Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1906-04-23

The former cashier of the company,
who had been dismissed because of
his persistent attacks upon Mr.. Beers,
had preferred a formidable list of
charges against him. These accusa-
lions were carefully tested by the
superintendent of insurance, who dis
missed the suggestions rejecting up
on Mr.. Beers personal integrity.
The truth was that Mr.. Beers, like
other life insurance men, had fallen
victim to the craze for colossal
assets. He bent all things to his de-
sire for large figures, staggering to-
tails. 1t was no longer a question as
to which company should be regarded
as the best but, rather, which should
appear to be the biggest, measured
in terms of millions of assets and sur
plus. In this mad struggle for SUI
premacy, agents capable of swelling
the tide of success we're eoddIed and
favored and the ordinary rules of
business abandoned for loose sys-
tenn that had resulted in serious de-
| falcation, which, however, was made
up by the partner of the guilty agent.
The superintendent of insurance in
his report severely criticized the
Beers administration, but left his
personal integrity untouched, con-
Guiding his arraignment in these
swelling phrases:
Managing trustees and officers
may come and go and careless admin
istration may exist for a time, and
decrease in some degree the profits
and assets that belong to the policy
holders, yet the system of life insur-
ance as adopted and maintained by
the large companies of our state con-
tinues to exist as a safe and beneficial
system for those who invest therein,
and, being substantially under the
control of the investors, no great
evils or mismanagementc can continue
long without exposure and remedy by
those directly interested in the prac-
teal administration of the institu-
ton
When the report was made, Mr..
Beers consulted his trustees, his fell
low officers and his lawyers. They
urged him to stand his ground.
Nothing had been proved but errors
in judgment and care1essness in man
agement. All that could be remedied.
The company was solvent and pros
porous. The policy holders had con-
fidence in him.
The Times demanded Mr.. Beers
resignation. Mr.. Beers declined to
resign. The Times continued it's war
against his administration. - Mr..
Beers still declined to retire, al
though falling off in the new busi-
ness of the company made him I'M Z
easy, for by this time many other
newspapers had joined in the move
ment led by the Times. It was known
that Mr.. Hyde and Mr.. MeCurdy were
secretly doing all in their power to
fan the fire. John A. Mccall vigor-
ously supported Mr.. Hyde in
Strengthening the agitation against
Mr.. Beers. A few weeks were to re-
veal Mr.. MeCalrs interest in the mat
ter. s. ls. IN 5s$s
So desperately was the movement
against Mr.. Beers urged that one day
Joseph III. Choate, Frederick Il. Cou-
dert and William 3. Hornblower, act
ing as an advisatory council, asked
Mr.. Beers to resign and allow viii
liam G. Whitney to become president
of the New York Life company for a
year. This would put an end to the
damaging agitation against the COM
pany. and at the end Of the year Mr..
whitney would retire and allow Mr..
scontInued on page "a