The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1870-01-20

greater than have hitherto Eeen declared by
any company and the system presents peeu-
liar advantages % those who are unable to
accumulate TO the point ofindependence.
Much Of the unprecedented success Of the
| Equitable Is owing to the genius and ener-
gy Of the officers and TO the disinterested
/ libera1ity of the Directors who have been,
/ from the first, self constituted gratuitous
| agents, in extending the benefits of the sys-
/ tenn among the families of their acquaint-
| ance, and in advancing the society As a
purely benevolent Institution. There are
| other elements not perhaps entirely distinct
from those we have mentioned, without
which successful career could not be main
| tanned, Great volume of business is not
conclusive evidence Of great prosperity
There must be the utmost care in the selec-
ton of risks; liberality in settling claims
| must be consistent with the interests OF Nv
| ing policy holders, and the management OF
| its vast accumulations place future solvency
| beyond the remotest question The Equlta-
/ Bile has paid in death claims and DIVIDENDS
| over three and a half millions. Its small
| percentage of expenditures TO premium re-
/ ceipts, which is less than is called for by It's
actual tables, is the consequence OF the care
| exercised in the selection OF lives No applf-
/ cation for insurance Is passed until the gen
/ eral character of the medical examiner, his
system, standing and length of practice In
/ the profession. the time and place of gradu-
alton, his age and the population and char
acteristic diseases of his locality or ascer-
/ tanned by the certificates and references
These facts are preferred in volumlnous re-
| cord and constitute a bureau of medical
| standing and character. The Equitable was
| also among the first TO recognize and reward
/ the invaluable services OF its agents
Upon the management of the vast pecuni-
| ary resources of an assurance society, how
ever, the public justly look with the most
| Jealous eve. These funds, under the condi-
lions of insurance, are the property OF the
policy holders, or those In whose favor the
e d. 1(rI
/ Quoted system no one else has any interest
| in them. These Accommodations largely rep
resent the life long savings of economy and
thrift. and in thousands OF cases are relied
| upon as the only support OF the helpless anu
dependent. No more sacred trust is conceiy-
able than the management of such re-
sources, and no other fiduciary relation de-
mands the exercise OF higher integrity or
greater ii nancial ability. According to De
Morgan, there is nothing in the world hich
approaches, even remotely, the securityI of
well-establshed and prudently ma aged
life insurance company. The management
its finances, accommodating with such I'M
expected and uneXampled rapidity, has
been the browning triumph of the Equitable
Society. The original 100000 deposited
with the Insurance Department as a perpet-
ual security for the payment oflosses, being
invested in United States bonds, the inter
est on which alone is received by the stock
holders, this security is in fact maintained
gratuitously,
That portion of the new building not re-
quired for the use of the society will pay the
interest of the entire investments and give
the society its splendid Offices free of rent
The remainder of its ten millions of assets
is invested in loans on bond and mortgage,
on improved property worth more than
double the amount OF the loans, United
States securities, and i'll New York State
and city bonds, of which more than one
half is in loans on bonds and mortgage.
These securities are all registered; nobody
can steal them; their destruction would in
Volve no loss; there is, in fact, nothing be-
yond the results OF the current transactions
of the day, which population or mismanage-
ment could make way with. In addition to
this all of the most important affairs of the
society are administered by committees of
its Directors. Thus its finances are entire
ly under the control of a committee of six
Directors, which, in conjunction with the
President, has the direction of all invest
ments. both permanent and Temporary, of
all changes in such investments, and 1t has
the superintendence of the manner in which
accounts shall be kept. This committee
now consists of the following well-known
business men:
DS Ssa5 5 EsaS1 T Bank Of
John Auchincloss, of j.. and Ii. Auchin-
Gloss.
VIM. G. Lambert, of G. C. Richardson &
Co.
Hon. Dudley 5. Gregory, jersey City,
New Jersey.
VIM T. Blodgett, New York.
G.. d. Morgan, 56 Exchange Place, New
York.
The duties of this committee are not mere
ly nominal it meets at least four times each
year, at regular intervals. examines ali Sc
curities in detail, and reports the financial
condition of the society to the Board of Di-
rectors in addition to these precautions, at
the close of each fiscal year there is appoint
ed. by virtue OF the bylaws of the society,
a special committee of five Directors, who
are not members of the Finance Committee;
it is their duty to make minute and de-
tailed examination of the accounts and the
assets of the society and. report the same in
full to the Directors. The following named
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 Jer-
sey.
Thomas A. Cumming, late of Cummins,
Seaman & Co.
There is also a Standing Committee on
Accounts, consisting of five, which meets at
least once quarter, to examine and audit
all accounts and payments prior 70 each
quarterly meeting of the Board of Directors.
The committee now comprises Messrs.
Hon b. +. Randolph, of Jersey City. Chr'n.
Alanson Trask, of A. & A. q. Trask.
John T. Moore, 33l Broadway, New ork.
Samuel w. 1OEEls new OeISCJs
John sloane. of w. & J. Sloane
A committee of five, which meets monthly
or Oftener, as required, and whose province
is to consult and advise with the officers in
all matters relative to insurance and the adj
iustment and settlement of claims for losses,
now consist of MeSsrs.
Peter McMartin, l6S Fifth Avenue, Cham.
Thomas L. Smith, of Smith, Henry & Shelf
field.
Daniel d. Lord, of Lord, Day & Lord.
John Slade, of John Slade & Co.
Edw w. Lambert. Nj. D., 800 Sixth avenue.
There is also Standing committee, which
meets monthly, or more frequently, whose
special duty it is to investigate the standing
of applicants for agencies. to make appoint
ments, recommend changes and take action
in cases wherein agents may not have prov
ed in all respects satisfactory. This COM
mittee is composed of Messrs.
Jas. NJ. Halstead, Prest. American ire ms.
Thomas :. Young, of 7. 5. Young & Co.
Moses .Hoppock, of Nj. A. HoppOck Il Co.
Henry s. Terbell, of Ii. 5 Terbel! & Co.
Chas J. Martin, Prest. Home Fire ms. Co.
Thomas 4. CumminS, Everett House, n. L. |
1t will thus be seen that all of the most
important departments of the Society's bust |
ness are under the direct supervision of
business men of the highest standing, and
that this subdivision OF authority and re-
sponsibilitY among its important committees |
inSures the most prudent management OF the
interests and trusts eo0fided to its care. It
is needless to remark that during the decade
lust closed, no extraordinary examination
into the Soeiety's affairs has been found
necessary, nor could such a case well arise
under its admirable system of management.
The Branch Office of the Equitable in this
city is located at IS Bay street, and is under
the management of Co. L. Bowie, the Socie-
tvs General Agent for Georgia. Col. Bowie |
has directed with great ability and success
the BUSINESS of the grand institution which |
which he represents, and is too well known
among our citizens as gentleman of the |
highest character to require any comment |
from us. The business of the Equitable is /
in the highest degree prosperous thorough |
out the State, and is steadily increasing in