1.6


REkPOlIT OF THI OOMMISStoN13EA OV INSUkANCIV.


the capital stock of Butler Brothers. This "stock had, on Decem-
ber Ist, a market value of $340.00 per share, making the market
vwalule, of the stock assigned as eollateral to secure the loan,
$189,400.00. It was found on investigation that Butler lBro-
thersw ANJfl.s Ca very large corporation having a capital stock of
$10),000,000, with large houses in several cities in the United
States.  it transacts a-very large mail order business.
HISITORY OF THE FINAkNCIAL TRANSACTIONS OF THE EXCHANGE.
The history of the financial transactions of the exchange from
its organization in February, 1902, to the date of this examina-
tion is shown by the following table:
Total premiums written ..............................  $881,009.67
Total  expenses  ............. ..........................  151,208.25
Total  dividends  to  subscribers ....... .................  94,800.24
Total losses  incurred .......... ........................  56,.282.57
Total interest  received ......... ........................  66,658.21
Ratio of expenses to premiums ........................  17.2%
Ratio of losses to premiums ............................  6.4 %
Assets representing savings to subscribers and interest  646 ,190. 90
Ratio of total savings to gross premiums written .......  76.6%
MANAGEMENT OF EXCIhANGE.
This exchange is one of the older and more important of the
exchanges located in the central northern states. As the above
table will show, the expenses have been moderate, the savings
to the subscribers large, and the losses very small. In order to
produee these results the management must be sound.
EMA1PLOYERS     INDEMNITY EXCHANGE.
Location of Exchange, 706 Commerce Bldg., Kansas City, Mo.
Tfhe Employers Indemnity Exchange is an inter-insurers as-
sociation transacting the business of employers' liability and
workmen 's compensation insurance upon the reciprocal plan.
The organization of this exchange followed the reading of a
paper by its present attorney-in-fact and manager, E. G. Trimble,
at the Laundrymen's National Convention at Cincinnati in 1908.
Mr. TrW-ble was the present advisory committee of the exchange,
except Mir. C. A. Wheeler, who was preceded by Mr. Reynolds of
Kansas City, formed a committee for the organization of an
employers' indemnity exchange.    Mr. E. G. Trimble was ,an