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

THE EQClIAbLE L1fE ASSCH1NCE
SOCIETY.
Report Of the Committee Of Investiga.-
tion.
The Hon. Julius L. Clarke, Insurance Com
missioner of the Commonwealth of Massachu-
sets, having associated with himself the fol-
lowing eminent business and professional men
who are In no manner connected with, or in
terested In, the management of the Equitable
Life Assurance Society, of New York, to in
vestlGate Its affairs, viz: Henry F. spaulding,
of Spaulding,' Hunt & Co., 80 Worth street,
New York; Gustav Schwab, ot,Oelrich & Co.,
2 Bowling Green, New York; George B. Up
ton, Boston, Massachusetts,; VIM. q. Fogg, OF
VIM. a. Fogg & Co., 80 Burling Slip, New
York; Felciano Latasa, of Lstasa & Co., l7s
Pearl street, New York; Eugene Kelly, of Eu-
gene Kelly Il Co., 81 Nassau street, New York;
David Dows, of David Dows & Co., 20 South
street, New York; Morris Z. Jesup, of N. K.
Jesup Co., SO Liberty street, New York; Ju-
MUS B. Wheeler, Professor of Civil and Militia
ry Engineering aud Science of War, United
States Military Academy, West Point; Iheo-
dore W. Dwight, IL. D., Professor Of Munich
pal Law, Columbia College, New York, this
committee have made the following
REPORT.
NEW YORK, March 80, 1872
In the month OF January, ISL, the Equlta.
table Life Assurance Society OF the United
SIatrs were tutormvd- uy the eupcr rtntendonS
of the insurance department OF New YORK,
that LaRoye s. Grove. who had insured his
life In said society, about one year previous,
for the sum OF s25O0, had presented certain
grave charges against the directors ano MAIL
agement OF said society.
Whereupon the president of the society
addressed the following letter to the superln.
'enO'D'' JASAuRI s, 1871.
Sion. Geo. ". HITLER. Superintendent Of the
Insurance Department of the State Of NeU
York.
"DsAR SIR-The counsel Of this society has
handed to me a copy Of charges with spectca::
| tlops sworn to BY policy.h0lder AS some Of
these charges and specifications have not the
| slightest foundation In truth, and In other
cases are grossly exaggerated, and the truth
peryer ed, and as iully believe each charge
admits OF the fullest and most complete eX.
panalion, I have felt 1t my duty to address
| to you this communication.
|
he7e been conducted by the officers with
high integrity of purpose, and with q view to
the best Interests Of the polcy-holders, and
having nothing to conceal as to the condition
of the society or the manner In which Its af-
fairs are conducted, would respectfully re-
Guest that in the exercise of that authority
conferred upon you by law and appointment
to your position as superintendent Oh the IN.
| surance department. you would Institute such
Investigation into the condition, affairs and
| transactions OF the society as you In your dis.
| crelion may consider that the presentation OF
these charges demands.
"Feeling aggrieved that charges so unfound-
! ed should be preferred, jealous OF the honor OF
the society and that OF Its officers and direc-
tors, would respectfully soleit Eat, with as
little delay as possible, you would give your
attention to the subject.
~ au, very respectfully,
| ssYour obedient servant,
uisjgned) WILLIAM c. ALEXANDER,
"President."
The superintendent subsequently replied
that be would commence an examination ol
the company at as early period as his oheial
duties would permit
Before an examination had been made by
! tine said superintendent, person protesting
to be the representative Of a newspaper in
this city called upon the officers Of the society
and informed Them that this newspaper had In
| it's possession, for publication, copy OF
charges against the society, made by LaRoy
S. Cove, ana that he. the professed represen-
talive of the newspaper, was prepared 10
enter into negotiation for their suppression.
The officers of ihe society refused to pay for
such suppression, and the charges were there.
upon published In the newspaper which the
| person claimed to represent.
| The directors of the society again requested
the superintendent of New York to make the
examination without delay. But In conse-
quence of the legislative examination of the
Insurance department OF this State the super
lntendent was again unable to give 1t immedi-
| ate attention. The directors also requested the
commissioner of the State of Massachusetts to
make an additional or concurrent eXamina-
ton, which he consented to do, and has asso-
ciated with himself the undersigned TO assist
him In the investigation.
| Upon assembling at the offices of the society,
the undersigned at once entered upon the In
vestigation OF Mr.. GoVe's charges made 10 the
| New York Insurance Department, and since
widely spread before the public in printed
| form. The Massachusetts commissioner, at the
meeting called 10 make the Investigation,
stated that he caused Mr. Cove to be notified
him to furnish testimony ln support OF his
charges, aud presented the affidavit of per-
sUnal service OF the notice upon him.
Mr.. Cove did not appear or offer any tesli-
mony 10 sustain his allegations.
The minutes of the society and Of the seve-
raj committees, the account books, cash books
and check books OF the society were then laid
before the undersigned and carefully exam
| ined. The officers of the society, and such
other persons as the undersigned desired,
were examined under oath. and each specific
charge was carefully and exhauslively in-
quired into, and the undersigned certify that,
excepting q clerical error In publishing,
among the list of paid policies, contested
claim, which error was rectfed as soon as
discovered, the charges and specifications are
untrue and malicious. The amount OF the
policy referred to was returned to the insur-
snce departments as liability In accordance
with the rules of the departments with regard
to contested policies, which fact corrooorates