608   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

tion shall not

same equals one per centum of the amount of insurance in
force." This same section also provides that " Any surplus
may be distributed among the members whose policies shall
expire during the ensuing year, proportioned according to
the classification of the risks and the premiums paid
thereon, such surplus. being in cash or applied as a rebate
on the premium required to renew the insurance on the
same risk."

This company is paying dividends to policyholders of
10% of the premiums at expiration of the policies, as its
surplus exceeds 1% of the total insurance in force.

Officers.—President, I. L. Richer; secretary, F. E.
Holmes; treasurer, L. D. Hoadley.

PROTECTION MUTUAL FIRE INSURANCE COMPANY,

20 W. Jackson Blvd., Chicago, Ill.

PREFERRED MUTUAL FIRE INSURANCE COMPANY — Continued.

make any additions to its surplus after the Directors.—I. L. Richer, New Berlin, N. Y.; F. E.

Holmes, New Berlin, N. Y.; L. D. Hoadley, New Berlin,
N. Y.; C. A. Holmes, New Berlin, N. Y.; A. H. Phelps, New
Berlin, N. Y.; H. P. Ball, New Berlin, N. Y.; F. I. Whit-
man, New Berlin, N. Y.; T. H. Lakin, New Berlin, N. Y.
C. L. Banks, New Berlin, N. Y.; I. C. Flint, Utica, N. Y.,
F. S. Rockwell, Mt. Upton, N. Y.

Income, 1919.— Gross premiums written, $109,670.37;
less return premiums, $4,081.96; total net premiums writ-
ten, $105,588.41; other income, $9,469.45; total income,
$115,057.86.

Disbursements, 1919.—Net losses paid, $38,244.42; un
derwriting expenses paid, etc., $37,779.59; dividends to
policyholders, $4,640.39; total disbursements, $80,664.40.

GENERAL REVIEW.

This company began business September 1, 1887. It is
under the same management as the Mill Owners' Mutual
Fire Insurance Company, of Chicago. It has paid large
dividends to members, and bears a good reputation.

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

It is licensed in Ill., Mass, Mich., N. Y., Ohio, Pa. and
Wis.

During 1919 the rate of dividend paid to policyholders
on annual policies was 87%; the average rate since organ
ization is 75.8%.

The securities are of good character. The security valu
ation used in this statement are those fixed by the Con
vention 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, Henry N. Wade: vice-president,
Clayton Mark; second vice-president, J. L. Wilds; secre
tary-treasurer. Charles F. Kent.

Directors.— Henry N. Wade. Batavia. Ill.; Clayton Mark,
Chicago, Ill.; Ernest S. Hobbs, Aurora, Ill.; Walter S.
Russell, Detroit, Mich.; Edmund A. Russell, Chicago, Ill.;
Thomas E. Donnelley, Chicago, Ill.; Herbert A. Viets, Mil
waukee, Wis.; Frank L. Macomber, Chicago, Ill.; Frank L.
Klingensmith, Detroit, Mich.

Income, 1919.— Total net premiums written, $506,215.22;
interest, etc., $20,870.13: other income, $769.32; total in-
come, $527.854.67.

Disbursements, 1919.—Net losses paid, $36,891.72; un-

derwriting expenses, $88,830.81; return premium paid to
policyholders, $342,288.75; total disbursements, $46S,011 28.

Ratios to Premiums Written.—Losses paid, 7.3%; in
curred, 8.0%; underwriting expenses, 17.5%; underwriting
profit, 70.5%.

Ratios to Premiums Earned.—Losses incurred, 9.2%;
expenses incurred, 10.2%; underwriting profit, S0.6%.

Underwriting Exhibit, 1919.— Premiums earned during
1919, $442,425.42; gain from underwriting profit and loss
items, $91.07: total„ $442,516.49.

Losses incurred during 1919, $40,73229; underwriting
expenses incurred during 1919, $45,089.19: total. $85,$21.48.

Gain from underwriting during 1919, $356,695.01.

Investment Exhibit, 1919.—Interest, etc., earned during
1919, $22,464.51; profit on investments. $790.75: total, $23,-
255.26. •

Loss on investments during 1919, $7,903.25; investment
expenses incurred during 1919, $1,352.43; total, $9,255.68.
Gain from investments during 1919, $13.999.58.

Gain and Loss Exhibit; 1919.—Gains: Underwriting,
$356.695.01; investments, $13,99958; total, $370,694.59.
Loss from dividends, $342,238.75.

Surplus, December 31, 1918, $238.010.63: increase, $28.-
405.84; surplus, December 31, 1919, $266,416.47.

Business from Organization.—Net premiums and assess
ments, $5.475,057.12; net losses paid, $682,360.12; return
premiums paid to policyholders, $3,731,240.21; average divi
dend, 75.87%.

Percentage of cash premiums returned during the year
on expiring policies as dividends or profits, viz.: One year,
87%; two years, 73%; three years. 59%: four years, 47%.