INTER-INSURANCE EXCHANGE — Conti vued,
La.; C. L. Harrison, secretary Himmelberger-Harrison
Lumber Co., Cape Girardeau, _MO,; D. O. Anderson, president
Anderson Lumber Corp., Marion, S. C.; W. A. Holt, vice-
president Holt Lumber Co., Ooouto, Wisconsin; E. A.
Se:fridge, Jr., president Northwestern Redwood Co., Willits,
Cal.; Chas. A. Bigelow, president Kneeland-Bigelow Lumber
Co, Bay City, Mich.; J. P. McGoldrick, president Mc-
Goldrick Lumber Co., Spokane, Wash.; O. O. Axley, man
ager Southern Lumber Co., Warren, Ark.; John L. Kaul,
president Kaul Lumber Company, Birmingham, Ala.; John
H. Kirby, president National Lumber Manufacturers' Asso
ciation, Houston, Texas; R. M. Weyerhaeuser, president
Northern Lumber Co., Cloquet, Minn.; E. G. Swartz, vice-
president Burton-Swartz Cypress Co., Perry, Fla.; J. S.
Gillies, vice-president Gillies Bros. Co., Ltd., Braeside, Ont.
Monthly reports are made to all members. The exchange
is licensed in Illinois, Arkansas, Washington, Mississippi,
No. Carolina and Oregon, and the superintendents of
insurance of those States and the attorney are authorized
to accept service of process binding upon all the members in
the event of a dispute arising concerning any claim against
Its statement ss of Dece+nrber 31, 1919, is as follows:
Admitted .cash assets: Bonds and stocks owned (market
value), $77,519.50; interest (Inc and accrued thereon, $1,-
452.33; cash in banks and office, $47.931.22; premiums or
deposits outstanding not over three months due, $25,710.72;
unexpired reinsurance, $131.21; office furniture and fixtures,
$2,000; total cash assets, $154,744.95.
Liabilities: Unpaid losses, $25,000; unearned premium
deposits, $84,651.75; total liabilities, $109,651.75: net cash
surplus, $45,09323; total, $154,744.98.
Cash Income, 1919.—Premium deposits written, gross,
$247,870.90: less return premium deposits, $23,978.64; less
reinsurance, $459.70; net, $223,432.56; interest, etc., $4,-
174; office furniture and fixtures previously charged to
expense, $1,580 55; total cash income, $229,187.11.
Cash Disbursements, 1919.—Net losses paid, $155,746.68;
administration expense, *44,815.57; advisory committee ex
pense, $170; legal expense and auditing, $400; taxes, li
censes and fees. $3,853.67; cash savings returned, $171.78;
total cash disbursements, $205,158.
Transactions Since Oryanization,—Premitnn deposits re
ceived, gross, $718,564.64: less reinsurance, $12,467.03; net
premium deposits, $706,097 61; interest received on invest
ments and hank deposits, $13,903.01; total cash income,
$720,000.62. Losses and adjustment expenses paid, net,
$402,647.87: administration expenses, $148,654.02; advisory
committee, legal, etc., $7,159.51; war revenue and income
taxes, $3,666.62; total expenses paid, $159,480.15; returned
in cash to members, as savings, $3,127.62; total cash dis
In connection with this report, see important article in
troducing this section.