The Birmingham age-herald., 1903-08-09

New York. August s.-For some time past policy holders in the three great in- surance companies whose headquarters are in this city have been watching with interest and apprehension the close rela- tionship of these companies to financial institutions. Their united wealth runs into hundreds of millions. They possess not only an enormous holding of bonds and stocks, of bank and trust company secu- rities, but the largest amount of uninvest- ed cash. AS an influence in Wall street none is more potential The time has passed when the Equitable, Mutual and New York life enters the market for bonds and stocks merely as purchaser of secu- rites for the investment of their policy holders money. The old spirit of oonser- vatism is past. The presidents and vice. presidents of old times held aloof from any business save that of insuring lives and standing guard over the invested mill lions of those who saw in the institutions they conducted the protection of the widow and the orphan. Today their names are emblazoned on the directories of trust companies, banks, railroad corporations, industrial corporations and other institu- tions doing business in the speculative maelstrom of Wall street. How heavily in- terested in stocks and bonds they are is shown in their annual reports. Inspection and comparison will reveal the effect of the recent great decline in stock values.
 
 That interesting group of financiers who control the destinies of the Chicago, Rock Island and Pacific railway gave Wall street mild surprise with which to begin the month of August. The flood of undi- gested and indigestible securities had pro- duced havoc In the stock exchange region and thousands were anxious and watchful, wondering what would come next. As the adage is so it happened It was the unex- pected. Messrs. Reid, Leeds & Co.,, who represent "the being, action and passion'' -as we used to say at school--of this great railroad octopus had prepared a Midsummer Nights Dream. Stockholders were asked to ratify an issue of s250, ,O00.0o0 bonds, to mature in January. 1888. at per cent. The New York Herald with some humor. says of the proposition: "In the old school geographies there is a definition of an island as q body of lant1 entirely sur rounded by water. It is an apt definition. The Rock Island road already justifes a portion of it's designating title. There Is, however, an illustration even more apt when the present scheme goes through Dotted here and there throughout the Pa cifiic ocean-plenty of water there-are lit tie islands known as atolls. They are not only surrounded by water-oceans full of it-but contain lagoons in the center. They are little islands as a rule. of coral or rock, and they are in the Pacific. Water within and water without. formed of rock, and pumped down in the Pacific It is really very suggestive comparison. that of the atolls with some modern schemes of high finance. Occasionally a hurricane comes up and the water without joins the water within, and the coral rocks, with their waving palms. are submerged" The question is Will Messrs. Reid, Leeds and the Moore Brothers sit in the shade of the sheltering palms; or will the waters from without join the waters from within?
 
 Senator Platt is at his customary sum mer abode-the Oriental, at Manhattan Beach. No one would believe that the great national leader had just passed his seventieth birthday. He seems as young as he did twenty years ago. Not a day passes without callers coming from all parts of the state and leaders from all quarters of the nation. It is an interesting sight to see the veteran leader surrounded by men important in state and national politics listening to what they have to say. He Is so genial unassuming, and. yet so dignifed and silent Senator Platt has witty quizzical way about him what he says when analysed can be in- terpreted In more ways than one. He Is truly great, strong man.
 
 am glad to know that Boss Murphy has had the good sense to admit men of proven ability in his cabinet. Good coun- sel is never to be despsed and yet some leaders make the mistake to exclude men for trivial reasons. Murphy is determined to be successful. Nothing is more i'm portant than municipal taxation; and no man is regarded as a greater authority than Dr. J. OSullivan on municipal and tax laws and real estate valuations. O'Sul-