The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-04-08

I SAAe
| specifications are presented, ind:
1. That the society possessed the legal
power to erect their building, which contains
the offices of the society, at the corner of
Broadway and Cedar street, aud the under
signed refer to the opinion OF Professor Tneo-
dore ". Dwight. respecting the same.
2. They further find that the erection OF the
building was wise and judicious measure,
and ls a safe Investment, yielding an increas-
ing annual income of more than FIVE and a
half {54) per cent, leaving the society free
from rent for Its own offices; aud If the value
of the offices occupied by the society Is taken
into account, we are of opinion that 1t has no
money invested to better advantage.
s. They further find; that In reference to
the compensation of the officers, both the
method of payment and the amount paid as
charged, are untrue. From the evidence sub
mitted to them, the aggregate sum for paid
salaries by the society during the first eleven
years of its exlstencei as compared with Its
income during the same period, produces q
ratio at least as favorable as that of any life
company (for the same years from 1860 to
1870, inclusive) organized during the year In
which the Equitable was organized, OF since
that time, or even prior to that time, with the
exception of two, the preliminary expenses OF
those two companies not being taken into
account in the estimate, because they were
organized more than fifteen years previous to
1860.
4. They further find that no loan was made
ON The 20th of September, 1870, CT at any other
time. upon New York Central and Hudson
River Railroad stock. But they find, on the
contrary, that no loan has been made by the
society, except upon securities authorized by
and In accordance with the law. -.
S. The charge that the building commlttee
or any of the directors are or were Interested,
directly or indirectly, in the quarry from
which the stone for The building was taken,
or pecuniarlly Interested in any other contract
of the society, was most carefully and minute
" examined, and the undersigned declare the
charge to beboth false and malicious. On the
contrary, the undersigned ma that lne eIec-
ton of the building In all Its details was care.
fully watched over By the directors, and par
tIculary by the lildlng committee, with as
much attention as prudent man gives to bis
own business.
6. That the mode of loaning the money of
the corporation was particularly examined
and meets the approval OF the undersigned,
who finds tRe charges OF faVoritism Wnoliy
untounded, and other things being equal,
principals are given the preference over
brokers.
Z. The secretary Of the society, who form.
erlv was in business as fire insurance agent
and general broker, rellDquished the charge
of the fire insurance business Of this society
when he became connected with 1t three
wears ago. The secretary has not attended
to the fire Insurance business Of the company,
and no director or officer Is or has been
interested In such business, nor mas the secre-
tary loaned money on policies as charged.
s. It Is proved to cur satisfaction that the
directors Of the society have not loaned the
money OF the society TO themselves upon
security not allowed by law, and that no
loans have been made through the iavorit-
ism of It's officers and directors on inadequate
security, or contrary to law.
Q. In the opinion of the undersigned, tne
directors, 80 far from having managed the
affairs OF the society wastefully or extraVa.
ganily. have managed them prudently and
successfully. and have made no false returns
to the insurance departments.
10. The rates OF commission PAID TO agents,
az charged, are untruly stated. No salaries
are Maid to agents in addition 10 commissions.
Ii. They find from the testimony given 6y
the officers and directors, that the establish
ment of an agency In Great Britain mas not
proved a failure; that the agent sent there
ia NOT inexperienced in the insurance busl-
ness; that he receives no salary, but tnat nls
commissions are guaranteed for three years 70
an extent OF $40, 900 per annun; and that the
ts s 6Ssra snsass s. aIFsss IERsEs mas sn
II, The charge tnaI nivney has been waste
fully spent upon the building ls sufficiently
answered by our opinion Of the investment.
l3. They further find that the society does
not falsely advertise itself as mutual cesn-
pany. The necessity of a capital stock arises
from the fact that, before the organization ol
the society, laws were enacted In New YORK
recurring all companies organized atter sucn
enactment to have q capital stock and to make
a deposit Of one hundred thousand dollars
with The insurance department, as guarantee
| to polcy-holders. The annual DIVIDENDS upon p
this stock are limited to seven per cent. rms
amount Is nearly earned by the investment OF
the canital: ali of the profits are divided
amongst the policy holders; The stock bears
no such market price as is charged, and as nc
nn,awiI,l yaIns can be made thereon, the own
ershin of The stock can only be desirable 1ol
the protection of the company. The provision
az to a stock management IS not conceaiso
| from polIcy.holders, bur, on the contrary, tne
directors are Of opinion that II forms one OF
the greatest safeguards OF me company. y.,,o 20
Ia. In conclusion the undersigned desire 10
| sav- that thew are unable to find an honest
m5f,ye for the presentation of charges 80 To-
tally unfounded, This investigation has shown
oniy an honest and efficient management ol
the society. The Massachusetts commission
ers. with Professors Theodore w. Dwight, o
| Columbia College Law School, and Junlns
Wheeler, of the West Point Military ACADEMY
will at once proceed 70 examine lne uecats tsU
L
detiop, and Messrs. Upton, Spaulding, Latasa
Kelly. SchWab and Fogg will examine lts
assets and investments, Whicn tne sO.t unutf
signed will report upon as soon as the inVesG
cations are concluded. From tne WlGe puu
| flcity given 10 these charges 1t ls thought pes
to make this report upon Them at once. Tn
undersigned desire 10 express their unqnan
6ed approval of the action OF the society u
resisting the attempt to extort money from
under color of these charges. And finally, tn
undersigned take great pleasure IN bearing
their unanimous testimony to the faithful AM
successful management by the trustees ant
officers of the society Of the great trust re
posed In them.
julius L. CLARKE,
Insurance Commissioner ofLhe Commonwealth
OF Massachusetts,.
HENRY F. spAuLDrNd.
| GUSTAV SCHwAB.
GEORGE B. UPTON.
| WILLIAM q. FoGG.
FELIcIANo LATAsA.
| EUGENE KELLY.
DAVID DoWDs.
MORRIS Z. JEsUP.
JUSIUS B. WHEELER.
| THEODORE W. DwIGHT.
JOTTTyGS 4BOUT THE STATE
The Camden postof1ice and the store o
Messrs. A. d. Kennedy s. Co. were entered by
burglars last week, and small amounts o.
money stolen from each.
"A committee has been appointed By the
| Columbia Board of Trade to report upon the
| expediepcy of testing In the courts the con
/ ,ha lo