The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-02-09
PRESIDENT BEERS RESIGNS
From the New York Life Insurance
Company on Pension of $4,000.
In Addition He Will Receive $12,5 Annu.
ally for the Remainder Of His Life for Ad-
vice-RepOrt of the Committee.

NEW YORK, Feb. Sat on adjourned
meeting of the trustees of the New York
Life Insurance Company to-day William
II. Beers rendered his resignation as presl-
dent of the company. and 1t was unani-
mously accepted. to take effect Wednes-
day. the 10th inst. Mr.. Beers, pursuant to
the arrangement made by which he gives
up the presidency of the company. retires
OH pension of S25. COO for life.
AS soon as Mr.. Beers's resignation was
offered the special committee appointed to
consider the report of the State Superin-
tendent on the affairs of the company pre-
sented Its report. as follows:
ITO the Board Of Trustees Of the New York Life In.
surance Company:
''Your committee, appointed at special
meeting of the board held on the 25th day
OF january, 1892. to take into consideration
the report of the Insurance Department
upon the recent investigation made at the
request OF this company, and to consider
what action should be taken in view there
OF. respectfully report TO the board as fol-
lows;
careful consideration i'll order to determine
what course Is best to pursue for the inter-
ests OF the company, and what changes in
the organization or methods of the COM
pany are desirable. Your committee have
examined carefully the report of the
deputy superintendent and of the Superin.
tendent of the Insurance Department. and
We have taken the conclusions of the de-
partment as the basis of our recommenda-
tions. 1t must be borne in mind that there
Is nothing In the report which shows any
corrupt or dishonest use of the c0mpany's
funds for tho private gain of any one of
the officers of this company. Indeed. the
sound financial condition of this company,
it's enormous increase of assets and of
business, show that she management upon
the whole has been. and. to produce such
results, must have been intelligent and
honest. The report of the department, as
well as our own investigation, however,
satisfies us that the business of the COM
pany has outgrown the methods and checks
"First~A division Of duties Of executive
officers by the appointment of an auditor,
who shall report direct to the trustees.
''Second-The adoption of bylaw that
no salaried employe of the company shall
be eligible as q president.
"Third-We recommend that committee
of five be appointed by the board to make
nominations. to Till vacancies.
"Fourth-Tbat the committee be re0rgan-
lied and the work of the board be redis-
tributed among its members
"Fifth-That the bylaws be amended In
sucn respects as shall add to the efficiency
of the organization, and that q committee
be appointed to report amendments TO the
bylaws to confirm to necessary changes.
THE president of this company has
served 1t long and zealously and with con-
spicuous success. There can be no doubt
that the company owes its present high po-
sltion and financial strength largely to his
ability and energy He has expressed 10
the committee his intention to retire from
the offico of president anu TO offer his res
ignation at the time OF the presenta-
recommend that. in view OF the long and
devoted service rendered by Mr.. William
III. Beers to this company, his untirinE
energy and ability shown in building mp
company which Is second TO none. We
feel that o proper recognition OF such
service and his future usefulness TO the
company warrants us il suggesting TO
this board that salary OF S3.0OO per
annum be given to him TO continue for life
in accordance with O contract already sub
mItted to this committee.
WILLIAM L. STRONG. s. L. BALDWIN:
RoGM ..H Gs,Cs CHAPLIN comm;,tas WAashh L. LEWIS
The board passed resolutions accepting
the resignation with regret. and paid
high tribute to Mr.. Beerss ability. zeal,
etc. 1t also adopted the following:
Resolved, That this board authorizes an agree
ment to be made with Mr.. Beers 10 secure his
services during the remainder OF his life In an
advisory capacity upon half pay 81 5oOl,
making, together with his pension or F25,OOO. an
annual salary OF S37, 800 on the form recon-
mended by the special committee appointed at n
special meeting OF this board. held ON the 25th
uul VI JauutAls ANJ-s anu IItStHlCQ W thio
board with the report OF said committee this day
The report was accept and the commit
tee continued until next Wednesday. A
special committee was also appointed to
make nominations for officers. including a
new president. The committee is expected
to report on Wednesday. The proceedings
occupied only little while.
Some of the trustees were questioned this
afternoon as TO Mr. Beers's successor. but
they all declined TO say anything on the
subject, OF confirm rumors that the presI-
deDcy of the company had been offered 10
certain well-known men. Ii is said that
the presidency has been offered TO r. w.
Scott. one OF the vice. presidents of th o
EQUITABLE Life Assurance Society, to W. l..
Strong one of the company's present trus..
tees and president OF the Central National
Bank. ard TO Mr.. Mccall controller OF the
Equitable company.