The Montgomery advertiser., 1905-06-20
Morton Wants Equitable
 Affairs Examined.
EXPERTS ARE APPOINTED
Accountants to Conduct q
 Searching Inquiry.
New Chairman of the Society Writes Very Explicit Letter Explains Ing in Detail the Scope of
 Work Expected.

New York. June fe.--A new and im- rorta,t inyestigation of the affairs Of inc Equitable Life Assurance soclety' is to be begun at once. Paui MoftyI.s the newly elected chairman oi tno Board of Directors. wants to know ex- actlv how things are with the society ana has commissioned Price. Water house & co. and Haskins 6 Sells, char tered accountants, working togetuers to examine every detail of the w0rks investments and relations Of the so- efety. The letter sent by Mr. Morton to inc firms employed is as follows.
 Dear sirs--As chairman of the Board of the Eauitable Life Assurances So- ciety want to know the exact condt- ton of tho society on June ", isvss the date of my election as Chairman With that end in view, you VIII pieass make jointly an examination of tna ac.ounts of the society. You will hdvs access to all books. papers and rec ords. ,s as complete and exhaustive as possipie. Particular attention should be paid to ascertaining the facts upon these suo-
 Morton Names Subjects.
 "First--The society's annual ex- penses, including legal expenses. aa- yertising expenses. agency expenses and cost of securing business.
 'Second--The real estate investments of the company, including In the ensa of each particular parcel the value at which it Is carried upon the books of the co mpany. the income which is yields, and the fair valuation of the property, whether above or below the value at which it is carried upon the | hooks of the society. Of necessary real estate experts may De employed | In ascertaining the value and the in- | come of the real estate. subject, or course, to my approval as to men and terms)
 'sThird--ahe other investments of l the society. their character and the | circumstances under which they nave
 aFourth--The society's surplus and the manner a. in w. which s,.,s,I t E carried
 @Fffth--The methods Of keeping the society's accounts and the respects in 1 which its accounting may be in@ | proved.
 "slxth--The relations between the 1 society and the trust companies. banks safe deposit companies and other lll-| stitutions with which the society is af- l nliated by ownership of considerable amounts of stock or otherwise. tIn the case of every corporation in which the society has special relations. the ownership of stock other than that owned by the society should be ascer- tained so far as practical.)
 "Seventh--The subjects covered by the report of the Investigating com mittee of which Mir. Prick was chair man should be fully investigated.
 "Eighth--When the report of tho New York Superintendent of Insurance has been made that report should be carefully studied and every matter covered by 1t or by the recommends tions of the commissioner be carefully examined,
 Scope of Inquiry.
 The foregoing suggestions are not intended to limit the scope of your in- quiry, which should be as broad as may be necessary in order to ascertain the precise. condition of the affairs of the society. shall from time to time designate other subjects which seem to call for special investigation.
 'Tt is important for all concerned that your investigation should be com pleted as promptly as possible and you will accordingly inaugurate it at once and carry it forward with all possible | vigor.
 T suggest that each one of your | firms place in general charge of this work one particular man with whom may confer from time to time.
 "It is very essential that the entire matter should be treated confidentalIy and wish to confer with you as to when you shall begin this work and how you shall proceed.
 Very truly yours. Paul Morton.'