The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1892-02-05

ness will ultimately cost us more than it
: should.
For an error in judgment in employing
| this man, as well as for any ultimate loss
| | do not desire to escape from any prop
er responsibility.
MR.. LOOMS L. WHITE.
The Superintendent of Insurance dis
cusSes ut some length the relations which
have existed for about sixteen years be-
tween the New YORK Life Insurance
! Company and Mr.. LOnmiS l.. White, a
member of its Board of Trustees and of
its Finance Committee, and two ques-
tionS are raised. First, MS to whether or
not firm, a member of which was
member of the cnmphny's Board of
Trustees and its Finance Committee.
could act for it as brokers without hav-
ing. the opinions of SUCH trustees as to
the value of securities colnred by the
probable commission which the firm
would receive ON such transactions:
second. whether or not the company had
the right tO purchase securities through
such II firm of brokers.
The first question may he briefly dis
posed of without discussion by simple
statement of the results.
In the years covered Nv Mr.. Whites
connection with the New York Life In
surmCc Company about SOS. coo. COO of Sc
cuIitirS have been purchased by the
Cumrany'S Finance Committee. and n
considerable pTupurtiun of this through
the firm Of which Mr.. White is II mem
Der, MrsSlS. LoumiS J.. White d Co., and
ON the Both of June last the Supcrintcnd-
ent, after vahing these securities ut a
time of depression, found them worth TO
the company something more than So
0OO.OD0 above the cost value at which
they are carried on the company'S books.
Snch result is the best answer to all
questions rs to the wisdom Of the finance
committees action, and in so far as Mr..
Whites action influenced. it is an evi-
d"ncc of the value to the company of
this connection.
The second question is ono on which
opinion of counsel differ.
have now reviewed with YOU the
graver criticisms of the Superintendent
report shall stop here.
realize that there are other criticisms
which have not referred to. and |
do not deem it necessary to
do so. ! have tried tn present
to you fairly the facts concerning
thus" o. most imnn-'ance. an | he 1--WE have
III ,wn Won hat. W lie there have been errors in
the mara rinrnt f hi c"'"ranv. there has been
no h't"ay"l a. ust full criticism uf errors,
with NJ 'qualy iull STAT mrut of manHCen ent
d. serving Communication wnulI ave been only
iai' 10 Won and perfectly satisfactory 10 me-. how
ever srvrrl tn''se critc'sms misht h We b--n;
tut the Superintendent Of Insurance, " h. was in.
v ed !" TX niue N. condition of this comp my,
VIII !" prop" ~ rIiti j. ng whatever H. dcrmrd
CRITICS b.. Ont ed 10 state the other Il e # the
ca-r. and in rddni"n nri' r'unatrly. sn sta'-d
his criti'iSiusq tn maxi it probable that you
NAV have misunderstood Anl ovrrrated III inn
pOrtanc". DE-" ire Ia prae nv disclaimer Of
mftl Iliiy, and rrpert III. M ssaCr seat fir m
Eur y" last 'umner that in lu-n, 81 Of tur
mag tud-, isI axes are inevitable II, d We COM
pare iHvOrnlly with 9TH rs: bat nv INTEGRITY Of
purpn'e cannot h. sh ken. GemIal net results
a"e the tnuchSt"n' sin every business" We NEED
not 10 20 lar 10 mud confirmation NJ this. tIrurs
have been made rIhip. IN III maIIag' m'It Of
very company doing BUSINESS: but ~ there a"e
% ne of CONNIE notoristy ! may refer 10 'I' m,
without seeming IL Htiai X the companies thpII-
'elvrS In addition will say trst, 10 the brst Of
my knowl"dgt and hell all Of tn S. cases IRE
natural experiences c'deIt 10 the fNC that no
Onr ~ iI.iall'hlr. The Com p, tiCut MUM ! lost
outright S+lI. 90 through the nrialc tOn OF its
financial OrreSlun ,rnt Mt IndianAp lis in 1883.
The Nh utl Benefit life Insur ce COMPANY Of
Newark Nd a comp my rmine' tly cnnsetva.
tive IN all thngS, lost about he same amount on
rhZ beth Is. j bords IUIsA weli-kn,wn fnct
that the qutabl | eAS urarc S"ci~ty marked
II IN 1879 and 1870 i'm ~ 81 o n0n on r. al rs
taIc. Alru that II carr eI nearly So 900 10 in its
pu"nshed statement NJ assets aud sur liS AS
'rOmmnird c. minis ions" agency balance -"
etc =" iciI is practically another form Of Z
pressing what the Sup intend nj cali debt' in
he cas- OF l. VauuIem Co In the report
81 ihe partm'It 'Aa" induun Of til" Nh ual
lLtr ln~u ani'r- Company made in so il VAS
STA -'i that $3.50 7Ol ~ had h. en- 81 arg off 10
p, fit "a iUSs un account # | { flee bu il gs
'ft-r M ming these c,sr~ Irid other. II light he
'tf RED al W. ave m ~ 'cciI"d Ii NV. r
hg- re- r., rhich IN proportion 10 tn interests at
sac, represent less loss than he eTJ,e,i-nce Of
nj uI
Thirh the management Of the NeW York Life In
Snunc' Company iRrites comparison.
Referred M e"t the o,' Mug Paragraphs OF
this let cr to the W and hru.r Trspon>Ibs if.s
VIII c have b. II IN to the bet a. our ability
within ten wears. Among rhcs has been The
g,uwth uf certain evil nccts N the crrdu''i Of
the buslne>S II / fe iu.urA N'.ve al suggrs-
tuhN tor their r. mroN Lave b,e offered. Tut Tor
Ih-Ir cuu ler- 'rip IN 1t do not seem To I'VE
tat a,i adequat ne ~ has ycl beer nam d.
The worse rtrlicrs. III" IN de or Lin aid
IN 'vrty wa til m,is rrpr hruSiur are tn. Civ
ing otrrbtr"s 20 insurers u i he L.orr a. T. IS
on, an att mptS ut cumpaiie. to ruri e into
III ruwH ser, ice IN" a-Cnt> Il COmprIit.r~. his
i~a natural r sat If f-rc.r mIriuiOntnl IL, V
iudgnr III hruli hr ~ ilV, mu3.rrd And It
sc -" M that h un. IL ii alIsuf1iccnt T. NEEDY
- u'd nr lnu't ! ursirc 10 20 on cord II indoors
liig tuat pa lIu,it 10y same the maunt of
IN urIhC that a COT y ny III u place u, on ITS
DruNS Ina amount having teen cached The
i 'ndivt ~ coIsp.r for uhtain rrw lu,i-
en- rot tx ~ WAY AID u ru.I rt.!,Ily
clIIrlla Ell rr"in thu c0rIe I Is mig Dis D.
point omLi' us manage (n,-'lt iuclud,d ID LAT
lium thc pa Il. view of q citizen Il uld ~. al
Iu-r. her IN nyh al ~ ha ", ud trnd To
give the yuun- er d arr c n.p,urs - better
u pttunuy &" grow. and Wuul grady
~trrn-LT II nd extend T. brHr furnI wni K # fs
in-uranc ul az once cur aii'ug r"rS IT, ~ e, n
"uct 81 thu 'uSin-S -. rnh Wild mig The Fl Id OF
/ Op'IalIIB.
l., COZ, ItI>inn let mr say: WHEN NV uffiri ] re
All lis ~ Ii tn New YORK IT. lI,urit, cr Com
panl b .Edh, tw"n'y m.ne years a=o ITS ns>"tS