96       REPORT OF TIlE COMMISSIONER OF INISURANCZ.


-Hook        Par     R          aate  larket
value.      value.              value.
I Atlantic Coast Line, L. & N. Coll. Trust.
4 i)er cent due 1952.     ..            $18, 450 00   $200,00      87   
 $17, 400
2. Chicago. Burlington & Quincyv R. Ik. Co.,
Ill. div.. 4 per cent, due 1049 .... ... .  19,675 00  20,000      9    
  19,000
3. Lealgh Valley R. R.. general mortgage,
4 per cent. due 2003 ............. .     19,225 00     20 ),000    94   
  18,800
4. Consolidated stocel  city of New   York
do.k bonds. 34 tier cent, due 1927 .......  18, 15  00 n   20,000  89   
  17,800
5. New York City assessmenit bonds, 4 per
cent, due, 1917  ...........................  49,250 00  50i 000   97   
  48,500
1;. New Yorkc ecitY  bonds, 4i Per cent.due
1917 ......................................  25,250 00  25, 000   100   
  25,000
7. New   York state, canal improvement
bonds, due 1942 .       -... 101,000 00               100,000      99   
  99,090
8. New York state bar-e canal termilnals.
4 pver cent bonds, due due 1942 ..........2 25,125 00  25,000      97   
  24,250
9. Norfolk   & \Western R. It., first con,
4 per cent boiids. due 1996    .    .    19,400 00     20,000      91   
  18,2CO
10. Oreglon R. R. Navigation    Cons., gold
mortgage 4 per cent bonds. due 1946....  18,650 00     20,000      91   
  18, 200
11. Pennsylvania R. It.L (convertible 31 per-
cent bondls, dIue l915 ................  19, 350 00    20, 000     96   
  19,200
12. Pennsylvania R. R. (i'o.. consolidated
mortgage. 4 per cent, due 1948 ...... 5.... l, 225 00  15, 000     99   
  14, 850
13. St. Louis, Iron Mountain & So. River,
Gulf division. 4 per cent bonds, due
1933 ........................................  16,625 00  20, 000  78   
  15.600
14. Union e'acific 1R. It., first 4 ter cent
bonds. due 1947 ............ ..............  39,600 00  40, 000   .95   
  38,000
15. (5000) Chinese (ov. Hukiiang IRy. gold
bonds. 5 per cent, due 1!921-51 ...... .... 22,500 00  25,000      88   
  22, 000
16. New York Central & Hudson Rtiver R.
R., one year 5 per cent notes. due April
21, 1914.1......      ..................  19,956 25    20, 000     99   
  19,800
17. Con.solidated  Gas Co    of New   York.
eight months notes. 6 per cent, Feb.
25, 1914 ...                             24, 959 99    25, 000    100   
  25. 000
Total ..                            $472.391 24   $485000 ........  $460,600
Losses
The rnet amount of cash            paid    for   losses  from    January
     1st,
1913   to  the date     of this examination        was $29,116.16.      
  The, un-
paid losses were only $1,400. This, well illustrates the fact that
the normal loss ratio        of this exchange' is very         low.
Unearned Premium
Nearly     all the    policies of this      exchange      are  one   year
term
policies.     The amount of premiums in force on June 30, 1913
was $580,839.69, and the unearned premium                    on the yearly
basis
was $290,469.80.
Reserve for Contingencies
The exchange        carries a reserve, for unpaid            bills and  
 contin-
gencies    amounting       to  $5,000.      A   checking     up    of thes,
items