REPORT OF THE COMMISSIONER OF INSURANCE.


157


INCORPORATION OF ATTORNEY-IN-FACTSHIP
Tire attorney-in-fact, Mir. Adrian F. Sherman, has made a
written statement to the Department in regard to the incor-
poration of the receipts of the Kansas Employers Inter-Insurers
Exchange of Kansas City, Mo., under the laws. of the state of Mis-
souri, and the incorporation of the attorney-in-fact of the Illinois
Indemnity Exchange under the laws of Illinois.. The receipts
of the Kansas, Employers Inter-Insurers Exchange of Kansa:s
City, Missouri, were incorporated under the name of the Ex-
change Management Company, with a capital stock of $50,000,
of which $30,000 was common stock and $20,000 preferred stock.
Of this stock there still remains in the treasury $13,000 preferred
stock and $5,700 common stock.
The attorney-in-fact of the Illinois, Indemnity Exchange
s being incorporated under the name of Sherman & Ellis, In-
corporated. The proposed capital stock of this company will
consist of $100,000 with a par value of $100 per share. The
attorney-in-fact states that the object of incorporating the at-
torneyship in the state of Illinois is to produce funds with
which to promote the organization of exchanges in other states,
and also to make the attorney-in-fact a perpetuity.  Part
of the funds realized from the sale of capital stock of the Sher-
man & Ellis., Incorporated, Company is, to be used to promote
the establishment of an exchange in the state of Wisconsin and
in other states..
FINANCIAL CONDITION
The financial condition of the exchange, as of September 27th,
is shown by the following statement:


Income
Gross deposit premiums written Aug. 1st to Sept. 27th,
1913 ...............................................  $65,973.93
Less returned deposit premiums ...........   $945.20
And deposit premiums on policies not taken  3,423.74
4,368.94
Net deposit prehmiums ........   .................... $61,604.99
Kansas Employers' Inter-Insurance Exchange deposit pre-
miums included in uncollected premiums in assets ....   678.47
Interest on bank deposits .......................           36.03
Amount due Exchange Management Company carried to
liabilities  ........  ..................................  542.55
Total income...            ..... ...............  $62,862.04