The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1869-10-27

tho officers and directors of, tho
society, aud the rest arc tried and
experienced clerks, {, held strictly
accountable for every error, omis.
sion !F3lto or defect Of any kind, ONO
hugo volume is shown containing
4 record Of applications for policies
oy persons apparently in good
health, which havo been approved
by physicians, but rejected by tho
rigid rules Of tho society. Tho
number of these cases is worry
great; only those bcing placed in
this book which have been ap-
proved by agents and others, and.
coming before tho officers and d.
rcctors for final action, arc reject
ca. Of the many thousands reject
ed by medical examiners no record
is kept. We arc not unprcparcd,
after this, to learn that the NOR
tallty among those assured in the
Equitable is worry small-much
less in reality than is called for by &C
tnarial tables. Anothcrimporlant
fnct in this connection is tho large
average amount Of it's policies,
which is greater than in any other
company in the world, and which
has an important and not very re-
moto bearing upon the low rate Of
mortality.
But what becomes Of the mil.
lions Of money which this great
financial agent nccumulatcs 2 How
ls it managed aud how invested {?
The caroofsuch resources is Il sacrod
trust, " hich demands the exercise
OF the greatest tinancial ability
and integrity. Science has dctor-
in!ncd how much money is rcquir
ed for a company safely to carry
its risks. To render insurance ab-
soluteIy secure, this money must
be securely invested, and some
competent authority must exist to
ascertain and give publicity TO
this fact. Such authority is pro.
vidcd by tho laws Of tho states Of
New York anI massachusetts,, in
tho "Superintcndents of Insur-
ance," who annually examine into
tho atf,Irs Of every company tran
sacling business in these states,
make II mathematical calculation
OF the value Of their policies and
the condition of thuir finances,
and wind up the affairs Of any com
pany wantingin any particular,and
transfer its business to somo sound
institution before real damage is
accomplished. The directors Of
the Equitable were not satisfied
with tho external safeguards Of
official control, and It's internal
management has boon invested
with an admirable system Of
checks. It's funds arc first under
the direct care and supervision Of
Il finance committee, consisting Of
six Of the directors, besides tho
president and v;ce-presidcnt. This
committee now consists or the
following wcIl.k nown business
men: Robert I.cnox Kennedy,
president National Bank OF Com.
mcrce, New York, chairman; John
Auchincloss, Of John and Hugh
Anchincloss; Wm. G. Lambert, OF
George 6. Richardson e. co.; Hon.
Dudley S. Gregory, Jersey City,
~; William ", Blodgctl, New
York George D. Morgan, Sc Tx.
change place, New York.
Their duties arc by no means
merely nominal. Regular meet.
ings OF the committee arc held
every two weeks or oflcncr, and
no investments, loans, changes ia
invcstm cnts, or other transactions
relating to the finances Of the com
pany, are made without first pass
ing urdcr their scrutiny and ap.
proval, and detailed report Of
their action is read fonr times
each year 10 the full board Of di-
roctols for its ratification. All
applications for loans upon real cs-
tate arc required to he made in
writing, and arc placed upon re-
cord. The value Of tho property
is appraised by experts. and the
result is submitted to the Finance
Committee, who also satisfy them,
selves Of the value; set tho largest
part Of such applications arc reject
cd. .....
Every security held hy the com,
pany is registered, and it's abstrac
ton or destruction would involve
no loss whatever, yet in addition
to these precautions the bylaws
Of the society require, at tho end
Of cvory year, tho appointment by
the board Of directors Of q fisca
committee, to which no member
Of tho finance committee may be
long, and whose duty it is to OK
amino tho assets Of Tho society
and report to tho board Of diroc
tors Tboy examine cvory sccuri
| ty, open every bond and mortgage
Investigate every loan, and asccr
tain BY absolute personal scrutiny
that ,thcre is on hand every dollnl
Of money which the books OF th'
company call for. The following