GLENS FALLS INS. CO.                             5r05
DISBURSEMENTS.
Marine anid
Fire.         inland.
Gr oss amount paid     policyholders for
losses (including   $181,149 occurring
in previous years) ......     ............ $1,349,489 53  $17,262 32
Deduct amount received      for salvage,
fire, $6,967.57; marine and inland.
$8376.00; reinsurance, fire, $235,178.45;
marine and inland, $719.40; discount,
fire, $929.68 .............. .............  248.,075 T7    1.095 46
Net amount paid policyholders
for losses .........  ........... $1,106,413 83  $16,166 86
$1,122,580 69
Expenses of adjustment and settlement of losses ...................     
. -3,S44 27
Commissions or brokerage .........          ...............................
 453,957 06
Allowances to local agencies for miscellaneous agency expenses..        
    990 00
Salaries, $102,802.44, and expenses, $48,114.57, of special and general
agents .................................                               150,917
01
Salaries, fees, and all other chfarges of offieers, directors, trustees
and home office employes .........        ...............................
 74,397 28
Rents, including $250 for company's occupancy of its own build-
ings  .........          ...................................           11,189
 51
Advertising, $5,168.52; printing and stationery, $19,538.48             
 24,707 00
Postage, telegrams, telephone and express ..........   ..   ............
 18,540 33
Legal expenses .        ...................................................
 659 67
Furniture and fixtures        ....................... ....................
  607 89
Maps, including corrections .........      ..............................
 6,043 79
ITnderwriters' boards and tariff associations ................ .2 4,935 97
Ffire department, fire patrol and salvage corps assessments, fees,
taxes anl expenses          ..............................................
 7,966S 3 3!3
TInspections and surveys .....................           ...            
 12,017 68
Repairs and expenses (other than taxes) on real estate .................(O
i .1i
Taxes on real estate          ..............................................
 1,899 61
State taxes on premiums           ..........................................
 33. 1:52 10
Insurance department licenses and fees ......       .....................
 10,955 00
All other licenses, fees and taxes:
Federal corporation tax .......       ....................  $3,628 37
Local town and county, $31.50; city licenses and
taxes, $6, 029.87  ......                 .......        6,061 37
Publishing statements, $257.48; state tax, $195.00           452 48
Tax on mortgages ....................                      1,198 55
11,340 77
Other disbursements:
Office expenses Glens Falls and Chicago ....     ......   $7,814 60
Charged Profit and loss on new office building    ....    85,  001
Chlarged profit and loss in adjustment Western Dept.
account .   ............................................   1.526 20
94,34(0 80
]'.i/l stoclkholders for interest or dividends (amount declared dur-
ilg tle year) .       ....................................................
 210,1)(( 0(
l)ecrease in liabilities during the year on account of reinsurance
tr eal ties ................................ .                          
  77 0 1"3
Agents' l)alances chargel off ......... ................                
    864 91
(Gross decrease, by adjustment, in     book value of
ledger assets, bonds .     ..............................
Stocks .............. I...............................    19,185 00
29,702 00
Total disbursements .       .......................................... $2,246,44617
Balance   ..    .............................................. $5.668,179
67
LEDGER ASSETS.
Book value. of real estate. ..........................    $117,613 02
Mlortgalev loans omi real ostate. lirst liens .1,922, 8(10 00
hook val u1le of bonds, $2,294,542.51, and stocks, $370,-
.130.0(.0( ..... ...................................... .......  2, 664,
872 51L
Caislh in company's office ...............               268065 86
Deposits in trust companies and banks
on interest ........           ,           613,910 63
MI9976 40