BEST'S INSURANCE REPORTS —FIRE AND MARINE.   623

TRANSPORTATION MUTUAL INSURANCE COMPANY,

226 Walnut Street, Philadelphia, Pa.

ADMITTED ASSETS, DECEMBER 31, 1919.

Bonds owned (market value)    $1.033,635 00

Interest due and accrued thereon    9,395 85

Cash in bank    316,377 55

Premiums not over three months due    127.589 66
Reinsurance on paid losses in course of col-

lection   96, 137 99

'TOTAL ADMITTED ASSETS    $1, 583. 136 05

LIABILITIES, DECEMBER 31, 1919.
LOSSES: In process of adjustment. $313,-

914.17: reinsurance, $116,405.51; net   $197.508 66

Unearned premiums    45,683 39

Estimated taxes hereafter payable    1,775 54

Expense of management    23,901 63

Other liabilities    10, 000 00

TOTAL LIABILITIES    $278, 869 22

NET CASH SURPLUS    1,304,266 83

TOTAL   $1,533.136 05

GENERAL REVIEW.

This is a mutual company which was incorporated under
the laws of Pennsylvania, April 27, 1905. and began busi
ness in June, 1905. It was promoted by Mather & Company.
an old established insurance firm in the highest standing.
The company is licensed only in Pennsylvania. It writes
fire and marine insurance.

It insures only the property of transportation companies
and carriers, and merchandise in transit. It has accumu
lated a large surplus.

Only assessable policies are issued. and the assessment
liability of the members is an amount not exceeding twice
the annual premium. No assessments have been levied so
far.

The bonds owned are high grade. The security valuations
used in this statement are those based upon actual market
value as of December 31, 1919.

Its loss paying reputation is excellent.

The contingent resources on December 31. 1919, amounted
to $1,323,653.09.

Officers.—President, Charles E. Mather; first vice-presi
dent, Victor Charles Mather: second vice-president and
treasurer, Joseph A. O'Brien; secretary, Henry F. Clark:
assistant secretary. Walter S. Hutton.

Directors.— Charles E. Mather, president; Fairfax Har
rison, president. Southern Railway Company; E. T. Stotes
bury, of Drexel & Company and J. P. Morgan & Company:
Robert Scott. Superintendent of Insurance & Safety, At
lantic Coast Line R. R. Co.; J. C. Haskell, president, At
lantic Compress Company: George H. McFadden, of Geo.
H. McFadden & Bros., cotton merchants, director Pennsyl
vania Railroad Company: Victor Charles _Mather, 1st vice-

president: Joseph A. O'Brien, 2d vice-president and treas
urer : Gilbert Mather, of Mather & Company.

Income, 1919.— Gross premiums written, $1,126,447.83,
less reinsurance, $673,617.37: less return premiums. $119,-
193.34; total net premiums written. $333,637.12: interest,
etc.. $54.168.78: other income, $196.02: total income, $388,-
001.92.

Disbursements. 1919.—Net losses paid, $205,023.70: un
derwriting expenses. $91,956.24; premiums charged off as
uncollectible, $11,445.05; total disbursements, $308.424.99.

Ratios to Premiums Written,— Losses paid, 61.4%; in
curred, 44.5' ; underwriting expenses. 27.6%; underwriting
profit, 67.7%.

Ratios to Premiums Earned.—Losses incurred, 33.5%;
expenses incurred. 21.3%; underwriting profit, 50.9%.

Underwriting Exhibit, 1919.— Premiums earned during
1919, $443,365.93; gain from underwriting profit and loss
items, $25,726.30: total, $469.092.23.

Losses incurred during 1919. $148.660.59; underwriting
expenses incurred during 1919, $94,546.60; total, $243,-
207.19.

Gain from underwriting during 1919. $225,885.04.
Investment Exhibit, 1919.— Interest. etc., earned during
1919. $54,576.11; profit on investments during 1919,
$196.02: total, $54,772.13.

Loss on investments during 1919, $23,402.27: ?nvestment
expenses incurred during 1919, $1.386.20; total. $24,788.47.
(lain from investments during 1919, $29,983.66.

Gain and Loss Exhibit, 1919.— Gains: Underwriting,
225,885.04; investments, .$29,983.66: total, $255,868.70.
Surplus. December 31, 1918, $1.048,398.13; increase,
5255.868.70: surplus. December 31. 1919, $1.304.266.83.

UNION FIRE INSURANCE COMPANY,
Suite 211 Terminal Building, Lincoln. Neb.