The Portland daily press., 1877-05-01
Total Undivided Surplus over
Total Liabilities S55(l37g9 4

Total Undivided Surplus over
TOTAL Liabilities S5,503,793 Al
Computed Undivided Surplus on Ton
tine Policies over legal reserve. S22O1 800 90
New Business in 1867 1893 Policies as
suIng. 020,577 90
From the undivided surplus, exclusive Of ssOO, 900
reserved by the Finance Committee for contingencies.
keversionary dividends will be declared available on
settlement OF next annual premium to participating
policies.
The valuation of the policies outstanding has been
made on the American Experience Table, the legal
standard of the State of New York.
GEO. ". PHILLIPs, Aetuaries.
u, u. VAN CISE, '
The Report Of the Superintendent of the
Insurance Department of the State of New
York (made after an examination into the con
dition of the Society, which occupied the Chic
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 bust
ness has been subjected to severer tests than this
but every item, both Of assets and liabilities csnsci,
entiously and exhaustivey scrutinized. To accom-
plish this force OF ten persons, under the Chief
Examiner OF the Department, has been steadily en-
gagged for nearly three months. The SuperIntend-
ent is much gratfed at being able to state that the
result or this investigation shows the complete SOL
vency of the Institution; and that if the same
energy and ability are displayed in its management
and conduct from this time, as in the past, career
JOHN F. SMYTH,
Superintendent.
The Report of Committee of Policy
holders and Representatives of Policy. holders
latter an examination extending over a period
of more than two months assisted by a 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 1889, counting as It
does nearly $32 900 assets, and about $4,000 900
surplus profits according to the Societys statement
shows uncommon industry and vigor on the part Of
this Committee, places the Equitable Life Assur-
snce Society in the front rank of institutions Of its
kind.
All of which is respectfully submitted"
E. ID. MORGAN,
VIM. A. wHEELOCK, B. B: SHERMAN,
G. G. FRANcKIYN. F. D. D. TAPPEN.
The fnll Report of the Superintendent of In
surance, and the full Report of the Com
mittee of Policy-holders and Representatives
OF Policy-holdeIs, have been printed in PAM
phlet form, and may be obtained by applica-
ton to 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-
dtion OF the Equitable Life Assurance Society by the
Insurance Department Of the State of New York,
and by Committee of Policy-holders and Repre-
sentatives of Policy 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
the Of the system by which the business
OF the Society conducted and its expenses regulated
and have directed the enforcement of all rules
and methods for bringing down the expenses OF the
Society to, and continuing the same at, the lowest
standard consistent Nth the greatest efficiency in the
| administrations Of its affairs.
The undivided surplus fund of the Society is much
larger than requisite for the continuance of dvi
dends to polcy-holders without dminution, and in
order to guard against even unexpected depreciation
/ in investments the committee have
ResoLued, That eight hundred thousand dollars Of
the said undivided surplus be withheld from division
among pocy-hoiders until the further order of this
Committee, or Of the Board to any possible loss
arising from the value Of real estate and other secu
/ ties.
The Equitable Life Assurance Society has, during
tne past six months IA period of unexampled depres-
sion in business and hnance), undergone through its
own Committees the Insurance Department of the
State and policy holders Committee, examinations,
ments Of its affairs, unprecedented in the history Of
| corporations.
GEO. T. ADEE, GEO. D. MORGAN Com
| JAMES LOW, II. f. SPAULDING mittee
PARKER HANDY, H. A. HURLBUT, on FL
| VIM. II. FOGG, j. A. STEWART, nance.
Board of Directors.