New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-06
NEW. YORK LIES AFFAIRS.
A CIRCULAR FROM PRESIDENT BEERS.
GENERAL CONCLUSIONS OF THE SPECIAL COM
MTTEG WHICH INVESTIGATED Mr..

BANTA's CHARGES.
circular letter containing the general conclusions
in the report Of the special committee which nNess
gated the charges made by Theodore NJ Banta 10 '"o
trustees Of the NewY0rk Life Insurance Oo"p"'
against It's president, William II. Beers has peen ~
sued by Mr.. Beers. In regard to the matter, ye'
day Mr. Beers said that the trustees had aSkeu U
Insurance Department to examine the company ."
fairs during his absence from the city. The report
when published he added would prove that the com
pany was I'm fourishing condition, and that MI
Banta's charges baseless.
Mr. Beerss circular reads as follows
"New-York Life Insurance Company
346 and 348 Broadway
New-YOrk, Aug. a, 1891.
aTo our Policy Holders and the Public:
There having been published In The new, i"A
Times of August copy of certain charges maze ny
The cashier of the company, Mr.. Theodore NJ bshta III
'ctober 1857, the company makes the following sa,e
n.nt as TO the action OF the Board OF trustees III '
| mater:
At regular meeting Of the Board held OCTOBER 10
1887 the president OF the company called the atehto
Of the trustees IN these charges copies OF which the
cashier had placed In their hands, and asked tiat
| full INVESTIGATION be made. committee was up
pointed nd reouested to retire from the boaTdTooh
ard nominate an investigating committee Aler uuo
consideration and consultation IL made report 10 the
Board, and nninated committee which report was
|
1.-THE investigating committee entered at once upon
its labors which were continued until February, 1888.
| At special meeting OF the Board OF trustees helu
February p 1888, lie investigating committee huue
its report. After speaking of the painstahpg EFFORTS VI
the committee to ret at the exact truth In re1erehee
each one OF the cnrges, and after giving the so's VI
the case with respect TO each the committee reported
| "The following arr the general conclusions vi tnc
committee the entIie statement made by Mr. Bsnts
"'YOur committee after careful investigation Oh the
affairs Of this company by every means in their po"er
have satisfied themselves that the officers OF the com
pany have honestly endea to administer the AFFAIRS
OF the company with single eye to the good OF the
| company. No instance has been brought to our at
tention where any pecunarI advantage OF personal
kind has been brought home to the officers in any act
on their part.
Your committee therefore, without hesitation
report that there IS evidence whatever OF oad ld
or fraudulent dealing on the part OF the ohces' ou'
on the contrary, there is evidence Of tie utmost soo
faith and zeal on their part for the welfare OF the
interests committed to their charge The success o'
failure Of a company must be judged not by lsoia'eo
transactions but by the whole Of the business OF
The company, and when we remember that uhuer ti'
present management the increase OF the business Is ai
most without parallel while fits assets have already III
creased, end It's surplus has been malntaiheu a''
increased. and when we remember that the COMPANY
has passed through severe financial crises Wtou
In the trustees OF the company 10 set over agals
these merits any shortcomings which, In the Iudsmeh
Of your committee, or Of individual members OF th'
lcommlttee may have from time to time been com
mited.
" we consider ourselves exceedingly fortunate in tn
character ability ZEAL and disinteresedness OF III
present officers. and we think that no company CA
point 10 better record than in its business mah
laeement IT is the opinion Of this committee thAt ir
company has been managed with marked ability AK
Integrity and throughout the close investigation whe
we have made detail, so far as we are aDie
mdge from the examinaton Of every record ana pape
which we saw fit TO call for and which TN
officers Willingly furnished us, has tended In ever
instance to firmly establish our former belief and con
adence in the company aS to its stability chaiac'e'
.IIsvinc so thoroughly satisfied ourselves Iegirdin
the able management of the company aud the eAcei
Rd x nnd o Of ~ estimate the amount Of
for insurance obligations which ought to be counte
as Liability in T aesa cs sEiGsa san De u0e
We have not the slightest reason c 10 Gou ~ III
company. on the contrary, we are iully conViht t
that hhi figures correct but 1t seems 10 us ul
~ the insurance accounts BY expert not copecte
with III" company TO the end that the lnvestigauo
Of E eS ,5 '' fnII Exhibit Of this c0mpanys affair
viii have been made By persons In no wise obligated
the S e esngT S to Mr. Banta that thought it de
srable that the Insurance Department OF TINS sttt
| shoud lie asked to make II careful anu eAn'us
compntation Of the Liabilities Of this company. NJ
Hanta replied 10 the effect that the Insurance DE
u0rtment Of this state might not make far eXamln
ton and tlat tle Insurance Department oil MasHachu
sets could alone be relied upon for accuracy.
alt is evidently impracticabe for TINS company,
corpo,tion OF the State OF New York. TO cell upon IN
state OF Massachusetts for assistance in determining IL
liabilities but (SIr. Banta not addueng any SnmSlen
reason for his doubts to the reliability OF uie AloaI
officials We would suggest the adVsap,iG VI mn,at
| sIrance Department OF this state making coiPet,
and exhaustive estimate on per cent DsSlo vi a.
reserves which ought to be counted liabilities by TIL
"iFinay your committee express their grs'lncs.to
that these charges have brought about ts IhSeouea
ton the result OF which has strengthened III ue HIN
OF your committee the confidence when we int'e ere
tCfore felt In the management and in the gOOH laV 81"
ability OF the officers ,o,--