The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-14
NEW YORK LIES POLICY.
TT MEANS TO GET PRUssIdN BrS!-
NESS BIZ SELLING ITS STOCKS.

corporatn stocks and to purchase no moro OF
.uch securities in the future. and to mako no
mora l,ans with stock al collateral
One i, the fact that the movement Ia likely to
eiyoto the New York Life practical monopoly
NJ the lie insurance business in Prussia 80 far
a. American companies are concerned. When
N. American companies wore driven out q
few wears ago. Prussia was field OF tremen-
dr, value Its value is as great to-day. 1t
va-almittcl yesterday that the chief object
q, ,hr aumrnny in providing for the sales was
,pg"' the monopoly Of this field.
Tine srrNud interesting point 10 the future
c,r,, { the New York Security and Trust
,.mtp,.. The New York Security and Trust
C,urauy a one u the most prosperous OF the
,rl-, no'gauics OF the country. Its divi-
do,l!- the ras, year were In the ncghborlood
81 ., r,r cent. 1t has a capital stock OF
s1uu.,,rl divided into 10000 shares. and or
I.-, Ipuuu tho New York Life Insurance
C,,gi4.y WINS 300. or considerably more
thqa j ,,h'roiinG interest. In the market
e. lr.. 'lDr stock is quoted at coo. six times its
rar,auc. ard il cannot DO bought at that price
Char, Fatrchd. former Secretary OF the
Treasury is the President ofthc trust company
in tho h.i.IG;n: up OF tho company Mr. Fairchd
has been a eulrr from the first. and his friends
uir are" w.n' him to continue In control Of 1t.
James Surnan. the President OF the Ma
tloua. rHS Imuk, tho biggest bank in the
country is trustee Of the trust company.
THE SuN learned yesterday that one Of tho
tseiSS VIII dI5 PTss1Snt siiIm nan
M 'an az WI Win us'U ,1fsS ste
join a syud,ra'" t! purchase the control OF the
trust, company THIS syHiicHte', It is under
Fair,h.Il'S friends ar" not connected with it
Mr. lalrchIds trtends will. it Is understood.
naa, nMS thSy w no h hn u tn tS
New YORK. Life. When Mr.. Stillman was seen
by a reporter Tor TUE Sun yesterday and the
sStd, That ia very leading question" Mr.
tarchid Is a trustee OF the New York Life In
sgral"" Iumtthy, Mr. McI all. the PRESIDENT
u'tl" New York Lie. is director Of the Ma
tiola. ,ry Bank
Ofconrse ,he stock must lie sold to the high
esthidIcr In is last statement the insurance
81 .Ssi.ir That would be $3.50 share. SIX
hnTfSa G3,; snor" the SSI a1 Triss BID;
two syolIcates try for it; it is not unlikely that
i will cost the successfuI connection great
either Of n" proposed syndicates would talk
YESTERDAY. a"" would anybody connected with
the insurance company
Board %. Trustees 81 the insurance company.
which was rrntrdin THE SrN Yesterday morn
Ps TgT in n Ma sreSt and it Gre
President Mccall OF the Insurance company
was TO. In tn" city, officials Of the Equitable
lead Of the New York Life. The Equitable
ho1S sticks Of a Iar value nearly $50, OO0.O0O
and the Mltua. IL \ par value OF nearly $40
OOOUuO. while N" N"w Iork's holdings are not
S4oo4MW. william C. Van Antwerp OF the
loving statement that served to quiet things:
=, Tho man who sells the market short on
This news viii get left, President Mccall tod
me last u.ght that instead of throwing the
comrany's eutir" holdings on the market at
one" the Trustees had especially stipulated
tine tine sxtendng to "o Woro over t Pr com %.
pany,s, entire holdings Of stocks do, not ex-
coed S4uooou" whereas one Of the other large
Besides. the New York LIES stocks are
mostly tho-" i New York city banks and
sand shares Of Northwest preferred and these
will probably all be disposed of at private sale
Mr Mccall stated that the company had de-
cld"d to TAR" this step because Of the ultra
cohseryaiy" trrc'p,es governing the invest
mont OF III" INSURANCE funds, and because Ger
tain foreign Governments under whose Juris-
dictIon and Endorsement the company was
doing business ahrv4 had suggested such a
S Sln Hin"" Mr. Me-, all assumed tho .rrcS-
a"ncy ot the company = has not been in tho
ma!set i"r stocks, nor AIS it made many loans
,ltw2s earned later b the day that the New
York Life In-eranre Company had been for a
long time considering the action It has taken.
he mater wa. iinqiIy referred to the Executive
they had studied the situation they made the
following report to the full board:
IN" Executive Committee begs leave to re-
Somlnny ny IN" Insurance Department OF this
CC,h,s ana the representatives Of the Prussian
department s investigating for itself and at
1nc present tlmc the policy registers. covering
$1,000 policies. have been compared with the
schedules Of the Insurance Department and
corrected To- the date OF our last report to Alba
nv lhe examination of titles TO real estate
anil mortgages. and the valuation of the prop
cry, ~" under way and will be completed
s.Gnf JN'y - The honorable representatives
tTs,n nave nS"n diligently engaged in the
investigation ~ the agency department and its
contracts. and in the examination OF the several
bureaus ana heals u departments as to our
rSnssa, an" F on Ggyern'ng the genera
ig,E 10 report that. owing to our regulations
N lhc ,"yerh. departments. the officers have
G3een an" 10 comply very promptly with every
demand that has been made upon them. and
me "NamtnIng officials have Expressed salts
aG,l2R with what they have found. and for the
eeSng'itIoUS manner in which their requests
GU our securities: e;recinlly our bonds and stocks
ha'e ""rn Increased to the extent OF several
,E.,u"hS hal we taken the values as found in
n" r"JJor'. the Stock Exchange at the date
on" nnS"rra,ty" action Of the comnanvs on.
GERS meets with tn" approval Ct the State and
II. Pursuant To tn" laws and requirements OF
ca riS,,a "a" honorable representatives Of that
pwnrFsh'I OF stocks. whore there is a double LA
a. u.'"r III" law, was not acceptable that,
u 'h"f the ownership Of stock securities OF all
n n''' as "er" mortgage loans on unimproved or
t.itn iu"tiv" property. IRON farms, churches.
nn'"ie th"atrcs. hrewerins. factories or mining
iS"p"r.i"- ~ any description 'whatsoeyer or
ttnr"S' h"h'a IN "a" securities oi industrial en-
IrPr'c"s. and that. In all likelihood. n gem
era. .aw would he passed for the German
countries transa"tng business in Germany.
..mrh,i,!hG IN" passage OF such an act, and ,pur-
sssth' =" me several interviews held with the
..~."r' "I III" rouilGny, IL is deemed host 10
~ % n orr hy-'2wS, rules and regulations