132      REPORT OF THE COMMISSIONER OF INSURANCE.
change, his share of the collective savings is returned to him.
The savings accrue to the individual subscriber from two sour-
ces, first, the savings from premiums, and second, from the in-
terest on investments. Since each member of the exchange
assumes an equal liability on each single risk, there is appor-
tioned to him an equal share of every subscriber 's premium
except his own. A partition of the interest earnings is made
upon the same basis. Charged against this amount is the pro
rata share of the losses and expenses. The difference will show
the amount standing to the credit of each subscriber at the close
of the year.
INSPECTIONS.
Inspections of each risk are made not less than three times
each year. The attorney-in-fact employes two inspectors to per-
form this work and similar to all other exchanges, the reports
of the inspectors are mailed to the subscribers and they in turn
notifv t'he attorney-in-fact if the recommendations of the in-
spectors have been carried out.
FINANCIAL CONDITION.
The financial condition of the exchange on November 30th,
1913, is shown by the following statement:
Balance Sheet.
Ledger Assets, December 31st, 1912:
Cash ..............................  $22,653.23
Cleveland Trust .....................  104,516.59
Union Trust .124,549.00
Continental & Commercial .60,000.00
Illinois Trust .57,446.07
Nat. Bank of Commerce .20,000.00
MechanicsiAmerican ....... ........  30,000.00
Commonwealth .26,615.40
First Trust & Savings .20,660.05
Commercial Paper ...............X..  30,000.00
Manager .22,040.55
Total .   ...  .        .    ..........  $518,480.89