Walter J. Drummond, President of Beaver Engineering and Contracting Co., 51 Chambers street, New York. Herbert M. Baldwin, Treasurer of Power Specialty Co., 111 Broadway, New York. Charles A. Angell, Vice-President of Cranford Co., 52 Ninth street, Brooklyn. Henry D. Brewster, Director of Brewster & Co., Bridge Plaza, Long Island City. John J. Guinan, President of John J. Guinan Contracting Co., Inc., 2310 Gravesend avenue, Brooklyn. William L. Sporborg, General Manager of Rock-Cut Stone Co., 531 Union Building, Syracuse. William Beverly Winslow, Vice-President of Alart & McGuire Co., 116-1 Imlay street, Brooklyn. Edward A. Keeler, Secretary of Peter Keeler Building Co., Albany. Farrand N. Benedict, Vice-President of Thomas Crimmins Contracting Co., 444 East 69th street, New York. Franklin Remington, President of the Foundation Co., 233 Broadway, New York. Harry M. Waring, Secretary of Smith, Hauser & Mac Isaac, Inc., 18 East 41st street, New York. Robert F. Coleman of Pierce Arrow Motor Co., Buffalo. Robert M. Ferguson, Secretary and General Manager of the Employers' Mutual Insurance Co. James L. Freeborn, of Freeborn & Co., 61 Broadway, New York. The law firm of Blauvelt & Warren, 61 Broadway, New York, is general counsel for the company. The firm of Freeborn & Company, 61 Broadway, is general agent. Financial Statement A statement of income and disbursements from January 1, 1917, to December 31, 1917, inclusive, and of assets and liabili ties on the latter date follows: Ledger assets Dec. 31, 1916, per company's annual statement. 161,532 19 Salaries, fees and all other compensation of officers, directors and home office employees (except medical director)...... 14,138 05 Traveling expenses of officers and employees.... 930 79 Medical staff expense (not included in losses). 2,437 50 Salaries, traveling and all other expenses of agents.... 11,139 09 Inspection of risks (excluding payments to Compensation Inspection Rating Board) 4,801 17 Rent.. 3,820 00 State tax on premiums 2,496 65 Federal income tax Expenses of Compensation Inspection Rating Board (inspections only) 131 34 293 27 Expenses of Compensation Inspection Rating Board (other than inspections) 879 63 Legal expenses (other than for investigation and settlement of claims) 3,890 49 Advertising. Printing and stationery Postage, telegraph, telephone and express. Furniture and fixtures 576 49 1,993 13 1,144 51 818 48 Estimated amount payable for incurred expenses of New York 13,483 08 Unpaid taxes 3,413 75 Unpaid members' dividend 6 00 Unpaid bills (including $610.65 for legal representatives)... 1,329 77 Total liabilities $230,127 04 The company did not declare any dividends to its members during the year 1917, the period covered by the foregoing financial statement. Dividends at the rate of 20 per cent were declared in 1915 on insurance terminated on or before June 30, 1915, and dividends at the rate of 10 per cent were declared in April, 1918, on insurance terminated during the period from July 1, 1915, to December 31, 1916. A careful investigation was made during this examination to ascertain whether all dividends due under this last dividend declaration had been paid. A few instances were found where payments had been improperly withheld, but when the matter was brought to the attention of the general manager prompt adjustments were made. Reinsurance The company has two reinsurance contracts in force for the purpose of affording protection against the catastrophe hazard incident to workmen's compensation insurance-one with the Contractors' Mutual Liability Insurance Company of Boston and the other with the American Reinsurance Company of Huntington, Pa. The contract with the Contractors' Mutual protects the company against losses incurred "in respect of each and every accident or occurrence or series of accidents or occurrences arising out of one event" exceeding $30,000 up to $60,000, excluding risks of a specified character, the coverage being $30,000. The contract with the American Reinsurance Company affords protection against losses "in respect of each and every accident or occurrence or series of accidents or occurrences arising out of one event" up to $140,000, being the excess over $60,000. The total coverage of these two contracts is, therefore, $170,000; that is, from $30,000 to $200,000. |