Document MGGBbGaJ4Lyb1pKov6B9ra3KM

You have every reason to be pleased with the result* of the operation of Metropolitan in 1950, as will be evidenced by this report. The major test of a Life insurance com pany's value to the public is in the payment of benefits to policyholders and beneficiaries and in the increase of the insurance protec tion which the company affords them. New high records in each respect were made in 1950. Metropolitan has been able to maintain this year, with minor modifications, the pre vailing dividend scales. The Company has also made appropriate additions to surplus funds and contingency reserves held for the protection of policyholders. This means that, with very few exceptions, individual policy holders' dividends will be equal to, or greater than, the dividends paid last year. It is grati fying to report that, notwithstanding increased costs due to inflationary trends which have affected every business and every individual, Metropolitan has thus continued its low cost record. Inflation is a national problem of utmost concern to every citizen, and particularly to Life insurance policyholders and others who save for the future of themselves and their families. This is true not only as to the infla tion that has already occurred, but more particularly as to that which will result from our defense effort, unless effective measures to check it are taken by government, busi- ness and individuals. As citizens, we should urge proper governmental action designed to safeguard the purchasing power of the dollar and cooperate wholeheartedly in our indi vidual spheres in the support of all necessary measures. The sacrifices required now will "pay off" in future yean. Every dollar that you set aside for Life in surance not only affords the protection for which itis intended,butalsoisan anti-inflation ary influence. Such dollan are removed from competition for the limited amount of con sumer goods that will be available as the defense effort proceeds. Metropolitan is cooperating in a campaign of public education respecting measures nec essary to check inflation. This program is being conducted by the Institute of Life In surance, of which Metropolitan is a member. The campaign is designed to bring to public attention, through newspaper advertising and other means, a fair statement of the problem and some of the steps necessary for its solution. It seems appropriate to speak of an asset of your Company which is not listed in the balance sheet. This is the splendid organiza tion of nearly 46,000 men and women in the Field, Home and Head Offices who render service to the Company's policyholders and to the public. It can be depended upon to con tinue to serve you in the future with the same fidelity as it has shown in the past. March 1,1951 President PAYMENTS TO POLICYHOLDERS AND BENEFICIARIES (In Millions) TO POLICYHOLDERS of the METROPOLITAN LIFE INSURANCE COMPANY We present, in addition to the balance sheet, pertinent facts regarding the Com pany's operations for the year 1950 and some observations which we think will be of in terest to policyholders. As a result of the efforts of Metropolitan's Agents over the years, hundreds of thousands of individuals were enabled during the past year to face the future with hope and confidence. The amount of insurance issued last year reflected the determination of present and new policy holders to provide protection for their loved ones. The steady flow of insurance benefits into communities throughout the country emphasizes the soundness of the planning of policyholders in arranging security for their families. Payments to policyholders and their bene ficiaries last year totaled $837,000,000--the greatest sum ever paid in benefits in any one year by the Company. This was 9% greater than the sum paid during the preceding year. Death Claims Beneficiaries ofMetropolitan policyholders received $286,000,000 in 1950, or 34% of total benefits paid. Under Ordinary and In dustrial policies which have been in force less than a single year, more than $4,000,000 was paid out, including Double Indemnity. This is dramatic evidence of the function of Life insurance. The Company paid $779,000 last year on account of deaths of insured military per sonnel engaged in the Korean war. Of this amount, about $576,000 was due to deaths from enemy action, and $203,000 to deaths from accidents and disease. ASSETS, OBLIGATIONS, and SURPLUS (In Millions) OTHER OBLIGATIONS $164 J- RESERVED for DIVIDENDS S172 -FUNDS LEFT WITH COMPANY $576 $622 liiiliii i i STATUTORY POLICY $8,784 RESERVES Benefit* to Living Policyholder* Benefit payment* to living policyholder* amounted to 1551,000,000--or 66% of the total. Included in this sum was $142,000,000 which was paid upon the maturing of endow ment policies, $29,000,000 in annuity pay ments, and $115,000,000 for the