moneys received by him for the purpose of defraying all
expenses except losses, taxes, legal expenses and the ex
penses of directors.
The exchange is licensed in Illinois, Indiana, Michigan,
Ohio, Pennsylvania and «Wisconsin.
Its statement as of December 31, 1919, is as follows:
Admitted cash assets: Liberty bonds, $50,000; cash in
banks and office, $17,735.59; premiums or deposits out-
standing not over three months due, $4,202.06; other cash
assets, $15.28, total cash assets, $71,952.93.
Liabilities: Losses in process of adjustment, $75; rein
surance, $75; unearned premium deposits, $8,292.38; due
attorney-in-fact for administration expense, $12,05S•.16; re-
insurance, $1,041.84; other liabilities, $17.06; total lia
bilities, $21,400.44; net cash surplus, $50,5431.49; total,
Cash In-conic, 1919.—Premium deposits written, gross,
$107,644.86; less return premium deposits, $16,842.10; less
reinsurance, $83,330.54; net, $7,472.22; interest, etc.,
$197.40: guarantee fund, $110,059.04; commission from re-
insuring companies, $11.791.51; dividends from reinsuring
companies. $12,259.33; adjustment expense from reinsuring
companies, $395.67; total cash income, $142,176.07.
Cash Disbursements, 1919.— Losses paid, gross. $26.-
187.55; less reinsurance, $26,258.03; let losses, —$70.48;
paid to attorney-in-fact for administration expense, $8,-
S38.5S; advisory committee expense, $30.56; taxes, licenses
and fees, $1,911.71: dividends returned to subscribers, $9,-
135.92; expenses of adjustment of losses, $395.45; rein
surance of excess losses, $665.27; total cash disbursements,
Transactions Since Organization.—Premium deposits re
ceived, gross, $178,896.89; less return premium deposits,
$26,015.03; less reinsurance, $135,992.32; net premium de-
posits. $16,889.54: interest received on investments and
bank deposits, $280.2.5; guarantee fund, $135.059.94: com
mission from reinsuring companies, $18,058.98; dividends
from reinsuring companies, $17.890.01; total cash income,
$189,078.72. Losses and adjustment expenses paid, gross.
$38,687.28; less reinsurance, $38,672; losses and adjustment
expenses paid, net, $15.28; commissions paid to attorney
in-,fact for administration expense, $16,219.42: other ex
penses paid, $1,945.44; total expenses paid, $15,164.86; re-
turned in cash to members, as savings, $13,235.72; reinsur
ance of excess losses, $665.27; total cash disbursements,
In connection with this report, see important article in
troducing this section.