The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-02-09
PRESIDENT BEERS RESIGNS.
As AN ADVIsER THE NEW YORK LIFE
WILL PAY HIM Asy,5OO YEAR.

The Once or Auditor Will be Created 20
Divide the Duties OF the Exeeutive-Other
Changes RecommendedAspecui ations AS
10 Mr.. Heers's Successor.
President William II. Beers OF thu New York
Life Insurance Com pany rcsigneU yesterday
and after tomorrow no will act only In An ad-
visory capacity for the company. For such
services as he may thus render. and in rccoa-
milton OF former services, the Board OF Trustees
granted him salary OF S37, 500 year for the
remainder OF his life.
When the trustees met yesterday they re.
ceived this communication from Mr.. Beers.
NV YoRx. Feb. 8. 1892.
1ohe Board " Tnf,e' ofe Ner Fork Lt fnrnc> Company
GENTLEMEN: As yon all know have nothing at heart
but the continued welfare and prosperity of this
pany TO which have devoted the best years my life
lhave no personal ends to serve but at my advanced
age and In my present state OF health requte relief
from the very onerous abors of the Presidency, and
but for the long continued and persistent assaults upon
the companywhich have been chiefly directed against
me personally-I should long ago have asked you to
Tighten my labors also recognize the fact that such
assaults however unjust. may in the end prove dsr
mental to tho company's interest.
therefore, hereby tender my resignation of the
ofice OF President to take effect "wednesday, Feb 10
1892. Yours truly
VIZ. H. BxERs President
Tho special committee Of five. which was
appointed by the trustees to investigate the
report OF the Insurance Department upon GER
tain matters relating to tho company. reported
that its members were notified that the BUSH
ness OF the company had outgrown the meth
dds and checks now in use. The committee
declared that there was nothing in the report
OF the Insurance Department to show any
corrupt or dishonest use Of the company's
funds for the private gain Of any one OF Its Of
feers. and that the, sound financial condition
" nt,V md IN In -
assets and business showed that the l manage.
m mem upon tho whole had been Intelligent and
S recommsnd GS'G lnefa Sas nu dss
Ssss by s ss 3bs
Soyses other than The s'4 ana y f
tees. and the appointment Of q committee OF
five to make nominations to All vacancies. 1t
ss9 snd t that the s%s
high praise to NJ. beers. and suggested thats
DO given 70 him, After hearing the report Of
the committee the trustees adopted the follow
ing resolutions:
resignation Of William H. Beers as President Of this
2..%s,s TSss is accepting sneh resignation thi.
ysSaSs ssss S af sssrs
tion among the Rreatest financial institutions Of this
country being due very largely to his preeminent
ability and zeal: aud this Board desires place
record its confidence IN his integrity OF
R.r.,pef That this Board deems It highly undesirable
that this company should lose the benefit of his great
knowledge SKILL ability. aud experience.
Re-Ired, That this Board authorizes agreement to
be made with Mr. Beers to secure his services during
the remainder OF his life In an advisory capacity upon
half pay. namely An annual salary OF S375OO in the
form recommended by the special committee az.
25t day of January 1892 and to this Board
with the report OF said committee this day.
kesored That the Second Vice and the
AIRY Of this company be authorized and directed
cute such agreement under the seal of this company
tested by their signatures
Resolved That the further endations OF the
port OF the special be laid for consider
held on Wednesday next.
1t was decided to vote to. m orrow for Presi-
dent to hold office until after the next annual
election OF trustees in April. The special
committee OF five was also continued until
tomorrow.
Mr.. Beers refused to talk to reporters, and
the trustees also had little to say.
Am0ng the persons named as likely to sue
coed Mr.. Beers were Z. W. Scott, one of the
Vice Presidents Of the Equitable Life Assur-
ance Society: w. L. Strong. Chairman Of the
special committee OF five and President OF
the Central National Bank, and John A. Nc
Call. Comptroller Of the Equitable Company
All these declined to speak for publication
yesterday. Mr. Mccall would only aay. All
that can say Is. come and see me Wednes-