cash value of policies which were surrendered. More people than ever before received Metropolitan benefits to tide them over period* when regular income was cut off by sickness'or accident, or to help meet the extra expenses involved. This was due in part to the large increase in this type of business written by Metropolitan last year. Approxi mately $89,000,000 was paid for Disability, Accident and Health, Surgical Operation, and Hospital Expense benefits, a 29% increase over the 1949 figure. Dividends to policyholders last year amounted to $176,000,000. This sum was $12,000,000 more than the 1949-figure. Ir:urznce. in Force The Metropolitan has at all times endeav ored to provide Life, Accident and Health insurance, and Annuities in such varieties of forms as to make them suitable f<5r persons in different income groups and for all the nu merous purposes that are so well served by some form of'protection afforded by Life insurance companies. Thus, the benefits of such protection are made available to as many people as possible. In keeping with these aims, the Company recently began to issue Life insurance at appropriate premium rates to classes, subject to higher mortality, that previously were not acceptable. Life Insurance During 1950 the ownership ofMetropolitan Life insurance was increased by the record amount of $3,725,000,000. This brought the total amount of the Company's Life insurance in force at the end of the year to $45,425,000,000 on the lives of 33,150,000 persons. Of this amount $21,930,000,000 was pro vided by the Company's Ordinary policies (which generally are for $1,000 or more), $10,464,000,000 by its Industrial policies (which are for less than $1,000 with premiums payable weekly or monthly), and $13,031,000,000 by Group policies (which insure as a gToup the employees of an employer). During the year, the Company issued. $3,573,000,000 of Life insurance, of which $1,798,000,000 was Ordinary, $719,000,000 was Industrial, and $1,056,000,000was Group. The large increase in insurance in force during the year reflects the volume of in surance issued, the continued favorable ter mination rates from all causes, and, in addi tion, the increases in benefits and in personnel insured under outstanding Group policies. Hie Company also added to its Industrial insurance in force by permanently increasing the benefit payable at death, maturity, or on disability under previously issued policies to correspond with amounts provided for the same premium under similar policies cur rently issued. These Group and Industrial increases are not counted as new issue. Accident and Health In addition to providing Life insurance, the Company serves a large number of people through the protection afforded by policies providing benefits in esse of sickness or acci dent. Increasing numbers of people are taking advantage of the benefits of this protection either on an individual basis by purchasing Personal Accident and Health policies or on a Group basis in which the employees of an insuring employer are protected by Group Accident and Health insurance. At the end of the year, the Company had in force 3,124,000 policies or certificates providing disability weekly indemnity of $77,639,000 and $4,461,000,000 of principal sum benefits. Further more, 2,398,000 policies and certificates pro vided Hospital and Surgical benefits. Annuities The Company also makes available on both an individual and group basis, annuity con tracts providing an income psyable during the life of the annuitant. At the end of the year, the Company bad in force 490,000 individual contracts and Group certificates providing for a total annual income of $174,000,000. Under some of these contracts, the annuity is currently being paid; under others the an nuity payments will not begin tintil some time in the future. INCOME (or 1950........... and its DISPOSITION Investment Income Millions Asset Changes iffiaiifctaBiij UUJJ 1UU Ifiti j I Hum 'ry! r!!.mHWin Premium Income fun. O--1-1 lluilSl 41AI nlUt fUU VlAUU lllUM $1,760 MILLIONS xuXf liifrM-! ! UUl uni *H-**i1l1l [I'!l1,l1| |11i! m|is.>e|iLuniLl. Poyments lflgh37 jiig; Hffuuinul usuf TOTAL PAID OK SET ASIDE FOR BENEFICIARIES ft HfHHHmuui i uT'lij Snsllff JuliUnir?ilfff Heolth & Welfore Set Aside for POLICYHOLDERS $1,491 f -`--7 k. ,, ffui ; i i i '!!fH Beneficiaries HHfu sHHf! ' i ! IHiff .......................... / SEs23o3Sfl uHjiiiuu. insurance Expenses. jfiULii S39&m*+ Taxes.................. $1,760 r ?: = "ves cr.c S~'e' Ordinary and Industrial Life insurance policies are written on the level premium basis, which means that prei.ums. are fixed by the contract for the whole period of pre mium payment. They do not increase as the cost of providing the insurance becomes greater with the advancing age of the persons insured and the resulting rising death rates. The level