The Portland daily press., 1877-04-24

NS>~ S~>
Total Assets, Dec 81, 1876. go. .$3l,734,ss4 Al
Total Liabilities, including Reserve for
reinsurance Of all existing policies, 1928, III 90
Total Undivided Surplus over
Total Liabilities $5,503,793 Al
Computed Undivided Surplus on Ton
tine Policies over legal reserve..... SO 201 500 90
New Business In 1867 1893 Policies as
surfing s25 O2O577 90
Outstanding risks .................1 73O5O $50 90
reserved by the Finance Committee for contingencies
Reversonary 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.
j. g. VAN CISE, T'0'uaiies'
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 CHIEF
accountants, nearly three months,) concludes
as follows:
'.The examination has been of the most thorough
and searching character, and the Superintendent be-
Heves that no corporation dong an insurance bust
ness has been subjected to severer tests than this
but every item, both of assets and liabilities censc
entiously and exha ustively scrulinized. 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 Superlntend-
emit is much gratied at being able to state that the
result Of this investigation shows the complete SOL
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 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 1859, counting, as it
Sc and 60t
shows uncommon industry and vigor on the part of
its chief officers and directors and in the opinion of
ance Society in the front rank OF institutions of its
kind.
CHARLES s: SMITH, MORRIS K JEssUP,
G. e. FRASSk II HRNklss D. MFaaseFREsS9N
The fnll Report of the Superintendent of In
surance, and the full Report of the Com
mittae of Policy-holders and Representatives
of Policy-holders, have been printed in PAM
pnlet form, ana may De OBTAINED by appllca-
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-
sentaiives Of Policy has not relaxed in the
slightest degree the customary examinations by the
Standing and Special Committees of the Board ofDi-
rectors.
In presenting the Report of the Society, for 1876
the Finance Commit state that they have during
that year given much attention and labor to
the consideration of the system by which the business
OF the Society Is conducted and its expenses reguated
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 ith the greatest efficiency in the
administration of its affairs.
The undivided surplus fund Of the Society is much
larger than is requisite for the continuance of divi
dends to policy-holders without dimnution, and in
order to guard against even depreciation
in investments the committee have
ResotUed, That eight hundred thousand dollars of
the said undivided surplus be withheld from division
among polcyhoiders until the further order OF this
Committee, or Of the Board to cover possible loss
arising from the value Of real estate and other secur
ties.
The Equitable Life Assurance Society has, during
the past six months "a period of unexampled depres
sion in business and hnance) undergone, through its
own Committees the Insurance Department of the
State and pollcy-holder Committee, examinations
for thoroughness of detail and scrutiny in all depart
ments of its affairs, unprecedented In the history of
corporations.