The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1892-02-12
THE NEW YoRK LIFE INSURANCE
COMPANY.

have no personal ENDS 10 serve. Dul
at my advanced age and in my present
state of health l require relief from the
very onerOus laburs of the presidency,
and but for the long-continued and per-
Sistent assaults upon the company, which
have been chiefly directed against me
personally, should long ago have asked
you tolighten my lab0rs. IalsO recognize
the fact that such assaults, however un-
Just, may in the end prove detrimental
to the company's interest
therefore hereby tender my resigna-
ton of the office of president, to take eff
feet Wednesday, February 10th, 1892.
WILLIAM Ii. BEERS, President
The Committee of Trustees reported
as follows:
Your committee appointed at a special
meeting of the board, held on the 25th
day of January, 1892, to take into cOnsid-
Grafton the report of the Insurance De-
partment upon the recent investigation
made at the request of this company and
to consider what action should be taken
in view thereof, respectfully report to
the board as follows:
We have given this matter the most
careful consideration in order 10 deter
mine what course is best To pursue for
the interest of the company and what
changes in the organization or methods
of the company are desirable. Your
committee have examined carefully the
report of the deputy superintendent and
of the superintendent of the Insurance
Department, and we have tax n the con-
illusions of the department. rs the basis
of our recommendations.
1t must be borne in mind that there is
nothing in the report which shows any
corrupt or dishonest use of the com
pany's funds for the private gain of amy
one of the officers If this company. lu-
deed, the sound financial condition of
the company, its enormous increase of
assets and of business, show that the
management upon tile whole has been,
and to produce such results must have
been, intelligent and honest. The re-
port of the department., AS well as our
own investigation, however, satisfies us
that the business of the company has
Outgrown the methods and checks now
in use.
Your committee recommends, first, a
division of duties of executive officers.
by the appointment of an auditor, who
shall report direct to the trustees.
The President of this company has
served it long and zealuusly, and with
conspicuous success. There can be no
doubt that the company owes its present
high position and financial strength
to his ability and energy. He has ex-
pressed to the committee his intention to
retire from the office of President and to
offer bis resignation at the time OF the
presentation of this report.
Your committee recommend that, in
view OF the long and devoted services
rendered by Mr.. William II. Beers to this
company, his untiring energy and ability
shown III building up company which
is secUnd to none, we feel that a proper
recognition of such services, and his flu
ture usefulness tU the company, warrants
us in suggesting to this board that a
salary of $25, 900 per annum be given to
him to continue for lie, in accordance
with contract already submitted to this
committee.
w. l.. STRONG,
G. G. BALDWIN,
JOHN CLAFLIN,
WALTER Il. LEWIS,
EDWARD N. GIBBS.
Col. Strong is President of the Central
National Bank, e. e. Baldwin is a rail-
road president, John Claflin is head of
the great house of H. b. Clatln & Co.,
Messrs. Lewis and Gibbs are equally
eminent.
The full Board of Trustees resolved as
follows:
ResOlued, That this board accepts with
regret the resignation of William Ii.
Beers as President of this company, t0
take effect ON Wednesday. the 10th day
of February, 1892
Resolued, That in accepting such res
ignation this board desires to place on
record its high appreciation of the very
valuable services rendered by Mr.. Beers
| during his long connection with this
company. the wonderful growth of the
company and Its present position among
the greatest financial institutions of this
country being due very largely to his
pre-eminent ability anil zeal; and this
board desires also tO place on record its
confidence in his integrity of purpose in
managing the important interests COM
mitted to his charge.
ResoLued, That this board deems it
highly undesirable that this company
should lose the benefit of his great
knowledge, skill, ability and experience
RESOLVED, That this board au-
thOrizes all agreement to be made with
Mr.. Beers to secure his services during
tile remainder of his life in an advisory
capacity, namely, an annual salary Of
$37 900, in the form recommended by the
special committee appointed at Especial
meeting of this board held ON the 18th
day Of January. 1892 and presented to
this board with the report of said com
mittee this day.
President Beers salary for the future,
as an advisory officer, though large, m y
terminate in a year by reason of his at
vanced age. Should he live his full ex-
pectation Of life IL only averages 5000
for his full period of service, 80 years; q
large portion of which time his salary as
clerk, cashier, etc, was only nominal,
| 1000 and upwards. M other business.
of equal magnitude, has ever paid less
percentage for salaries.
lnasmuoh as salaries and other ex-
penses are largely paid 10y ''miscpllan-
eOus profits" lapsrd policies f0reclos-
ures, ETC., etc., the ''Outs," not the 'ins''
pay salaries. The Commissioner of III
surance said in his recent report: "Surh
capacity is worthy large salary" The
| Commissioners certifies that the stocks
and bonds of the New York Life are no y
worth over three AMI One-half millions
above their cost.
n. ~ n n