BEST'S INSURANCE REPORTS—FIRE AND MARINE.   717

MOTOR VEHICLE UNDERWRITERS—Continued.

Cash Income, 1919,—Net premiums written, $124,679.20;
interest, etc., $2,110.38; received from placed business not
yet disbursed, $48.35; collections on accounts previously
written off, $800.24; gross profit on sale of maturity of
bonds, $212.50; total cash income, $127,850.67.

Cash Disbursements, 1919.—Net losses paid, $50,501.38;
expense of adjustment and settlement of losses, $3,830.10;

paid to attorney-in-fact for administration expense, $44,-
187.21; Advisory Committee expense, $1,636.30; legal ex
pense, $503.96; taxes, licenses and fees, $1,707.30; other
expenses, $623.57; total cash disbursements, $102,980.82.

In connection with this report, see important article in
troducing this section..

NATIONAL ASSOCIATION OF DYERS AND CLEANERS INTER-INSURANCE
EXCHANGE,

Fullerton Bldg., St. Louis, Mo.

History.—This is an inter-insurance exchange operated
by the members of the National Association of Dyers and
Cleaners. It was established in 1915, but did not receive
its license from the Missouri Insurance Department until
April 1, 1919. As of December 31, 1919 this exchange had
425 members.

Management and Reputation.—The attorney and mana
ger is John L. Corley, our attorney, who, so far as we are
advised, has had but small insurance experience.

Plan of Operation.—Fire insurance only is written, and
the risks are restricted to dyers and cleaners who are
members of the National Association.

The largest line written on any one risk is $40,000,
which is carried net. The manager states that, while the
exchange writes buildings and equipment, it specializes on
goods held in trust and explains that these are generally
so distributed in various departments that a total loss
would be improbable.

The expenses are limited to 25% of the premium deposits.

It writes at board rates, and each subscriber becomes
liable for one additional annual premium. It has never
levied an assessment.

The power of attorney provides for an advisory com
mittee of not less than five members of the exchange, who
are selected annually and have general supervision over its
affairs.

It is licensed in Missouri only.

Advisory Committee.—W. H. Morgens, Morgens Brothers,

St. Louis, Mo.; F. J. Hegy, Hegy's Incorporated, Holyoke,
Mass.; A. Imlay, Imlay Garment Cleaning Co., Detroit,
-Mich.; W. H. Brace, Brace-McGuire & Co., 158 Chenango
street, Buffalo, N. Y.; F. A. Weller, Weller-Krouse Co.,
Sharon, Pa.

Its statement as of December 31, 1919, is as follows:
Admitted cash assets: United States Liberty bonds, $36,-
040.90; interest due and accrued thereon, $366.53; cash in
banks and office, $2,775.35; premiums or deposits outstand
ing not over three months due, $G,315.57; total cash assets,
$45,504.35.

Liabilities: Unpaid losses, $1,341.75; unearned premium
deposits, $29,314.16; savings, $955.68; due attorney-in-fact
for administration expense, $1,871.83; total liabilities, $33,-
483.42; net cash surplus, $12,020.93; total, $45,504.35.

Cash Income, 1919.—Premium deposits written, fire,
$63,415.55; less return premium deposits, $12,573.94; net
premium deposits. $50,541.61; interest, etc., $535.81; total
cash income, $51,377.42.

Cash Disbursements, 1919.—Losses paid, gross, fire, $13,-
780.67; less reinsurance, $42.30; net losses, $13,738.37; paid
to attorney-in-fact for administration expense, $16.498.08;
Advisory Committee expense, $55; loss adjustment ex
penses, $312.96; taxes, licenses and fees, $72.95; other ex
penses, $12.79; savings paid subscribers, $1,281.81; total
cash disbursements, $31,971.96.

In connection with this report, see important article in
troducing this section.

NATIONAL AUTOMOBILE OWNERS INTER-INSURANCE ASSOCIATION,

Gladstone, Mich.

History.— This is an inter-insurance exchange which was
established April 1, 1910.

Management and Reputation.—The attorney-in-fact is G.
Raymond Empson, who is a prominent local attorney-at
law. The ,manager of the exchange is George C. Ogden, who
was auditor of the North Western Cooperage & Lumber
Company, of Gladstone, Mich., and had charge of its insur
ance for eight years prior to his connection with this ex-
change.

Plan of Operation.— Policies cover fire, theft, collision.
liability and property damage on automobiles. The at
torney states that only risks of preferred classes are ac
cepted, and that all business is written at conference rates.

The maximum liability assumed on any single risk is
$10,000. All liability under fire policies is reinsured where

the line on any one ear is in excess of $2,500, which limita
tions are fixed by specific provisions in the power of at
torney signed by each subscriber of the exchange. New
members are admitted by the attorney-in-fact upon the
recommendation of members. All risks are investigated
through members in each locality.

Each subscriber assumes a pro rata share of liability
under all policies issued, which liability is determined by
the amount of his premium deposit.

All members are subject to assessment and the liability
of each member is limited to an amount not exceeding one
additional premium deposit.

The premium deposits as received are credited to the
respective accounts of the subscriber by whom paid, and
each account is charged with its pro rata share of losses