REPORT OF TEE COMMISSIONER OF INSURANCE.


117


suggested in the preliminary remarks should be ineluded in
the aceounting system of the exchange.
The items of income and disbursements were verified from
the original sources. The eash in banks was reconciled with
the final results of the eash book. The subscribers' balances
were eheeked from the poliey register, and we found no debit
balances which were overdue ninety days. The losses unad-
justed and unpaid were investigated and an estimate of $115,-
500.00 was placed upon this item. The exchange owes the at-
torney $7,477.66. The reserve for unearned annual deposits,
reckoned according to the Wisconsin standard, amounted to
$139,083.74. The total assets amounted to $316,176.41, the to-
tal liabilities $262,061.40, leaving a surplus and reserve belong-
ing to subscribers of $54,115.01.
CONTINGENT LIABILITY OF SUBSCRIBERS
as of June 30, 1913
Amount of indemnity in force ....................... $19,625,852.27
Deduct:
Surplus reserve ......... ........... $63,845.05
Reserve fund ........... ...........  38,178.00
Total  ........... .............  $102,023.'05
Less ledger surplus ........ .........  61,202.92
Total deductions .......... ...............  40,820.13
Contingent liability of members as at June
30, 1913  ................ ................  $19,585,032.14
I'rovon the above statement it will be seen that the contini-
gent liability of the different members of the exchange
-amounts to $19,585,032.14.
CONDITION OF EXCHANGE.
This exchange is thoroughly administered and is in a. strong
financial condition. The records and files show that the sub-
scribers are in sympathy with the plans of the attorney. It
ulumbers among its, subscribers some of the most. influential
canners and packers in the United States. It transacts busi-
ness in practically all the states where these industries are
carried on. Its fire loss has been normal, but the large pay-
ment f6r losses shown in the statement was largely incurred