The Portland daily press., 1877-05-03

Total Liabilities, including Reserve for
reinsurance OF all existing policies. 26.231 141 90
Total Undivided Surplus over
Total Liabilities $5,5O3,79S Al
Computed Undivided Surplus on Tom
tine Policies over legal reseI We So 2O1 500 90
New Business in 1867 1893 Policies as
snIng; POST 90
Outstanding risks :............ 173,O5O,69O 90
reserved by the Finance Committee for contingencies
Reversionary dividends will be declared available on
settlement OF next annual premium, to participating
policies.
made on the American Experience Table, the legal
standard OF the State of New York,
). JIG. 6. TAs v rcInIIfs' 61sH. Actuaries.
The Report of the Superintendent of the
Insurance Department of the State of New
York (made after an examination into the COD
dition of the Society, which occupied the Chief
Examiner of the Department. with ten of his
accountants, nearly three months,) concludes
as follows:
"The examination has been of the most thorough
and searching character, and the Superintendent be-
lieves that no corporation doing insurance busi-
ness has been subjected to severer tests than this
Society has, nothing having been taken for granted
but every item, both of assets and liabilities censci
entously and exhs ustively scrutinized. To accom-
psh tkis force of ten persons, under the Chief
Examiner OF the Department, has been steadily en-
gagged for nearly three months. The Superintend-
result of this investigation shows the complete SOL
vency OF the Institution; and that if the same
and conduct from this time as in the past career
OF solid commercial prosperity is before it.''
JOHN F. SMYTH,
superintendent.
The Report of a Committee of Policy
holders and Representatives of Policy. holders
(after an examination extending over period
of more than two months, assisted by full
corps of experts and accountants) concludes as
follows:
"The business Of this Society has been conducted
with energy ability and system and its unparalleled
growth since Incorporated in 1859 counting, as it
does nearly $32, goo 900 assets and about $5OOOOOO
surplus profits according to the Socety's statement
SHOWS uncommon industry and vig0r on the part of
It's chief officers and directors and in the opinion Of
this Committee, places the Equitable Life Assur-
kind. avs
All of which is respectfully submitted"
VIM. A. WHEELER: 3; Z: MORGAN, 3 4 sHrpu.N
CHARLES S. SMITH, NORRIS K JESStUP,
CCoRNELIHS e r HI HSH; n bliss, J; N. MORRISON,
y. u. FhANCALYN, +. ID. TAPPEN.
The fnll Report of the Superintendent of In
surance, and the full Report of the Com
mlttee OF Policy holders and Representatives
of Policy-holders, have been prr ted in pam
phlet form, and may be obtained by applica-
tion 10 the society or to any of its agents
throughout the United States and Canada
The following is the Report of the Finance
and Executive Committee of the Society:
The thorough investigation into the affairs and con-
dition OF the Equitable Life Assurance Society by the
Insurance Department Of the State of New York
and by Committee of sPolicy-h holders and Repre,
sentatives of Policy holders has not relaxed in the
slightest degree the customary examinations by the
Standing and Special Committees of the Board Of Di-
rectors.
In presenting the Report of the Society," for 1876.
the Finance Committee state that they have during
that year given much attention and labor to |
hn nf thaC
OF the Society is conducted and its reguated
and have directed the enforcement of an rules |
anu metnoas i9r Drngg down The expenses OF the
Society 70, and continuing the same at. the lowest
standard consistent lch the greatest ecency in the
ADMINISTRATION Of its affairs.
The undivided surplus fund of the Society is much
larger than is requisite for the continuance of diy
dends to polcy-holders without diminution, and in
10 guaId against even unexpected depreciation
In investments the committee have
Resotced, That eight hundred thousand dollars of
the said undivided surplus be withheld from division
Committee, or of the Board to any possible loss
arising from the value of real estate and other securi
ties.
The Equitable Life Assurance Society has duripo
the past six months "a period of unexampled depres
sion in business and nance, undergone, through its
own Committees the Insurance Department of the
State and pocy-holder's Committee examinations
tor thoroughness of detail and scrutiny in ali depart
ments OF its affairs, unprecedented in the history of
corporations.
GEO. T. ADEE, GEO D. MORGAN Com
9AMES Low, II. f. SPAULDING mittee
PAkkER HANDY, III. A. HURLBUT on FL
WIN. II. FoGG, j. A. STEWART, nance
Board of Directors.
HENRY B. HYDE, ROBERT IENOX KEN
GEORGE T. ADEE, NEDY
GEORGE D. MORGAN, JOHN D. JONES,
VIM G. LAMBERT lCYRIJS w Field
HENRY A HURLBUT, lB WILLIAMSON
II: u. MARQUAND, WILLIAM WALKER,
JAMES Low. HENRY DAY,
II: 4. SPAULDING, JOSEPH SELIGMAN,
JAS. w, ALEXANDER, IBENJAMIN L. BATES,
HENRY 5. TERBELI. lASHBEL GREEN,
CHARLES j. MARTIN lWAYMAN CROW
THOMAS 5. YOUNG, STEPHEN ii. PHILLIPS
THOMAS A. CUMMINS, THOMAS A, BIDDLE,
ROBERT BLISS, II. NJ. ALEXANDER,
WILLIAM ii. FOGG. JOHN j. DONALDSON, |
DANIEL ID. LORD, GEORGE G. KELLOGG,
JAMES NJ. HALSTED, SAMUEL w. TOR2EY,
HORACE PORTER. SAMUEL HOLMES.
SIMEON FITCH. JOSE F. NAVARRO.