St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-09
BEERS HAS RES ICNED.
The President Of the New
York Life Steps Down
and Out.
A Committee Recommends
Several Changes in Com
pany Methods.
Mr.. Beers Is Granted a Pen
sion of $4,000 for Faith
fulneSS,
And Half-Pay for Life as an
AdviSer--Talk Of a Sue
cessor.

New YORK, Feb. Sat an adjourned
meeting of the trustees of the New
York Life Insurance company, William
II. Beers rendered his resignation as
president Of the company, and it
was unanimously accepted. to take
effect on Wednesday, the 10th inst.
AS soon as Mr.. Beers resignation was
offered the special committee appointed
to consider the report Of the state super
intendent On the affairs of the commit
tee presented their report as follows:
To the Board of Trustees of the New
York Life Insurance Company: Your
committee, appointed at special meet
ing of the board, held on Jan. %, 1892,
to take into consideration the report of
the insurance department upon the re-
cent investigation. made'at the request
of this company. and to consider what
action should be taken in view thereof,
respectfully report to the board as
follows:
We have given this matter the most
careful consideration in order to deter
mine what course is best to pursue for
the interests of the company, and what
changes i'll the organization or methods
OF the company are desirable.
No Dishonesty Charged.
Your committee has examined care
fully the report o. the deputy superin-
tendent and of the superintendent of the
Insurance department, and we have
taken the conclusions of the depart
ment as the basis of our recommends
tons. 1t must be borne in mind that
there is nothing in the report which
shows any corrupt or dishonest use of
the company's funds for the private
gain of any one of the officers of this
company. Indeed. the sound financial
condition of the company, its enormous
increase Of assets and of business, show
that the management upon the whole
has been, and to produce such results
must have been, intelligent and honest.
The report of the department, as well
AS our own investigation, however, sat
isles US that the business of the COM
pany has outgrown the methods and
checks now in use. Your committee
recommends:
First-A division of duties of executive Of
fcers by the appointment OF all auditor, who
shall report direct to the trustees.
Second-'rhe adoption OF bylaw that no
salaried emplove of the company shall be
eligible as president.
of i've be appointed by the board to make
nominations to fill vacancies.
Fourth-That the committee be reorgau-
lied, and the work of the board be redistrib-
uted among them.
Fifth-That the bylaws be amended in
such respects as shall add to the efficiency of
the organization, and that a committe be aD-
pointed to report amendments to the bylaws
TO conform TO necessary changes.
Pension for Beers.
served it long and Zealously and with
no doubt that che company owes Its
present high position and financial
strength largely to his ability
and energy. He has expressed TO The
committee his intention to retire from
the office of president and to offer his
resignation at the time of the pres
entation of this report. Your commit
tee recommend that in view of the long
and devoted services rendered by Will
lam II. Beers to this company, his I'M
firing energy and ability shown in build
ing up a company which is second
to none, we feel that proper recog-
milton of such services and his
future usefulness to the company war
rants us in suggesting to this board that
salary of $4,000 per annum be given
to him, to continue for life, in accord
ance with contract already submitted
to this committee.
The board passed resolutions accept
ing the resignation with regret, and
paid high tribute to Mr.. Beers abiI-
ity. zeal, etc. 1t also adopted the fol-
lowing:
Half-Pay for Life.
Resolved, That this board authorize an
agreement to be MADE with Mr.. Beers to Sc
cure his services during the remainder of his
life in an advisory capacity upon half pay,
S12,500 making together with his pension
of S25 900 an annual salary OF Sd, SEQ i'll the
form recommended by the special committee
appointed at a special meeting of this board,
held on the 25th day of January, 1892 and
presented to this board with the report of
said committee this day.
The report was accepted, and the
committee continued until next Wednes-
day. a special committee was also APP
pointed to make nominations for officers,
including new president. That COM
mttee is expected to report Wednesday.
The proceedings occupied only a little
while.
Some of the trustees were questioned
this afternoon as to MIR. Beers sue
cessor, but they all declined to say any
thing on the subject or confirm rumors
that the presidency of the COM
pany had been offered to GER
tain weli-kDown men. 1t is
said that the presidency has
been offered to E. W. Scott. one of the
vice presidents of the Equitable Life
Assurance society; to W. l.. Strong, one
president OF the Central National bank,
and to MIR. Mccall, comptr oller of the
Equitable company.