526   BEST'S INSURANCE REPORTS —FUZE AND MARINE.

FEDERAL MUTUAL FIRE INSURANCE i'OMP_1\ 1,
306-308 Maryland Trust Bldg., Baltimore, Md.

ADMITTED ASSETS, DECEMBER 31, 1919.

Bonds and stocks owned (market value)...   $115, 300 60

Interest due and accrued thereon    1,407 41

Cash in banks and office    3,049 87

Agents' balances not over three months due.   14, 35.2 94

Other admitted assets    151 37

TOTAL ADMITTED ASSETS    $134.262 19

LIABILITIES, DECEMBER 31, 1919.
LOSSES: Adjusted, due, $235.16; not due,

$5,603.08; in process of adjustment, $52,-

585.57; total, $58,423.81; reinsurance,

$41,852.35; net    $16,571 46

Unearned premiums    45, 407 S4

Salaries, rents, etc   123 22

Estimated taxes hereafter payable   1.500 00

Reinsurance premiums    1,579 18

TOTAL LIABILITIES    $65, 4S1 70

NET CASH SURPLUS    68,780 49

TOTAL   $134, 262 19

GENERAL REVIEW.

This company, until 1919 known as the Distillers Mutual
Fire Insurance Company, was incorporated under the laws
of Maryland April 18, 1907, and commenced business May
1, 1907. It has the backing of men prominently identified
with distillery and wholesale liquor interests. The Calvert
Mutual Insurance Co., of Baltimore, is under the same
management, and is operated from the same offices.

The assessment liability is five times the cash premium.
The company is licensed only in Maryland and Massachu
setts, but does business direct in other States. It has made
application to enter Pennsylvania.

Its principal business has been the insuring of distiller
ies, bonded warehouses and wholesale liquor dealers' prop
erties. It also writes fire insurance on automobiles.

The amount at risk December 31, 1919, was $7,286,786.
Premium deposits on same, $90,953.46.

The securities owned are of good character. The valua
tions are those fixed by the Convention of Insurance Com
missioners.

The company writes at the regular stock company rates.
The company states that the average rate of dividend re-
turned since organization is 16.2%.

Officers.— President, Chas. Goldsborough; vice-president,
John G. Binford; secretary, Thos. C. Grove.

Directors.— Chas. Goldsborough, president The Highspire
Distg. Co.. Ltd.; Ferdinand Meyer, Meyer, Pitts & Co.:
Phillip Lobe, Phillip Lobe & Son; Caesar H. Rosenheim.
H. Rosenheim & Son; Wm, A. Thompson, Lamdin, Thomp
son & Co.: John G. Binford, Stewart Distilling Co.; Sig.
M. Goodman, Fleischman Mfg. C6.; Thos. C. Grove, secre
tary of company; John A. Welsh, M. S. Levy & Sons, Inc.;
Louis Muller, Anderson & Ireland Co.: J. Brooks Boyle,
The John Boyle Co.

Income, 1919.— Gross premiums written, $128,811.06:
less reinsurance, $4,214.49; less return premiums, $35,-
011.45; total net premiums written, $89,585.12; interest,
etc., $5,377.65; borrowed money, $11,000; other income,
$379.87; total income, $106,342.64.

Disbursements, 1919.—Net losses paid, $46,981.12; un
derwriting expenses, $27,756.78; dividends to policyholders,
$17,437.35; borrowed money repaid, $11,000; interest on
borrowed money, $82.67; other disbursements, $432.09;
total disbursements, $103,690.01.

Ratios to Premiums Written.— Losses paid, 52.4%; in
curred, 42.7c/e; underwriting 'expenses, 31.0%; underwrit
ing profit, 15.8%.

Ratios to Premiums Earned.— Losses incurred, 47.6;%;
expenses incurred, 34.2%; underwriting profit, 17.6%c.

Underwriting Exhibit, 1919.—Premiums earned during
1919, $80,424.83; loss from underwriting profit and loss
items, $422.27; total, $80,002.56.

Losses incurred during 1919, $38,299.80; underwriting
expenses incurred during 1019, $27,508.69; total, $65,808.49.

Gain from underwriting (luring 1919, $14,194 07.

Iwvestment Exhibit, 1919.— Interest, etc., earned during
1919, $5,426.08; profit on investments during 1919, $303.50:
total, $5,729.58.

Loss on investments during 1919, $243.30; investment
expenses incurred during 1919, $665.51; total, $908.81.
Gain from investments during 1919, $4,820.77.

Gain and Loss Exhibit, 1919.—Gains: Underwriting,
$14,194.07; investments, $4,820.77; total, $19,014.84.
Loss from dividends, $17,437.35.

Surplus, December 31, 1918, $67,203; increase, $1.577.49:
surplus, December 31, 1919. $68,780.49.

FINNISH .MUTUAL FIRE INSURANCE COMPANY,

444 Pine Street, Calumet, !Mich.

This company was organized under the laws of the State
of Michigan in 1890. It writes fire insurance under a
mutual plan and has made good progress.

According to the latest information which we have con
cerning this company it is licensed in Michigan only.

Officers.— President, Oscar Keckonen; vice-president, H.
A. Kitti; secretary, Jacob Uitti; vice-secretary, O. H.
Sorsen; treasurer, \'m. Johnson; vice-treasurer. Albert
Tapani; manager, I. W. Frimodig; attorney John A.
MacNeil.