New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-17
FIGHTING FOR PROXIES.
RiUaI Interests in Ne70-YOrk Life
4nriOuS to Get Control.

The present administration of the New-YorE
Life is sending out requests for proxies to the
policyholders of the company. They have big
force at work going the books of the COM
pany. getting up list OF the policyholders and
sending out for the proxies. All this is being paid
for with the pOlicyholders With the requests
for proxies are sent letters making arguments in
favor OF continuing the present administration in
Office and re-electing the trustees whose terms
pire. The policyholders are asked to fill in the
proxies and send them to President Orr and John
Claiin.
policyholder who received of the letters
has sent it TO the policyholders' committee with
a request for advice The committee will take
steps to counterfeit the work OF the administration,
and it is expected that attempt will be made 10
prevent the use OF the pOliCyholders' money to
continue present administration in power There
six to be elected this year TO succeed
William b. Hornblower. Alexander Z. Orr. John
Clahin, Darwin p Kingsley, Woodbury. Iangdon
and George A Morrison.
The statement OF Andrew Hamilton before the
legislative committee Thursday caused consid-
cradle uneasiness and excitement among the trus-
tees Of the New-York Life Insurance Company
yesterday. They were anxious TO defend them
selves from the charges made by Hamilton and
were unanimous in denying that they had
known Hamilton heard of him until his
was brought out in the testimony taken by the
Armstrong committee But they mostly, exhibited
a retiring disposition with wish to bring their
names before the public.
One of those who willing speak his
own name John Clahin. who succeeded George
w. Perkins as chairman of the finance committee.
He said
In view of the broad publicity given 10 Andrew
effect that the trustees the New-York Life knew
all about the disbursements made by him, make
/ have no acquaintance with Mr.. Hamilton, and
Hamilton was disbursing any amounts Of money,
g Of small Ir ME- %c had eed be Yfs
the legislative committee, expressed to him my
disclosed, and / asked him why he had not
suited some OF his trustees before making the
deTed the matter a f the bi light Of secret
dent Justified him in making any payments which
he thought beneficial 10 the company without
hn Mr. WI" MGa R Ronas Beeed his pay
ments to Hamilton were necessary to protect the
company from serious injury.
Colonel Augustus G. Paine. who was a member
Of the auditing committee about six years ago.
made the following explanation Of the work OF the
committee;
The auditing committee cannot be held response
only four days in the month and sat for only two
hours each time. 1t only the payments that
made and passed upon them. 1t did not see
The committee never went behind the payments
laid before 1t by the controller Had the committee
payment and OF examining each voucher, YER
table army Of clerks would have had to be en-
clerks in the controllers office.
There way whereby the auditing COM
mittee could have known OF the payments Ham
ton of $4,000 by the Paris office. 1t was done
on the cabled order of the late President Mccall
The auditing committee never knew that there
was such a Andrew Hamilton until the
Armstrong committee unearthed him, and l think
this is of many OF the trustees. The auditing
committee had his account. and his nams
appeared on our books far as | myself
personally know.
Referring to the pensioning OF ex-President Beers
to which Hamilton alluded Thursday Colonel
Paine said
The reason that Beers Was given pension was
because he strongly intrenched thronsb
his control or proxies In the company that Re
could not be ousted except with difficulty The
legal department therefore. sanctioned this course
which was adopted.
Colonel Paine added that Hamilton's appearance
before the legislative committee would have no
effect on the Fowler committee but that suit would
be brought against him. proposed
II is believed that Attorney General Maver win
soon institute suits against the trustees of the
New York Life. such as have been brought against
the directors of the Equitable.
The bylaws committee OF the Equitable is MAKING
rapid progress with its work. II is expected that
the report viii he handed in the Al ril meeting
OF the directors and that il will be acted on at the
May meeting, and the vacancies in the board filled
at that time l. is said that 1t 10 the intention OF