New-York tribune., 1905-06-22

submitted the Frick report. and resigned from the
o9ard % Of directors Immediately thereaftGer G tts
poTtant business Of the society. The finance com ON
executive committee, with one additional director,
S XIII Jacob Il sch senior member Of 9f the R1it Tn gh Of
I@sle{y @ II @ aeeoTing coz to its reports m snee of so
4 ne board of directors at the beginning or I'm, TINS
year was composed OF prominent and dstli1s usaea
their duties and obeatIoT a.. trustees of this very
important trust. The annual and quarterly meet
ings were not largely attended They seem 10 nave ave
taken no very active interest in the afalrs of the
society. The mildest thing which can 3S ee Sad OF
ne discharge OF their obligations ana IeSt'sioiii-
I think it important that the next legislature
should take into consideration the question OF inc
Investment of the funds OF life insurance companies
iar or 10 what extent they should be restricted
opinion at this time poubtess n e that question will
be studied and thought by the time OF the neNt
question, however Of the wisdom of prohibiting
panies in subsdary oneyed ana business corpora
uons controlled by life companies which OCCASION
those companies and for the stockholders Tho are are
etr The sero m tbaf bf fe large balances were
carried for the purpose enabling the society TO
ties at low price IS not sustained from the fact
that large balances were carried dng s ben bne na
chased at a much lower level or the money loaned
fe 5 m9sh nate5 higher Tat thai # ge a es
commend t fse to the PsQPe TO tht the bus
of the insurance companies be conaIlcIea Of Of
strictly business lines and that extra7 a+nse "a
mana cement and large salaries should De fFeuuOeu
within proper limits.
THE SOCIETY 'sscoNTRoL.
During the progress of this tnvestlgatlon "a q
change in the stock control OF the. soclely nd
been made and three trustees have been etIGw 3ig
cred under deed of trust to paTtlaily mQsu1Ze tT
the society that is IT is pTovloea td Lnaf b N.
pocyhoders and tweuty-four by the stockhoio.9[s; 9
with the promise that there would be reaQ1tSn t6n
managers would institute other reforms in the
management of the society which + wouid 3eefio9
but what this is the honest intention of those VINO
have acquired the control or tne StocA +Lis will
society. | do not think. however, that TINS VIII WI
go Iar 6ars or ad in r,roctiring rev business
en- IN ni ,n1 " onion the only thing that
nanv viii bA the elimination Of sock control, and
what deem of equal importance the elirnlIaii!oh
and so expressed myself to the legislature in the
T1aTartrnenT's annual report this year, that al
the surplus accretons Of this society DeEol.d tbe
noiicvbolders The charter provides that the puSi-
Iess Of The society should be conducted on the
mutual plan provides &hat each poLlcYeoltoea t
shall be credited with an equitable share OF the
surplus And am confirmed IN my oPlaUa PJn ~ yoaSa
early in the existence of this society TO the lls1I
ance Department verified under oath by the pres
companv and that all its surplus should be divided
in an equitable among the I9HcS
as on Behalf Of the society to the Connlssoner
of Taxes and Assessments of the city OF New ~ nc n
Containing the statement that no surplus ear
belonging TO the stockholders. and that al oae"
accurnuIaticns of the society are held for the DfeiA
1f1 1re assured free from taxation
No superficial measures viii correct the TaT eT53g h
evils this society cancer cannot pe
treating the symptoms compete q, nlu ;5 e. az
with the elimination of the stock TO oe pap Ii a. a.
price only commensurate w3sn rs of relief
This report with copy of the eviaenSe oafS fSa
Attorney General for such action thereon~as ne
may deem proper