premiums are larger than needed to meet death claims in the earlier years of the policies and too small to meet those in later years. The excess amounts that are received in the earlier policy years and needed for later years cannot be disbursed, but must be reserved for future payment to policyholders and beneficiaries. Such amounts are mathe matically computed and are known as statu tory reserves, since they are determined in accordance with the provirions of State Insurance laws. The major portion of the Company's assets is required on account of the statutory re serves and other obligations to policyholders and beneficiaries which, at the end of 1950 amounted to $9,574,000,000. Other liabilities amounted to $142,000,000. The Company must hold assets in excess of these liabilities so as to have a safety margin for unforeseen contingencies. The total assets of the Com pany at the end of1950were $10,338,000,000, so that the safety margin or surplus funds amounted to $622,000,000, which was about 6.4% of its liabilities. Investments at Work Metropolitan investments are playing an important part in the economy of our coun try--with sizable investments in the obliga tions of steel and chemical companies, the oil industry, railroads, machine tool com panies, and defense plants of all kinds--as well as in electric light and power and com* ASSETS 1950 u. S. & CANADIAN GOVERNMENT BONDS INTEREST RATES PERCENT 1V30 1935 1940 1945 1950 munications companies. Each investment is made only after careful investigation. The wide geographic distribution of investments and their diversification in many types of business are in themselves also important safety factors. Metropolitan has nearly 150,000 separate investments. At the close of 1950, 43% of all assets were in the bonds and preferred stocks of commerce and industry (only 1.5% in pre ferred stocks); 30% in United States and Canadian government obligations; 15% in city and farm mortgages and real estate; and 12% in housing, policy loans, and other assets. Metropolitan has always been interested in encouraging home ownership through mort gage loans. Last year, the Company set new records in the number and amount of such loans. A large share ofthese went to Veterans, with Federal Housing Administration loans accounting for a major part of the remainder. At the end of 1950, Metropolitan had $1,368,000,000 in loans outstanding on city properties, and $126,000,000 on farms. After deducting investment expenses, the net rate of interest earned by Metropolitan on total assets last year was 3.07%, the same as during the previous year. Taxes were an important factor in the cost of doing business. Total taxes on the business of 1950, other than taxes on real estate, amounted to $39,000,000. Of this amount $23,000,000 was for premium taxes, which are paid to individual States and Provinces. The balance was for Federal Income and So cial Security taxes. The total is equivalent to 22% of the amount of dividends paid to policy holders last year. : - -i.- -;^r: The Metropolitan has at all times sought to provide Life insurance protection as free from restrictions as is consistent with the interests of policyholders generally. The Life insurance benefits in' Metropolitan policies issued in the past, as well as those in policies currently issued, will be paid in the event of death while in the armed services at home or abroad. While some policies, issued during World War II and prior thereto, contain war restrictions, such restrictions have aS been voided by action of the Board of Directors. A few Ordinary Life insurance policies issued to aviators or former aviators include limita tions on the life insurance benefit payable in the event of an aviation death, and these are still applicable. In view of the underwriting practices fol lowed by the Company, it has not seemed necessary to impose any war restrictions for Life insurance benefits thus far. It may be necessary to take steps in the future to safe guard the interests of existing policyholders by inserting war clauses in new policies to be issued in event that world conditions point strongly to the possibility of large losses from war deaths among those seeking insurance. Provisions for benefits in the event of total and permanent disability or death by acci dental means in both old and new policies generally include war restrictions; these apply in all cases to persons in military or naval service and in some cases also to civilians. Accident and Health policies generally include war restrictions. Because of unsettled world conditions, new management questions arose last year. One of these had to do with the protection of vital records in case of possible enemy attack. As a precautionary measure, the Company is du plicating such records. Copies will he stored in safe places remote from the Home and Head