Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1892-02-09
WIN, i. BEERS RESIGNS
From the Presidency Of the New York
Life Insurance Co.
SOME CHANGES IN THE BYLAWS
That Will Make the Management Of The Concern
More Economical and Business-Llke-Mr.
Beers Gets S25,OOO Year for Life
FOR Services Rendered.

New YORK, February s.-At an adj
journed meeting Of the trustees OF the
New York Life Insurance Company this
after noon, w. ii. Beers rendered his
resignation as President Of the COM
pany aud IL was unanimously accepted.
Mr.. Beers retires on pension OF So, 900
for life.
As soon as Mr.. Beers resignation was
offered the special committee appointed
to consider the report OF the State SUI
perintendent in the affairs OF the Com
pany presented their report, which Is as
follows:
"To the Board Of Trustees Of the Nclo
York Life Insurance Company.
Your committee appointed at q
special meeting OF the board on tho
25th day OF January, 1899, To take into
consideration the report OF the lnsur-
ance Department upon recent investi-
CATION made at the request OF this
Company, and to consider what action
should be taken in View thereof, re-
spectfully report To the board as fol-
lows:
"four Committee h;v examined care
fully the report OF the Deputy Superin-
tendent and OF the Superintendent OF
the Insurance Department, and we have
taken the conclusions OF the
the Department as the basis OF our
recommendations. IL must be borne In
mind that there is nothing In the re-
port which shows any corrupt or dis
honest use Of the Comnany's funds for
the private gain OF any one OF the otfi-
GERS OF this Company. Indeed the
SOUND financial organization OF the Com
pany and its enormous Increase OF as
sets and business show that the man
agenent upon the whole has been, and
to produce such results must have been,
able and honest.
"The report OF the Department as
well as orr own Investigation however
satisfies us that tho business OF the
Company has outgrown the methods
and checks now In use. Your commit
tee recommends,
"First-A division OF duties OF eyecu-
tive officers by the appointment OF an
auditor, who shall report direct 10 the
trustees.
"Second-The adoption OF bylaw
that no salaried employe Of the COM
pany shall be eligible as President.
"Third-We recommend that a CON-
mittee OF five be appointed by the
Board TO make nominations TO fill va
caDcies.
"Fourth-That the committee be re-
organized and the work OF the Board
be redistributed among them.
"Fifth-That the bylaws be amend
ed I'm such respects as shall aid 70 the
efficiency OF the organization and that
a Committee be appointed to report
amendments TO the bylaws 10 conform
10 the necessary changes.
'The President OF this Company has
served 10 long and zealously and with
conspicuous 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 Com pany his inten-
tIon TO retire from the Office OF Presi-
dent and TO offer his resignation at tho
I ime of the presentation OF this report.
"YCur committee recommend that Ia
view OF the long and devoted service
rendered by Mr.. VIM. II. Beers 70 this
company, his untiriDg energy and abil-
ity shown IN building up q company
which Is second 10 none, we feel that
proper recognition OF such services and
his future usefulness % this company
warrants that a salary OF $4,000 per
annum be given 10 him 10 continue FOR
life I'm accordance with contract
already submitted 10 this committee.
[Slgned "WM. j.. STRoSG,
&C. c. BALDWIN,
"JoHN CHAPLAIN,
"WALTEg II. LEWIS,
4 "E. n. GIBBS,
"a. ". GIBBS,
Committee"
The board passed resolutions accept
ing the resignation with regret aud paid
high tribute 70 Mr.. Beers ability,
zeal, etc. The report was accepted,
and the committee continued until next
Wednesday. A committee was also APP
pointed 20 make nominations for officers
Including a new president. The COM
mittee Is expected 20 report on Wednes-
day.
Some OF the trustees were questioned
this afternoon as 10 Mr.. Beers success
or. but they all declined TO say anything
on the subject or confirm rumors that
the presidency OF the company had
been offered TO certain well-known men.
II f. said that the presidency has been
offered to +. w. Scott, one OF the Vice
Presidents Of the Equitable Life Assur.
ance Society, TO w. l.. Strong, one OF
the Compsny's present Trustees. and
President Of the Central National Bank.
and to Mr.. Mccall, Comptroller OF the
Equitable Company.