New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-14
WILL PROBE N. Y. LIFE.
Internal Committee Ndmed-Regret
at Perkins's Resignation.

George W Perkins at a meeting Of the New
York Life trustees yesterday resigned as vice
,-.~8ent and chairman Of the finance committee
- ,hs+ comnanv. and a special committee Of
Eve trustees was appointed, with instructions
>, make a thorough investigation of the COM
,snv,s affairs The committee is especially
charged with an examination OF the yellow
dog" fund handled largely by Andrew HAM
Mon. now in Paris, and TO make every EFFORT 10
obtain an accounting from him 1t was an
nounoed that the bylaws OF the company had
been SO amended that no executive otacef coulo
exnerd the company's money without the au-
thoricy Of the trustees.
.,oTsn5e- z. Orr, of the Rapid Transit Com
mission. and the former head Of the Chamber OF
commerce. was elected ranking vice-presideh OF
++a coronanv in place Of Mr.. Perkins. The chair
~,.,sbfn o4 the finance committee was placed In
.ra hands of John Clafiin, Of the dry goods nrn
4u c1aain & Co. He viii direct the BOND
purchases Of the company. There was no an
rouncement after the meeting that john a NC
csu rresident Of the company, had pald the
s9e5 oOn he advanced TO Andrew Hamilton. He
.5a . nroroise on October 10 repay mat
amount if it was not returned by DecenaDI 1o'
INT is said to be waiting the return OF ms son.
Who went to Paris TO confer WITH Ihe Juuse
The new house cleaning committee conslsts Oh
Clarence Il
+us q Paine Hiram r. steele ana 1hoilla0
r7o~ u has extraordinary powers 1t VIII
6re+ On over the evidence regarding the eoih-
rsrz- which was brought out by the ArrnsIfohe
committee Then it will take up the niuls6 oi
r1e insurance commissioners OF hve oIaIeo "io
are now examining the companys afIalrs- IL
this does not satisfy them that all faulls nave
Iaan brought out the committee may employ
counsel and conduct an investigation OF It's own
STATEMENT OF THE ACTION.
The members of the hoard consider this the
vet ,,,,nortant action of the meeting. ana II
,ros made public through letter addressed 10
nc f2oficvbolders of the New-York Lie 1hsuI-
anoe COMPANY which reads as follows;
IN vte7y Of the facts brought to our notice by me
legislative Investigation now N ptos1eiJ he made
7roper that statement SIlOuIu -
~ his board for the information OF policy
We have carefully consioeTeo i tne NV oijr own
oflcers and from such evidence loEell s,7 go
nae our bv-laws the executive officers have eXer-
cised too broad discretion IN me fb % com,
ra9y have accordingly been revised and AMENDED
ion s 5nd fnn discussion by various committees.
and as finally adopted this DAY, no e1ec1IIS e,is
money for any purpose without the previous au-
As he legislative investigating committee has not
completed its labors, and the insurance coIlInIs
sioners Of i've states are now making an e%haus
special committee CONSISTING OF SSSslS II VISA
Fowler. Norman B IReam olareh6e , n va Iesn
Hiram Z. Steele and AUGUSTUS O. pa.ne mas pe o
sider the evidence submitted 10 the legislative com
nittee and the reports of the several commission,
to make such further investigation on their own
behalf IS they may deem eXpedient, WIN al t
what further action if any, should pe taken py
this board for the protection of the interests OF
Said special committee has been especially in
payments made out of the funds of the company
c1ifae a2 5s been instructed and directed to
make every effort 10 obtain proper ana SUM-
Gent accounting from said Andrew taunton, ana
has been further instructed and directed 10 report
70 this board at its next meetng OF SSIlsr
any further acticn-and II SO. what acton-shouid
Tie said coInmttee has been authorized to ex-
anime any books Of accounts or papers in the
Said committee has also been directed to engage
Al once EXPERT accountants TO study especlaiy me
pany and its general Office methods and TO report
herewith to check and verify the report of the
o9npany as OF December 81. 1905
Meanwhile. we the board of trustees. are Of the
unanimous opinion that the company is in thor
s9qn need s%a the Pomoes e aq h to tic
safety OF his investment
aIR. PERKINS, RESIGNATION.
After Nj Perlins's appearance on the stand
before The legislative committee which is in
vestgating Insurance it was reported that he
Would resign. largely because Of criticism of his
oual activity ia both J. P. Morgan & Co and the
Insurance company The reason given for his
resignation however was the great pressure OF
other business responsibilities. part OF the
letter Of resignation was a review OF his ser
vices for the company and il was accompanied
by detaile:7 statement from Assistant Treas
urer F. H Shipman showing that IN the hVe
years Mr. Perkins had directed the finance COM
mittee there had been total profit of more than
S1OOo0oOO from operations in bonds and stocks.
The letter Of resignation reads:
hereby tender my resignation as Vice-pres1deilt
Of this company and member OF rs ni!a d s,ir