Offices so that in the event of an attack, service to policyholders may be continued with the least possible delays. Last year the general health in the United States and Canada continued to improve. This was largely the result of much construc tive work by the medical profession, the many public health agencies, and the con tinued rise in the economic status of the people. Most major causes of death continued to show Biarked declines among the Metro politan Industrial policyholders who consti tute a fair section of the general population in the United States and Canada. In this group, deaths from communicable diseases of childhood (measles, scarlet fever, whooping cough, and diphtheria) have dropped 80 per- TREND IN MORTALITY 1930 1935 1940 1945 1950 cent since 1940, and 99 percent since 1911, to demonstrate the value of visiting nursing snovsea a siight upturn, due principally to tne aging of the population and to more accurate diagnosis. Metropolitan has played a constructive part in this result. For more than 40,years the Company has been gathering the most au thoritative information on keeping well-- and passing it along to the public in booklets on dozens of different subjects. Over 33,000,000 of these health booklets were distributed last year. Since 1909, the total is 1,500,000,000. The Metropolitan Agent plays a major role in putting booklets into the hands of families - who can benefit from the information. In addition, the Company uses national magazines and the radio to give information that will help people to take care of their health and avoid accidents. The advertising pages of leading magazines, having a com bined circulation of more than 35,000,000, carried a Metropolitan message on such sub jects as overweight, child care, heart disease, arthritis, and accident prevention. Similar information was broadcast over 65 radio sta tions in key cities from coast-to-coast-- usually five days a week. More than two out of every three families in the United States and Canada live in the listening areas of these stations. Metropolitan cooperate* in a variety of research projects in the health field, particu larly with the Life Insurance Medical Re search Fund. Last year, this Fund, which is supported by 146 Life insurance companies including Metropolitan, contributed $668,000 in grants for research in heart disease. This is the leading cause of death today. The Metropolitan home visiting nursing service began in 1909, and ha* been offered to Industrial and Croup policyholders. When this service was started, there was a real need child-bearing, the tremendous advances which have taken place in the prevention of disease, and the general availability of home nursing services are among the factors which have led to a steady decline in the use of this nursing service by our policyholders and to the deci sion to discontinue this service. Looking back over its 40 years of service. Metropolitan is gratified at the results of its demonstration of the importance of home visiting nursing services. On July .1, 1950, the Company an nounced the ultimate discontinuance of the home visiting nursing service. This is to become effective gradually, with the termina tion date January 1, 1953. The Triennial Examination of the Com pany conducted by the State of New York in conjunction with a committee representing the National Association of Insurance Com missioners of the United States was concluded during the past year. The states participating with New York in the examination were Idaho, Indiana, Louisiana, Maryland, and Oklahoma. The report of 373 typewritten pages covers the three-year period ending December 31, 1948. The examination was begun the latter part of 1948 and the report was dated June 6,1950. It usually takes about eighteen months to conclude one of these triennial examinations because of the exten sive study and investigation made by the Examiners. The "Summary and Conclusions" with which the report closes, among other things says, "The examination of the Metropolitan Life Insurance Company indicates that it is in a sound financial condition. ... In gen eral, fair and equitable treatment is accorded to policyholders and beneficiaries and claims 9 are promptly paid upon receipt of satisfactory proc*:. selected. Agency applicants are screened, ' - :.;terrv'.'-* ".heir ana women. Most Metropolitan ponc^n naers, however, know the Company through the District Office and through the Agent who handles their insurance. The importance of the contributions of these Agents to the social and economic life of the community is emphasized by the steady flow of benefit pay ments to policyholders and beneficiaries. Metropolitan Field Personnel are carefully oecetit ol poiicyhoiaers. The character of service rendered by the Company last year would not have been possible without the fine team of Metropolitan men and women in the Field, Home, and Head Offices. In 1950, they served more policyholders more efficiently than ever be fore--a record of which we are all justly proud. 