BEST'S INSURANCE REPORTS—FIRE AND MARINE.

72.

NORTH AMERICAN INTER-INSURERS OF THE CITY OF NEW YORK—Continued.

paid to attorney-in-fact for administration expense, $19,- received, $1.444,510.86. Losses and adjustment expenses
179.17 : advisory committee expense, $190; legal expense, paid, net, $79.615.75; returned in cash to members, as
$520; taxes, licenses and fees, $3,448.05; other expenses,   savings, $613,159.94.

$41.26; other disbursements, $122.06; dividend to sub-   In connection with this report, see important article in-

scribers. $53.942.89; total cash disbursements, $78,789.17.   traducing this section.

Transactions Since Organization.— Net premium deposits

OLDS AND STOLLER INTER-EXCHANGE,
Mills Bldg., San Francisco, Cal.

History.— This is an inter-insurance exchange which was
organized under the reciprocal laws of California, effective
July 27, 1917. The exchange began business on January 1,
1918. It is licensed in California only.

Management and Reputation.—The attorney-in-fact and
manager is Olds & Stoller. Inc. The corporation is capi
talized at $75,000, with offices in the Mills Building, San
Francisco, Cal. The officers are: President. Frank R. Stol
ler; vice-president, Wil'.iam M. Cannon: secretary-treas
urer, A. C. Olds.

Mr. Stoller has had extensive experience as an inter-
insurance organizer, being formerly connected with T. H.
Mastin & Company, of Kansas City, Mo., from which point
he removed to the Pacific coast in 1912 .and organized the
Individual Underwriting Corporation as the attorney-in
fact for the Pacific Automobile Indemnity Exchange of
California. He continued the management of that exchange
until September, 1917, when he in company with William
M. Cannon and A. C. Olds organized the Olds and Stoller
Inter-Exchange.

Mr. Cannon is general counsel for the United Railroads
and an attorney of high standing.

Mr. Olds has been in the fire insurance business for
twenty tears as State agent and adjuster: executive special
agent and Pacific coast manager of the Phenix Insurance
Company of Brooklyn, and during the last few years as
manager of the Caledonian of Scotland for the Pacific coast,
with headquarters at San Francisco.

We have been furnished a list of the stockholders of
the management company, which includes the names of
many- prominent and influential business men in San Fran
cisco.

At the close of 1919 the exchange had 4,000 subscribers.

Ad risory Board.— (At last advices) Wm. M. Abbott,
attorney, United Rairoads of S. F.; Wm. A. Rankin, secre
tary-treasurer, Walton N. Moore Dry Goods Company;
R. S. Shainwald, vice-president and general manager, The
Paraffine Companies. Inc.: A. K. Tichenor, vice-president,
Alaska Packers Association; Chas. S. Tripler, secretary-
treasurer, Van Arsdale-Harris Lumber Co.

Plan of Operation.—The exchange insures automobiles
against fire, theft, property damage, collision and liability.
Tariff rates are used as a basis.

The maximum liability assumed in any one hazard is
$20,000 and the largest net line assumed is $10.000. The
exchange claims to write only the best risks, declining taxi-
cabs, jitneys, livery cars and other hazardous classes.

The commission of the attorney is 24%, out of which
all expenses are paid, except taxes.

Subscribers make an initial payment of one annual pre-

mium and are subject to assessment to the amount of one
additional basic premium;. The attorney is bonded for
$10.000.

Savings are distributed to members at the end of the
policy year. Twenty-five per cent. of the amount of interest
on exchange funds and the profits on investments and sav
ings are set aside as a reserve fund. All funds of this ex-
change are in the custody of the attorney and advisory
board.

The liability of the exchange or of the subscriber may be
cancelled at any time by either of the parties giving five
days' written notice to the other. In the event of cancella
tion the profits, if any, are returned.

T'he attorney-in-fact and the Insurance Commissioner of
California are authorized to accept service of process.
The subscriber's agreement provides for the appointment
by the subscribers of an advisory board of ten persons in
each city where the exchange does business, which advisory
board shall have the supervision of the funds of subscribers
at that point.

Attention is called to the fact that credit for subscribers
deposits payable in monthly installments and on demand
is taken in the assets of the statement below.

Its statement as of December 31, 1919, is as follows:
Admitted cash assets: Liberty bonds and War Savings
stamps, $70,927.25; interest due and accrued thereon. $1,-
219.78: cash in banks and office, $28,867.16: premiums or
deposits outstanding not over three months due. $46,754.94;
unexpired reinsurance and accounts received, $3,184.56;
subscribers' deposits payable in monthly installments,
$118,270.01: subscribers' deposits payable at call, $34,-
679.30: total cash assets, $303,903.

Liabilities: Unpaid losses, $19,128.81: unearned pre
mium deposits, $224,307.34: salaries, rents. etc.. $454.57;
accrued taxes, $4.816.46: total liabilities, $248.707.18; net
cash surplus. $55.195.82; total, $303,903.

Cash Income, 1919.— Premium deposits written, gross,
$541,927.64; less return premium deposits, $120.718.84; net,
$421,208.80; interest, etc., $3,083.06; total cash income,
$424,291.86.

Cash Disbursements, 1919.— Losses paid, gross, $132,-
535.26; less salvage, $7,734.22: net losses, $124,801.04;
paid to attorney-in-fact for administration expense, $70,-
675.55; taxes, licenses and fees, $4,478.75; adjustment ex
pense, $17,149.70; other expenses, $525; total cash disburse
ments, $217,630.04.

Transactions Since Organvization.—Premium deposits
received, gross, $778,513.40; less return premium de-
posits, $169,708.29; less reinsurance, $689.01; net pre-