112


REPORT OF THE COMMISSIONER OF INSURANCE.


APPORTIONMENT OF DIVIDENDS
The dividends are apportioned to the subscribers pro rata
aecording to the amount of premiums paid.
ADMINISTRATION OF THIE EXCHANGE
This exchange seems to be thoroughly administered, and it
was found to be in good financial condition. It is growing rap-
idly and its attorney-in-fact is a man who has had considerable
experience in the insurance business.
CANNERS EXCHANGE SUBSCRIBERS AT WARNER IN-
TER-INSURANCE BUREAU
Location of Exchange, No., 111 West Monroe Street, Chicago,
Illinois.
The original name of this exchange was Subscribers at Can-
ners Exchange, Lansing B. Warner, Attorney and Manager.
It issued its first policy on December 28, 1907, and transacted
business under that name until October 26, 1911, at which time
a corporation was formed under the title of Lansing B. Warner,
Incorporated, with, $2,500.00 of capital stock. This company
was granted the power under its charter to carry on the business
of making inspections, adjusting losses, and to act as attorney-
in-fact for individuals, firms., and corporations, and to perform
other acts necessary to carry on a fire insurance business.
Under the original name, Lansing B. Warner, Attorney and
Manager, obtained his power to act for the individual sub-
scribers from a power of attorney signed by each subscriber.
In order to obtain the right to act under the title of Lansing
B. Warner, Incorporated, permission from the individual sub-.
scribers was obtained; and on March 1, 1912, a balance of the
books was struck and all funds deposited with the attorney were
transferred to the individual accounts of the different subscrib-
ers or returned to them in cash, and all business under the old
title ceased. After that date the business of the exchange was
transacted under the title of Canners Exchange Subscribers at
Warner Inter-Insurance Bureau, Liansing B. Warner, Ineor-
porated.