The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-02-09
MR. BEERS RESIGNS
Tho Presidency Of tho New York
Life Insurance Company,
BUT GETS A PENSION OF $4,000
Per Year for Life, "According to Con-
tract" and, Though Out OF tho Ex-
coutivc Chair, VIII Manage to Keep
tho Wolf From tho Door with This
Amount-.-.cport of the Committee
on the Report Of tho State supcrin-
tcndcnt. HrGb

New loRK.-At an adjourned meet-
ing OF tho trustees OF the Now York Lifo
Insurance Company this afternoon,
William II. Beors rendered his rcsigna-
ton as president OF tho company and it
was unanimously accepted. Mr.. Beers
roiircs on pension OF $4,000 for life.
As soon as Mr.. Beers resignation was
offered tho special committee appointed
to consider tho report OF tho state
superintendent on tho affairs OF tho
company presented their report, which
was as follows: r.
To The Bocri Of Trustees Of he Eco York LIE
lnSHra,lcc Company: 7sU.E
Your committee appointed at spec
ial meeting OF tho board on tho 18th
day OF January, 1892, to take into con-
sideration tho report OF the insurance
department upon tho recent invcstiga-
ton made at tho request of this COM
pany and to consider what action
should be taken in view thereof, re-
spectfully report to tho board rs fol-
lows: Your committee have exam
ined carefully the report OF the deputy
superintendent and OF tho superintcnd-
ent OF the insurance department and wc
have taken the conclusions OF tho de-
partment as basis of our recommends
lions. 1t must be borne in mind that
there is nothing in tho report which
shows any corrupt or dishonest use of
tho company's funds for the private
gain OF any one of tho officers of this
company. Indeed, the sound financial
organization OF the company, its enor-
nous increase OF assets and business
show that the management upon the
whole has been, and to produce such
results must have been, able and hon
est: The report Of the department, rs
well as our own investigation, however,
satisfies us that the business OF the COM
pany has outgrown the methods and
checks now in use. Your committee
recommends, tis
]. A division OF duties OF executive
officers by the appointment OF an audi
tor, who shall report direct to the
trustees. So
2. The adoption OF a bylaw that no
sa!nriel employc OF the company shall
bc eligible as q president.
j.. We recommend that committee
OF five be appointed by tho board to
make nominations to fill vacancies. y.
4: That the committee be reorganized
and tho work OF tho board be rodis-
tributed among them.
.. That the bylaws be amended in
such respects as shall add TO the clicien-
cy OF the organization, and that COM
mittee be appointed to report amend.
ments to the bylaws to conform to nee
essary changes. EG
The president OF this company has
served it long and zealously and with
conscious success. There can be no
doubt that the company owes its pres
ent high position and financial strength
largely to his ability and energy. He
has expressed TO the committee his in
tention to retire from the office OF presi-
dent and to offer his resignation at the
time OF the presentation OF this report.
!, Your committee recommend that, in
in view OF the long and devoted service
rendered by. Mr.. William II. Beers to
this company, his untiring energy and
ability shown in building up Il com
pany which is second to none, we feel
that proper recognition OF such scrv-
ices and his future usefulness to this
company warrants us in suggesting to
this board that salary Of $4,000 per
annum be given to him ior life in ac-
cordoncc with q contract already sub
mitted to this committee.
Lslgned WILLIAM L. STRONG,
G.. G. BALDWIN,
@;:atssS. JOHN CHAPLAIN,
js&%:5.S WALTER II. LEWIS,