The Birmingham age-herald., 1905-11-06
MORE LIGHT IN
 THE EQUITABLE va|ut of COmpanys Real Es-
 tate is $26,366,366 LESS THAN BOOK VALUE Admitted Assets of the Society Are $4o6, ,o73,o63 and Liabilities Are Estimated at Same Amount.
 Other Figures.
LESS THAN BOOK VALUE

Albany, N Y. November 5.-Francis Hendricks, the state superintendent of insurance, today made public a supple mentary report by R. H. Hunter, deputy superintendent of insurance, and Chief Examiner Isaac Yanderpool, on the con dition of the Equitable Life Assurance society of the United States at the close of business June 30, 1905. The report first discusses the real estate of the so- ciety and places the value of it's office buildings fin various cities at $26, 366, 366, or s4,99S, ,634 less than the sum at which they are carried on the books of the society. It is explained by the report that reduction is made on the basis of earnings of the buildings which yield per cent on s26 ,366
 To the book value of real estate the company has acquired under foreclosure, the report adds, s23, ,7S907, making the total estimated value of such real estate s4, ,664, ,56O. 23. Of the loans on bonds and mortgages the report says they represent Ss3, 721, ,222. .16 and have an average earn ing of more than Az per cent "and at no period of the society's existence has this
  satisfactory condition
 Loaned $25, ,865, ,89o50.
 The loans made by the company on the security of policies assigned as collateral amount to s25, 1865, s9o 5o according to the report and the bonds and stocks owned by the society have 8 par value of Sl9o.- 900 567, as against a book value of s2ls,- rl June 10, 1905 of s232 565,5 ,562
 Cash on deposit at the close of business June 30 1905, aggregated s29,S7S,55272. Of this amount $S,S22 ,319 .S2 was on deposit with the Equitable Trust company of New York; $6.425. .991 .47 was deposited with the Mercantile Trust company. and s5, 53911 .T with the National Bank of Commerce in New York.
 Discussing the credit balances of agents which are assigned to trust companies and aggregates $5.S131S4.S7, the report states that they are not considered as admitted assets and are deducted from the cash on deposit, bringing the amount down to s24,066.3 .367.S5.
 Some Queer Bookkeeping.
 The report discusses at length a pay ment of $600,0O0 in the form of a check drawn by the society to the Mercantile Trust company and dated February A. 1904. As the books of the society did not show the consideration for this check, the report says 1t was necessary for the ex- aminers to consult with the superintend- ent of banks and look into the accounts of the trust company. The records Of the society showed that the account involving the $600,000 check was credited to profit and loss on the socety's books on De- cemher 21, 1904, and it was learned that i trist cd V Turner loan" most of the money realized from this check. As this transaction and other transactions between the Equitable and the trust companies do not appear on the soclety's books, the report states that the collaterals for such loans are not in- cluded in the report as an asset, nor arc the society's guarantees in such transac- tions charged against 1t as a liability. Of the society's records the report has this to say:
 Sought Other Sources. "In the investigation of other matters, where it became necessary to establish the title to certain securities of which the society is the custodian, the incomplete and desultory nature of the vouchers, rec ords or authorizations in writing, from which book entries connected with those transactions were ordered to be made. were so baffiing as to render 1t practically impossible to ascertain the status of these securities and recourse was hau to sources entirely independent of the books or records of the society" Computing the assets of the society. after making deductions noted, the re- port states that the admitted assets are s406 073 O63 and the total liabilities are es- timated at the same amount. In arriving at the total of the liabilities the total re- serve which includes the present value of all outstanding policies and annuities Is estimated at s33s. .sS6123 and the reserve for unassigned surplus funds is placed at S62, ,D0S, ,6246S.
 A table of interest rates shows 'fat the society realized the following rates on It's assets in 1904:
 | On bonds and mortgages, 4.eS per cent; on stocks and bonds. 435 per cent; rent rate on mean real estate 2T per cent; l interest rate on mean net assets. 4S3 per I cent.