coal trade bulletin - Clpdigital.org
coal trade bulletin - Clpdigital.org
coal trade bulletin - Clpdigital.org
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30 THE COAL TRADE BULLETIN.<br />
LIABILITY BY YEARS.<br />
Year Children<br />
Ending. Widows. and Parents. Total.<br />
6-30-1914 $2,847.57 $1,123.43 $4,970.92<br />
1915 4.080.00 3,073.45 7,152.45<br />
1916 4,080.00 2,648.33 6,728.23<br />
1917 4,080.00 2,315.75 6.395.75<br />
1918 4,080.00 2,032.55 6,112.55<br />
1919 4,080.00 1,947.15 6,027.15<br />
1920 4,080.00 1,568.83 5,648.83<br />
1921 4,080.00 1,289.42 5.369.42<br />
1922 4,080.00 1,163.08 5,243.06<br />
1923 4,080.00 960.00 5,040.00<br />
1924 1,232.43 933.55 2,165.98<br />
1925 795.45 795.45<br />
1926 4o9.06 459.06<br />
1927 233.46 233.46<br />
192S 2.90 2.90<br />
Total ?40,800.00 $21,545.31 $62,345.31<br />
WORKMEN'S COMPENSATION FIND—OCTOBER, 1913.<br />
For the quarter beginning Oct. 1, 1913, tbe treasurer<br />
had received to Dec. 1, lor the Workmen's<br />
Compensation fund $189,448.12, and had furnished<br />
this office with copies of his receipts to subscrioers<br />
to the amount of $186,025.99, leaving due from<br />
employers who have elected to participate the further<br />
sum of $8,243.67, making the total premiums<br />
tor the quarter $194,269.66.<br />
The <strong>coal</strong> mines contribute 57 per cent, of the<br />
premiums, and as the mining is usually heaviest<br />
in October and lightest in December, it may be<br />
assumed that those collections will be proportioned<br />
to the three months about as follows:<br />
October $70,000.00<br />
November 65,000.00<br />
December 59,209.66 $194,269.66<br />
Each month will probably be proportionately increased<br />
after the actual pay-roll reports are received,<br />
these remittances having been based on<br />
the pay-rolls from January to April inclusive, when<br />
the Kanawha <strong>coal</strong> mines were having labor<br />
troubles.<br />
The report of estimated liability for personal<br />
injuries occurring during the month of October,<br />
shows that, after paying all claims for disability<br />
Premiums<br />
Year. -.eceived.<br />
-30-1914 $585,000,00<br />
1915 780,000.00<br />
1916 7SO.000.00<br />
1917 7S0.O00.0O<br />
1918 7SO.000.00<br />
1919 780,000.00<br />
1920 7SO.000.00<br />
1921 780.000.00<br />
1922 780,000.00<br />
TABLE 1.<br />
compensation, physicians, hospital, medicines and<br />
burials, and after setting aside a sum sufficient to<br />
pay the dependent parents and children under 15<br />
years of age, there will be available for a Widows'<br />
fund the sum of $36,430.00, which will permit of<br />
a lump sum cash settlement of $2,150.00 each, or<br />
on the basis of reeiving 3 per cent, interest compounded<br />
annually on balances, a pension of $20.00<br />
per month for an average period of 10 years, which<br />
is probably a fair estimate of the time they will<br />
remain on the fund, considering life expectation<br />
and remarriage prospect.<br />
In the month of October over 90 per cent, of all<br />
the liability occurred in the <strong>coal</strong> mines, which<br />
suggests that, in case it be considered that widows<br />
will average on the fund longer than 10 years, an<br />
assessment against the <strong>coal</strong> mines of iy3 per cent,<br />
would have realized $15,000.00 additional premiums,<br />
making $83,000.00 in all and if the same could<br />
be placed out, so far as it would not be immediately<br />
renuired, at 6 per cent, compounded annually,<br />
the Widows' fund at $20.00 per month would<br />
bold out for 23 yeais.<br />
Had the <strong>coal</strong> mines been assessed 1% per cent.,<br />
which would have realized $30,000.00 additional<br />
premiums or $100,000.00 in all, and the balance<br />
compounded annually at 6 per cent., the widows<br />
could have pensioned indefinitely without drawing<br />
on the principal, or, if compounded at 3 per cent.<br />
annually, it would have pensioned the yvidows for<br />
an average of 22 years.<br />
If the estimate that the widows will not remain<br />
on the fund longer than 10 years holds out, loans<br />
and investments may be made as shown in Table I<br />
From the above it will be seen that $2,500,000.00<br />
together with the interest accruing thereon, may<br />
be loaned or remain invested indefinitely, fhe entire<br />
premium received after June 30, 1922, being<br />
required to pay off the claim. Should the widows<br />
remain on the fund longer than the average of 10<br />
years, it would be necessary to draw on these invested<br />
funds after June 30, 1922, but in any event<br />
the money loaned during the first year need not<br />
be called during the first 18 years.<br />
Required<br />
for<br />
Compensation.<br />
$185,000.00<br />
300,000.00<br />
360,000.00<br />
420,000.00<br />
480,000.00<br />
540,000.00<br />
600,000.00<br />
660,000.00<br />
720,000.00<br />
Available<br />
for<br />
Investment.<br />
$400,000.00<br />
480,000.00<br />
420,000.00<br />
360,000.00<br />
300,000.00<br />
210,000.00<br />
180,000.00<br />
120,000.00<br />
60,000.00<br />
Total average for investment $2,560,000.00<br />
To be<br />
Invested<br />
Monthly.<br />
$50,000.00<br />
40,000.00<br />
35,000.00<br />
30,000.00<br />
25,000.00<br />
20,000.00<br />
15,000.00<br />
10,000.00<br />
5,000.00
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