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


of insurance written during the year ssh
89l SIS: total income for the year. $3.50
I57 46. A comparison with any one OF the
older leading companies would exhibit the
EQUITABLE in even a more favorable light, as
in amount of business it was year by year
tar in advance of the relative years OF any
other company.
The following figures taken from the re-
ports of the New York Insurance Depart
ment, exhibit the business OF the Equitable
as compared with that of all other compa-
Dies operating in the State during 1868: Az
erage number of policies issued by all other
companies. 3.7G9; issued by the Equitable,
Il, 986; average amount insured $l0.Sz1, 361
issued by the Equitable SOL, sol SIS; ayera &c
total income. 81, SIS, 9S5 income OF Equlta-
BILE $4840157; average total assets, $685.
857; assets of Equitable $1.12i,O6 average
dividends paid. $24l, $50; dividends paid by
Equitable. $S49,979. Compared with the
business transacted by foreign companies
the contrast is still more striking; during
1858 the Equitable insured very nearly as
large an amount as the aggregate OF ali the
life insurance companies of Great Britain
combined,
A remarkable feature of the business oil
the society il the large average amount IN
sured in its policies, largely exceeding that
of any other company in the world. This
average in 1868 was $4,329, the average oil
all other American companies ranging from
$I,S47 TO $3.50. This large average amount
insured in the policies of the Equitable l.
due to the fact that wealthy men, as class
take policies in the society for purposes OF
investment, to a greater extent than In any
other company, a. fact that has remote, but
important, bearing upon the low rate OF
mortality among its policy holders, as 1t Is
evident that men who are able to carry large
premiums are not likely to be compelled 10
remain in the vicinity of epidemics, and
that in all cases of sickness, their medical
f1or xxyilI q hest.
That this immese volume of business has
not been accumulated by the Equitable at
any sacrifice of economy in management, OF
want of sound discretion in the selection oil
risks. will be seen from its low percen age
of Notwithstanding death claims and
exDenses but exclusive ofprofit dividends
to cash Dremium receipts, and by compar-
ison of this percentage with those Of other
American companies. This percentage in
in the Equipable has been tribe over 80
ner centthe Smallest per centage OF any 9TH
or company being over IL per cent. and the
fioures ranging through the entire list from
this point to 81 per cent. 1t Is worthy OF re-
mark in this connection, that of the fifty-two
persons who constituted the board OF dlrec-
ton, thirty-nine are still members OF the
board, and that during the first decade of
the society's existence. but two Directors
have been removed by death.
If amount of insurance is any criterion OF
no company in the world has
ever, within the same relative period, eN-
nerienced such a degree of public favor
and confidence. The original force of two
youthful clerks is now represented by a
corps Of some sixty gentlemen, exclusive OF
officers and agents, now required TO transact
its current routine business. 1t has out
grown its offices, and any accoWmodatlons
obtained in any building at its disposal in
New York. As its first decade approached It's
close. greatly enlarged facilities became thus
an unavoidable necessity, and the erection of
the society's new building, new nearly COM
pleted, on the southeast corner of Cedar
street and Broadway-a building which
grandeur and general fitness for its
purpose, is probably not surpassed by any
building in the wOrld-maFkS in
the elimination of its substantial trlumphs.
This structure is an elegant speclmln OF the
STYLE of architecture, so general
ly used by Baron Haussmann in the embell-
ishment of modern Paris. Its frontage on
is 81 feet, and on Cedar street 1877
feet. The material used III Its construction
is Quincy granite for the basement story,
and for the rest of the building white Con-
cord granite, the noblest possible materials
for so large a structure, giving it grand
and massive effect. The approach to the
basement is through the central entrance
on Broadway, the stairs to the main floor
starting on either side of the doorway, vlr-
tually throwing the basement rooms into
Broadway, and thus giving them an increas-
ed value. The first principal floor is 10 feet
high, and containthree banking rooms,
which are to be fitted up in the most COM
Dlete manner, the largest being 32X1OO and
the others each 30x55. Over this are the Of
fees of the company. The grand business
halI. which, finished, will be one the most inn
posing in the country, is 26 feet high, and
55xIO5. lighted by two large skylights, and
through the glass partitions OF the officers
and agents room, which are ranged IN Two
stories about the hall, the upper tier being
~ 6pnQrtmaDr
Of clerks is to be in the centre OF the grand
hall. The officers rooms occupy the entire
front and will be connected by sliding
doors. so as to be thrown, when required,
into one large room for Directors meetings.
On the second or gallery floor, and connect
ed with the steam lift, is a luneh-room 25X-
3d. for the company's clerks. Above the Of
fees of the company are four stories, each
about u feet high, and each divided into 10
offices, 14x20 in size, so arranged as to be
singIy or in suits, all fitted with complete
,oiiet arrangements, and some with safes
The general safe-rooms are near those of the
officers, and will be at all times under their
control. The entire building is strictly fire
proof. At the Cedar street entrance two
steam elevators will be kept running for the
of the occupants of the build
no and those transacting business with
hem-a new and praiseworthy feature
which the legweary will not fail to appre-
,iate.
s.The plan of insurance of the Equitable
remarks DIR. Iraneus Prime, lis
probably as nearly perfect as anything hu-
nan can be-" The premiums are invariably
PAYABLE in cash. Tissues ordinary life pol
cies-life policies which are to be paid up in
i've. ten. fifteen, or twenty annual premi-
inns: Tontine dividend policies, payable at
leath or at the expiration of specific num-
Der of wears and endowments in like manner
which may be paid up in one, five, or ten
payments; joint life policies; term policies;
.hildren's endowment; annuitieS with or
without profits, and survivorship annuities.
All five and zen payment policies, whether
ife or endowment, are n-forfeitable, after
wo annual premiums have been paid, for as
many fiths or tenths respectively as there
;hall have been full yearly payments made
and ordinary life and joint-life policies are
nom forfeitable for an equitable1amount after
three full annual payments have been made.
Life and endowment policies, the premiums
On which are payable during a stipulated
period longer than ten years, are non-forfeit-
able after three annual premiums have been
paid. These policies may all be drawn in
iavor of the assured to be disposed of by
win. administration or assignment; or they
NAV be drawn in favor of wife; wife and
children; intended wife; any near relative;
4 creditor: mortgage; partner in business
)r business firm, of which the assured is
member. and others. All profits of insu-
rance. the surplus funds of the society are
annually divided among the policy holders
only. in the form of dividends and in exact
proportlon to individual contribution to
those funds, These dividends may be APP
piled, at the choice of the policy holders, in
any one of the five different ways. viz: to
an addition to the amount assured, payable
with the policy; to ain addition to the
amount assured, payable only in case of
death within specified number of years;
to reduction in the amount of all subse-
1uent premiums. to larger reduction in
the amount of the premium for one year or
more; to q Limitation of the Number of pre-
cease at a comparatively early age; and the
selection ofone way in any one year does
not restrict the right of choice in any sub
;equent year.
The TOntine-dividend system. a method
# insurance not hitherto practiced by any
ill...t Tia