota. Charles B. Smith. Pittsburgh, for Pennsylvania and New York.

Stockholders .1 xnual Sleeting.—Second Tuesday in November.

INCOME, 1919.

Gross premiums written    $792.122 4S

Less reinsurance    244.869 11

Less return premiums    125.058 48

Total net premiums    $422,194 89

Interest, etc   27,955 51

Other income    1,571 76

TOTAL INCOME    $451,72. 16
DISBURSEMENTS, 1919.

Net losses paid    $201,457 59

Underwriting expenses    202,737 40
Dividends to stockholders

Other disbursements    6,641 30

TOTAL DISBURSEMENTS    $422.836 29

Ratios to Premiums I1'ritten.—Losses Paid, 47.7%; incurred, 42.3%e; underwriting expenses. 48.0%; underwriting profit, 1.5%.

Ratios to Premiums Earned.— Losses incurred, 48.4%; expenses incurred. 52.6%; underwriting profit, 1.7%.

Miscellaneous, 1919.—Net losses incurred, $186,875.23; net risks in force December 31, 1919, $60,369,340; net premiums in force, $621,044.07.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $386,184.75: loss from underwriting profit and loss items, $2,914.39; total, $383.270.36.

Losses incurred during 1919, $186.875.23; underwriting expenses incurred during 1919, $203,037.40; total, $389,-912.63.

Loss from underwriting during 1919, $6,642.27. Investment Exhibit, 1919—Interest, etc., earned during 1919, $30.405.66.

Loss on investments during 1919, $7,684.87; investment expenses incurred during 1919, $1,121.23; total, $8,806.10. Gain from investments during 1919, $21,599.56.

Gain and Loss Exhibit, 1919.—Gai,. from investments, $21,599.56.

Losses:   Underwriting, $6.642.27; dividends, $12,000;
total, $18.642.27.

Surplus. December 31, 1915, $74,093.79; Increase, $2,-957.29: surplus. Decemter 31, 3919, $77.051.08.

Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written   Incurred.

Windstorm and tornado ....   $1.871 16   $102 62

\\'F:STERN NATIONAL FIRE INSURANCE COMPANY
Fargo, North Dakota,

GENERAL REVIEW.

History.— This company was incorporated under the laws of the State of North Dakota, was licensed June 19. 1919. and began business October 1. 1919. It 1L us an authorized capital of $500,000. and of this. according to advices received February 21, 1920, $135.825 had been paid in, and a surplus of $136,025 had been contributed. Stock, par value $25. was sold at $50 per share, thus providing the surplus.

According to information received from the Commissioner of Insurance of the State of North Dakota. this company was originally incorporated as the Equity Co-operative Insurance Company, on January 3L 1918. The Department of Insurance on January 23. 1920. informed us that examination had been made of the company just prior to that time, the examination being as of November 30, 1919.

We quote further from the letter of the insurance commissioner dated January 23. 1920. as follows:

" From this balance sheet, you will note that only $13,2,550 of capital stock was pain up as of that date. although practically all of the remaining authorized capital stock of $500.000 had been subscribed for and payments on these

subscriptions amounting to almost $2.00,000 had been made up to that date. The company was originally incorporated with an authorized capital stock of $100.000. and the stock was sold on a two-for-one basis. On October 13, 1919, the authorized capital stock was increased to $500,000. so you will note that the promotion of the company has been very rapid. In our estimation, the promotion expenses of this company have been exceedingly heavy."

The company was organized by A. C. Shively and H. E. Day, both of Fargo. North Dakota.

Management and Reputation.— The company is too young to have established a record.

We were not informed by the company concerning the insurance experience of the officers and directors, but we were advised that Mr. Petrie of Freeport, Illinois,. was to assume the duties of managing underwriter March 1. 1920.

The company states that it writes fire and casualty insurance. and according to our present information, it is licensed only in North Dakota.

Below is a statement of the assets and liabilities of this company as of November 31, 1919.