The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-04
M CALL IS OUT OF
NEW YORK LIFE
Alexander E. Orr Selected as Presi.
dent of the Great Insurance
Company.
SALARY is CUT TO $4,000
NUMBER OF VICE PRESIDENTS
REDUCED.

New York, Jan 3-JOhn A. Mccall to-
day resigned the presidency of the New
York Life Insurance company, and Alex
ander E. Orr was appointed in his place
at the salary Of $4,000 a year. Mr. Nc
Calls salary was 100000.
The board of trustees also cut down
the number of second vice presidents.
so that hereafter there will be two of
these officers. instead OF three.
Mr.. Mccall, who has for fourteen
years held the office which he resigned
today sent a letter to the trustees, in
which he stated that his errors probably
seemed greater to ham than to his critics,
but that he was comfOrted to think of
the COmpany's unprecedented achieve
ments and to know that no officer or
trustee had. prOfited improperly at the
policy-hOlders' expense.
Orr May Not Remain.
It is uncertain whether Mr.. Orr will
retain the presidency beyond April
next when Mr. McCalFS term would
have expired. The new president is a
retired merchant of this city president OF
the rapid transit commission, former
president of the chamber of commerce
and a director in many financial and
philanthropic institutions. He was born
in Tyrone Ireland, in 1881.
In accepting the presidency Mr.. Orr
said that he hoped John G. Mccall and
Vice President Kingsley would remain in
the company's employ. John G. Mccall
is the son of former President Mccall,
and is. secretary of the New York Life.
McCaII's Letter.
John A. McCaIIs letter of resignation
is. in part as follows:
I'm the period of my service as presi-
dent l have made mistakes. 1t IS easy
to see mistakes after events have fully
developed the situation, but when facing
great problems daily it is not easy TO be
inerrart. Ny errors probably seem
greater to me today than they seem to
any even tOlerably just critics. but not
withstanding that. I am not without
comfort. My consolation comes from
these considerations.
First the unprecedented achieve
ments of the company; second. that no
OFFICER or trustee has prOfited improper
~ during that time to the extent of a
dollar at the expense Of the policy-hold-
ers.
What Was Accomplished.
AT the close of 1903 we have added net
to the company as it stood at the end OF
1891 A volume of outstanding insurance
which in round figures equals Sl4SO.OOO.-
600. This total gathered in fourteen years
apprOXimateS the entire outstanding in
surance of the Mutual Life at the close
of its sixty-secOnd year, and is very
close indeed to the outstanding insurance
OF le Equitable at the close of its forty
sixth year.
THE achievements of a lifetime. if
Judged by ordinary STANDARDS. have been
crowded into that period of fourteen
years.
II believe my retirement will make all
tasks easier. all burdens lighter, all
problems simpler
President Orr said that the fact that
the presidents salary had been reduced
to $50 0C0 did not mean that the salaries
of other Officers Won be reduced in
the same proportion
''The resignation of Mr.. Mccall was
passed unanimously" said Mr.. Orr, be
cause it was his desire that it be so ac-
cepted. I have never attended meeting
o trustees who expressed more genuine
regret a losing the service of such com
mendable president