New-York tribune., 1907-06-18

Copyright. 1907. by Altman s Coz
rnenacing now he said. than the tendency TO pass
unreasonable legislation with regard 10 life IN
surance in various states IN the Union.
According to the law, the board divided by
lot into two classes. the term OF one 10 expire at
the time Of the next annual meeting, the second
Wednesday of May 1908, and the term of the sec
ond class expire in 1909 The result OF the draw
ing follows:
CLASS. OF 1906. CLASS OF 1909
John z. Andrus John Clahin
Julius Fleischmann. David r. Francis
s,7 Thor2as P Fow;er Fowler; John John 6 MilRgTn Nj burn
Gseaos G2s n Magay GGTs seassas Aus Ct paae ar'o
Henry g Mortimer. Anton A; Raven.
William B. Plunkett Fleming H. Reven.
Elhridge G. Snow. Hiram R. Steele
James n Fcsies EWai5 Fieitman
Messrs. Eckles and FIeitman having died and
Mr.. Seward having resigned while the election
in progress the board yesterday made the fol
lowing nominations to FL the vacancies: A 3.
Hepburn, president Of the Chase National Bank;
Louis f. DommeTch, drygooGs commission rner-
chant, and G. a. HOLSTER, vfce-president Of the
National Bank Of Rochester. They VIII be formally
elected at the July meeting OF the board. Accord
ing to the insurance law they 90 out Of Office at
the annual meeting succeeding their selection and
their successors chosen By the policyhoiiers in
addition 10 directors TO I'll the place OF the di-
rectors whose terms expire regularly
President Kingsley nominated the following com
fnittees OF the board, which elected:
FiaanoeI'hs treasurer and Messrs. CIaaln Iangdon
ENecutyeMessrs Fowler. Andrus AIllliken Fleisch-
AgencNessrs. Paine. Mortimer. IAngdon Morrison.
Loss-Messrs Plunket;, Lowry, Raven, Reveu secre-
IsIy ballard The general counsel. Mr. HubbelI and
Audting-Messrs Mortimer and steele Secretary Bal
ney auditor NJ. IIubbeli " "
yIeessdes ana ii PERKINS @ scefsy Msca SS2hd
To the executive and finance committees two men
each will be added as soon as il becomes apparent
who Of the new members are best qualified to serve
on them. Mr.. Hepburn win unquestionably. Il Is
said. get Of the places the finance committee
After the election Of President Kingsley the fol-
lowing executive officers were reelected: Thomas
- a buctler ana fElfus W Weeks. vice-presidents;
William E. Ingersoll and Edward R. Perkins sec
ond Ylce7presidenrs; Edmund D. Randolph treas
urer, and John c Mccall and Seymour Ballard.
secretaries.
The president reappointed the old heads Of de-
partments and their assistants George " Hub
eral counsel.
After the certificate OF election had been read the
rol was called, and all named IN the certificate re-
sIon"eo, except, OF course. Messrs Eckles, FIeit-
man and Seward and Messrs. Francis snow
Fleischmann and Raven.
In nominating Mr Kingsley President orr eat4
in part:
consiee: II my bounden duty conscentiousy advise
mar VIII, tt 80 - N ne service Of the company
insurance problems. and through and successful
nnagenent Of the dcpa-tents his immediate E
e 6isl2H opTPg ing long peri2t Of years. admirably
~ r m M posillqn Or ci.ei executive OF tHe
trs Of finance Is possessed courage that Is conss
tive ana when needs be rgeously aggressive Of sterling
ancs ~ exir-I7 - - Jse ~ 1he strict ooser-
anc fully qualified 10 amendments when sch s
shIugh practical test and experience be in
The nomination CT Mr Kingsley was sacordod
by Mr.. Clafiin and Mr.. Wagner and he was unani-
mcusly elected.
Mr- Orr also paid a high tribute to the ability
ana Work OF the other officers.
John G. Mccall was elected secretary Of the
board. The president was authorized 10 fssna On
address TO the poIicyholders
In his address TO the trustees yesterday Presi-
oent kingsley told them they were public SER
wants charged at once with the RESPONSIVENESS
uhfob
time must be administered as a trust" After
thanking the board for the honor it had conferred
he said: GU
me duties before US are primarily e1treeIy practli-
3 tas n sheF II, eha.aetsr If they are well they
spirit well letter ana that keen sens ~ ~ ~
nee sna love Of fair play which end always marks
70 remedy & eIo:sses and evils laws them
correct evils oy process OF law
He argued on behalf Of the economy and wisdom,
o. tAe dig insurance company, and added:
"a, s laws Of Il this bis state have IN effect that
OF .lls and other companies must
materially TO the number Of insured under
our contracts Whistler that theory Of statesnan
mp IS sound or pnsound is question which time will
80 n me ne sate Aas SO dgcFeed and we
aSsaton applied 20 life insurance IS economically m
elusively that it peculiar strength ana peran
OF Us sze and that It is now exercising the
nshed plant largo And estao-
After referring TO the extremely gratifying con-
In
ley SAID that within year and half a relatively
larger portion Of the company's assets had been
invested in first liens real estate which line of
investment would continue TO have his support as
an ex-officio member OF the finance committee
Speaking OF life insurance legislation President
Kingsley said:
among the problems that this board in i,s con
eeSt OF the eonpanys affairs nothing more men
helg 1ust now than the tendency pass
IsslsIAuon with regard life insurance In the varss
stateS OF me Union These bills largely relate TO raxa
DvH ana lNolse 4 constantly ,IDon
leein pad by the poicyholders- Most the states
eihNee Wtat may properly be called income
TAX varies IN different tax has savs faan
CONSIDERED Ia the nature a H.
tl-lLoils On which TIE uermte SoiicI,
ilss insurance The result Is verv heavy ana
inJDst burden upon the thrifty. as the tax ,es -
c-,fesent states the Injustice evenly dist+.5
another Kind Of legislation which is even more dras
nc IN i1 purpose is which would force the finance
so'Iilt1ee 10 purchase certain specified securities
ten deposit these securities with designated ogaI
OF me State Back q this IS purpose to t4x tbis
property locally when II Is deposited While this ,yna
OF iessiauon has threatened companies for
years Z has never taken IN anv state ~ tbe
Lhh onLh this year We confronted with Ia as
- isHS 50 objectionable that at the meeting OF
tas 19srs n the month Of May authority was given TO
ts ecers OF The company IN their discretion not 10 ask
i renewal OF our Texas license 1905 ana 10