The sun., 1891-06-26
what as tho Matter with tho "Ncw Horh
Life "a Policy Holder Inqnires.

Lie V'-A fOucy HOiuSE AnNs"S'
To THE EDITOR OF TIE suN-Sir' Tho col
umns OF your paper are open to all In search
OF legitimate information and justice.
beg therefore. to ask through them-oi any
who will answer intelliRently-a few questions
In regard to an institution which has hitherto
been regarded by New Yorkers with peculiar
pride as ono Of the stanchest and best man
aged financial institutions on the globe-in
fact as . sort Of financial Gibraltar. refer 10
the much. discussed New York Life Insurance
Company. whose long obligations are held oy
thousands OF our citizens, great and humble.
and in whose hands repose the future comfort
and welfare. might almost say the destiny.
OF the future dorendant members OF multi
tude OF our families.
I am myself considerable policy holder IN
the company. and have no concern personally
ss to its solyenoy or tho future safety OF my
interests In its hands, but my queries arc
largely in the interest OF thos. less confident
and less we'll informed In life insurance.
Some say that Merzbacher was defaulter to
the company.
Others claim that he used his firms money
tof which firm he was an equal partnera ana
that the firm. .. such, is accountable to the
company, and that tho firm. or It's partner.
Sanchez. is responsible financially. hence that
the company ie In no jeopardy OF loss.
Which Of these views OF the case 10 correct
1t is stated that the annual income OF this
firm was between sl6O000 and s2U0.000. aud
that this income has teen diverted into the
company's Golfers direct during the repayment
OF this deficiency. which. It seems pretty well
established. was Just $4,000.
II this be true. would not the balance due bo
thus extn4uished within three years at most
with interest added2
IT, then. a stated and largo income 10 thus
within the control Of the company. which with
in three years will reimburse tho company for
the alleged shortage with interest. can this
shortage affect the company seriously. or at
alll Ought 1t 10 be q matter OF alarm to policy
holders'
Is 1t not true that all our leading companies
commute commissions By purchasing the re-
newal interests OF agents. thus saving money
to their members?
Are not oil corporations with widespread
business interests and relations bound to in
trust their various departments to managers
and chiefs. and are not shortages and defalca-
tions possible and unavoidable with all such
concerns? Then. II this be SO. ana it is shown
that the affairs Of the New York Life were so
managed that shortage Of moro than third
Of q million may occur without working the
loss OF dollar. either in PRINCIPAL or interest.
with consummate abilityp
banks trust companles. es! or other s' corporate M
bodies In which the full amounts abstracted Or
Lost p nr or agents are made
Is not the business management Of COM
pany which can save itself from loss thus to be
ins or sesRs sRs
ments to alarm those who have paid annual
premiums for many years to this great old
am ny hsp sqH
progress Of it's business. to that extent work.
Ing loss to members who remain with the com.
series Of charges made three or four years
ago by the companys cashier against ils Presi-
Se as
ment OF the conpanys affairs;
lite snas Of the most
tary Of the United States Treas1rvSa al % it, head.
ha9stive examination Of the charges made,
and that they were completely disproyen. and
is claimed that tho. Charges are IN existenoe
but It has not yet been stated with the cashier
e sss to f 2p.h
conclusively? But even Il We suppose that the
casnier assents to the statement that he Is not
eha!sss VI aai iEpss IL eon saa
sistent M With the rules Of evidence for us to ac-
's s and E
eight reputable and honorable mon who made
the investigation-men COMPOSED Of Presi-
dents OF great corporations. and who enjoy
the fullest confidence Of the public?
Then. the Times prints a number Of reported
sayings OF persons whose names are withheld
as well as hints and insinuations OF the gravest
character and rcfiectinR most severely upou
the manaEers OF the company. especially It's
venerable President. than whom. so far as |
know. pom no man has accomplished more In his
line. Does not the Importance and widely Dir.
that none but well.avouched statements be
made. and that the names OF tho authors there.
of be given Herewith?
II any one 70 In possession Of facts tho dis.
covrry OF which would be a public benefit
should he hesitate to assume the responsibility
II lie falls to do 50. are such ststsm.n,.
worthy OF belief as aRainet the splendid and
hitherto unassailed record OF an institution
like the New York Life. which. believe. Ia
, nearly hsli century OLD, aud one OF the fnan-
Gon1d It w% 90 TemnsSnahly On expected that the
daily papers. In refutation Of charges which
have no known personal authorship. or has Il
done all that can be expected and that IL con-
sistent with dignity and o due regard for tha
inteFssi s,s q It's members in promptly courtinS
think The BUN would add another tn u.
many well. merited claims to the disffnc,iws
title of nublic benefActor by giving the Iar1o
and respectable membership OF this old covn
pany some light on the points raised herein hv
"A P9L!cY HoLDER Who Is NOT ALAnxrn
NEW YORK. June as