The Portland daily press., 1877-04-19

Market Value of Stocks
over Cost and Premium
on Gold on hand. 900. 14C,3o5 Sc
1924 81
Total Assets, Dec. 81 1876. 49,. .$31, 734 1884 Al
Total Liabilities, including Reserve for
reinsurance OF all existing policies. 26231, 141 90
Total Undivided Surplus over
Total Liabilities S5,5O3,793 Al
Computed Undivided Surplus on Ton
tine Policies legal reserve..... So POI 500 90
New Business in 1867 ,39S Policies
surfing. S25, 020 577 90
Outstanding risks ........... ia, 050 $50 90
From the undivided SURPLUS, exclusive of $500, 900
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; " PHILLIPS, Actuaries.
y. Il. 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 CHEZ
Examiner of the Department, with ten of his
accountants, nearly three months,) concludes
as follows:
s'The examination has been of the most thorough
and searching character and the Superintendent be-
lieves that no corporation dong an 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 censc-
entiously and exha ustively scruIinized. 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 Superntend-
ent is much grated at being able to state that the
result of 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
of solid commercial prosperity is before it,
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
with energy, ability and system. and its unparalleled
growth since incorporated in 1852 counting, as it
does nearly S32 900 assets and about $1,000 900
surplus profits. according to the Socieys statement,
shows uncommon industry and vigor on the part of
this Committee, places the Equitable Life Assur-
Society in the front rank Of institutions of its
kind
All of which is respectfully submitted
E. d. MORGAN,
VIM. A. wHEELOCK, B. B. SHERMAN,
Go oASEn s Bliss o M MoR RI HESSoP
G. G. FRANCKLYN, Ed. TAPPEN.
The fnll Report of the Superintendent of In
surance, and the full Report of the Com
mittee of Policy-holders and Representatives
of Polioy-holders have been printed in PAM
phlet form, and may be obtained by applca.
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-
dton of the Equitable Life Assurance Society by the
Insurance Department of the State of New York
and by Committee of Policy-holders and Repre-
sentaves of Policy-hoders, has not relaxed in the
slightest degree the customary examinations by the
Standing and Special Committees of the Board of Di
rectors.
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 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 ecih the greatest ececyin 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 dminuton, and in
order to guard against unexpected depreciation
in Investments the committee have
RESOLVED, That eight hundred thousand dollars Of
the said undivided surplus be withheld from division
among policy holders until the further order of this
Committee, 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
the past six months "a period OF unexamped depreS-
sion in business and fnance), undergone, through its
own Committees the Insurance Department of the
State and pollcyholder' Committee, examinations
tor thoroughness of detail and scrutiny in all depart
ments of its affairs unprecedented in the history
corporations
GEO. 7. ADEE, GEO. D. MORGAN, ! Com
JAMES LOW, H. SPAULDING mittet
PARKER HANDY, II. A. HURLBUT, on Fl
WIN. H. FOGG, j. A. STEWART, nance
Board of Directors.
HENRY B. HYDE, ROBERT EENOX KEN
GEORGE T. ADEE, NEDY,
GEORGE d. MORGAN, JOHN D. JONES,
VIM G. LAMBERT lCYRUS W. FIELD,
HENRY A. HURLBUT, lib. WILLIAMSON,
III, G. MARQUAND, WILLIAM WALKER,
JAMES LOW, HENRY DAY,
H. f. SPAULDING, JOSEPH SELIGMAN,
JAS. W, ALEXANDER, BENJAMIN Z. BATES
HENRY S. TERBELL. IASHBEL GREEN,
CHARLES j. MARTIN, lWAYMAN CROW,
THOMAS S. YOUNG, STEPHEN H. PHILLIPS
THOMAS A. CUMMINS, THOMAS A, BIDDLE,
ROBERT BLISS, H. NJ. ALEXANDER,
WILLIAM H. FOGG, JOHN j. DONALDSON
DANIEL D. LORD, GEORGE g. KELLOGG
JAMES M. HALSTED, SAMUEL w. TORREY,
HORACE PORTER. SAMUEL HOLMES.
SIMEON FITCH. JOSE f. NAVARRO.
E. w. LAMBFRT. w. WHITEWRlGHTJ R
B. +. RANDOLPH. JOHN j. MCCOOK.
ALANSON TRASK. THEODORE WESTON.
PARKER HANDY. ALEXANDER P. IRWIN
JOHN SLOANE. D. HENRY SMITH.
JOHN A. STEWART. L. DEWITT CUYLER.
GEORGE H. STUART, WIN. f. COOLBAUGH.
j. w. ALEXANDER,
Vice President.
SAMUEL BoRRowE, Secretary.
EDW wARD c e. R NJ B.. - Examiners gaEs
| Il. w. SCOTT, Sup't OF Agencies.
ap19 eod3w