The news-democrat. (Providence, R.I.) 1906-1909, 1907-06-18
KINGSLEY NOW
HEAD OF THE
n. !. LIFE co.

New York June 1S.-Darwin p. Kings
ley, first vice president OF the New York
Life Insurance company. yesterday was
elected president OF the company TO sue
ceed Alexander f. Orr. Mr.. orr became
the head OF the New York Life soon after
the finish OF the legislative insurance in
vestigation to I'LL the breacr for the time
being, and with the understanding that a
practical Insurance man be named as his
successor at the earliest possible oppor-
tunity.
The meeting to choose his successor
was postponed several times owing 10 de-
lay In completing the count of votes cast
In the annual election Of directors OF the
company last November The count was
completed last Saturday and the certii-
cate OF election was issued 10 the so-call-
ed administration ticket by the superin-
tendent OF insurance that day.
Expressing his thanks to the trustees
for the trust they had shown in electing
him as the executive head of the corpora
tion. Mr.. Kingsley said:
The law must be observed In spirit as
well as I'm letter. Life insurance has
ious development. The laws Of this state
have In effect declared that the activities
OF this and other companies must dim
inish. Whether that as theory OF
statesmanship Is sound or unsound is a
question which time will settle The state
has so decreed, and we accept the decree
in good faith. But i believe that such
restrictive legislation applied 10 life In
surance is economically unsound.
Among the problems that face this
board in its conduct OF the company's
affairs. i see nothing more menacing just
now than the tendency TO pass unreason-
able legislation with regard TO life insur-
ance In the various states OF the Union.
These bills largely relate TO taxation and
involve constantly increasing drain
upon the premiums paid by the policy
hOldarG
heavy and unjust burden upon the
thrifty. but. as the tax varies In different
states. the injustice is not evenly dis
tributed
Another kind Of legislation which is
even more drastic in It's purpose Is that
which would force the finance committee
TO purchase certain specified securities
some designated official OF the state.
Back OF this Is the purpose 10 tax this
property locally when IL is so deposited.
We are now confronted with laws In
Texas so Objectionable that at the meet
ing OF this board In the month OF May
authority was given to~the officers OF the
company. in their discretion. not 10 ask
1908. and to cease doing new business
there whenever in their judgment the sit
uation demands II. | believe the action
taken by the board is absolutely sound
and entirely warranted"
other officers elected were: Vice-presi-
dents, Thomas A. Buckner. Rufus w.
Weeks. william r. Ingersoll and Edward
r. Perkins; treasurer, Edmund ID. Ran,
dolph: secretaries. John G. Mccall and
Seymour NJ. Ballard.
Mr.. Kingsley. the new president: was
born In Vermont 50 years ago. When
young man he went TO Colorado. where
i'm 1856 he became auditor OF the state
and as such ex-officio superintendent OF
insurance. In 1899 he entered the New
York Life Insurance company as inspec-
tor OF agencies for New England, and
three years later was transferred TO the
home office and made superintendent OF
agencies. From that point he worked
steadily upward through the grades until
by his election yesterday he became ex-
ecutive head OF the company.