576   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

MUTUAL FIRE ASSURANCE COMPANY OF SPRINGFIELD—Continued.

valdations used in this statement are those fixed by the
Convention of Insurance Commissioners.

There are twenty-four mortgage loans, all upon dwellings
in the city of Springfield.

Officers.— President, George B. Holbrook; secretary and
treasurer, Herbert E. Huie.

Directors.— George B. Holbrook, H. Curtis Rowley, Azel
A. Packard, Robert W. Day, Winford N. Caldwell, Ralph
W. Ellis, William H. Sargeant, William A. Lincoln, Charles
C. McElwain.

Income, 1919.— Gross premiums written, $23,097.23; less
return premiums, $1.058.47; total net premiums written,
$22,C38 76: interest, etc.. $15,443.21; other income. $488;
total income, $37,969.97.

Disbursements, 1919.—Net losses paid, $1,240.92; un
derwriting expenses, $6,627.45; dividends to policyholders,
$17,787.64; investment expense, $363.05; total disburse
ments, $26,019.06.

Ratios to Premiums Written.— Losses paid, 5.6%; in-

curred, 5.6%; underwriting expenses, 30.1%; underwriting
profit, 64.2%.

Ratios to Premiums Earned.—Losses incurred. 5 6%;

expenses incurred, 30.5%; underwriting profit, 63.9%.
Underwriting Exhibit, 1919.— Premiums earned during

1919, $22,154.98.

Losses incurred (luring 1919,$1,240 92; underwriting ex-

penses incurred during 1919, $6,753.52: total, $7,994.44.
Gain from underwriting during 1919, $14,160.54.
Licestment Exhibit, 1919.— Interest, etc., earned during

1919, $15,491.96; profit on investments during 1919, $488;

total, $155,979.96.

Loss on investments during 1919. $9,883.50; investment
expenses incurred during 1919, $363.05; total, $10246.55.
Gain from investments during 1919, $5,733.41.

Gain and Loss Exhibit, 1919.— Gains: Underwriting,
$14,160.54; investments, $5,733.41; total, $19,893.95.
Loss from dividends, $17,660.74.

Surplus, December 31, 1918. $246,648.73; increase, $2,-
233.21; surplus, December 31, 1919, $248.881.94.

MUTUAL FIRE INStiRANCE COMPANY OF ALBANY,

446 Broadway, Albany, N. Y.

ADMITTED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)    $45, 000 00

Mortgage loans on real estate    3.009 00

Interest due and accrued thereon   12 50

Bonds and stocks owned (market value)    287, 142 50

Interest due and accrued thereon    2,302 19

Cash in banks and office    16,023 86

Agents' balances not over three months due   32, 438 81

Other admitted assets    110 29

TOTAL ADMITTED ASSETS    $386. 030 15

LIABILITIES, DECEMBER 31, 1919.

Losses in process of adjustment    

Unearned premiums    

Estimated taxes hereafter payable    

Contingent commissions, etc   

TOTAL LIABILITIES    

NET CASH SURPLUS    

TOTAL   $386. 030 15

$25,000 00
93,301 04
2,000 00
3. 390 97

$123,692 01
262, 338 14

GEICERAL REVIEW.

This company was organized and commenced business in
May, 1836, and confines its business to New York State.

It formerly wrote both assessable and non-assessable
policies, but since February, 1917, has issued non-assessable
policies only.

It writes at the regular stock company rates.

The company is at present doing mostly a reinsurance
business with State companies.

The real estate owned is the company's Home Office build
ing, 446 Broadway, carried at $45,000. The bonds and
stocks owned are of good character. The security valua
tions used in this statement are those fixed by the Con
vention of Insurance Commissioners.

Officers.— President, A. Page Smith; vice-president, Noel
S. Bennett; secretary, Russell M. Johnston; treasurer,
Edgar C. Leonard.

Directors.— Edgar C. Leonard, of Cotrell & Leonard.
Albany; Russell M. Johnston, lawyer, Albany; George C.
Van Tuyl, Jr., president Metropolitan Trust Co., New York
City, and vice-president Albany Trust Co.; A. Page Smith,
lawyer, Albany; Gardner C. Leonard, of Cotrell & Leonard.
Albany; Donald McDonald. of D. _McDonald & Co., Amcri-
Scan Meter Company. Albany: William G. Van Loon, lawyer.

Albany; Noel S. Bennett, of Barber & Bennett, Albany;
James R. Watt, president United Construction Company,
Albany; Oscar F. Kinney, of Kinney & Woodward Com
pany, Albany; Hildreth J. Ackroyd, of James Ackroyd &
Sons, Albany; J. Allen Warner, president Albany Card and
Paper Co.; Carl H. Graf, vice-president Municipal Gas
Company, Albany.

Income, 1919.—Gross premiums written, $206,207.78;
less reinsurance, $1,257.85; less return premiums, $44,-
666.57: total net premiums written, $160,283.36; interest.
etc., $14.416.40; borrowed money, $18.000: total income,
$192,699.76.

Disbursements, 1919. Net losses paid. $46,838 67; un
derwriting expenses, $66.97941; investment expense. $7.-
015.43; interest on borrowed money repaid and interest.
$36,341.14: total disbursements, $157,174.65.

Ratios to Premiums Written.—Losses paid, 29.2%; in
curred, 36.1%; underwriting expenses, 41.8%; underwrit
ing profit, 8.1%.

Ratios to Premiums Earned.— Losses incurred, 41.3%;
expenses incurred, 49.5%; underwriting profit. 9 2%.

Underwriting Exhibit, 1919.— Premiums earned during
1919, $140.090.93.