138


REPORT OF THE COMMISSIONER OF INSURANCE.


ADVISORY COMMITTEE
The advisory committee consists of five subscribers, as follows:
Henry W. Stoer, Troy Laundry, Cleveland, Ohio.
C. J. Cassity, Crescent Laundry, Pittsburgh, Pa.,
I. N. Williams, Lexington Laundry, Lexington, Kentucky,
C. A. Wheeler, Acme Laundry, Fort Worth, Texas.
Fidelity Trust Company, Kansas City, Missouri.
The Fidelity Trust Company is given the authority to sign
all checks on behalf of the advisory committee.
The advisory committee has charge of the funds of the sub-
scribers and deposits them in banks or invests them in seeur-
ities They are also empowered to reserve a sum not to exceed
one-half of the average savings of the subscribers, until they
have a reserve equal to an annual deposit, for the purpose of
creating an emergency fund. After this amount is reached, all
savings are returned to the subscribers annually in cash.
COMMISSION
The attorney-in-fact receives a commission of thirty per cent
of all moneys received by him. This is in full for all expenses
incident to conducting the exchange except taxes, legal expenses,
and expenses of the advisory committee.
FINANCIAL STATEMENT
The records of the company are kept in such a form that t~he
receipts and disbursements since the organization of the ex-
change could be expressed better than to make up a statement
with the income and disbursements given only from the begin-
ning of the year. It should be borne in mind, therefore, that
both the income and disbursements show business- commencing
with February 15, 1909. On this basis, the financial condition
of the company is as follows: