Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-12-17

nAoS' Jo"io"s oJe' Auese funds, under tbo
conditions of insurance are the proror,. 'Do
the policy holders, or those in whose 60
the assurance is made under ripbifr,I'.
conducted system no one else has anv -
terest in them, present or contingent
These accumulations largely represent e.
lifelong savings of economy and thrift o,,5
in thousands of cases are relied mo-, -
the only support of the helpless and deron
dent. No more sacred trust il concoi,,or,I.
than the management of such resorroou
and no other fiduciary relation denond,
the exercise of higher integrity or prootos
financial ability. According to DeMor0an
"there is nothing in the commercial vorl5
which approaches, even remotely, the co
curity of well established and prpderuu
managed life assurance COMPANY" Tho
management of its finances, accumulatino
with such unexpected and unexampled 20
pidity, has been the browning triumph of
the Equitable Society. The original ono
hundred thousand dollars, deposited with
the Insurance Department as perpetua,
security for the payment of losses, beino
invested in United States bonds, the in
terest on which alone is received bv tbo
stockholders, this security is in fact main.
tanned gratuitously. That portion of tbo
new building not required for the use Of
the Society will pay the interest of the
entire investment, and give the Socie-
t. its splendid offices FREE OF
RENT. The remainder of its ten milIions
of assets is invested in loans on bond and
mortgage improved property, worth more
than double the amount of the loans
United States securities, and in New York
State and City Bonds, of which moro than
one-half is in loans on bond and mort.
gage. These securities are all registered
nobody can steal them their destruction
would involve no loss there is, in fact
nothing beyond the results of the current
transactions of the day, which speculation
or mlsmanagement could make way with
In addition to this, all of the most i'm.
portant affairs of the Society are admins
tered 10y committees of it's directors
Thus, its finances are entirely under tho
control of q committee of six directors.
which, in conjunction with the president,
has the direction of all investments, both
permanent and temporary, of all changes
in such investments, and it has the super.
intendence of the manner in which &C.
counts shall be kept. This committee now
consists of the following well-known bust
ness men -
Robert Lennox Kennedy, president
National Bank of Commerce) New York,
Chairman John Auchincloss, of John and
Hugh Auchincloss William G. Lambert,
of George G. Richardson e Co.; Hon.
Dudley S. Gregory, Jersey City, N. j.;
William T. Blodgett, New York George
D. Morgan, Sc Exchange Place, New York.
The duties of this committee are not
merely nominal; it meets at least four
examines all securities in detail, and re-
ports the financial condition of the Society
to the Board of Directors. In addition to
these precautions, at the close OF each ls.
cal year there is appointed five direc.
tors, who are not members of the finance
committee. It is their duty Ia make mi
mute examination of the accounts and the
assets of the Society, and report the same
in full to the directors. The following
named gentlemen served last on this com
mittee.
Samuel w. Torrey, New Jersey; John J.
Donaldson, President National Bank of
North America; Hon. Bennington +. Ran
dolph, New Jersey; Thos. A. Cummins,
late of Cummins, Seaman & Co.
There is also a standing committee on
accounts. consisting of five, which meets
at least once quarter, to examine and au-
dit all accounts and payments prior to each
quarterly meeting of the Board of Direc-
tors. This committee now comprises
Messrs.-
Hon. B. F. Randolph, of Jersey City,
Chairman; Alanson Trask, of 4. & A. q.
Tr.sk; John Z. Moore, 331 Broadway n.
Y; Samuel W. Torrey, New Jersey; John
Sloane, of w. & J. Sloane.
A committee of five, which meets month
ly Or oftener, as required, and whose pro-
vince is to consult and advise with the Of
fcers in all matters relative to insurance
and the adjustment and settlement Of
claims for losses, now consists of Messrs.
Peter McMartin, 1G8 Fifth Avenue,
Chairman; Thomas U. Smith, of Smith,
Henry e. Sheffield; Daniel ID. Lord, OF
Lord. Day &c Lord; John Slade, of John
Slade e. Co. Edward w. Lambert, NJ. d.,
$50 Sixth Avenue.
There is also Standing Committee,
which meets monthly, or more frequently,
whose special duty it is to investigate the
standing of applicants for agencies, to
make appointments, recommend changes,
and take action in cases wherein agents
may not have proved in all respects salts
factory. This committee is composed OF
Messrs.
James M. Halstead, President American
Fire ms. Co.; Thomas S. Young, of L. s.
Young & Co.; Moses A. Hoppock, OF NJ.
A. Hoppock & Co; Henry s. Terbell, OF