The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-12-20
tion and characteristic diseases of his local.


ven in good health that can obtain policy
Il insurance. Every application goes
through the hands of ten different men. who
eparatcly and consecutivcly approve of it.
One of these is the medical examiner ut the
place where the application is made, two
ire medical directors at New York, three
IRE the officers and directors Of the society,
and the rest are tried and experienced
Jerks, held strictly accountable for every
error. omission, or defect OF any kind.
one huge volume is shown, containing
ecord of applications for policies by per-
ons apparently in good health, which
have been approved by physicians, but re-
iected by the rigid rules Of the society.
| The number of these cases is very great;
| pnly those being placed in this book which
have been approved by agents and others,
md coming before the officers and direc-
'ors for final action are rejected. OF the
many thousands rejected by medical cXami-
tcrs no record is kept. We are not un-
prepared, after this, to learn that the NOR
'ality among those insured in the Equitable
8 very Small-Inuch less in reality than is
allied for by actuarial tables. Another i'm
oortant fact in this connection is the large
NeraGe amount of its policies, which is
;reatcr than in any other company in the
world, and which has an important and not
Tery remote bearing upon the low rate of
mortality.
But what becomes of the millions of mo-
ney which ShiS great financial agent accu-
mulatcs: Iiow is it managed, and how in
vested? The care of such resources is a
sacred trust which demands the exercise Of
the greatest financial ability and integrity.
Science has determined how much money
is required for 4 company safely to carry
It's risks. TO render Insurance absolutely
, @ecurc, this money must lie securely in
Fcstcd, and some competent authority must
exist TO ascertain and give publicity to this
flrt. Such authority is provided by the
laws Of the States Of New York and MasSa-
'husetts in the "Superintendents Of Insll-
ance," who annually examine into the
fairs Of every company transacting bUsi-
ess in those States, make a mathematical
.alculation OF the value Of their poll
les and the condition of their finances, and
wind up the affairs Of any company wanting
in any particular, and transfer its business
% some sound institution before real dam
age is accomplished. The directors Of the
Equitable were not satisfied with the cNtcr-
nal safeguards Of official control, and its in
ternal management has been invested with
an admirable system Of checks. Its funds
are first under the direct care and supeivi-
sion of finance committee, consisting Of six
i
Vice-Prcsident. This committee now con-
siSts OF the following well-known business
men: Robert LcnoX Kennedy, President
National Bank Of Commerce, New York.
chairman; John Auchincloss, of John
& Hugh Auchinclcss William @. Lam
bert, of George c. Richardson & Co. Hon.
Dudley s. Gregory, Jersey City, Nj: VIM.
| 7. Blodeett, New York 4: George D. Morgan,
| lG Exchange place, New York. Every Sc
cllritv held by the company is registered,
| and its abstraction or destruction would i'll
volve no loss Whatever: yet. in addition to
| these precautions, the bylaws of the society
| require. at the end of every year, the ap-
DDintmcnt by the board Of directors Of a tis-
cal committee, 10 which no member of the
| finance committee may belong, and whose
| duty il is to examine the assets of the So
cicty and report to the board of directors.
they examine every security, open every
| bond and mortgage, investigate every loan.
and ascertain bv absolute personal scrutiny
that there Is on hand every dollar Of money
which thc books OF the company call for.
| The following gentlemen served last Oh this
committee: Samuel w. T0rrcv, New Jcr-
sev John,F. Donaldson. President National
| Bank Of North America: Hon. Bennington
+. Randolph, New Jersey: Thomas A.
| CunmnS. late Of CumninS, Seaman Il Co.
| Their duties are by no means merely Nc
miual. Regular meetings of the committee
| arc held every two weeks, or Oftener. and
no investments, loans, changes in invest
mcntS, or other transactions relating to the
| finances Of the company, are made without
| first passing under their scrutiny and appro-
val. ard q detailed report Of their action *
| read four times each year TO the full board
Of directors for its ratification. All aprli-
cations for loans upon real estate arc re-
Q,lircd to be made III writing, and are placed
upon record. The value Of the property Is
appraised b. experts, and the result is sub
mitted to the Finance Committee, who also
satisfy themselves Of the value: yet the
largest part of such applications are re-
! iectcd.
But might there not be error or fraud in
the keeping Of the books and accounts
themselves. which finance and fiscal com
inittecs would he powcrless to prevent:
TO provide against this the bylaws require
that there shall hc Il committee on accounts.
which shall meet at least once Il month and
examine every charge. every receipt, or
other voucher, aid every credit. and 20
through all accounts in detail. This com.
mittce consists Of Hon. Il. +. Randolph, Of
jersey City, chairman; AlanSon .TraSk, ol
\. & 4. G. Trask John 7. Moore, 33l
| Broadway. \. Y: Samuel W. Torrey, New
Jersey; John Sloane, of w. Il j. Sloane.
The possibility Of loss by fraud or by the
payment of claims neither legally nor equi.
tabiy binding upon the company has been
prevented by the establishment of another
important committee on insurance: whose
duty ii is to examine all losses before they arc
paid. There are many eases where losses
| have been paid which were based upon nc
strictly legal claim, but which honor and
good faith required to be net. such case:
were disposed OF upon the principle o!
| equity, and with full consideration Of the
| claims and interests of living policy-holderS
The Insurance Committee consists of the
following named gentlemen: Peter McMar-
| tin, 16S Fifth avenue, chairman; Thomas
U. Smith. Of Smith, Henry & Sheffield
Daniel d. Lord, of Lord, Day & Lord John
Slade, of John Slatle & Co.: Edward w
| Lambert. NJ. d.. $50 Sixth avenue.
a society conducted upon such system
as the Equitable justities the assertion Of
| De Morgan ''that there is nothing in The
commercial world which approaches, even
remotely, the security OF well-established
| and prudently managed life assurance 80.
ciety."
The branch Office of the Equitable in this
city is located at No. lilo Main street, in
charge of the company's efficient agent, j
II. Montague, Esq. Mr.. Montague is well
| known in our community as gentleman ol
| high character and reliable business man
| We heartily commend him and the company
| he represents to all desirous Of etfecting in
| Surance on their lives.
RESOLUTIONS & PARTNERSHIPS.
| /YIyANrE nL7 JTIpoT THE FIRM or