Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1869-12-25
- Insurance Companies.
ne Rqultabls Assurance So
eiety o. the United States.
KxHIBiF At THE CLOSE or rs FIRST
DECADE.


DECADE.
Tie system Of LIE Assurance IL
illustrates how closely human inge-
nuily has realized In these latter
days the sxsravagant dreams Of the
old philosophers. A large number
Ug men combine, 10 pay yearly, or
e shorter periods, q small sum each
70 form . fund out Of which the
representatives Of each deceased
membOr shall receive q stated larger
sum. The immutable law Of Az
Srnges determines the number who
will die within . given lime, aud
aaoFds Q fixed and safe basis Of cal
uulatlOn. The individual Is thus
able, practically, to extend his
llfe to the average duration Of man
kind, In securing to his family and
dependents, with mathematical GER
tainty, the full p~ecuniary benefit
and support which would result to
them were his active life thus real
" prolonged, and to receive the
actual benefit Of q just equaliza-
ton f property. The sudden and
unprecedented extension Of the
syslsm u . remarkable fact In the
hlstoFy Of modern civilization ; In
thediDeulties encountered and the
victories achieved n lts origin and
development, Il rivals in interest
ne great material triumphs which
ne e constantly the subject Of our
admiration. Tbis is remarkably
sxampliasd in the history OF the
Equitable Life Assurance Society
: fths Unlted States, which has just
closed lts first decade, as, ut marks
and distinguishes" Gays the Super
intsndsnt Of the New York Insur-
9nce Department "the commence
nent Of the recent astounding
progress In the business Of life in
surance."
Ten years ago there were then
but 1--WE life insurance companies
existing in the State Of New York,
nd but two Of these were issuing
policies exceeding one thousand In
number per annum. The new In
saFance Department Of the State
had inst been created by act Of
Legislature. Six years had elapsed
since the passage Of the act for the
Incorporation Of. life and healtl
Insurance companies, and not one
as yet, had been organized undeI
it, liberal provisions. But lit.lt
enterprise, comparatively, was ex'
hIblted In the business and it wal
lust the time for the advent Of
company, which by Its liberal poll
Icy and vigorous action should in
augurate anew period in life insur'
ance, and such q company the orig
inators Of the Equitable determine
cd TO found. Ten years ago, how
ever, new companies could moi, as
now, start suddenly into full.Aedg'
cd existence, with magnificent
apartments and Q full corps Of high
salaFied officials. Indeed there was
found great difiCulty in getting
even the onel hundred thousand
dollars subscribed, which the laws
Of the stAierequire to be deposited
with the Insurance Department as
security fer the payment Of Claims, a
dimeuliy not arising from shy Oh
lection 70 Insurance stocks, which,
In some companies were known 10
bsaprOhlable kind Ofiinvestmsnt,
but because e was determined that
In the organization ofanew company
lts stockholders shOuld receive but
legal interest and that ALL FRoFrra
Of the enterprise should revert to
the polioy-holders. The origiHa-
tOrso Of The Equitable had also wise
ly resolved TO connect with the Or
ganiEatiOn only men Of the highest
character Ia business and benevo-
lent circles, 40 II the stability Of
the company, like that Of a me.
chanical structure which Is no
stronger than Its weakest part, were
to be dependent upon the reputa-
ton OF each individual director.
The difficulty Of enlisting a sufl.
Client number Of men of such char.
acter In q project whose success
was prOblematiCal may be easily
conceived. Numerous proliminary
meetings were held by those who
Joined the enterprise in its ineipi
ency, and here strong efforts wert
made to divide at least ten per cent
Of the prOass among the stockhold
eFs; against this proposition al
further proceedings were prompt,
and successfully ssaked the ney
company should cxistas a beneyo
= lent institution for the benefit ofth
$3.50 -.