134


REPORT Of TEJ1i COMMISSIONERC oP INSURANCE.


Assets not Admitted.
Book value of bonds over market value ................        4,025. 00
Admitted assets ........      .........................  $647,682.15
Liabilities.


Gross losses due and unpaid..........................
C. Gotzian & Co., paid Dec. 1st, 1913.
Reserve for unearned premium    on one year gross pre-
miums in force amounting to $149,195.14, less 15%/,
expenses, according to 1915m Wisconsin Insurance
T.n--_ far   Ial)   -4s U-a-/


$52.37


nLvvy    l J-LO-LO, dL  auy/C ................          63,407.93
Reserve for unearned premium on three year business in
force amounting to $21,243.75, computed pro rata. .     14,898.45
Amount due the attorney-in-fact for commission ........       814.08
Total liabilities except surplus and reserves ......  $79,172.83
Surplus and reserves over all liabilities belonging to the
subscribers ............   ...........................  568,509.32
Total liabilities ..........  ......................  $647,682.15


COMMENTS ON FINANCIAL STATEMENT.
Losses.
This exchange holds the unique position of never having con-
tested a loss. The claim register and the receipts of the sub-
scribers show that all losses are paid promptly. The amount of
losses paid from  January Ist to December 1st, 1913, was
$7,872.43. It will be noticed that this is about one-half of the
interest earnings on the subscribers' savings, and less than 5%7
of the net deposit premiums written. This low loss ratio is
undoubtedly due to the high character of the insured, frequent
inspections, isolation of.risks and the fire prevention apparatus
installed in the buildings.
Bonds.
The book value of bonds amounts to $276,425. A list of these
bonds showing the book value, par value, rate to obtain the mar-
ket value, and the market value is as follows: