New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-11
MR.. ORR MAY RETIRE.
Intimates IN Letter to POticyhOtders
That He VIII Resign.

Insurance interests construed paragraph OF
President Orrs letter to the New York Life policy
holders last night indicative Of Mr. Orrs in
sistence that he be permitted to retire from the
presidency and OF the failure of certain members
Of the board Of trustees to dissuade him from his
resolution.
AS told in The Tribune several weeks ago. some
of the trustees have suggested that Mr. Orr retain
the presidency Indefinitely. urging the excellence
of his administration and the aversion to break
in continuity of management the reasons why
he should continue to hold the office Mr.. Orr, how
ever has not viewed the suggestion favorably, and
insurance disposed to regard his letter
yesterday in the nature of swan song.
The paragraph was:
Ny connection with the company. as president has
extended 4te oyer yeah II my wisnes are are
short
Mr.. Orr denies the published reports that the
pocyholders funds were used for administration
electioneering. He says
assured the Insurance Superintendent of this
state that Of the policyholders' money would
be spent with my knowledge consent. Strict
orders We're issued to the com2anys representa-
tves forbidding the use Of the company's money
or the time Of salared employees IN business hours
These orders, believe, were ioyaly observed. ana
TO the best of my knowledge not dollar Of the
policyhoders money was improperly spent.
Mr.. Orr characterizes the allegations that the
company has impeded the canvass of the vote "as
equally untrue" adding that the company is eX-
tremey anxious that the inspectors make their
turn at the earliest possible date"
As to the company's finances. Mr., Orr says that
while there a heavy shrinlage of bonds OF
eXceptionable quality in 1906. the company suffered
little. because its statement placed the bonds at
their book value In spite of this depression. he
says, the assets of the company increased nearly
$50 100000 in 1906 and the gross excess Of assets
legal liabilities is nearly s100GoO00 than
it was at the close of 1896 The investments
more largely in real estate mortgages than they
had been for a number Of years.
The expenses of the New York Life for 1906 were
materially reduced says Mr.. orr. and this was
preparation for the Armstrong laws All eXpendi
lures, he declares. made under the direct
supervision some committee of the board of
trustees. Apropos of the readjustment of the New
York Lies organization to meet the Armstrong
law requirements Mr. orr makes this statement:
But the principal thing to which want invite
attention is that the opportunity afforded by
this agitation and conditions which have grown
out of II has been awaited of by persons having
Interior motives unsettle faith
der the contract which you now hold Let me urge
y1u therefore not to be misled by such pernicods
influences.
It IS understood that the necessity Of obtaining
translators to English the foreign proxies cast
in the Mutual Life election has postponed any an
nouncement IF the returns in this company for sew
eral days.
It was announced that the new North American
Life wrote $4,000 of business on Monday its open
ing day