Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1869-12-30

I
before real damage is accomplished. The
directors of the Equitable were not satisfied
with the external safeguards of official con-
troll, and its internal management has been
invested with an admirable system of checks
Its funds are first under the direct care and
supervision of Finance Committee, con-
sisting of six of the directors, besides the
President and Vice President. This COM
mittce now consists of the following well
known business men : Robert Lenox Ken
nedy, President National Bank of Com
merce, New York, Chairman; John Au-
chincloss, of John and Hugh Auchincloss;
William G. Lambert, of Geo. e. Richard
son & Co.; Hon. Dudley s. Gregory, Jersey
City. N. j.; VIM. T. Blodgett, New York;
George d. Morgan, &c Exchange Place,
New York.
Their duties are by no means merely nom
inal. Regular meetings of the committee
are held every two weeks or ottcner; and no
Investments, loans, changes in investments,
or other transactions relating TO the finances
of the company are made without first pas
sing under their scrutiny and approval, and
detailed report of their action is read four
times q year to the full board OF directors |
for its ratification. All applications for loans |
upon real estate are required to be made in
writing and are placed upon record. The
value of the property is appraised by ex-
merits and the result is submitted to the FL |
nance Committee, who also satisfy themselves
of the value. We. the largest part Of such op-
plications are rejected.
Every security held by the company is
Registered. and its abstraction or destruction
would involve no loss whatever; vet, in adj
dition to these precautions. the by laws of
the society require, at the end of every year,
tho anno;ntment bv the hoard of directors
of fiscal committee. to which no member
of the finance committee NAV belong, and
whose dntv If is TO examine the assets OF the
soc,etv and renort TO the hoard of directors.
They examine every security, open every
bond and mortgage, investigate every loan,
and ascertain by absolute personal scrutiny
that there is ON hand every dollar of money
which the books of the company call for
The following gentlemen served last on this
committee. Samuel w. Torrey, New Jcr-
sew. John j. Donaldson, President of Ma
,ional Bank of North America; Hon. Ben
n;,rton Randolnb. New Jersey Thom-
&c A Cumming late of Cunmips. Seaman
& Go.
~, ,,,;,t, ,hora pot In error or rra,d in
tho keen;nc of The hooks and accounts them
oolves which finance and fiscal committees
would be nowerless to prevent? To provide
ooo;net tb;s the bv-laws require that there
shau be a Commiitee ON Accounts, which
shol, moet at least once month and exam
III every CHARGE. every receipt, or other
vo,cbcr and every credit. and go through
all accounts in detail. This committee CON
s;s,s Of Hon n r. Randolph. of Jersey
r;,, chairman. A,anson Trask. of A. & A.
) r. T..., Jobn ~ Moore AL broadway,
NowyorlF somucl w Torrev. New Jersey;
Tah, cIoano of w and + sloane.
Da.a;,,;,;,, ~ loo. ,,y frapd or Inv the nav
,,, of o,o;n,s ne;,her locallv nor couitably
,-.."-,,.,.. -, H.. oomnonv las bcen pre
Yan,ad ~, ,he es,ablisbment Of another i'm
> ror,a,. co,,mi,tea on Insurance. who's,
!, 5,,,, - n .von;ne nj, losses before they ar,
80 -, n,,,aro aro many eases where losse,
; 80 ,,oo, no;d which were based upon NJ
v a,r,.,,,, ,nna, claim, Int which honor ant
rand e.;,h reouircd 10 he met. Such case
! .raro a;snosed ,f nnon tho pripciple o
oar;,v and with n rull consideration Of th,
$ o,a;,,s and ;rteres,s ot living policy holders
Is I'M. ;no,ronoe committee consists of the fol
70 ,a,,;,r ,a,nod gent,emen. Peter McMartin
'e ,ce E;6h Avonue chairmap. Thomas U
4 Smith Of Smith. Henry S Sheffield; Danie
- n Lord of Lord. Day & Lord; John Slade
es 80 Iobn s,ade &, Co. Edward w. Lambert
IN Mn aso SIKH Avenue.
III Tbe advantages and importance of III
ns system of life insurance, when properl
conducted, by sound and responsible in
~ stitution, must commend themselves, fror
~ =, the very nature Of the subject, to the min
- of every man who has others depending o
- him for maintenance and nurture and b
:" sense OF its importance is rendered more il
~ tense as he is admonished by the events {
~ each passing day of the uncertainty of richt
y. and the transitory character of human lif
| We have KNOWN lIlG bilS Ehoou
,o w ance Society from the time of its organic
" lion. and have watched its progress ar
80. 20 wonderful success. Convinced of its gre
~, future, we long ago took policies in it. Sim
cal doing so we have naturally been disposed
'ho investigate its affairs whenever opportuni
has been afforded. We have lately, with
yss ~. view of ascertaining the exact condition
~ ;ts concerns. the mode in which Its busine
IT, "a transacted and conducted, and its pre-
'hc nects ahead. made an inspection of its wht
are ;nterna, management and arrangement; a
are Il ;s from the convictions thus impress
the mon us that we now present. our views
ieid ~ RAIDERS of the Chronicle. We take pl'
lon' s,.o IL exn,essnp our confidence in /
10 Is s ,.... - ,
ions Equitable iiiie 4Assuianeo o g. =
rood United States, 92 Broadway as saie
IL; reliable company, in which man thus 81
ss a,od NAV make this best of all investmer