The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-06-20
MORTON WILL SEE.
Has Ordered a Thorough Investigation
of Equitable Affairs.

New York. June 20-A new and
important investigation of the affairs
OF the Equitable Life Assurance so
ciety is to be begun at once. Paul
Morton. the newly elected chairman of
the board of directors, wants to know
exactly how things are with the So
ciety. and has commissioned Price,
Warehouse & Co. and Haskins &
Sells, chartered accountants, working
together, to examine every detail of the
work, investments and relations of the
society.
The letter sent by Mr. Morton to
the firms employed is as follows:
Dear Sirs;-As chairman Of the
board of the Equitable Life Assurance
society, want to know the exact con-
dition of the society on June 10, 1905
the date of my election as chairman.
With that end in view, you will please
make Jointly an examination of the ac-
counts of the society. You viii have
| access to all books, papers and records.
! It desire that your report should be
| as complete and exhaustive as posi-
BILE. Particular attention should be
! paid to ascertaining the facts upon
/ these subjects:
penses, including legal expenses, ad-
vertising expenses, agency expenses
and cost of securing business.
'Second-The real estate invest
the case of each particular parcel the
value at which it is carried upon the
books of the society; the income which
it yields and the fair valuation of the
property, whether above or below the
value at which 1t is carried upon the
books of the society. Of necessary, real
estate experts may be employed in as
pertaining the value and income of the
real estate, subject, of course, to my
approval as to men and terms.)
tffT7nir-1-fThn nf ~
the society; their character and the
circumstances under which they have
been made.
'Fourth-The society's surplus ana
the manner in which it is carried upon
the books of the society.
'Fifth-The methods of keeping
the society's accounts, and the re
spects in which its accounting may be-
improved.
''Sixth-The relations between tht
society and the trust companies
banks, safe deposit companies anc
other institutions with which the So
ciety is affiliated by ownership of con
siderable amounts of stock or other
wise. On the case of every corpora
ton in which the society has a domi
nant or important interest. or will
which the society has special relations
. the ownership of stock other than tina
t owned by the society should be as
certained so far as practically
D ''Seventh-The subjects covered b,
p the report Of the Investigating com
mittee Of which Mr.. Frick was chair
e man should be fully investigated
'Eighth-When the report of tn
e New York superintendent of insuranc
n has been made that report should b
t carefully studied and every matte
u covered by it or by the recommends
e tons of the commissioner should b
n carefully examined.
THE foregoing suggestions are no
v intended to limit the scope of your in
e quiries, which should be as broad n
a may be necessary, in order to ascertaf
the precise condition of the affairs G
y the society. shall, from time (
+: time, designate other subjects whic
d seem to call for special Investigation
d 1T is important for all concerne
that your investigation Should be con
e pleted as promptly as possible, and yo
win accordingly inaugurate it at ono
= and carry it forward with all possfbl
n vigor.
t. Il suggest that each one of vol
r firms place in general charge of tn
work one particular man with who
may confer from time to time
20 1T Is very essential that the entil
= matter should be treated CONFIDENTIAL
Ia and 1 wish to confer with you as
~ when you shall begin this work ar
how you shall proceed. Very tru
% yours, PAUL MORTON"