The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1869-10-27
oUR: oll INSURANCE. IS q COMPANIES, n
HOW LIFE lNsuRANch,Is rs, MANAGED
THE EQUITABLE ASSURANCE SOCIETY

THE Eoy}fTA}p4E ,o(!} T. 7 r ASSURANCE ASS SOCIETY.
Tho Equitable Lifo Assurance
Society Of the United States, which
has recently completed its first do
cadc, is now erecting Il fino granite
building at the cornor Of Broad.
way and Cedar stroot, in wliicli
it will hereafter conduct its rapid.
ly-growing business. Within this
brief period it has accumulated as
sets to the amount Of; ten millions
Of dollars, and acquired al annual
business greater by MANY millions
than that Of all the leading life in
surance companies Of Great Britain
combined. The system Of life in
surance, when properly conducted,
is only another Of our modern re-
aiizations Of whatwcre once consid
cred tho cxtravagant dreams Of
of old philosophy. It's theory is
tho extension of the power.of :hu-
man life, and a just equalization of
property among those " ho partalee
Of its benefits. A number Of mcn
combinesto pay yearly, or at short.
tr periods, i small sum each, to
constitute u fund out Of which the
representatives. Of each deceased
member shall receive q stated
larger sum. The immutablc law
OF avel,ages determines tho MIN.
Der who vii! die within a$;given
period, and the amount that each
should pay to render tho operation
absolutely safe. Tho indivianal.
by securing to his family and de
pondents with mathematical GER
tainty tho full pocnniaryI ,suppor!
which would result to them we're
his active life really thus proIopg-
cd, does cffectually cxtcnd'his olitt
to the average duration Of man.
lSinduand' acquires for them the
actual benefit Of a just equalization
Of property. Ten years ago but
little enterprise was, displayed in
the business Of life insurance. but
tho originators Of tho Equitable.
foresccing the popularity which
must invest the system whom con,
Quoted upon moro liberal princi-
pies, and whom better understood
determined to establish: Il company
upon the broad Ideas which They
conceived should DO the; founda.
tion Of such an institution-thr
confidence Of The tpnbIic in men
whose established reputation md
skill offer. tho highest. guaranty
for tho safety Of sacred trusts, and
aplan of insurance on which alt oi
the profits Of The business should
bo cquitably divided among tho
assured. An institution thus cs
lablished would be in fact only IL
mutual .benevolont society, !. in
which the interests Of all we're
Identical, and such twas 'dctcrm,
incd should bctho character Of the
Equitable. -" =. T." .''.i@
The first difficulty. to be over,
como was tho serious ono of rails
ing a stock of one hundred thou.
sand dollars. Which tho. then re-
Gently enacted insurance laws o,
the state required to- Sc deposited
as security for the payment ofloss.
os. This having with difficulty
been partly effected, an attempt
was mado, o. some ;of THO puMer:
Gus preliminary meetings which
wcrc held, to divide q portion o!
tho profits ofthoy business among
the Stockholders; propositions
which was promptly defeated.
though Mt tho sacrifice Of a lar4r
amount Of the orr ginal subscrip.
ton by the Withdrawal Of parties
toywho .Jcgal. int crest , on, thei;
money! WIS not a. sufficient !consih:
Grafton. Mr.. Henry G G.'Marquand.
the VOL known banker, had the
honor Of completing tho subspip.
ton, which had finally been ii}.
creased to: S85,000, by advancing
at his own risk the required bal;
ancc. Strong efforts woro also
made to establish ,othc company
upon q note basis, which were also
successfully opposed, as: tie origin.
ators iof the, society stronuously
objected to what they beloved th,
Inherent defects Of this system
In cffecting tho formal gorganiza
ton Of tho company the Hon. vii
liam G. Alexander, son Of DR.
Archibald AlcXandor, Of Prince
ton, Now Jersey, WAS 'cleotod Pres
idont.ra Mr.. Alexander was chosen
for TIL" great Influence Of his name
and personal reputation, and his
high moral and business character
ItTwas, q Fortunate, Selection J: nt
man could have boon found who
mbined these aaalitios = to .
groater'q dogroo., - Mi. Henry B
Hyde, Of this city, was elected
Vico.Presidoht. Tho9actuary ant
mathematician ,of tho. company
| Mr.. George w. Phillips, q gentle
man now Widely known. as ono 9
the first insurance expcrtss III III
country, was solcctcd for Ills pccu
4 liar i,.lents, no having wears befor