New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-03

as well for any ultimate loss, do not desire to
escape from any proper responsibility.
MR. LOOMS l.. WHITE.

| escape from any proper responsibility.
MR.. LOOMS L. WHITE.
Tho superintendent Of Insurance discusses at some
length the relations which have existed for about SIX
teen years between the NewYork Life Insurance Com
| pany and Mr. LOOMS l.. White a member Of the Board
| of Trustees and Of its Finance Committee; and two
questions are raised. First. to whether or not
| firm. a member of which member Of the com
panys Board of Trustees and OF its Finance tommy,
opinions Of such trustee a. to the value OF securities
! c'l9Jred by the probable commission when the urn
would receive on such transactions second. whether or
| not the company had the right to purchase securities
! through such firm Of brokers. .,.no,,
The first question may be briefly disposed OK without
! discussion by a simple statement Of the results ~,
In the year, covered by Mr.. Whites connection with
| tn, Sew YORK Life Insurance Company about 700
OpO 600 o securities have been purchased by the COM
panys Finance Committee, and considerabie proper,
! lion # mi, thrpacI tuc firm II which Mr. White j. a
! member Mc,sl,. LOOMS l.. White a Co.. and on the
3Oth # June la,t the superintendent after valuins tee
securities II time Of depression, found them worth TO
! the complnv something more than SJ0OOOO0 above
the cost value which they are carried on the COM
| pany', books such result is the best answer TO al
dnc.tio., a. to the wisdom OF the Finance Committee
action. aud In far a Mr. Whites acton lnhuehIGu
it is I'm evidence Of the value TO tile company OF TINS
Tie second question is on which opinions %, Of
counsel differ. ! have now reviewed with you the
grayer criticisms of the supcrnlendents report
sian stop fcre | realize that there Other crit.
cisms which have not referred TO- and do nor deen,
fairly the facts concerning those Of mGst n,portanoc,
and / believe / have shown yOu that while there nave
been error, in the Management Of this company u'cts
! i'm. bccn no BETRAYAL of trust. A in criticism OF
errors with nm equally full statement Of management
deserving cOmmendatiOn would have been only fair u
yon and perfectly satisfactory to me- however severe
! those criticisms might have been but the superln-
teudent Of Insurance who was invited to eyamine tho
condition of th, company, While properly cri!csih h
whatever he deemed Crticsblc omitted to state the
other side Of the case and In addition. unfortunately
stated his criticisms rs to make II probable t.s S0.
NAV have misunderstood and overraed telr
| desire TO rcerate my disclaimer Of inlalI1lly' anu
repeat the sent from Europe last summer; '
In business Of our magnitude mistakes are lneVltaDe'
| and We conplre favorlbly with others, but my IN
tcgrlty of purpose cannot be shaken General nct re-
suit, are the touchstone, in every business we need
not 70 far to lid confirmation of this Errors have
been made perhaps in the amusement OF eTerS
RotG.icty. I may refer to them without seeming TO
attack the companies themselves In addln9n; ~ii ~
that the best Of my knowledge end beei az s OF
these arc natural eXpeences incident TO- me faet
that Is infaibc The CONNECTICUT MUTUAL ~, nUs'
cia coircsp pendent at indianapolis in 1855 Inc MUTUAL
Benefit Life Insurance Company OF NewaTE, ~ To-, o.;
company eminently conservative IN az tnngs, l1.
about The same amount Elizabeth, ~ j., bonds. IL
Is wellkn0wn fct thai me Egaoe Inc a, n ONO
society marked OF in looe and 1910 almost ~
on real estate and that carries nearly T2oooooo In
IT. published statement Of assets ana surplus as ~G2ii
| mutcd commissions agency Dh'ances, ef, whS ~
Is practically another form OF expressing what the
SUPERINTENDENT calls "debt" in the case of D. {.
Vanuxem d Co.. In the report OF tie Department ex
| animation OF the Mutual Life Insurance Company.
made in 1850, 1t stated tia: $o89.'Ol 43 fnd
been charged of to profit and loss on account ct lis
Office buildings. After naming these cases land others
might he referred to) we have simply Ieclted list OF
NJ stake represent less loss than the experience Of any
business Of which have fnowld and with which
the MANAGEMENT Of the New-YO.k Life insurance Com
! pany invites
COMPARISON.
referred in one OF the oroning paragraphs Of this
letter 10 the new ana larger responsibilities which
have been met 10 the best OF our ability within ten
| years Amongst these has been the growth OF Ger
tain evil practices I'm the conduct Of the business OF
life Insurance. several suggc tons for their remedy
have been offered. Int for their complete reform IT
/ H. "a mo m ateuIilte remedy ha
vet been named The worst practices, the most de
morTiliLne and I'm every way the most reprchen'l e
are the giving OF rebates Insurers and the more or
les, constant attempt, Of compane, to entice INTO their
own services In" agents OF competitors. This l. Il
natural result Of fierce competition, and In my Iude
mont .hOud be speedily eliminated. And IT Gems To
me that the one. and al sufficient. remedy would Le
and desire to 20 record endorsing that PLAN 10
| limit 10y statute the amount Of Insurance that Il
company shall place upon IL, Looks mat amour.
having been reached. the incentive ~ that company
obtaining nil-iness Is entirely taken away and
II T. practically eliminated from The contest. This
| might dl-appont ambition, managers myself IN
cplndl bat from the POINT Of View Of a citizen J..
| would he altogether beneficial. such law would
tend to give the younger and smaller companies n
better opportunity 70 grow and would greatly
strengthen and extend the bcncfccnt work OF life In
srance hv at once curlaing errors I'm conduct OF
the business and widening the field Of It's operations.
In conclusion, let me sny: When my official ren-
| tiOns with the New. York Life Insurance Company
began. twenty nine years ago. It's assets after eighteen
years Of existence less than two million dol ars.
and its surplus less than two hundred thousand dollars
lis history since It's officially determined assets. juno
80 last. Of hundred and twenty NIL lon dollars it,
thirty million dollars submit TO your impartial Iufg
menf n the achievements OF 10Y associates and my
self during the administration Of our trust
Yours faithfully
Signed WILLIAM H. BEERS
President.