The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1892-01-29


other character.
''Nor should the fact be passed over
that in its salary list the trustees of this
company have not been as faithful to
their trust as they should have been 1t
is true that in this respect they can point
to other insurance companies. But it is
none the less fact that in paying such
absurdly high salaries to themselves as
$75, 900 or 800, 900 to Mr.. Beers and S40,-
600 or more to his sOn-in-law as vice.
president and so on, they have been TAX
ing undue advantage of the inability of
policy holders to properly protect their
intel ests for the reason of their being so
widely scattered over the world. Such
immOderation In helping themselves to
the money of the company amounts 20
faithlessness to trust, and might properly
be characterized by more severe term.
Does the event show that they have
earned these salaries?
"There is to be meeting of the trus-
teos of the company to- day at New York,
and there ought to be no question about
the upshot of it. But it is intimated that
Mr.. Beers will not retire voluntarily from
the presidency, and as the trustees who
elected him were themselves elected
trustees by him or proxies held by him,
and these proxies have not been revoked
and cannot easily be revoked before the
tI,a ,yov tha n3licv-holders in tbis vicin-
itv bovn hoon rnohla to find outO there
cccms to he some nuestinn whether the
nresent n,anagement will he unhor.ed as
easily as might be expected.
1.-The disposition and the ability of the
management to hang on after what has
been revealed of it's conduct would be a
blow to the company from which it
would be long in recovering And, more
than this. it would be a blow which
would cause mutual life insurance to
stagger from one end of the country to
the other. Not alone, therefore, are
these policy-holders of the New York
Life interested in the result, but the
whole people as well.
''It the meantime 1T is well to recognize
as worthy of great praise the courage
and persistency shown by the New York
| Times in pursuingt his affair; and the ser
vices of the former cashier of the COM
PAW, Mr.. Banta, are not to be forgotten. ~
The conservative New York I1ibune
makes this comment: "We take it for
pIanted hat the trustees of the New
| York Life will promptly require the
resignation of the officers who are in
yolved in these disclosures. They GER
tainly will not increase the measure OF
blame that already attaches to them by
any course that excuses them. There is
no form of trust association in the world
| that shoulL he so sensitive of it's good
renntotinn as n life insurance company
a,Id if tbn trnstans of the New York hes.
;tato @ 70 do thar fnlI dntv after thei,
,nano%;,o 80 ottiners have her1 ofticIallv adj
irJ'saJ G,,iltv nf grnss ne,lect eYtTava
JuuSoU 'o o,,,;,nataTcv S1 and iIIagaIitv NJ
Sd S6'atLGd ,uith tbe rnsEIt that three or fou
r,iIIinns nf assets have henn wholly LOST
and twice as much nlaced in seriou,
rn,.il thav will arnnse = nnhIic sentiment
p'o,,i,.t poii,, Vl' onnsoi,oS whi1.h NAV nrndnc,
n rnform far mnre sweening tlian nov
sean,s nacaSaorv ;,
Supt Pierce saws sextravagant com
missions and understandable allowances
have IaSn Maid " and adds that the foct,
sLoyv ,srrnssIv erroneous iudUment anC
nagIoot 3 M shannon saws '7the hook,
nf tho connanv as kepr bv the book
Irenar do nnt sxhibit the trne con,litloI
nf occnnnts - and sDeaks further of tn,
1devions and unusual methods of book
l,eening emnlnved bv the company. ;
rLd nAicars admit the navment of black
,,oG NJ Pierce GAYS. "Nn reasonabl,
n,,1,r,o o,. exnIanatinn has been Offered
70 robnt the CHARGE of CROSS neglect anC
;Uonnnotencv in the managpment of tbi
nrnnortv GIIolhrook HALL. from whicl
rpas,tiItaG tha great loss off over half mil
iinn JoIlSrs r. the cnmn,rnv in this singl
inuastmnmt, ,Ur ] >, Mr., Pierce reaches hi
sare cnnclmsion. uPublicitv is the r,ea
mreeventive and remedy for corp0rat,
arrors If administration.n
The P,ess concludes: "With the in
ovitabIa end Of the Beers regi,ne. a Gen
erai change in prominent agencie
throu1hout the countrv will probabl,
fnIIow The accents are partisans of TIN
nresident and have been indoctrinate,
Will his scandaIous methods of doin
business A new deal all around il
ev;dantIv needed to restore public con
fdenca
"The qlimpses given of the official re
MORT of the INVESTIGATION nv the Stat,
6onortment are certainly Sufficient +
enable the reader to determine whethe
or NOT the companv has been 'vindicat
ed. lts prompt purEaC,on Is para
,llounG SuSS, "hu PIi;CJ ioos ;;
oe S"ulsiieu VIII t ilovll,n ";.,i,, ,,,,de
llleIe 10 ono PUi '"iO 1I tho
~ seems W "iioSO S a. a. =; v'tI tb cot tho
taI we ave scci, I I',L H. ~ 10 H tbe re
nOJWlJnSuduulllS an Olo Sli'INi'''I "ii0 !.