The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-10-27
INSURANCE COMPANIES WEALTH
Three of Them Represent Greater Cap
stall Than the New York Banks.

New York Special philadelphia Press.
L y. Harper came 10 New York 10 take
hold OF comparatively small company
~ a time when 81 was supposed that the
life insurance business was not only al
most wholly controlled by some half
dozen companies. but when Il was be-
uevad that the methods which had been
tested by long experience were sufficient
and that no new ones could gain public
support Already some Of these compau MES
were controlling enormous capital one
or two ~ them had such power OF capital
ana money influence as no bank In the
city possessed. yet Mr.. Harper made his
way not by antagouizlnE the others. hat
by discovering new fields,
His death has caused many suggestions
% he made today as 30 the growth Of the
business which he IN part represented.
Mr.. Choate. in his speech before the SUI
prene court iu the income tax case, showed
how one company. practically exempt from
the tax. nevertheless controlled larger
wealth than any other single corporation
or association in this country. And that
comment Of Mir Choate. thrown in almost
as chance remark, has really caused
more comment than anything which he
said Fer with the success which follow
"a ilis argument comment upon g. except
Ing in general way. has ceased, whereas
every Hay reference Is made 20 his demon
Stratfou OF The enormous capital power
of a single insurance company
one nnancier speaking today 81 Mr..
Choete's comment CMr. Harper's death
suggesting the rrferencc) said that with
IN twc-2ty-ave wears ~ the greater insur-
unre companies ~ New York city go on
ncrumulatiuE capital as they have been
doing IN tire uast twenty-five they viii
be combined. the greatest money power in
the world. and may have such influence
on the concentration of capi Al as not even
the Bank % England or the Fast India
Company ever possessed.
Three 81 them now represent larger CAPT
tai greater wealth. than do the associated
banks composing che New York clearing
house Last fall when Nj Carlisle was
anxious 20 float another loan afie~ u
was doubtf1i whether the New 3rk
bankers would Doe disposed - assts- him
the suggestion vas made 70 him Chat he
probably could enter into s1CcCsstul Ne
rafiations v-fth one or TWO n these iusur-
er-e companies ~ was unpleasant enough
for Mir Carlisle - ne compelled 20 float
his Joan through New York bankers. pub
Die and private hut De drew the line at
negotiating Win insurance conpa 9ics-
a. the present rate Of progress in the
accumulation of wealth i Is fatr osti-
mate fhat AaIf-do1en leading Insurance
r0rntanias ~ New York WI within she
next fwcutv-fVc years control as much
as g. 00B0. atl or capital That presents
"a rrettv scriouS problem al Dough Is must
be said thst in tle accumulation 81 thstr
wealth ths Insurance companies have thas
Ear shown if5la desire te iufcrftTr with
legislation. excepting to prote-g themselves
from those ~ ld wete Disposed to use tae
iralslatltra as a means fcr htackui8tl
the Indications ~ fhh enormous wealth
whIch these asS'cs4f. oH~ possess are rof
very ma~y. New aad 'hte taere ccnes
some startling revelation. On" c'-nuanv