10 ?7rj' 1 Te received or have due for premium* and other paymenu by policyholder*.................................................... Our investmenU earned net inIere*t (after invealment laxe* and expense*)........................................................ Net profit on aale or maturity of invealment* and net Increaae in aaaet value* amounted to............................ $1,417344303.14 296.1S4369.45 46,273362.64 TOTAL................................................................................................................. $1,760,272,835.23 We paid to beneficiaries and policyholder* a*: Death benefiu.................................................................. Matured endowment*......................................................... Disability benefiu............................................................. Accident and Health benefiu........................................... Annuity payment*............................................................. Surrender value*............................................................. Dividends on policies......................................................... Total Payments to Beneficiaries and Policyholders $285,730375.02 141380,63831 12347,719.41 77326329.40 29363,698.93 114384357.07 176,251302.76 $837,385321.40 We paid for health and welfare work for policyholders and the public................................................................................ Set aside for the benefit of beneficiaries and policyholders . $8,276,20338 $645,739,179.48 Total Paid or Set Aside (or Beneficiaries and Policyholders . . . 31,491,400,704.46 We required for payment of the operating expenses of the Company i For Field service to policyholders and obtaining new insurance .... For service to policyholders, at the Home Office and Head Offices .... $157,204,640.46 $72,854,017.84 We required for payment of laxe* (other than investment taxes) on the business of 1950 .............................................................................................. $38,813,472.47 TOTAL.............................................................................................................S1,760,272,835.23 Of the $645,739,179.48 act aside from 1950 income for the benefit of beneficiaries and policyholders, $582345345.14 was the net increase in Sututory Reserves and other policy obligations; $31,137,000.00 was the increase in Special Surplus Funds; and $32356334.34 was the increase in Unassigned Surplus Funds. 11 # - v*' . " ' VV'T '. Vf' ; . 7.,**V*T ~" 4-.r * f ' i. :' i b >. t. i : r* .* * '. * ' * { V.v, ,u*. k -t " -t - Bonds .................................................................. U. S. Government.................................... Canadian Government............................... Provincial and Municipal.......................... Railroad................................................... Public Utility.............................................. Industrial and Miscellaneous..................... Bonds of the Company's housing develop* ment corporations.................................... $2,868,782,497.44 211,012,588.10 67,643,429.06 528,591,344.71 1,369,897,129.54 2,396,007,960.42 121,095,071.93 Stocks.................................................................. All but $7,452,502.72 are preferred or guaranteed. Mortgage Loans on Real Estate..................... Mortgage loans on urban properties . . Mortgage loans on farms .' ............................... $1,368,405,298.20 125,774,985.58 1,494,180,283.78 Loans on Policies................................................................................. Made to policyholders on the security of their policies. 423,056,767.55 Real Estate (after decrease by adjustment of $14,000,000.00 in the aggregate)................................................................................. Housing projects and other real estate acquired for investment.......................... $ 228,599,995.17 Properties for Company use..................... 41,516,517.97 Acquired in satisfaction of mortgage in debtedness (of which $5,149,699.81 is under contract of sale).......................... 28,407,945.42 Caah and Bank Deposits............................... ............................... 284,524,458.56 179,412,703.97 Premiums, Deferred and in Course of Collection..................... 150,252,553.13 Accrued Interest, Rents, etc............................................... 81,705,465.77 TOTAL ASSETS TO MEET OBLIGATIONS...............................