The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-04-17
and condition have discharged that duty and now ask
leave to submit the following

inc committee organized by the appointment OF r. ".
Morgan as Chairman. and charles smith as secretary
Fully believing aswc did. that any examination by this
committee essentially thorough, would be Of no value
to The policy holders the Society or to the public we
requested the officers aud Finance Committee. previous
to entering duties to inform Us ~ to the nature
and extent Of the Investigation our committee was ex-
pcctcd to make.
In answer to this we received from the President Of
the Society. very promptly. communication in witt
ing. OF which the following isac copy
TIM EoutrAurs Tirr Assrn,vcr socrrrY)
Bno,na'S. NV yonK' Jan ~ i-7s
e1 ""' & " Ssi i,s Ssac he @ re-
DIAN SIN At the nrs, session Of the committee which
a,r umieraken an examination OF me ',nlunh "i in'
Equitable Lite Assurance Society, YOU asked ioi hnnN
powers ami duties OF your committee nr nstO ic Ntont
and scope which the proposed in,ess"ton should cm
intended in verbal reply in behalf ofthe Finance
let nnt in order that tier. may BE no po;'9le misep
mnaion should be ssaastyc. ani without re,er'c or
lll mat you should consider all and every pn suon
Institution, but also every hh.s upon which o Equitable
s@'., al- claim to the confidence OF It's policy holders
Yours truly II h ilYpr, President
Tile character Of this communication heinz ai'osethcr
satisfactory promptly accepted the mpor mt trust
and Immediately entered upon the Discharge OF rs du
fully determined that our examination should be thor
oush and careful
The first step taken the appointment of David l..
Facklcr u wcllknown, competent, AMI Independent nc.
tary 10 make for the Use OF the committee, iuauon
OF all the policies OF the Society.
This valuation has been made Is sasfi tory ami hi.
report is herewith submitted marked Az
frnni-,. yoam n, R7otofMr Fire,-" From those dn'a
ami cal,u lauons hni that on December 3i.t 1870 the
e., 54foplDl lrwcntv.h,e million. Sven hnnir and
forty seven thousand dollars over and above all other
,,n N ~ careful ami critical examination Of 'he Ton.
Lam isd ga,Sn pg.merr al, l-;e e ~, ~ raai
sand dollars oi the their normal or book vlui
ton which sum primarily AMI .guiimy belongs o. thor
of Che Society, asset. cause YOU 10 estimate thc either
higher or lower Than uic, stand on it, hooks then This
Iulno luul should -puniu-N ic either n tca-,
or imin ;ei M 'h' same Pr horton n. hfs. r,-cr,c
I'M. pem'nt c.umltc 60 have been s2--5ilnr Two
nvc hundred ininr.' which, sum 4. nciulcI in VT I,i
un, Fund and also ia the Premium Reserve before men
toned l
NcNtn order caused every piece aui parcel of real
estate mortsaeci a. the society i2i1 pieces number.
together with all the prop,rt, preousl, bought in under
forccl .urc. t. be appraised IN careful AMI conservative
manner by appraisers appointed by our.,lvc. AMI not
connected with the Sn,Nts. AMI. ca>c- ot pal Cd.
considerable importance made thu same thu subject
of two or more aprrai'al- iN appraisers acting and
reporting independently OF each other.
Mr Isaac Walton AMI Hon Wylls blackstone were
ue rh,i APPRAISERS for the cities ui Sew iufk ami
Br hl,u
E.Ua-ly mnct.n' rersons wcrc also appointed Co.
realiru~ the property situated boo the state Of SOW
Jersey. anil We employed persons skilled iu the hu,nrs,
t'cNamuc tri rcarpiais an the prop ~ on vii Do ihe
SoecN hti loans. IN various part. Of this state outside
Of Ncw York nnl BROOKLYN.
niiLr ana utf memoranda OF the property were.
IT. 40 a.,-. placed so fh. hani- ,f each appraiser
Tho npprai,rs rrl lrt. have from time 90 time been
med, o. YOUR ti,c and have been tholousls ~
ai. mod AMI r,rNaninci b., them.
Tie bonds and MORTGAGES and tho loans thereon hav,
h,en found To- tc IN accordance with the ,t ntns OF
trp 1 An ia
in etuerai. well secured
The loan. th,., bond, AMI MORTGAGE. ha, 3D.. hccn
made IN past years when the value of real estate wa.
much greater than At present SOME OF them at the
present time. deemed inadequate security Tor Seas iu
amount loaned thereon
In ORDER tn, rvore 10 meet any contingency tina may
afis. an the foreclosure OF such last nam b1' 4. ami
morisas ASH also IN some mat had boon rr' nu.A
orcolo- q. the committee recommend that 600 80 hc
taken ron NJ, -ur ms AMI ct a'ir asa special ~r'c
uni for TN. purpose summary Of tho nppra. is re-.
ports /, appended. market B.
rl,fr mi ~i.ftB
.i!ls anoaoaos !, ~ i5os - ~ 4. sr. n"ai ~
nllta. AZ unrNi D, ini- cnmnit.e t1e t' prop.
q ~. .ie mo- sss,. -; an,oaaiia. t. ie-
81 - 'ioAr. ,f" b'yuni any ,.uln-,n' .isri,, ry
- lr,i. N.nns property valued N our A4ptm-ets at
Tie remaining so mortgages. inriuiins any ami an un
ssr P sa, ct f., l97s ~, a.! MN all arga, 81 ,iis
~, ~ 'r Ntn ~ ipn ' M un, a, My,in
nitiec have r'commcnied >iiin. asii, $4,000 dollars
~ guarantee iuui
Tile pieces o real estate actually pur h1~l ur g. this
time hN Tn society uni'r fHItDl'-ur' = iu mum
Der, hWuuuuu. o. uf suns 'n' ~'Hlttf SOC fii 81
Ihe~ are valued by our APPRAISERS AT = l- ps -
The pieces - real rsttf lNluiti 90 thH hIui- anil
NHri-n-v> IN process ui rccl-urV At TIA, time Afe -
lhc~ are Nalurih by our appraiser. afsl AS- 'fl
u Il ptuvr 10 ,AN That Vut tuuul.t 20 mott axe. no.
under inr'cln,lie are 90 a., unit q" i ~ in..t- ni
tuuf-h-cs ana Mhrf, tht nf-i mNrtIA-t ltii 10y tc
c.ctA are unique stuuahly secured
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