98      REPORT OF THE COMMISSIONER OF INSURANCE.


elusion to the audit we found no errors in bookkeeping, and
that the affairs of the exchange were carefully administered.
The Advisory Committee takes an active part in the details of
the business. As a whole, the exchange is thoroughly and in-
telligently administered.
SUBSCRIBERS AT MANUFACTURING LUMBERMENS
UNDERWRITERS
Location of Exchange, 1030' East 12th St., Kansas City, Mo.
Manufacturing Lumbermens Underwriters was founded by
Harry Rankin of Kansas City, Missouri, in 1898, and it has been
ill successful operation from that time to the present period.
M\1r. Rankin was formerly engaged in the insurance business and
was widely known as a successful insurance agent. The ex-
change was the outgrowth of a sentiment or belief in the fact
that the old line fire insurance companies were charging the
manufacturers of lumber an exorbitant rate for their insurance.
The attorney-in-fact was originally vested in Harry Rankin &
Company, but since the death of 'Mr. Rankin, which occurred
in 1912, this has been changed to Rankin-Benedict Underwrit-
ing Company, Mr. N. Benedict is the deputy attorney-in-fact
and manager of the exchange and the legal successor to Mr.
Harry Rankin.
NATURE OF RISKS ASSUMED
This exchange assumes risks upon sawmills, lumber in yards,
planers, warehouses, dry-kilns, and the various allied interests
connected with the manufacture of lumber.
LIABILITY
Each subscriber assumes an equal liability upon the risks of
all the other subscribers. The maximum amount of indemnity
upon any single risk is $80,000; and as there are at present
three hundred and seventy-two subscribers, the maximum amount
of liability on any one risk at the time of this examination was
a little over $215. As the number of subscribers is changing
from day to day, the amount of liability ont a single i  fov
any one suqbscriber i, also varying in amouut