The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1869-10-21

management has been invested with ali adj
mjral system of checks. Its funds are first
nnder the direct care and supervision of the
Gnance committee. consisting OF six of the di-
ractors. besides the President and Vice Presi-
dent This committee now consists OF the TO-"
lowing well-known business men: Robert
Lencx Kennedy, President National Bank OF
Commerce, New York, chairman; Jonn
Auchincloss, of John and Hugh Aucnlhcloss'
VIM. G. Lambert, Of George I. hlcnalas2 Hi.
Co: Hon. Dudley S. Gregory, Jersey Nlty,
n J.: William T. Blodgett, New York ;Geofge
n Morgan. Sc Exchange place, New York.
There duties are by no means merely NOM
:noI Peoular meetings of the committee are
LID every two weeks, or oftener, and no in
nestments loans, changes in investments, or
other transactions relating to the finances of
tbe company, are made without first passing
under their scrutiny and approval, and a de,
tailed report OF their action is read four times
each year to the full board CT directors for its
ratification. All applications for loans mon
real estate are required to be made in writing
and are placed upon record, The vame If
the property is appraised by experts. and the
result is submitted to the Finance Committee.
who also satisfy themselves of the value vet
the largest part OF such applications are re-
jected.
Every security held by the compapy is
registered. and its abstraction or destruction
would involve no loss whatever. vet in add
ton to these precautions, the bylaws of the
society require, at the end of every wear. the
appointment OF the board of directors of a
fiscal committee, to which no member of the
finance committee may belong. and whose
duty 1t is to examine the assets of the society
| and report to the board of directors. They
examine every security, open every bond and
fann inuA 30
tam by absolute personal scrutiny that there
| is on hand every dollar of money which the
| books OF the company call for. The follow
ing gentlemen served last on this committee
Samuel w. Torrey, New Jersey; John j
| Donaldson, President National Bank of North
| America; Hon. Bennington F. Randolph, New
Jersey; Thomas A. Cummns, late Of Cum.
Minis, Seaman & Co.
But might there not be error or fraud in
| the keeping of the books and accounts them
| selves, which finance and fiscal committees
would be powerless to prevent? To provide
against this the bylaws require that there
shall be committee on accounts, which shall
meet at least once month and examine ey
cry charge, every receipt, or other voucher
and every credit, and 60 through all account.
| in detail. This committee consists of Hon
b; F. Randolph, of Jersey City, chairman
Alanson Trask, of A. & A. G. Trask; John
I. Moore. 331 Broadway, N. Y; Samuel w
Torrey, New Jersey; John Sloane, of W. &
| j. Sloane.
The possibility of loss by fraud or by the
payment of claims neither legally nor eouita.
bly, binding upon the company has been nre
vented by the establishment of another i'm
portant committee on insurance, whose dut,
Is TO examine all losses before they are paid
Ihere are many cases where losses have beer
PAID, which were based upon no strictly lepa
claim, but which honor and good faith reouir
ed to be met. Such cases were disposed O
upon the principle of equity, and with a full
consideration of the claims and interests q
living policy-hoIders. The Insurance Com
mlttee consists of the following named gen
tiemen: Peter McMartin, 1853 Fifth avenue
chairman: Thomas U. Smith, of Smith, Hen
ry d Sheffield; Daniel d. Lord, of Lord. Da,
d Lord; John Slade, of John Slade & Co
Edward W. Lambert, NJ. D., $50 Sixth ave
nue.. .e
A society conducted upon such system a
the Equitable, jnstifies the assertion Of D
Morgan, that there is nothing ia the com
merclal world which approaches even remote
~ the security OF well-established and pr1l
qently managed life assurance society."-
From the Post.
DR. b. COLBY, No. 8, Cahoon Block. Iii
stairs, is the General Agent of the Equitable
for this State, who has since his appointment
effected an insurance on the lives of MANY @
the leading business men of this State. i,
some instances to an amount of $4,000 each