The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-02-15
NEW YORK LIFE.
Wheeling Policy-Holdors, Representing
Half n Million Insurance In tho Com.
pauy, Express Their Full Confidence.


Half n Million Insurance In Tho Com.
pauy, Express Their Full Confidence.
WHEELING, W. Va, Fob. Is, 1892.
1t is VOL known that for seven
months past the New York Lilo lnsur-
ance Company has been bitterly assail-
cd by some OF its former employees,
and an influential journal OF that city
charging the executive management
with grave crimes and citing tho trus.
tees as accessories thereto.
Tho aid OF tho Insurance Commission
or OF tho State was invoked by tho man.
agcmcnt and his examination recently
completed has been spread before the
world.
When II Is remembered that It re-
Quircd tho united labors OF thirty OK.
perts for over seven months, aided BY
rs many moro skillful actuarics and ap.
praisers in various portions OF the coun-
try, as well rs abroad, to accomplish
such task, some conception OF the op.
erations OF this vast corporation can DO
obtained
AS tho assault on the Company was
not instigatcd by its members, it was
specially noteworthy that but fow par
ticipatcd in 1.-THE vast army OF nearly
100000 policy holders prcferring to
await tho Commissioners verdict US to
the safety OF their interests. Tho verdict
has been given in their favor, and We
have tho Commissioners warrant OF
substantial surplus OF nearly fifteen
millions over all liabilities, which con-
firms the integrity OF the Company's
previous statements. This was a matter
Of first importance and must be highly
gratifying to every policy holder.
Tho executive management OF the
Company, however, was found to be
defective in certain departments, hay.
ing outgrown the ordinary checks and
methods employed for their proper con-
troll, entailing some losses, though not
large considering the age and magnitude
OF the business. A few of the real
estate investments the Commissioner
thought proper to appraise at lower
value than tho Company's estimate,
while admitting it was question about
which differences OF opiniod could be
honestly entertained. 1t is specially
gratifying to note in view OF the grave
charges made agains; the officers OF cor.
ruptand dishonest use OF tn. Company's
funds, that the Commissioner refutes
them as utterly groundless. and that to
produce such sound financial condi-
ton tho management rs whole was
intelligent and honest. His conclusions
regarding changes in the organization
and methods, We consider eminently
just and proper, and they have had the
prompt approval Of the trustees.
The resignation Of Mr.. Beers, whose
age and intirmities incapacltated him
for the onerous duties Of tine presidency,
and the elevation thereto Of Mr.. John
A. Mccall, whose distinguished abili.
ties as Insurance Commissioner and
later as Comptroller OF the Equitable
Life Assurance Society, combined with
his raro intelligence and sound integ-
rity, give every assurance that the
management OF this great institution
will not only be a reflection OF the de-
sires OF its members. but secure to them
the substantial benefits they rightfully
anticipate from their contributions.
AS policy holders in this great Com.
pany, some of us for many years and
for large amounts, We deem it wise to
give this expression to our views, mas
much as there exists in certain quarters
disposition to spread alarm and pro-
woke distrust amongthe members, which
in our judgment is utterly unfounded.
In conclusion we desire to express our
undiminished confidence in the Com
pany, which We regard second to none,
and heartily commend 1t to prospective
insurers. ~
[signedl r.
AUGUsTUs PoLLAcK,
GEORGE E. STIFEL,
W. J. W. CowDEY,
GEORGE W. ATKINSON,
EMANUEL EMsHErMER,
P. BAonMAN g. SoNs,
JOHN P. CAMPBELL,
JOHN A White, ~
GREGORY AcKEnMAN, NJ. D.,
N. E. WHITAKER,
W. I. SrIFEL,
Nv. BRocKUNIER,
WILLIAM B. SIMPSON,
LOUIS @. STIrEL,
JOHN L. DICKEY, NJ. D., 80
BERNHARD HoRKHEIMER,
ROBERT NJ. BROWNE,
GEORGE S. FEENY,
THOMAS ]. BALL,
WILLIAM Fl. CHAPMAN,
W. w. IRWIN.