RZEPORT OF TIHE COMMISSIONER OF INSURANCE.


121


COMMENTS ON TIHE FINANCIAL STATEMENT
The gross premium deposits written betwveen December 51st,
1912, and August 9th, 1913, were $130,153.39. The amount
cancelled was $27,172.10, leaving the net premium  deposits
written, $102,981.29. The total income covering this period
was $106,398.37, which, added to the ledger assets, $i12!0,3914.88,
gives a total footing of $235,790.25.
The gross losses paid during this interval were $32,991.58,
and the commissions paid the attorney-in-faet were $19,288.31.
The savings returned to policyholders amounted to $8,162.75,
The total disbursements amounted to $62,720.92, which, sub-
tracted fromt the total footing above, leaves a balance of
$1 73,069.33..
The assets of the company consisted of cash in trust (coin-
panies, bonds and uncollected premiums. Of the first there
was $36,701.62. The book value of the bonds amounted
to $98,863.41, and the uncollected premiums amounted to
$37,504.30.
After adding to this amount the accrued interest on the
bonds and on bank deposits, and deducting the book value of
the bonds over the market value, the admitted assets wvetc
$17.3,541.88.
The unpaid losses were estimated at $1,396.04, but the com-
painy suffered a severe loss on August 11th, 1913, two days af-
ter the date of this examination, which amounted to $12,152.78.
This last item has not been included in the liabilities of tlie
company.
The unearned premium, according to the Wisconsin stand-
-ard, was $75,052.56, and other minor items brought the total
to $84,182.38.
The surplus and reserves belonging to subscribers were
$89,359.50.
BooKs AND RECORDS
The books and records of this exchange were well kept, but
the various accounts were not adapted to statement purposes.
The books were closed on the 15th of each month, instead of at
the close of the month, and the fiscal year of the exchange did