586

BEST'S INSURANCE REPORTS—FIRE AND MARINE.

NATIONAL LUMBER MUTUAL INSURANCE COMPANY — Continued.

Members of the company assume a contingent liability
for the payment of losses and expenses, such liability being
limited to an amount equal to the cash premium.

Officers.— President, Drnest Spicer; vice-president and
treasurer, A. J. Davis; secretary, G. G. Gilkeson.

Directors.—J. IL Hines, Memphis, Tenn.; John L.
Parham, Chicago, Ill.; R. T. Renfro, Minneapolis, Minn.;
G. G. Gilkeson, Chicago, Ill.; C. B. Bowman, Dexter, Mo.;
E. C. Morrison, Mound City, Ill.; W. S. Frazier, Aurora,
111.; C. G. Hopkins, Joplin, Mo.; H. J. H.irshlleimer, La
Crosse, Wis.; C. E. Murray-, Descherd, Tenn.; Howard
Robinson, Memphis, Tenn.

Income, 1919.— Gross premiums written. $30,664.36; less
reinsurance, $4,394.53; less return premiums, $5,213.44:
total net premiums written. $21.056.39.

Disbursements, 1919.— Net losses paid. $2.223.50; InI-
derwriting expenses, $5,22575: total disbursements. $7,-
449.25.

NATIONAL MUTUAL ASSURANCE COMPANY,
Widener Bldg., Philadelphia, Pa.

The secretary and former manager of the company is G. G.
Gilkeson, who is also president and manager of the
Gilkeson-Davis Underwriting Company, attorney-in-fact for
the National Merchants & Manufacturers Insurance Ex-
change and was formerly connected with the Preferred
Reciprocal Fire Insurers, of Chicago, reciprocal exchanges,
the affairs of which have not always been conducted along
accepted and conservative lines; numerous complaints con
cerning treatment of losses have reached us from policy-
holders in those exchanges.

Under date of May 11, 1920, we were advised that the
management of this company had recently been taken over
by Parham, Hines & Company as general agents with offices
at 29 South La Salle Street, Chicago, Ill. John L. Parham,
formerly under the name of Parham, Going & Company,
Inc., is the attorney-in-fact and manager of the Federal
Reciprocal Underwriters, and the Reciprocal Insurance
Bureau, both of Chicago.

ADMITTED ASSETS, DECEMBER 31, 1919.

Bonds and stocks owned (market value)...   $165.770 00

Interest due and accrued thereon    2,629 03

Cash in banks and office    26.797 26

Agents' balances not over three months due.   14.090 61

TOTAL ADMITTED ASSETS    8209.286 90

GENERAL REVIEW.

This company began business January- 1, 1902, and in
sures only sprinklered manufacturing plants. It is li
censed in Ill., Ky., Me.. Mass.. N. Y.. N. C., 0., Pa . R. I.,
S. C. and Wis. It is under the same management as the
Keystone and _Manton mutual fire insurance companies of
Philadelphia.

The assessments liability is five times the cash premium.
No assessments have ever been made.

The company has paid large dividends to policyholders,
and the average rate since organization has been 811%.
The rate in 1919 was 85%.

The securities owned are high grade, and the valuations
used in this statement are those fixed by the Convention of
Insurance Commissioners.

This company is a member of the Junior Conference of
New England Mill Mutual Insurance Companies. See tabu
lation at end of this section.

Officers.—President and treasurer, Frederick A. Downes;
vice-president Samuel L. Hammer; secretary, H. P. Onyx:
assistant secretary, Charles H. Thomas.

Directors.— Frederick A. Downes, president of the com
pany: Thomas S. Gay, of John Gay's Sons. Inc.; Simon
Miller, of Jacob Miller Sons & Co.; Joseph P. Truitt, Jr.,
of Keystone Spinning Mills Co.; Thomas S. Safford, of

LIABILITIES, DECEMBER 31, 1919.

The West Jersey Paper Mfg. Co.; William D. Whitaker,
cotton manufacturer; Sam L. Hammer, of Columbian Paper
Co.; Joseph A. Coleman, of Norristown Woolen Co.; C. H.
Dempwolf, of Hoover Wagon Co.; Frank P. Miller, of Frank
P. Miller Paper Company.

Income, 1919 — Gross premiums written, $189,915.16;
less return premiums. $20,217.85: total net premiums writ-
ten, $169,697.31; interest, etc., $7,923.06; other income,
$132 21: total income, $177,752.58.

Disbursements, 1919.—Net losses paid, :;'01.940.15; un
derwriting expenses, $15,382.50: dividends to policyholders,
$125.003.50; total disbursements. $162,326.15.

Ratios to Premiums Written.—Losses paid, 12.9%; in
curred, 8.5%; underwriting expenses, 91%: underwriting
profit, 76.S%.

Ratios to Premiums Earncd. Losses incurred, 90%:
expenses incurred, 9.7%: underwriting profit, S1.4%

L-nderuriting Exhibit, 1919.— Premiums earned during
1919, $160,125.30; gain from underwriting profit and loss
items, $112.21; total. $160,237.51.

Losses incurred during 1919. $14,389.40: underwriting
expenses incurred during 1919, $15,547.63; total, $29.937.03.

Gain from underwriting during 1919, $130,300.48.

Investment Exhibit, 1919, Interest, etc., earned during
1919, $7,932.96,