The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-06-21
EXPERTS NOW !.
TO INVESTIGATE
AFFAIRS OF THE EQUITABLE TO
BE oVERHAULED BY EXPERT
ACCOUNTANTS.

.
NEW YORK, June 21.-Paul Nor.
ION, the new chairman Of the Equita.
bic Life Assurance Society's directors,
has ordered sweeping investigation
Of the society by Price, Warehouse
& Co., chartered accountants, and
&. Sells, certified public &C.
To each Of these firms he
sent letter Of instructions, as fol.
lows:
AS chairman Of the board Of the
Life Assurance Society |
want to know the exact condition of
the society as of June 10, 1905, the
date of my election as chairman. With
that end in view, you will please make
Jointly an examination of the accounts
of the society. You will have access
to all books, papers and records.
! desire that your report should be
as complete and exhaustive as posi-.
Bile. Particular attention should be
paid to ascertaining the facts upon the
following subjects
l. The society's annual expenses,
including legal expenses, advertising
expenses, agency expenses and cost
of securing business. IA
2. Tie real estate Investments OF
the company, including in the case of
each parcel the value at which 1t 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 it
is carried upon the books of the so.
ciety. or necessary real estate ex.
perts may be employed in ascertain.
ing the value and income Of the real
estate, subject, of course, to my ap.
proval as to men and terms)
3. The other investments OF the So
ciety, their character and the circum-
stances under which they have been
made. =. ,..z5.sz
4. The society's surplus and the
manner in which it is carried upon
the books Of the society.
5. The methods of keeping the so.
ciety's accounts and the respects in
which its accounting may be i'm
proved.
G.The relations between the so
ciety and the trust companies, banks
safe.deposit companies and other in
situations with which the society is
affiliated by ownership Of considerable
amounts of stock or otherwise. Qr
the case of every corporation in which
the society has dominant or impor
tant interest, or with which the so
cie'y has special relations, the own
ership of stock other than that owned
by the society should be ascertalned
as far as practicahle.) Sif Y
I. The. subjects covered by the, re
port II the Investigating committee
of which MIR. Flick was chairman
should be fully investigated. @
s. When the report OF the New Yorl
Superintendent Of Insurance has bee,
made, that report should be CAREFUL.
STUDIED, and every matter covered b.
Il or by the recommendation of TIL
commissioner should be carefully eS
! amined. E-- -a1s .9E
The foregoing suggestions are nc
intended TO limit the scope Of your II
quiries, which should be us broad a
may be necessary in order 10 ascertai
the precise condition OF the affairs q
the society. | shall from time to tim
designate other subjects which seer
. to call for special investigation. 1t /
important for all concerned that you
investigation should be completed a
promptly as possible, and you will a,
cordingly inaugurate It at once an
carry 1t forward with all possibl
, vigor. $.
? l suggest that each one of you
+. firms place in general charge Of TIL
Q work one particular man with whol
may confer from time to time.
It is very essential that the entil
. matter should be treated confidential
: ly. and wish to confer with you /
{ to when YOU shall begin this work an
y how you shall. proceed. Very tru