602   BEST'S INSURANCE REPORTS — FIRE AND M MINK

PI':NNSYLVANIA LUMBER1MEN'S MUTUAL FIRE .INSURANCE COMPANY, 806 Lafayette Bldg., Philadelphia, Pa.

ADMITTED ASSETS. DECEMBER 31. 1919.

Mortgage loans on real estate    $195,100 00

Interest due and accrued thereon    2.309 49

Bonds and stocks owned (market value)   968. 047 041

Interest due and accrued thereon    12.570 60

Cash in banks and office    7S 417 40

Agents' balances not over three months due   40.967 57

TOTAL ADMITTED ASSETS    $1.300.412 Of

LIABILITIES, DECEMBER 31. 1919.

Losses in process of adjustment    $23,957 56

Unearned premiums    364.284 17

Salaries, rents. etc   555 04

Estimated taxes hereafter payable    9,655 23

Inspection charges due and accrued    4.40S 50

TOTAL LIABILITIES    $402.860 50

NET CASH SURPLUS    S97.551 56

TOTAL    $1.300.412 06

GENERAL. REVIEW

This company was incorporated February 26, 1895. It
insures only lumber and woodworking risks. It paid a 40%
dividend on policies expiring in 1919, and since organiza
tion the average rate of dividend has been 372%.

The assessment liability is three times the cash premium.
No assessments have ever been levied.

The company is in excellent repute and has made steady
progress. It is licensed in Ark., Cal , Conn., Ga.. [I1., Ind.,
Ia., Ky., Me., _Mass., Mich., Minn., Mo , N. H.N. J., N. Y.,
N. C., O., Ore., Pa., S. C., Tenn., Tex.. Wash., W. Va. and
Wis.

The securities owned are of excellent character. The
security valuations in this statement are those fixed by the
Convention of Insurance Commissioners. The mortgage
loans are secured by improved Philadelphia property worth
over twice the amount loaned.

Officers.—President, Edward F. Henson; first vice-presi
dent. Richard Torpin; second vice-president. Wm. Henry
Smedley; treasurer, Edwin H. Coane; assistant treasurer,
James S. Young; secretary, Harry Humphreys; manager
and assistant secretary, Justin Peters; assistant manager,
H. J. Pelstring.

Directors.— Edwin H. Coane, Philadelphia: George H.
Davenport, of Davenport, Peters Co . Boston, Mass.; R. R.
Griswold, Binghamton, N. Y.: Edward F. Henson. of Ed-
ward F. Henson & Co., Philadelphia; Harry Humphreys,
of H. Humphreys & Co., Camden. N. J.; William H. Judd,
of The Getman & Judd Co., Stamford, Conn.; T. Atkins
Murphey, of Murphey-Hardy Lumber Co.. Newark, N. J.;
Hugh McLean, of Hugh McLean Lumber Co., Buffalo. N. Y.:
Albro J. Newton, of Albro J. Newton Co., Brooklyn, N. Y.:
T. F. Ryman, of A. Ryman & Sons. Wilkes-Barre, Pa. Wil
liam Henry Smedley, of Smedley Bros. Co., Frankford.
Philadelphia; Richard Torpin, of Richard Torpin & Co..
Philadelphia; C. Frank Williamson, Media, Pa.

Income, 1919.— Gross premiums written, $809,786.16;

less reinsurance, $360.62: less return premiums, $55,029.38;
total net premiums written, $754,396.16; interest, etc., $52,-
209.42: other income. $31292.5'0: total income. $837.S98 OS.

Disbursements, 1919.— Net losses paid, $205,396.63; un
derwriting expenses, $152,513 11; dividends to policyhold
ers, $268,520.94; borrowed money repaid, $85,000; other
disbursements, $31,670.49; total disbursements, $743,110.17.

Ratios to Premiums Written.—Losses paid, 27.2%; in
curred, 28,7%; underwriting expenses. 202%; underwrit
ing profit, 45.9%.

Ratios to Premiums Earned.— Losses incurred. 30.3%;
expenses incurred, 21 1%; underwriting profit, 48 6%.

Underwriting Exhibit, 1919.—Premiums earned during
1919, $713.140.38; gain from underwriting profit and loss
items, $54.26; total, $713,194.64.

Losses incurred during 1919, $216,326 50; underwriting
expenses incurred during 1919, $150,253.39; total, $366,-
579.89.

Gain from underwriting during 1919, $346,614.75.

Investment Exhibit, 1919.—Interest. etc., earned during
1919, $53,052.22; profit on investments during 1919, $15,-
080.75: total, $68,132.97.

Loss on investments during 1919, $31.614 25: investment
expenses incurred during 1919, $1,443 35; total, $33,057.60.
Gain from investments during 1919, $35,075.37.

Gain and Loss Exhibit, 1919.— Gains: Underwriting,
$346.614.75; investments, $35,075.37: other sources. $29,-
803.73; total, $411,493.85.

Loss from dividends, $268.520.94.

Surplus, December 31, 1918, $754,578.65; increase, $142.-
972.91; surplus. December 31, 1919, $897,551.56.

Business from Organization.— Net premiums. $6.630.-
935.25; net losses paid, $2,175,611.75; dividends to policy-
holders, $2,194.625.58: average dividend. 37.18%o.

Percentage of cash premiums returned during the yea.r
on expiring policies as dividends or profits, viz.: One year,
40%.