The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1892-02-19
NEW YORK LIFE.

SPRINGFIELD, Mass, Feb. 10, 1892. !
GREETING
We feel entirely confident that you
fully coincide with us in admiration of the won
derful financial growth, strength and progress of
our great company during the past year, The al
most astonishing and significant array of facts
and figures. evolved from conditions and tests
which would have involved disaster to many a
great financial institution, is herewith presented
for your careful peruSal and contemplation:
The Report Of the NclU York State SuDerntend-
et Of Insurance, Published Jan. %, 1892 shOCS
Assets June 30, 1891 per Superintend.
ent's Report. ................... Sl2D7lO69O
Assets January l. per Companys o
Surplus June 30, i89, per superintend.
ent's Report ............ ........ G,70S 67j
Surplus January !, 1891, per Com
pany's Report. .. .......... 4,s9S, 45O
The above surplus as shown by the Superin-
tendent's Reports Larger than that of any
other purely mutual Lire insurance Company in
the world
Assets January l, 1892 per Conpany's
=, forthcoming report, nearly ..... $l25. 900 ONO
Surplus, ditto. ....... ..... ..... 5000 O2O
Gains during 1s91-Assets ....,....,, 10000 600
Gains during 1S9l-Surplus ........... lOOlOOO
New Insurance, secured in 1891 ...... 1850 600 600
From the late conflict with the most violent
persistent aud vindictive assaults ever waged
against any Life Insurance Company the "OlG
Reliable emerges with assured and triumphant
supremacy; VIM. IL. Beers voluntarily retres
from the presidency to assume less onerOus
His resignation is based upon the following rea-
sons:
NEW YORK, Feb. sth, 1892.
To the Board Of TRUSTEES Of the NeW York Life
GENTLEMEN-As you all know. l have nothing
at heart but the continued welfare and prosperity
of this company, to which l have devoted the
best years of my life. have no personal ends to
serve. but at my ivanced age and in my pres
ent state OF health, require relief from the very
onerous IaborS OF the presidency, and but for the
long continued and persistent assaults unon
the Company, which have been chiefly directed
AGAINST me personally, should long ago have
asked You to tighten my labors also recognize
the fact that such assaults. however unjust, may
IN the end prove detrimental to the Conpany's
interests, |, therefore, hereby lender my resig
nation of the Office of President to TAXI effect
Wednesday, February 10Th: 1892:
The Trustees accepted the resignation and
unanimously commended his great and useful
services, his integrity and fidelity to the Com
paay as follows:
Resolved. That this ard accent with regret
the resignation of VIM. II. Beers as president of
this company, to take effect on Wednesday next.
Resolved, That in accepting such resignation,
this board desires to place on record its high ap-
probation of the very valuable services rendered
by Mr.. Beers during his long connection with
this Company, the wonderful growth Of the Com
nany and its present position among the greatest
financial institutions of this country being due
very largely to his pre-eminent ability and zeal;
ard this Board desires also to place on record
its confidence in his integrity of purpose in man
aging the important interests committed to his
charge.
Resolved, That this Board deem it highly I'M
desirable that This Company should lose the ben
eft of his great knowledge, skill, ability and ex-
perience. Therefore. the Board authorizes an
agreement TO he made with Mr.. Beers. to secure
his services during the remainder OF his life in
ADVISOR capacity,
Hon. John 4, Mccall udS on the 12h inst, IMAM
im"usiy chOsen'by the Trustees, President Of
the Company.
And, subsequently was most cordially welcomed
by every officer and general agent of the Com
pany. also by the press, insurance departments,
officials and fraternity of the country. The new
President was formerly tate Insurance Superin-
tendent of New York. Mr. Mccall is widely
known and favored for his thorough knowledge
of insurance and brings to his exal, ed trust per
feet health, integrity and capacity, coupled with
the vigor OF the prime of life. From his address
TO his associate Officers, general agents and man
ayers. we quote as follows; we are bound in
honor to exert ourselves absolutely in the inter
ests of the pnlicyhOlders Let there be no mis-
take about this conception Of our duty. So far as
in me lies this shall be the controlling motive of
my administration. am sincerely Of the Opin-
ion that will have the support and assistance Of
each and every trustee. IL not, will not hest.
tate to make the issue. ] stand here uDpledged
to any man or of men in the slightest particu-
lar. No person high or low has exacted. nor
would he receive IL If asked, any pledge of place.
power or emolument under my administration"
ing who gather the funds that held in trust,
they, above all others. are vitality interested in
honest management. To me Il is marvellous when
we consider the unparalleled trouble through
which the Company has passed, that they have
been able to accomplish much. They have
the admiration and respect Of the profession
everywhere. Nay, more than that we must show
our appreciation Of IL in no uncertain way"
In place of four trustees resigned and deceased
the following gentlemen will be in the Board: the
Hon. Chas. S. Faircbilds ex secretary s Treas
ury; Woodbury. LangdOn: Hon. VIM. G. Whit.
ney. ex-Secretary U. S. Navy, and f D. Ran
dolph. Thus equipped, inviting and deserving
the valuable influence Of every pOlicy.holder,
The New York Life Insurance Company fustan-
ed by this magnificent financial and executive px.
hiblt-linked with its splendid history of pay
ments TO policy holders. $3.50. 600 600 praised bv
its late opponents beloved by its friends-will
go forward in "a noble mission grandly fulfilled"
to even a more glorious destiny. We Join YOU in
sincere congratulations upon the accomplished
past, and salute with you the dawn Of a more
brilliant and inspiring future.
Faithfully yours.
A. p. CIILDS,
K, T. HADLEY,
General Agents for Vermont and Western Massa