COAL MERCHANTS' MUTUAL INSURANCE COMPANY OF NEW YORK ALBANY, N. Y. Examined to ascertain condition June 30, 1918. Examiner: F. H. Trench. The company was incorporated August, 1914, under the provisions of article 5-a of the Insurance Law, and was granted a certificate of authority by the Superintendent of Insurance July 1, 1915. E. B. Ashton, Saratoga, president, Saratoga Coal Company; treasurer, Ballston Coal Company; secretary, Schenectady County Coal Company; secretary, Devenpeck Coal Company. W. C. Baxter, Troy, treasurer, Craver, Cowee & Baxter, Inc. Garrett Busch, Hempstead, coal merchant. W. S. Cassedy, Gloversville, secretary, Fultonville Coal Company. Maynard N. Clement, Albany, general manager and counsel of the company. H. G. Dewey, Gloversville, president, Coal Company of Fulton County. John A. Fiero, Penn Yan, coal merchant. James M. Gaffers, Schenectady, coal merchant. Fred H. Gordon, Rochester, treasurer, The Yates Coal Company. F. R. Pawley, Kingston, president, Kingston Coal Company. Arthur F. Rice, New York City, commissioner, New York City Coal Merchants' Association. Edward Schmidt, Mineola, president, The Birdsall Coal Company. L. V. Shepard, Elmira, treasurer, Elmira Coal Company. Charles B. Staats, Albany, president, E. W. Howell Company. W. H. Upson, Lockport, coal merchant. J. E. Van Deusen, Gowando, coal merchant. F. H. Willenbrock, New York City, secretary, Hencken & Willenbrock Company. Financial Statement The following is a statement of income and disbursements from July 1, 1917, to June 30, 1918, inclusive, and of assets and liabilities on the latter date. Net premiums written: Income Workmen's compensation (less reinsurance paid $1,156.25). Property damage (less reinsurance paid $569.75).. Total .. Premiums paid in advance.. Interest: On bank deposits On bonds... On mortgage Total Total income Ledger assets, June 30, 1917.. Total $38,519 70 2,652 99 323 37 $41,496 06 5,345 50 $907 85 316 41 50 00 1,274 26 $48,115 82 29,034 61 $77,150 43 Disbursements Payroll Adjustments Payroll adjustments have been entered on the books since June 30, 1918, on account of premiums earned prior to that date in the net amount of $8,591.50, the gross additions being $8,722.42, and the gross deductions $130.92. In view of the fact, however, that a number of policyholders' accounts, with estimated premiums of $200 or over, have not yet been adjusted; no credit is given in the financial statement for this non-ledger asset. In this connection attention is called to the fact that in the departmental examination as of September 30, 1916, the company was criticised for adjusting the premiums upon the basis of sworn statements as to payrolls furnished by the assureds themselves, and without verification by audit. Notwithstanding this, however, the company's practice in this respect remains unaltered, and it still continues to adjust premiums upon the sole basis of assureds' statements. This cannot be regarded otherwise than as a dangerous practice, and it is again urged that it be discontinued. CONTRACTORS' MUTUAL INSURANCE CORPORATION BROOKLYN, N. Y. Examined to ascertain condition January 31, 1919. Report dated April 4, 1919. Examiners: W. A. Billingham, F. H. Trench. The officers and directors of the company are as follows: The company was incorporated February 28, 1914, pursuant to the provisions of article 5-a of the Insurance Law, with authority to underwrite workmen's compensation, liability and property damage insurance. The company began the issuance of policies of insurance effective as of July 1, 1914, and continued in business as an insurance carrier until July 1, 1916. Under date of June 19, 1916, the following notice of cancellation was mailed to all members whose policies did not expire on or before June 30, 1916: The directors of this corporation have decided to close out its business as of June 30, 1916. This is to notify you to place your compensation business elsewhere, as all policies of this corporation will terminate upon that date. Our representative will call and adjust your audit as soon as possible after July 1st. No policies of insurance have since been issued. Financial Statement A statement of income and disbursements from July 1, 1916, to January 31, 1919, inclusive, and of assets on the latter date, appears below: |