Windham County reformer. (Brattleboro, Vt.) 1901-1906, 1906-03-09
AN orns LETTER TO Mr. GIBSON,
A. p. childs Takes Exception 10 Statements
s.. Relative % New York Liie. Hr

n, r. Childh fAheA sAe"Fh"" w "ss''"'"''
Relative 70 New york Liis Hr
Hon. r. W. Gibson, Bratileboro. W.; ID.
Ny Dear SIR Ny atleniion Is called "a
an article, over your signature, In a recent
issue q The Phoenix which seems to require
comn,on, in order TO promote publicity OF oil
the facts, , .-.r d. rt. 81.
YOU will admit tina, I have vastly greater
inleFeSis al stake IN the New York Life In
surance company than yourself hence while
your opinions are entitled To respect such
opinions should always be founded upon a
survey Of all the facts rather than upon a
less broad and candid basis Of criticism.
That the New York Life management In
the past. has been guilty OF mistakes (soms
Of them inexcusable) IL admitted; that eSeou'
tive management under present laws has
h.cn absolute which laws ! trust are soon
TO be revised aud rcmedied, That the trus'
tees OF the New York Life have condoned
or in an,wise contributed TO or excused such
ofrenses, CT participated therein, is untrue
and unf bundled. yolunyary restitution by the
LAT, president, Mccall. " been uladc. oi q ma
tsfIsY portion oi such miapplicd funds, and
compulsory restitution the balance has bcrn
directed hy the same trustees whom yon con.
demn, While the ionug executive oticcrs u
the New York Life have done things they ough,
upon each policy holder OF u few dimes for
each 81 900 policy or policy holder, IL should
stand 10 the crrdi, OF their memory that they
made millions Of dollars for the policy .hold'
ers by wise action and skillful management.
Reform. as you cannot deny, is necessary
In many home matters, as well AS those
abroad. and by way Of illustration will you
please answer why the president Of the Bax'
Ter National bank. who was the former presi'
dent OF the Merchants National bank OF
Rutland, OF his board nt directors, were not
called upon 10 make good the losses sus'
tanned through the pecuations and msdeedS
Of Muzzey and Mcclure In which losses my
own kindred were afflicted share'holdersi q
use this illustration In no reflective or per
sonal sense.l
The New York Life paid its policy hold
ers during 1905 over sac, 100000 and gained
in assets during the year tthe seyerest year
OF its over 90. years Of existenee) more than
$50. 100000 and do you know Of single
claim unpaid by this great company or a
single farthing deducted from any Just claim
By the company
The Armstrong committee, whose desire
TO uncover the truth can not be questioned,
reports the absolute and unquestioned sol
vency OF the New York Life while the com
missioners OF various states, who for months
have been examining every item OF the com
pany's assets and liabilities, report that the
company is not only AZ strong as IL is claim
I'd 10 he but even stronger and more secure.
| quote. from the report of the examiners
in charge To their chiefs, the insurance com
Inissioners, as follows:
1--WE have the honor TO advise you that
the assets exhibited to US and those salts
factorily accounted for more than equal the
assets claimed by the company IN the an
nual statement as OF Dec. 81, 1905; that its
liabilities amply provide for every outstand'
ing guarantee and that it has in addition
thereto surplus over these liabilities oil
about $50, 600, 900; this company has no
money invested at the present time in the
stock OF any corporation; the list Of bonds
owned by the company constitute, in our
opinion, high grade line OF securities and
their presence in the vaults Of the company
was in each case verified. except those in
foreign countries and in all these cases GER
tifcates OF deposit or letters OF receipt were
exhibited From an estimate placed upon
the bond holdings Of this company by an
expert In such securities the market value
was found TO be more than 100000 IN
excess of the book value, the company, how.
ever takes no credit for this in its annual
statement but in the determination of any
surplus this fact should be taken into ae'
count and the figures increased accordingly.
The death claims and matured endowment
claims have been carefully examined and
your examiners take pleasure in calling your
attention TO the very prompt manner IN
which this branch Of the business is handled.
1t Is not an unusual thing for the claimant
to receive a check the same day that the
proofs OF loss are filed. The facts show
la oil thA amuuut
claimed in the last annual statement Of
the company and that they actually amount
TO s435. SEQ, S59.e3 The company has no
stock holdings. q condition. 10 our opinion.
which is highly credtable and ii has more
than $500, 900, 900 Of bonds OF high grade,
the market value Of which at present is
above the book value at which they are car.
RED =
The public accountants Of London and
New York also confirm the conditions set
forth by the examiners and commissioners
of the several states and does Mr.. Gibson
know OF any other financial Institution,
church or state. that from adverse sources
after exhaustive examination. could receive
or merit such unlimited endorsement
Mr. Gibson is also reminded that it is
none other than the trustees OF the New
York Life who have demanded restitution
OF an mlshpplleu iu''"S W P"'iN' 80
have not sought to exonerate themselves from
any lawful responsibility. If some trusted
employe Of Braitleboro banking or other
organization should default would Mr.. Glib
son compel those entirely innocent OF the
oflense to do more than make, II possible,
ample restitution
What action has Mr. Gibson taken to COM
pei the Hon. Thomas Lawson to make resti'
tuition of the vast sums lost through his adj
vice and manipulation in copper and other
securities. ana II the editorial over the sigma
ture Of the editor OF Golfers Weekly, q