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


lieved the inherent defects of this system.
In effecting the formal organization of the
company the Hon. William G. Alexander,
son Of DR.. Archibald Alexander, of Prince
ton, New Jersey, was elected president. Mr..
Alexander was chosen for the great influ-
ence Of his name and personal reputation,
and his high moral and business character.
1t was a fortunate selection; no man could
have been found who combined these quail
ties to a greater degree. Mr.. Henry B.
Hyde, of New York, was elected vice pres
ident Mr.. George w. Phillips was chosen
as the mathematician and actuary of the
company; MIR. James W.Alexander became
the secretary of the society and these four
gentlemen are its present officers
The new company commenced operations
at 92 Broadway, in rooms of exceedingly
moderate dimensions, with two small lads as
it's force of clerks, and at an annual expense
of less than five thousand dollars for salaries
of officers, clerks, and rent Of rooms, its
first policy was issued on the 23d day of
July, 1859 1t was for $4,000. The per-
son insured is still living, and the policy is
still in force. The business of the two years
Immediately succeeding was not extraordi-
nary; but, with that of 1862 began that re-
markable progress in which the figures of
insurance rolled up in an almost geometrical
ratio from $2, ,s53, 450 insured in that year to
$5I, ,s9l 1926 insured in 1868, and which ad-
vanced the society, in the brief space of six
years, from seventh in rank among Ameri-
can companies for amount of new business
done, TO be the second, and at present writ
ing possibly the first insurance company in
the world. These figures belong to the Off
cial history of insurance, and may well be
termed astounding. The single, forlorn
policy-holder of 1859 is now but one of an
immense army, fifty thousand strong,
whose ranks are constantly swelling by the
addition of new recruits to the number of
thousands annually and the two youth
full clerks are represented by corps Of over
fifty carefully trained assistants, who are
now required to transact the daily routine
business of the company.
A large room, closely crowded with
desks, is the department Of the city soliciting
| agents, of whom there are some fifty regu-
larly authorized and appointed. Their en-
tire time is spent among the business men
of the metropolis, and their mission is TO in
duce husbands and fathers to insure their
lives. In addition to these, there are in the
principal cities of the United States and
Canadas thirty five branch offices, each OF
which is complete In itself, with its corps OF
travelling agents and clerks, and employing
sub agents in every village and hamlet in
the country, to the aggregate number Of sew
eral thousand. These are to the Equitable
what both hands and tongue are to the body.
They are managed by q committee OF the
company's directors, though whom all ap
pointments are made, the standing of appli
cants is investigated, changes recommended
agents accounts scrutinized, and actor
taken in all cases where agents have no
proved satisfactory The committee nov
consists of the following gentlemen: Jame
NJ Halstead, president of the American
Fire Insurance Company; Thomas S Younl
Oft. S. Young & Co.. Moses A. Hoppock
of M. A. Hoppock Il Co.; Henry $. Terbell
of Ii. S. Terbell & Co; Charles j. Martin
president of Home Fire Insurance Company
! Thomas A. Cummins, Everett House, Ney
York.
The Medical Department is under the dl
rection of Edward Lambert, M. D., an
1 Alfred Lambert, M. d., assisted by the dis
t tinguisAed surgeon, DR.. Willard Parker, q
: consulting physician. This is evidently on
d of the most important departments of th
g society's business. The best insurance con
o panies do not issue policies on impaire
lives; yet how can they protect themselv'
If from loss by fraud or bad judgment, whe
l. applicants for insurance are scattered
lie over the country, and are numbered by tel
O. of thousands?
n This is effected by the admirable syste
in of the Medical Department, and Its caref
to arrangements for economy and safety.
c. the first place, no application for insuran
ny from any quarter is passed, no matter he
II fayorably reported, until tho general chars
ID ter of the medical examiner, his systel
'ly standing, and length of practice in the pi
IN fession, the time and place of graduation,
ed age, and the population and characters
lyf diseases of his locality, are ascertained
o unexceptionable references and certificat
ro- Those facts are preserved in volumlne
ne records, and constitute bureau OF medl
'ay standing and character Nor is it every
um apparently In good health that can obtai
the policy ofinsurance. Every application g
Der through the hands OF ten different men, v
i'm separately and:consecutively approve OF
the One of these IS the medical examiner at
cd, place where the application is made,tw
en- the medical directors at New York, three
in officers and directors of the society, and
de- rest are tried and experienced clerks,
the strictly accountable for every error, ,omlss
suit or defect of any kind. One huge volum
)ro- shown, containing a record OF appllcat
the for policies by persons apparently in
ires health, which has been approved by ph
liza clans, but rejected by the rigid rules OF
little society. The number of these cases is
) of great only those being placed in this
the which have been approved by agents
hich others, and coming before the officers
up directors for final action, been rejected.
etter the many thousands rejected by medlca
COM aminers no account is kept. We are
con- unprepared, after this, to learn that the
III an tality among those assured in the Equl
ic in is very small-much less, in fact, tn
skill called for by actuarial tables Anothe
y of portant fact in this connection is the
,e in average amount Of its policies, viii
iould greater than in any other company i
!. An world, and which has an important an
D fact very remote bearing upon the low IL
which mortality.
such But what becomes Of the millions oi
ter of ey which this great financial agent ae
lates? How is 1t managed and how /
ma the ed? The care of such resources is a
n ooo. trust, which, which demands the exer
rance the greatest financial ability and int
ted as Science has determined how much mt
This required for company safely 10 ca