| Show EQUITABLE CONDITION albany N Y nov 5 francis llen drucks state superintendent of insurance today made public a supplementary report by R II 11 hunter deputy superintendent of insurance and chiet examiner isaac on the condition of the equitable life assurance society ot the united states at the close of business june 30 1905 tho report first discusses the real estate ot the society and places the value of its office buildings in various cities at or jess than tho sum at which they are carried on the books of the society it explained by the report that this reduction Is made on the basis of the earnings of tho buildings which yield 3 per cent on to the book value of real estate the company has acquired under foreclosure the report adds making the total estimated value of such real estate of the loans on bonds and mortgages the report says they represent and have an average earning of more than 4 12 1 2 per cent and at no period of the socie tys existence has this class been in a more satisfactory condition the loans made by theom pany on the security of policies assigned as collateral amount to according to the report and abo bonds and owned by the society have par value of aschen a book value of and a cur rent market value on june 10 1903 of cZ cash on deposit at the close of business june 30 1903 aggregated of this amount was on deposit alth the equitable trust company of new borit was deposited with the mercantile trust company and with the national bank of commerce in new york discussing the debit balances of agents which are assigned to trust companies and aggregate the report states that they aro not considered as admitted assets and are deducted from the cash on deposit bringing the amount down to the report discussed at length an approximate of in the form of a check drawn oy the society to the mercantile trust company and dated february i 1901 As the books of tho society did not show the consideration for this check the report says it was necessary for the examiners to consult with the superintendents of banks and look into the accounts of the trust company the records of the society showed that the account involving the check was closed to profit and loss on the socie tys book on december 31 1904 and it was learned that the trust company credited on the G V turner loan most of tho money realized from this check As this transaction and other transactions between the equitable and ohp trust companies do not appear on the socie tys books the report states that the collaterals collate rals for such loans are not included in the report as an asset nor are the socie tys guarantees in such transactions charged against it as a liability i of the socie tys records the report has this to say 1 in the investigation of other matters here it became necessary to establish title to certain securities on which the society was at least the custodian the incomplete and deaul i tory nature of the voucher records or authorizations in writing biorn the book entries connected with these transactions were ordered to be made wera so as to render it impossible to ascertain the status of these securities as to ownership until recourse was had to sources entirely independent of the books or records of the society computing the assets of the society after making deductions noted the report states that the admitted assets are and the total liabilities are estimated at the same amount in arriving at the total of the last total reserve which includes the present value of all outstanding policies and annuities is estimated at and the reserve for surplus funds is placed at A table of interest rate shows that the society realized the following rates on its assets in on bonds and mortgages 42 per cent on stocks and bonds rent rate on mean real estate interest rate on mean net assets |
