600   BEST'S INSURANCE REPORTS—FIRE ANDMARI_NE.

PAINT TRADE MUTUAL FIRE INSURANCE COMPANY —Continued.

secretary of the National Petroleum Mutual Fire Insurance
Company of Philadelphia, and is considered a competent
insurance man.

Besides the cash assets shown below it had assessment
resources on December 31, 1919, of $182,829.

The assessment liability of the members is three times
the premium. No assessments have ever been made, The
company writes at regular stock company rates.

The company's average rate of dividend to policyholders
since organization has been about 21/2%.

Officers.—President, E. T. Trigg; vice-president, R. O.
Walker; treasurer, Howard B. French; secretary-, Houston
Dunn; assistant secretary, Fred J. Slacl:.

Directors.— Ernest T. Trigg, vice-president and general
manager John Lucas Company; Geo. C. Morton, treasurer
and general manager Carpenter-Morton Company; Luther
Martin, vice-president Wilckes, Martin, Wilekes Co.:
Howard J. Greene, secretary-treasurer Oliver 'Johnson &
Co.; March G. Bennett, treasurer and general manager
Samuel Cabot Co.; R. O. Walker, Thibaut & Walker : Il A.
Alpers, general manager Cleveland Window Glass and Door
Co.; S. L. Sulzberger, president Enterprise Paint Mfg. Co.;
Chas. W. Brown, president Pittsburgh Plate Glass Co.:
Lewis R. Atwood, president Peaslee-Gaulbert Co.; Chas. R.
Gook, president Cook Paint and Varnish Co.; S. M. Evans,
first vice-president Eagle Picher Lead Co.

Income, 1919.— Gross premiums written, $64.949.03; less

reinsurance, $24,427.65; less return premiums, $9,676.35:
total net premiums written, $30,845; interest, etc, $2,-
078.90; other income, $658 19; total income, $33.582.09.

Disbursements, 1919.—_Net losses paid, $19,449.82; un
derwriting expenses, $6,786.84; dividends to policyholders,
$443.70; total disbursements, $26,680.36.

Ratios to Premiums Written.— Losses paid, 63 0%; in
curred, 69.9%; underwriting expenses, 22.0%; underwrit
ing profit, 6.2%.

Ratios to Premiums Earned.—Losses incurred, 73.6%;
expenses incurred, 21.8%; underwriting profit. 66e/x.

Underwriting Exhibit, 1919.—Premiums earned during
1919, $29,286.91; gain from underwriting profit and loss
items, $591.60; total, $29,878.51.

Losses incurred during 1919, $21,550.11; underwriting
expenses incurred during 1919, $6,402.10: total. $27,952 21.

Gain from underwriting during 1919, $1,926.30.

Investment Exhibit, 1919.—Interest, etc., earned during
1919. $1.891.89; profit on investments during 1919, $1SS 51;
gain from investments during 1919. $2,080.40.

Gaiu. and Loss Exhibit, 1919.—Gains: Underwriting,
$1,926.30; investments, $2,080.40; other sources. $122.14;
total. $4,128.84.

Loss from dividends. $443.70.

Surplus, December 31, 1918, $24,026.94; increase, $3,-
685.14; surplus. December 31, 1919. $27.712.08.

PAPER MILL MUTUAL INSURANCE COMPANY,

31 Milk Street, Boston, Mass.

ADMITTED ASSETS, DECEMBER 31, 1919.

Bonds and stocks owned (market value) ...   $420, 610 00

Interest due and accrued thereon   6,297 37

Cash in banks and office    67.925 91

Agents' balances not over three months due.   25, 208 60

TOTAL ADMITTED ASSETS    $520.044 88

LIABILITIES, DECEMBER 31, 1919.

Unpaid losses   $5, 100 00

Unearned premiums    255,067 83

Salaries, rents, etc   500 00

Estimated taxes hereafter payable    2,500 00

TOTAL LIABILITIES    $263. 167 83

NET CASH SURPLUS    256,877 05

TOTAL   $520, 044 SS

GENERAL REVIEW,

This company began business April 1, 1887'. It is licensed
in Ill., Mass., Me., Mich., N. H., A. Y., Ohio, Pa., R. I.,
S. C. and Wis. It insures first-class manufacturing prop
erty from loss by fire and sprinkler leakage; it also writes
use and occupancy insurance. Its secretary holds the office
of president of the Mutual Boiler Insurance Company of
Boston.

It has returned good dividends to its members besides
accumulating a good surplus. The rate of dividend to
policyholders in 1919 was 91% on annual policies; the
average rate since organization is 83.7%.

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

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

The securities owned are high grade. The security valua
tions user in this statement are those fixed by the Con
vention of Insurance Commissioners.

Officers.— President and treasurer, D. IV. Lane; secretary
and assistant treasurer, G. H. Gibson; assistant secretary,
J. E. Stanley.

Directors.—Gcogre W. Wheelwright. president George W.
Wheelwright Paper Co.: Roland W. 7bppan: A. H. Lowe,
treasurer Parkhill _Manufacturing Company; R. P. Snell
ing, treasurer Saco-Lowell Company: Ellison A. Smyth.
president and treasurer Poker Manufacturing Co.; Waldo
E. Pratt, president Hollingsworth & Whitney Co.; David
W. 1,ane, president; Albert L. Scott, vice-president Lock-
wood, Green S. Co.: Herbert W. Mason. of S. W. Warren &
Company; H. DeForest Lockwood, treasurer Edwards Mfg.
Co.. Bates Mfg. Co.; Charles Walcott, treasurer Newmarket
Manufacturing Co.; Nathaniel F. Ayer, treasurer Nyanza
Mills; Howard S. O. Nichols, treasurer Great Falls Manu
facturing Co.; Arthur L. Hobson, treasurer St. Croix Paper
Co.

Annual Meeting.— Third Tuesday in January.

Income, 1919.—Gross premiums written, $454,196.89;
less return premiums. $14,729.55; total net premiums writ-