New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-04-06
THE EQUITABLE LIFE.

bus,pcss and professiopal men, who are In manner
connected with. interested M the management OF the
Equitable Lie Assurance Society of NewNork oihNes
uca,e its affairs viz: Henry f. spauding of spauld-
ing. Hunt & Co.. No so Worth-st., New-York; Gustav
schwab. Of oelriehs & Co.. No. Bowlinggrcen' New
York: George Il. Upton, Boston, Mass. Vim. H. fogg'
Of VIM. IL. Fogg & Co., No 50 Burng-slip, New'lorbi
Feoano Latasa of Latasa Co. No IFS Pear ST. NeW W,
2 Sss s"S ToSYo S David BOWS David DOws
Co, No. 90 South-St, New YORK; MOTIFS N JoSuP va -
Il W SsS professor U Of CS and Military Engineering
aud Science OF War, United states Mhh,iuA 1NSSam5
Municipal Law Columbia College, New-iork. This Com
m'eO have made tho 0OyS ESY S%k March 80 1874
the month Of ad States fes M MaS'na S mere By
lie Superintendent OF the Insurance Department or
NewYdrk that Roy s Cove. who had insured his ne
said society. about one year previous or tnf sum 10, U
slO presented certain graye charges against The
Whercupon the President OF the Society addressed the
following letter TO the Superintendent: TO-,
~ Gro W Mn,KR Superintendent Of he I"'ara"'F DE-
Blls S: The Counsel Of tins Society handed Of
with sqe,rs sworn to by y ,o AS sGa IN
% Ip5 b qs. eases ere sSs , % % I S and a complete
1y i4, Of his Society," SsyS been
high is:egrty purpose and with to the best IN
OF The PSs,h ana having Eoi' 9 a " f s Conducted
wo ur request that Of that authority CON
as l Un he 'H S.u1Spee vos socl iovsg
mon into ih condition s5s ana . s ppt Of bcss charges
FEELING ,e-reved th chsrges unfOunded should be preferred
sC and i,. Of az, G'f Ha a3 G 7S9 Soa
attention to re so1c am Ts IsseS2 y5 SI
The s,perlntendent subsequently replied that no
would commence examination of the Company at as
Am exsuinafIon had been made by the said SuperineLd
,nt person, protesting to be tho represenalve OF
newspaper this city, called upon the officers OF the
~5ciety and informed them that this newspaper
I'D in its tSs s0eT 1OT oS by La ROY s. Cove
and that he the professed representative OF the
ws Se ecsfs Of the society reused to pay
such suppression. and the chafEes wepo ~
represent The Directors OF the Society again Re,
desed the snporntendSnt ct RTf IN copse
quence of the legislative examination OF me rance
eh.1 in 1--WE r. Immediate attention The Directors
lso requested the Commissioner OF the state OF Mass
rbnsetts to make an additional concurrent examine
,nn which he consented to do and has associated with
himself the undersigned to assist him In the lnVes
Upon assembling at the Offices Of the Society the
undersigned at once entered upon me oa
department and since widely spread before me IuDnc
in printed form. The Massachusetts Commissioners
iion stated that he. caused Mr. Cove to be mott;
ma hi% 10 furnish testimony In support Of his
charges and presented the affidavit OF personal service
r any testimony to sustain his allegations. The min
of the Society and OF the several zee 1e
city were then laid before the undersigned and carefully
examined The officers OF the society ana snfn S'T H
Ser oath aud each specific noH charge ,H wSs
,nd tbe undersigned certify that, except,
Ing clerical error in publishing among the st OF plu
soo as seoTercd the Charges SPECIFICATIONS are
untrue ard malicious The amount OF the policy referred
,o Vas returned TO the Insurance Departments liza
Mty in accordance with the rules Of the Departments
with regard 10 contested loiciss WlSn IaGt cOrdUoU
other testimony showing that the error was merely
clerical. - .,,o,, ,r,.os.,,o+,o, tho
order which the charges and specifications are pre-
scented, find; 49,, o. oroo,
their building which contains the Offices OF me s0cH,
~ the Of Broadway and Cedars ana Inc under
sned refer TO the opinion OF Prof. Theodore W. Dwight
They further md that the erection Of the building
vas Misc and udciOus measure, and is safe invest
Yuent Welding an increasing annual income OF more
on FIVE 1qd sp s is own p and The Value Of the
ces occupied by the Society is taken into account we
are opinion that 1t has no money invested 10 better
Thcy further find that in reference to the compensa
ton Of the officers both the method OF payment and the
paid as charged, are untrue From TIE evidence
ubmtted 10 them the aggregate sum pald 1or salaries
by the society during the nrst years OF It's existence
as compared with its income during the same period,
produces favorable as that OF any LIE company
r The same wears from 1850 TO 1870 ncuSve) organized
during year in which the Equitable was organized or
cepon Of two. the preliminary expenses OF those two
companies no: being taken into account IN the estimate
lccase they organized more than years previous
TO ls6O
Of September 1870 any other time. upon New-York
central Hudson River Railroad stock But they find
On the contrary, that no loan has been made by the
society except upon securities authorized by aud III ac
rorcance with the law.
3 Tie charge that the Building Committee any Of
fine Directors are interested. directly or ind
rccty in the quarry from which the stone for the build
taken or pecunlay interested IN any Other con-
tract OF the Society. most carefully and minutey
examined the undersigned declare the charge 10 be
Doth false and malicious On the contrary, the under
Mud that the erection OF the building In ali its
details carefully watched over by the Directors and
particularly by the Building Committee, with much
attention prudent man gives to his own business.
G. Tha, the mode of loanDg the money OF the corpora
lion was particularly examined and meets the approval
81 the undersigned. who find the charge of fayoritsm
,,nfn
rails are given the preference over brokers
T. The Secretary of the Society, who formerly was in
business as tire insurance agent and general broker
u0ushed the charge of the fire insurance business OF
tits Society when he became connected with itthree
insurance of the Company, and no Director or
rcer or has interested in such business has
the Secretary loaned money on policies as charged.
IL proved satisfaction that the Directors OF
the society have loaned the Of the Society
that no loans been made through the favorsm OF
it's officers aud directors ON inadequate security or CON
g. I'm the opinion of the undersigned the directors
far from having managed the affairs OF the Society waste
tnlly or extravagantly, have managed them prdenty
and successfully and have made no false returns 70 the
no The rates Of commission paid to agents charged
are unruy stated No salaries are paid to agents in adj
H. They ind from the testimony given by the officers
and directors that the OF an agency S IN
there not inexperienced IN the insurance BUSINESS
araneed for three years 10 an extent Of $4,000 per
annn and that the result OF his aDors In introducing
he Soceys business there has been satisfactory to the
iS The charge that money has been wastefuly spent
upon the building is sufficiently answered by our opinion
s They further find that the Society does falsely
ratsi stock arises from the fact that before the or
of the Society laws were enacted m New York
70 have capital stock and 70 make deposit of 100000
with n The daehas
his stock ere limited to seven per cent, cent.
-, ~ the capal all OF the profits are divided among