$10,338,071,651.68 Assets exceed Obligations by $622,125,71X37--the amount oi the Surpl as a cushion against possible unfavorable experience and give tin NOTE--Am^i tnrantinf to tUS,l01,MUt m deposited with T*rloua put Statement AJod with the UamehiMUa Iniurweo Department. "Sutsur? Pol 12 v / ^*/. i fC . ';: t;--rr u ; I, V;r *V ; he Tnfjrrirf 0<'r'>*`r"""'.l of *he F'nt* nf New Y;<-V,^ . Statutory Policy Reserve*.............................................................................$8,-Oj,54-i,.oy.>yO This amount, which is determined in accordance with legal re quirements, together with future premiums and reserve interest, is necessary to assure payment of all future policy benefits. Policy Proceeds and Dividends Left with Company .... Policy proceeds from death claims, matured endowments, and other payments, and dividends left with the Company by bene ficiaries and policyholders to be paid to them in future years. 575,626,718.00 Reserved for Dividends to Policyholders.................................... Set aside for payment in 1951 to those policyholders eligible to receive them. 172,477,246.00 Policy Claims Currently Outstanding............................... Claims in process of settlement, and estimated claims that have occurred but have not yet been reported to the Company, 41,962,052.40 - Other Policy Obligation*.................................................................. Including premiums received in advance, special reserves for mortality and morbidity fluctuations. 68,842,135.82 Taxes Accrued (payable in 1951)................................................... 38,016,113.00 Contingency Reserve for Mortgage Loans.................................... 10,000,000.00 All Other Obligation*........................................................................ 25,479,914.09 total OBLIGATIONS..................................................................... $9,715,945,938.31 SURPLUS FUNDS Special Surplus Fund*.................................... Unassigned Funds (Surplus)..................... $115,389,000.00 506,736,713.37 TOTAL SURPLUS FUNDS............................................................ 622,125,713.37 TOTAL OBLIGATIONS AND SURPLUS FUNDS.........................$10,338,071,651.68 Funds. These funds, representing aboot 6 percent of the obligations, serve tsiuranee that all policy benefits will be paid in full aa they fall due. iflieUh under the requirement* of law or rtcvlttoty authority. In the Annual Reeervee" are $l,7tt.60S,7*4.00, and "All Other Obligation*" are S2M14.m.0f. 13 Payments to BeneOciaries and Policyholders During 1950 Ordinary................................................................................. Industrial................................................................................. Croup (excluding Accident and Health)........................ Accident and Health.............................................................. TOTAL........................................................................ *328,717,680 272^49,912 142,426,857 91,690,872 $837,185,321 Life Insurance in Force on DeceniSer 31, 1950 Ordinary................................................................................... *21,929,934,658 Industrial................................................................................. 10,463,911,776 Group...................................................................................... 13,031,007,468 TOTAL.......................................................................... *45,424,853,902 Accident and Health Insurance in Force on December 31, 1950 Weekly benefits................................................................... 877,639,041 . Principal sum benefits......................................... $4,460,628,116 New Life Insurance Issued During 1950 Ordinary . . *1,798,259,889 Industrial................................................................................. 719,005,038 Croup...................................................................................... 1,055,S19,636 TOTAL............................................................................ $3,572,784,563 Number of new Ordinary and Industrial Life insurance policies issued .... 2,138,432 14 EXECUTIVE OFFICERS !:a,, _ -.ACl' SAMUEL MILLIGAN, Administrative Pice-President ACCIDENT AND HEALTH Lawrence K. Farrell, Third Vice-President ACCOtNTING ASD AUDITING Joseph J. Clair,' Controller ACTCAJIIAL Horace R. Bassford, Vice-President and Chief Actuary Georce V. Bradt, Actuary Malvin-E. Davis, Actuary Reinhard A. Hohaus, Actuary Frederic P. Chapman, Associate Actuary Joseph A. Christman, Associate Actuary Edward A. Lew, Associate Actuary Charles A. Siecfried. Associate Actuary Herbert J. Stark, Associate Actuary CLAIMS John B. Northrop, Third Vice-President COORDINATION James L. Madden, Second Vice-President J. Everett Rowe, Third Vice-President, Planning and Methods ECONOMIST William A. Berridce, Ph.D., Economist FIELD MANAGEMENT . Cecil J. North, Vice-President Walter