New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-09
w. II. BEERS RESIGNS.
NO LONGER HEAD OF The NETWORK LIFE.
RETIRED on HALF PAY, $4,000 YEAH-Io

ELECT HIS SUCCESSOR
The trustees of the New York Life Insurance Co"-
many held a meeting yesterday, al WHICH 'he rP
of the special committee Of hve' recently "PP
10 consider the report Of the State Insurance poI''
m.nt an the management Of the company, was SUD
mtted There was full attendance OF inc o'"iu'
immediately after assembling. William II. Beers OIL
fercd his resignation as president OF the company
Than the report OF the committee was read aive'
which resolution, adopted accepting the "Ns"'
lion with regret, and providing for yearly aio"""'o
of Sl7 500 TO Mr. Beers, whose services Ill oil "u'
capacity are thus secured to the company l"S -
practically the retirement of Mr.. Beers on haf pay III
view Of his advanced and in consideration o. MS
past services. 49, -, %,
A stated meeting Of the board will be heo 10
morrow when the board viii elect president W Hi
The vacancy caused by the resignation OF MI ho'
which takes effect that day. only one NAM
mentioned that of John \. Mccall IT Is eApeo'u
that he Will he the choice of the trustees Inc a''iai
election will occur in April. This l. MI bc0''
letter Oh resignation: IN,
New York, February >, So
10 the Board OF Trustees Of the Newl oFh Lie i'i'
Company. , ha,o ro,tinc ot
Gentlemen all know have ee gTtH an tb ~
heart but the continued welfare ana P.edS " % nv
company to which have devoted the best years vi lily
liz have 10 personal ends to serve: but at my au
vsnced .e and in my present state Of health require
relief fon tS very nncd and perssent assaults
upOn the company. which have beeil cnehS hlct 49,
II me ~. 4
S xS 10 tighten my abors also recognize the fact
that such assaults however unjust, msy III '"o '''
prove detrimental to the company mfM' a. Tho office
i q president to AS w fHfi Il fiadeh
The special committee Of five then submitted the fol
To the Board OF Trustees the NevYork Life Insur-
Your sd Ss S Sppe 5 DAY ~ Of anas to
lake into consideration the report OF The Insurance De
partment upon tie recent investigation insoe ~ .ie
request Of this company, and TO CONSIDER wMt ac.ion
should be taken i'll view thereof, respectfully report 10
we Saye given tbs matter the most careful ccnsdera-
ton in order to determine what course is best 70 pu.
SIZE for the interests If the company ana what CHANGES
in the organization OF methods III inc company Ae
desirable. -,..s ....,.,, a..
port Of the Deputy superintendent ana OIL the super
irfpndent of thu Insurance Department. and we nave
taken the conclusion OF the Department IS the basis
Il mist be borne IN mind tina. there IS nothins in
the report which shows any CORRUPT or dlsl11 9o
of the companys funds for the private gan % an! one
OF the officers OF this company. Indeed the Soun"
financial condition Of the collsny, IT. FOR mac
nent. upon tc whole. has been and 10 pEsiuro Sucn
results must have been Intelligent ard honest Hs r own
ticatYon however Fstisics us that the business
Of the company has outgrovn the methoas ana chevAS
Your committee recommends. first, a division Of the
sns OF v gSeGnYe report eIss direct to he trustees
>econdThe adoption Of bylaW that no T DaaTeG
emD.Jyc OF the company Shdll ~" tllSlDt ~
81 The hoard of trustees other than the president ana
vie" presidents. .. 80. !,
Third-We recommend that committee OF I'VE I &c
appontc, BY the board 10 make Aoulha0OtS 10 Hi
vacancies. -, -. A.
Fonrth-That the committee be reorsallncd ana tne
work of he board be riistributed among thtm i.
Fifh-rhat the bylaws be amended ID snch iespcttss
~ hail add to the efficiency Of the organza0ll ann
that a committee be appointed to report amendments
10 The by-law To conform to necessary ciNecs.
The president of this company has served long ana
zeaously and with conspicuous success Ineit hih
he no doubt that the COMPANY owes It's prestu hk,
noson and financial strength largely to ms abln'! ana
enercv He has expressed 10 the committee ms lnS
zion 10 retire from the Office Of president ono 10 or
his resignation at the time Of the presentation OF 'ms
report 49,, = , ~. ,,o ,,co
and Rvo'ed service rendered by Mr. William IL. beerS
10 thI, COMPANY his untirng energy and nbliy shown
in building M company which Is second TO none, we
feel that proper recognition Of such servces ana nj
future usefulness 10 the company warrant us ~ suE
costing TO this board that salary OF S2oNv Per
annum be given to him. TO continue LOT Ire III ~. ~
cordance with O contract already submitted 10 TINS
committee. 1900.
w. /. STRONG.
G. G. BALDWIN.