ItPPORT OP3 THE COMMISSION1ER OF INSURANCE.          145
Liabilities
Losses in process of adjustment ......   .................  $2,064.41
Subscribers' balances ........   ..........................  4,633.33
Borrowed money from the Utilities Service Co .........    15,000.00
Exchange on remittances ..............................         3.52
Reserve for annual deposit premiums amounting to
$35,076.07 less 30% for expenses, at 50%, according
to section 1915m of the Insurance Laws of Wisconsin
for 1913 .....                                        12,276.62
Total liabilities except surplus and reserves ......  $33,977.88
Surplus and reserves belonging to subscribers ..........   5,328.16
Total liabilities .......... ......................  $39,306.04


COMMENTS ON THE FINANCIAL STATEMENT
It will be noticed that the statement gives the receipts and
disbursements from its organization. This was done because the
books and records of the Exchange were so made that such a
statement was more easy to compile than one dating from the
beginning of the year. The gross deposit premiums written were
$89,790.0,2. This amount, taken by months, was obtained in the
following manner:


1912.
January 31 .........
April 30 ............
May 31 .............
June 30 .............
July 31 .............
August 31 ...........
September 30 .......
October 31 ..........
November 30 .......
December 31 ........


1913.
$14,923.25 January .............
14,224.08 February ............
2,234.75 March ...............
938.87 April ................
2,206.75 May .................
1,826.25
1,773.75
3,101.10
6,435.58
7,355.79


$5,729.69
5,769.48
8,990.17
7,778.42
- 6,512.09
$34,779.85
55,010.17
$89,790.02


The return deposits were $30,649.91, which, after deducting
the reinsurance, left net premiums amounting to $58,151.38.
There is also an item in the income amounting to $15,000, which
was advanced by the attorney-in-fact for the Utilities Service
Company. In order to explain the true nature of this amount
I beg to submit a letter to Mr. A. C. Einstein, chairman of the
advisory board, by the Utilities Service Company.
-. j-Ins.-1