S. J. Shepherd, Second Vice-President and Field Personnel Officer Reginald R. Lawrence, Second Vice-President John H. Almt, Chairman of the Superintendents of Agencies Emile P. Arnautov, Superintendent of Agencies Milton 0. Culpepper, Superintendent of Agencies Wilbur W. Hartshorn, Superintendent of Agencies Tulton W. Jenkins, Superintendent af Agencies A. Rogers Maynard, Superintendent of Agencies Clifton E, Reynolds, Superintendent of Agencies Samuel D. Risley, Superintendent of Agencies Austin T. Schussler, Superintendent of Agencies G. Hoyle Wricht, Superintendent of Agencies Louis J. Zettlxr, Superintendent of Agencies GROUP INSURANCE Alexander G Campsell, Vice-President Jamis M. Campbell, Second Vice-President, Group Administration Edwin G McDonald, Second Vice-President, Group Soles Gilbert W. Fitzhuch, Third Vice-President, Group Sales William J. Barrett, Third Vice-President, Policyholders Service Bureau John J. Sutter, Third Vice-President, Group Administration HEALTH AND WELFARE Donald B. Armstrong, M.D,, Second Vice-President George M. Wheatley, M.D., Third Vice-President INDUSTRIAL AND ORDINARY INSURANCE Francis M. Smith, Vice-President Industrial Insurance John C Timmermann, Third Vice-President Ordinary Insurance Douclas S. Craig, Second Vice-President Richard E. OICeete, Third Vice-President INS CHANCE RELATIONS Charles G. Doi'CHERTY, Second Vice-President INVESTMENTS Bonds, Stock and Banking Euccne A. Schmidt, Jil, Treasurer Arnold R. La Force, Third Vice-President H. Huch McConnell, Third Vice-President Walter H. Saunders, Jr, Third Vice-President Lawrence Washington, Third Vice-President, Banking City Mortgage* Hillman B. HunNewell, Second Vice-President Norman Carpenter, Third Vice-President Farm Mortgage* Glenn E. Rocebs, Second Vice-President Housing Projects Georce Gove, Third Vice-President LAW Joseph H. Collins, General Counsel Churchill Roocebs, General Counsel Byron Clayton, Associate General Counsel Roland Maycock, Associate General Counsel MEDICAL Earl G Bonnett, M.D,, Medical Director Haynes H. Fellows, M. D., Associate Medical Director Joseph G Horan, M.D., Associate Medical Director Albert 0. Jimenis, M.D,, Associate Medical Director PERSONNEL (Hem* omTM) Herbert L Rhoades, Third Vice-President and Personnel Officer PUBLICATION William J. Barrett, Third Vice-President SECRETART James R. Herman, Secretary STATISTICAL Louis L Dublin, Ph.D., Second Vice-President and Statistician PACIFIC COAST HEAD OFFICE Henry E. North, Vice-President in Charge Arnold B. Brown, Assistant Resident Manager William P. Shepard, M.D., Third Vice-President, Health and Welfare Julius 0. Klein, Superintendent of Agencies G Coleman Berwick, MD., Associate Medical Director CANADIAN HEAD OFFICE Glen J. Spahn, Second Vice-President in Charge William D. McKewem, Assistant General Manager Freeman D. Smith, Superintendent of Agencies Wallace Troup, M.D., Associate Medical Director 15 BOARD OF DIRECTORS Lancdon P. Marvin. Npw York. N. Y. Emmet, Marvin & Marlin. Atlorney* at Law William L DeBost, New York, N. Y. Chairman, Union Dime Savings Bank (Deceased January 18, 1951) Thomas H. McInnerney, New York, N. Y. Chairman of the Board, National Dairy Product! Corporation Philip D. Reed, New York, N. Y. Chairman of the Board, General Electric Company Jeremiah Milbank, New York, N. Y. Milhank & Company D'Alton Coast Coleman, Montreal, Can. Canadian Pacific Railway Company Newcomr Carlton, New York, N. Y. The Western Union Telegraph Company Thomas H. Beck, New York. N. Y. Chairman o( the Board, The Crowell-Collier Publishing Company Georce McAneny, New York, N. Y. Title Guarantee & Trust Company Romkt V. Fleming, Washington, D. C President & Chairman of the Board, The Riggs National Bank Winthrop W. Alesiich, New York, N. Y. Chairman, Board of Directors, The Chase National Bank of New York William W. Crocker, San Francisco, Calif. Chairman of the Board, Crocker First National Bank of San Francisco Amort Houghton, Corning, N. Y. Chairman of the Board, Corning Glass Works Juan T. Trippl, New York, N. Y. President & General Manager, Pan American World Airways System Webster B. Tooo, New York, N. Y. Executive Vice-President, Equity Corporation John I. Downet, New York, N. Y. Vice-Chairman of the Board, Bank of New York & Fifth Avenue Bank James H. Douclas. Jr^ Chicago, III Gardner, Carton & Douglas, Attorneys at Law CHaaLts C. Taylor, Jn,, New York, N. Y. President, Metropolitan Life Insurance Company Edwaid H. Butler, Buffalo, N. Y. Publisher, Buffalo Evening Newa Fsederic W. Ecker, New York, N. Y. Executive-Vice-PTeaident Metropolitan Life Insurance Company Gale F. Johnston, Sl Louis, Mo. President, Mercantile-Commerce Bank & Trust Company Ernest E. Norris, Washington, D. C. President, Southern Railway System Leroy A. Wilson, New York, N. Y. President, American Telephone & Telegraph Company 16