Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1869-12-25

Henry b. Hyde, a8 Nlce-ftea0ent,
and Mr.. George W. Philips, as Ac-
luafy. All connected with the en-
teFpFise, and none more promptly
than the founder Of the Society
himself, recognizing the value to
the Company of Mr.. Alexander's
name aud influence. lie was de-
cended from one Of the Oldest fami-
lies Of Virginia, was the son Of the
late Rev. DR.. Archibald Alexander
Of Princeton, had presided over the
Senate Of the State Of New jersey,
and was widely known and appre-
ciated in the first social circles and
benevolent enterprises of the coun-
try. lie brought to the new Socie-
~ an influence which alone would
inspire confidence in Its stability
and in the integrity fits 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 u~nexampled height
Of prosperity.
There was q strong effort made
when the Company was in process
Of formation, to organize 1t upon
the note basis ; this project was de-
feated, the officers Of the company
being s~trenuously opposed to what
they considered the inherent de-
fects Of this system. It was also
determined that the Society should
start solely upon It's merits, and
not upon any Fictitious basis, such
as q magnificent building alone
would be. Rooms were, therefore,
taken at No. 90 Broadway, ct allow
rent and on ten years lease, anoth-
or fortunate operation for the new
Company, as at the expiration of
the lease the rate had advanced four
fold ; aud here, with two more lads
for clerks, each upon q salary Of
one hundred dOllars-bOh Of whom
now perform important and valua-
Bile duties lin the Company's SER
vice-with an expense for rent, and
for salaries Of President, Vice-Pres-
ident, and Actuary, not altogether
exceeding Avel thousand dollars,
but without q dollar In It's treasury
and with the individual credit Of its
Vice President pledged to:meet the
premium en- bonds deposited with
the Insurance Department, the new
Society started on It's career Of use
fitness and honor. =.
Such a beginning, in a popular
view, might be considered by no
means q brilliant one, and these de-
tails would possess no interest but
for the contrast afforded In the un.
paralleled success of the Society al
the close Of its first decade. 1t will be
observed, however, that its founda.
tiOns were laid in broad and liberal
principles; It's primary idea, the
confidence Of the public In men
whose established reputation, po-
SitiOn, and skill offer the highest
guarantee that sacred trusts will be
safe In their hands its plan Of in
surance, the unusual one of equita-
bly, dividing ALL Of the profits
among the assured. Upon such a
basis the Society promised to be
nothing less than Q grand, mutual
benevolent institution, in which the
interests of all concerned, Oficers,
stockholders, and pOlicy-hOlders
were identical, and ten years career
Of the Equitable has abundantly
justified such a theory Of it's or.
ganiatlon.
On the 23d day of July, 1859, the
Society issued lie first policy 1t was
for ten thousand dollars, the party
insuredis still living and the policy
is still in force. During the remain.
Ing Eve months Of the year, 27I
policies were issued, insuring ST..
lIS,OOO, and atording premium re-
ceipts to the amount Of $23,7O0 &c
The progress Of the two years i'm.
mediately succeeding was not re
markable, but with the business o
1S62began the grand advance il
which the figures of insurance roll
ed up during each succeeding year
in an almost geOmCtriCal ratio
The sum insured in 1862 was 50,
S53,4j0; in 1863, S4,50l, 300; II
1864, sS,75S,55O; in 1866, Sl3 74s.
$50; in 1866, S9O,O72,45O; in 1851
s45, 1853, 700; in 1868, S5l,S9l 1926
These astounding figures arc still
more striking as showing the rela
tive rank which they gave tn
Company each successive year. 4
1860, in amount Of new business, /
was the ninth among America.
] r~os,nouiaa a, 1901 "a 81.