WEPORTk 05 TTIA COMMISSIONER 5OF INSiJEANCSk


INSPECTIONS
This exchange makes inspections of risks at least six times
a year. No, inspector visits the same plant twice in a year.
From the records we saw in the office, we are of the opinion
that the inspection is most thorough and searching and that the
subscribers willingly follow the recommendations of the in-
spectors.
RATES OF PREMIUM
This exchange charges the same rate of premium as that of
ordinary stock companies, known as the "board rate," making
allowances for repairs and installation of fire-prevention ap-
paratus in accordance with the recommendations of the inspec-
tors. This inspection and system of deduction for repairs has
reduced the fire losses to a low cost. The moral hazard has
been reduced to a minimum, owing to the fact that only firms
of high financial standing ancd business integrity are accepted
in the exchange.
FINANCIAL STATEMENT
The financial condition of this exchange as of June 30, 1913,
is shown by the following statement:


Ledger assets, December 31, 1912:
Cash   ...............................    $276,826.46
Uncollected premiums .....      .........       658.83
Bonds ..................   ............    317,510.00
Total ......................................
Income
Gross premiums written ................       $175,792.05
Less return premiums ..............         11,397.20


$594,995.29


Net premiums ...........      ..................  $164,394.85
Interest on bonds ...........    ..........................    6,000.00
Refund of legislation expenses ..........................         27.89
Cash deposits from  sundry policyholders ...............      11,000.00
Total income .........                   t           $181,422.74
Sum carried forward .......................    $776,418.03