The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-18

Sseker. vol known competent and independent aeuary
10 make for the Of tho committee valuation OF all
policies of the Society.
This valuation he. been made 10 sasssesory and his
por IL herewith submitted. marked IA
lExsscss from shs repor. o. Mr. Facksr-.grom these
Society should have held premium reserve Or sa5
mon 'ssen hanSs and thou
Ai,sI careful and criiisal essa.on q the sontine
isned December 81 1870 the said fund
50 sso4o0 ave million aud thousand dollars Of the
assets at their normal or book valuation, which pr-
mary and eaataby belongs those tontns
cause You estimate them either higher or lower than
they stand on II, book. then hi. .on,ne fund should
proportion The legal reserve Of these policies At
been sassssco Two million e,rns hundred and ,hiry
egs ,hoai.na ana n,s aanarea daar which sum Is Ia
before mentioned u
Next IN order caused every piece OF real
mOrgaeed she Society. 1919 pieces In number
together wish all tho property previously bought in under
foreclosure DO Appraised careful conservative
by appraisers appointed by ourselves and
nec,sd With the Society," and In Of Of consd
cradle Importance. the subject two
apprasas by appraisers acting reporting
pendentiy OF each other
Mr. Isaac Walton and tina Hon. willis Blackstone were
tho chief appraisers for the cities ofNew York Brooklyn
Entirely competent persons also appointed re-
appraise property tho Nov Jersey
and employed persons skilled In tho business to ex.
anime rcappraiso all property which tho Society
had loans in various parts Of this State outside OF New
York and Brooklyn.
md t,.r, IA orth
all cases placed in the hands OF each appraiser.
Tho apprasers reports from time to time been made
to your committee and have oceu theron shiy examined
and reexamined by Thorn.
The bonds and mortgages and tho osns thereon have
found DO in with the statements tho
Society amount and arc in gen.
srAl well secured
Tho loans these bonds and mortgages having been
made In past years. tho value Of real estate was much
greater present. OF them are a. tho present
time deemed Inadequate security full amount loaned
thereon
In therefore, any contingency that lay
foreclosure bonds and mort
gsges that previously foreclosed
the 100000 be taken from the
surplus and aside special fund this pur
pose summary of the Appraisers reports appended
marked "B."
THE following is schedule b -
iS amounting to siesioS5 "a and the "ppp"issrs .p
these mortgages At sasrs75s7 'A' '''''" ~
o. these PIG morgsgss oss amounting to sa 4es sol
property valued BY our appraisers al SIS. s722 7T
a WITH % any ina
@ es.a .s saSss sy
and II is upon these also to provide against other posi-
setting aside SCOOP sSas"nes fund md recon"
o % sac rs. ssss e up to this
amounting TO or costing the Society So72.os33z
piece. real IN tho and mort
cages IN process Of orecosure a. this time are ~ in
These valued by our appraisers at 81. 1893 800
under sho.o hoa,as seeond
mortgages and where the rst mortgages held by this
ciesy are unquessionably socured.l
Tho committee sso recommend that 100000 DO taken
from tho fund to bo hold tho purpose make
good any other of its investment securitio.
Tho United States other corporate stocks and
investments securities had examined found 10 DO cor
and published statements Of tho
Society and pending tho examination they we're placed
by tho committee the hands Of tn. chair.
man. cxsnin alton shall DO com
plcte.
We also appointed special committee from number
for the purpose Of Investigating the making
into the Of the Society The spe.
ca committee have discharged that duty Their rcport
submitted herewith marked &C." Qualified accountants
employed under their direction make thorough
examination Of the books OF the Society ascertain
tho of the entries therein Tho
report writing that tho investment Of tho
Society have been examined by them for tho entire period
since the organization of the Society and found be
roct Thor reports appended. marked ID"
tsohedues and consist Of description Of the
employed by the special committee and statement
of results including the vcrcaton OF tho Socieys
and hnai balance sheet which signed ny tho
countants
The contents OF schedules
form In the report OF the full committee The following
extracts:-
They have carefully examined each upon books