New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-06
THE SUIT OF w. II. BEERS WITHDRAWN
A COMPROMISE is REACHED by WHICH HE is
TO GET $4,000 A YEAR.

COMPROMISE is REACHED by WHICH HE is
TO GET $4,000 A YEAR.
William II. Beers, expresdent Of the New-fork
Life Insurance Company, has withdrawn MS sht
against John A. Mccall, as president and other
officers of the company, to compel them to pay to
him 1877 500 year, under a contract made with the
board Of directors in February 1892 The withdrawal
Is the result OF a compromise between the parties to
the suit according to which Mr.. Beers is to receive
$4,000 q year.
The trouble dates back about year. Ger
tain charges of mismanagemen were made
against Mr.. Beers, who had been con-
nected with the company for thirty-four
years in consequence of which tho management was
changed Mr. mccall succeeding Mr.. Beers as presl-
dent Before the affairs OF the company were turned
over to the new president and the new board OF
directors the old board of directors made contract
with Mr. Beers, by which he was to receive S3' 800
year. half his salary as president, during his life.
For this he was 10 serve the company in an advisory
capacity Mr.. Mccall disputed the legality OF tho
contract and refused TO pay the salary stipulated oy
it. Mr.. Beers then brought action to enforce
tho contract The was argued before the Cen
eraI Term Of the supreme Court last summer
and a decision written by Judge Van Brunt, was
given about month ago, In which the contract was
declared void on account Ct its indcfnitcness, anu
because Mr.. Beers was present at the meeting OF
the hoard OF directors when it WIS voted to make
the agreement. Mr.. Beers was to have years time
after the entering OF the jud gucnt In which to appeal
the case phe case was still pending when the
directors Of tho New-Yorl Insurance Company, at
their meeting on the second Wednesday In Dccem-
ber voted 70 compromise with Mr.. Beers by allowing
him 81 1000 year. No contract was to be made,
but II was understood that tho arrangement could De
terminated at the will Of the board Of directors This
was satisfactory to Mr.. Beers, and he withdrew his
suit.
Mr.. Mccall was seen at bis home, NO. "a west
Seventy secondst., last evening In regard TO inc
compromise. lie said that the company, although
successful In It's suit in the Supreme Court had pre-
ferred TO compromise rather than run the rsk OF
having the judgment reversed By the Court OF APP
feeling FOR Mr. Beers. Mr.. Mccall added that he mad
no personal feeling In the affair but had opposed the
contract because he did not think that the company
should pay so large for little or no return,
unless the courts decided that 1t was necessary ii
the sum TO have been paid to Mr. Beers yearly had
been smaller, contest would have been made.
committee at first had fixed the amount at $4,000.
Efforts had been made to compromise matters while
the case was being tried but Mr. Beers had refused to
consider them. The decision by the Supreme Court
had not definitely settled the case but It had shaken
Mr. Eeerss position and he had Compromised Tor less
than he might have got before Mr.. Mccall re-
garded the compromise fortunate for all con-
Serncd and as favorable TO the NewYork Life In
years old, was stu, he said. invaluable as an ad
a