The Portland daily press., 1877-04-28

Total Liabilities, including Reserve for
rens urance OF all existing policies. 26.231, 41 90
Total Undivided Surplus over
Total Liabilities $5,503,79S Al
Computed Undivided Surplus on Ton
tine Policies over legal reserve... 81, POI, 500 90
New Business in 1867 1893 Policies as
curing. S25, 020, 577 90
Outstanding risks ............... 80. 173O50,69O 90
From the undivided surplus, exclusive Of $500, 600
reserved by the Finance Committee for contingencies
Reversionary 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. W PHILLIPS, Ao.uaries.
y. u. VAN CIsE, A''""e''
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 bis
accountants, nearly three months,) concludes
as follows:
"The examination has been of the most Thorough
and searching character and tie Superintendent be-
heves that no corporation dong insurance bust
ness has been subjected to seVerer tests than this
Society has nothing having been taken tor granted,
but every item, both of assets and liabilities censci-
entiously and exha ustively scrutinized. To accom-
pish this force of ten persons, under the Chief
Examiner OF the Department, has been steadily en-
gagged for nearly three months. The Superlntend-
result of this investigation shows the complete SOL
vency OF the institutions and that if the same
and conduct from this time as in the past a career
JOHN F. SMYTH,
superintendent.
The Report of a Committee of Policy
holders and Representatives of Policy.holders
latter 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
growth since incorporated in 1852 counting as it
does nearly So, 900 assets, and about 900
surplus profits according the Society's statement
shows uncommon industry and vgor 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"
G GaaAR a s: SMITH, MORRIS < yEssiUP,
eoo e. FHASSS Il Mss + FsFFES
The fnll Report of the Superintendent of In
surance, and the full Report of the Com
mittee of Policy-holders and Representatives
of Policy-holders, 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.
and Executive Committee of the Society,"
The thorough investigation into the affairs and con-
dton OF the Equitable Life Assurance Society by the
insurance Department of the State of New York,
and by Committee of Policy-hodeIs and Repre-
sentatives of Poliey-holders has not relaxed in the
slightest degree the customary examinations by the
Standing and Special Committees of the Board fD-
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 consideration of the bV which he
OF the Society conducted and its expenses regulated
and have directed the enforcement of al rules
and methods for bringing down the expenses OF the
Society to, and continuing the same at, the lowest
standard consistent cth the greatest efficiency in the
administration Of ats affairs.
The undivided surplus fund of the Society is much
larger than is requisite for the continuance OF dvi-
dends to policy-holders without diminution, and in
order to guard against unexpected depreciation
in Investments the committee have
ResoLUed, That eight hundred thousand dollars of
the said undivided surplus be withheld from division
among until the further order of this
Committee, or of the Board to any possible loss
arising from the value of real estate and olhersecu
ties
The Equitable Life Assurance Society has, during
the past six months "a period of unexamped depres-
sion in business and hnance), undergone through its
own Committees the Insurance Department of the
State and p0lcy-hoider's Committee, examinations
for thoroughness of detail and scrutiny in all depart
ments OF its affairs unprecedented in the history of
corporations.
GEO. 7. ADEE, GEO D. MORGAN. / Com
JAMES LOW, H. F. SPAULDING mittee
PARKER HANDY, III. A. HURLBUT, on FL
VIM. II. FOGG, j. A. STEWART, J nance.
Board of Directors.
HENRY B. HYDE, ROBERT LENOX KEN.
GEORGE Il. ADEE, NEDY,
GEORGE D MORGAN, JOHN D. JONES,
VIM. G. LAMBERT CYRUS w. FIELD,
HENRYA. HURLBUT, b. WILLIAMSON,
H. G. MARQUAND, WILLIAM WALKER,
JAMES LOW, HENRY DAY,
H. f. SPAULDING, JOSEPH SELIGMAN,
JAS. W, ALEXANDER. BENJAMIN L. BATES,
HENRY s. TERB FELL. lASHBEL GREEN,
CHARLES j. MARTIN, WAYMAN CROW,
THOMAS S. YOUNG, STEPHEN H. PHILLIPS
THOMAS A. CUMMINS, THOMAS A, BIDDLE,
ROBERT BLISS, II. NJ. ALEXANDER,
WILLIAM H. FOGG, JOHN j. DONALDSON.
DANIEL d. LORD, GEORGE G. KELLOGG,
JAMES NJ. HALSTED, SAMUEL w. TORREY,
HORACE PORTER. SAMUEL HOLMES.
SIMEON FITCH. JOSE FsNAVARRO.
E. W. LAMBFRr. w. WHITEWRIGHT JR.
b, /. RANDOLPH. JOHN j. McCOOK.
ALANSON TRASK ;rHEODORE WESTON
Parker HANDY. lALEXAN DER p IRWIN
JOHN SLOANE. d HENRY SMITH
JOHN A. STEWART. n. DEWITT CUYLER
GEORGE H. STUART lWM r. COOIRATGU
j. W. ALEXANDER,
Vice President.
SAMUEL BoRRowE, Secretary.
EDWARD w. LAMBERT, NJ, D., Medical
EDWARD CURTIS, M. D.. Examiners
e. w. SCOTT, Sup't OF Agencies.
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