The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-04-20
The Equitable LiEe.Assurance Society

~, GO: midnight, G3.
The Equitable Life-Assurance Society.
The following extracts from editorials OF
three OF the leading New York dailies OF
the 18th instant will be read with interest
bv the large number OF policy-holders of
the Equitable Life Assurance Society OF the
United States, represented in this city by
MeSsrs. Pcyton & Ellerson:
THE EQUITABLE LIFE-AssURANCE SOCIETY.
Our columns this morning bear con-
spicuous witness that the Equitable Life
| Assurance Society has adopted the method,
which we recommended, OF dsarming in
furious suspicious by frank and full dis
closure. Our readers have before them not
ouly the company's annual statement, but
also the reports OF searching independent
examinations by the committee OF the di-
rectors. by the superintendent OF the In
surancc Department, and by committee Of
poicy-hoderS. All testify to the complete
solyencv and able and energetic management
OF the institution. That the polcy-holders'
committee have not heSitatcd to criticise the
management wherever they deem it open to
objection gives additional weight to their en-
phatic assurances Of its substantial sound
ness and the complete safety OF the interests
entrusted TO It's care.-Ne1o York Journal
Of Commerce.
II is not often that even a great CONNER
cial organization is able to lay such state
ment OF its condition before the public as
the Equitable Life Assurance Society makes
in our advertising columns to-day. 1t Is q
series OF statements based upon series Of
distinct investigations, made respectively
bv the new Superintendent OF Insurance.
bv a committee OF the policy-holders and
representatives of policy-holdcrS, and by
the Finance and Executive Committee OF
the Society. All these different investiga-
tions, conducted in behalf Of the great pub
lie which the State Department represents,
the policy-holders, and the officials OF
the company, reach the same conclu-
sion. Superintendent Smyth says that
| his investigation shows complete SOL
vency of the institution" and adds
the expression Of his opinion that ''lf
the same energy and ability are displayed in
its management and conduct from this time
as in the past q career of solid commercial
prosperity is before it." The policy-holdcrs'
committee, while indulging in some critl-
cism, declares the Society to be "solvent be-
yond question, and in the front rank OF in
stitutions of its kind" The solid foundation
on which eulogy OF this kind is based may be
seen at q glancei in the showing OF the Soce-
tvs investments, in which every class OF col
laterals, with trifiing exception in two or
three small amounts OF southern bonds, has
steadily risen in value from the day OF in
vcstment. The public receives benefit
when an association, uniting so many
widelv-scattered interests, and representing
50 many important constituencies, can give
such assurances of its perpetuitv. and Mr..
Hyde, the president, is to be congratulated
on the excellent showing which his man.
acement makes under so thorough an eX-
ramination.-Neao York Tribune.
.TuE EQUITABLE" INVESTIGATION.
We now have the results OF the inveSti-
cation into the affairs of the Equitable Life
| Assurance Society, instituted three months
aro bv the managers, and entrusted bTthem
TO an infuentia, committee, With ex-Gov-
ernor Morgan at its head. Although not al.
together spontaneous, the action OF the So
cietv was eninently polite. The Equitable
shared with equally reputable institutions
the business effects Of the dstrust en-
cited and justified by recent revela-
tions. The system was disercdited.. Doubt
had been cast upon the accuracy OF pub
lisbed statements. Polcy-holders COM
blamed that their opportunities OF verify
ing the representations made by officers
were inadequate, and that their rights were
ignored by the stockholders, whose inter
ests were triang in comparison with their
own. The complaint was not unre asona-
BILE, and in the interest OF the companies, not
less than of the poEicy-bolders and the pub
lie this iouraai urged that all proper tacili
ties should be afforded for independent scru-
tiny as essential to the restoration OF conf
dence. The officers ofthe Equitable accepted
the suggestion. They did not, indeed, in
yite the polcy-holders to nominate investi'
| gators, but they invited the cooperation OF
! gentlemen Identified in one form or another
i with the welfare of the institution, and oc-
! icupying positions which removed them
I iysrom the suspicion of being unduly infu-
fenced in its behalf. The character of the
lcttlairman reflected the character OF the COM
.mittee, and gave satisfactory promise 81 the
I4horoughness OF the work to be undertaken. i.
Hhe promise thus made has been fulfilled.
E5is only necessary 30 glance at the report
printed this morning to discover the Teso-
lutte purpose with which Mr.. Morgan aad
his associates commenced their task. They
had :Laen asked to Investigate the affairs 81
the 4Secictv, not TO exeulpate lbs manage
ment, and having accepted the responsible
tv they adopted the best possible methods
OF securing the objects in view.
AS for she Equitable Society. its managers
should be more than satisfied with the COM
mittee's work. Any doubt that may have
existed as 10 the Society's condition is re-
moved. Asd we venture to hope that the
Society, aas;ng had the courage to infite
investigation, will use its influence for the
furtheraneeS OF the reforms which are essen
tial to the complete reestablishment OF con-
Bdence in the hfe-insurance system.-Ne,e
YorE Times.
An Engllshman who had visited America
was asked what he thought OF the average
American. The answer was The average
American is q man whose idea of greatest