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

tWnOSe success was proDiemablcal may ~
easily conceived. Numerous preliminar.
meetings were held by those who JOINED
the enterprise in its incipiency, and her
lstrong efforts were made to divide at leas
ten per cent. of the profits among tn
stockholders: against this proposition al
further proceedings were promptly ant
successfully staked the new compan,
should exist as benevolent institution
for the benefit of the assured, and no
as speculative corporation for the bene-
fit of stockholders-or it should have NJ
existence at all. Parties favoripg sucl
disposition of the profits thereupon with
drew their names, and the subscription
which had reached the sum of $75, 600
receded to $50, 900. With great exertion
this sum was increased to about $65, 900
and at this point Mr.. Henry G. Marquand
came to the help of the struggling enter
prise, advancing one sum, the required
balance. The organization of the Com
pany was completed by the election of the
Hon. William @. Alexander. as President
Mr.. Henry B. Hyde, as Vice President
and Mr.. George W. Phillips, as Actuary
All connected with the enterprise, and
none more promptly than the founder Of
the Society himself, recognized the value
to the Company of Mr.. Alexander's name
and influence. He was descended from
one of the oldest families of Virginia, was
the son of the late Rev. DR.. Archibald
Alexander, of Princeton, had presided
over the Senate of the State of New Jer-
sey, and was widely known and apprecia.
ted in the first social circles and benevo-
lent enterprises of the country. He
brought to the new Society an influence
which alone would inspire confidence in
its stability and in the integrity of its
aims. Mr.. James w. Alexander, of New
York City, was subsequently elected to the
position of Secretary, and was identified
with his associates in all those plans which
have carried the Equitable to its unexam-
pied height of prosperity.
There was q strong effort made when
the Company was in process of formation,
to organize il upon the NOTE BASIS; this
project was defeated, the officers of the
Company being strenuously opposed to
what they considered the inherent defects
of this system. It was also determined
that the Society should start solely upon
its merits, and not upon any Fictitious ba
sis, such as magnificent building alone
would be. Rooms were, therefore, taken
at 80 Broadway, at low rent, and on ten
years's lease, another fortunate operation
for the new Company, as at the expiration
of the lease the rate had advanced four
fold; and here, with two mere lads for
clerks, each upon q salary of one hundred
dollars-both of whom now perform i'm
portant and valuable duties in the Com
pany's service-with an expense for rent,
for salaries of President, Vice-President,
thousand dollars, but without dollar in
its treasury, and with the individual credit
of its Vice-President pledged to meet the
premiums on bonds deposited with the
Insurance Department, the new Society
started on its career of usefulness and
honor.
Such beginning. in 6 popular view,
might be considered by no means bril-
liant one, and these details would possess
no interest but for the contrast afforded in
the unparalleled success of the Society at
the close of it's first decade. It will be OBJ
served, however, that its foundations were
laid in broad and liberal principles; its
primary idea, the confidence of the public
in men whose established reputation. po-
sition, and skill offer the highest guaran-
tee that sacred trust will be safe in their
hands; it's plan OF insurance, the usual one
of equitably dividing ALL. of the profits
among the assured. Upon such basis
the Society promised to be nothing less
than a grand, mutual benevolent institu-
ton, in which the interest of all concern
ed, officers. stock holders, and policy
holders were Identical, and ten years
career of the Equitable has abundantly
justified such theory of its organization.
On the 23d day of July, 1859, the So
ciety issued its first policy it was for ten
thousand dollars, the party insured is still
living land the policy is still in force
During the remaining five months of the
year, 277 policies were issued. insuring
81, It's, 900, and affording premium receipts
to the amount of 500, 700 rs. The progress
of the two years Immediately succeeding
was not remarkable. but with the business
of 1862 began the grand advance in which
the figures of insurance rolled up during
each succeeding year in an almost geome-
trical ratio. The sum insured in 1862 was
50, 1853, $50; in 1868, 81, 591, 900; in 1864,
So, 1853, $50; in 1866, $13, 749. $50 in 1866,
$50. or, $50 in 1867, $45, 453, 700 in 1868
$51, 1871 1876 These astounding figures
are still more striking as showing the rela-
tive rank which they gave the Company
each successive year. In 1860, in amount
Of new business, it was the ninth among
American companies in 1861 it was
eighth , in 1862 and 1868, the seventh in
1854 and 1885. the sixth in 1866, the
fourth in 1867. the third in 1868, THE
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