88      REPORT OF THE COMMISSIONER OF INSURANCE.


'it examininig the paid losses of the company we found. that
all claims were paid promptly and that litigation was practically
uinknoAwns in the exchange.
RESERVE
The reserve for annual deposit premiums, reckoned according
to section 191] m of the insurance laws of Wisconsin for 1913, was
$153,206.72. The reserve for deposit premiums running more
than one year from date of contract was $2,903.23. In obtain-
ing this sum, no deduction was made for expenses, as the amount
if pro rated with the annual deposits would have been so small
that it was thought best to disregard it. The method by which
the result was obtained is as follows:
1911 ............. i....................... $2,458.54 X /6= $409.76
1912 ..................................... 2,485.30 X  =1,242.65
1913 ....                             1,094.65 x %    913.87
$6,038.49     $2,566.28
UNPAID COMMISSION
The unpaid commission upon subscribers' balances, which
amounted to $58,327.94, was estimated to be $14,927.87. This
was carried as a liability.
UNPAID REINSURANCE
The exchange owes the Equity Fire Insurance Company, for
r(eillsltranee against excess losses, $5,872.82.
SURPLUS
The surplus over all liabilities was $397,020.4O0.
BONDS
T'he exchange has investments in    bonds amounting    to
$351,477. The par, book, and market value of the bonds are as
follows: