The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-12-04

to %canvasscrs last year a very substar-
tial 3portionsof thc8 first premiums rec
ccivcd an new policies. The first year
premiums received +, BY the Mutual last
year amounted to $4,000. 90. 81, 10000 Of
Which was paid In com missions. The
Equitable received 50 00O, 600 III first year.
premiums and paid three and one:half
millions in commission The New FORK
I.ifo received sl4, 0C1,cOO In first year pre-
mlums and paid out more than 81 go
In commissions Jul
The Era man then proceeds II show
tho connection between these companies;
and Wall Street. He recalls the famous
Northern Securities Company; whchwn
organized November !, 1901, to acquire
and hold the majority OF the stocks OF
the Northern Pacific Railway Company
and tho Great Northern Railway Com
Spany, which had once been competing
lines. The capital stock authorized WIS
100000, 600 There were fifteen directors
of these: James J :. ELL was a trustee OF
tho Equitable; George II. Baker, OF tho
Mutual George w. Perkins OF the Sew
York Life; e. II. Hartman was ut
rector In the Equita bic and James StIll,'
man and John s. Kennedy were trustees
of the New y ork,s Life. and jacob II.
Schiff was a dlrectort!n the quitnble. The
Northern Securities Company was II com.
bllaton not only Of tho Great Northern
and Northern Pacific Railroad, but In
icludcd also the Chicago. Burlington ana
Quincy road. The comptrollers OF the
Great Northern and Northern Pacific got
hold of stlle Great Northern In this way
The company had Il capital stock OF $11O,-
!b77, ZOO; OF per cent Of the Burlington stock
vent into tho hands of8thet Great NORTH
crn and Northern Pacific. On the board
of directors of the Burlington were men
who became directors of.thc Northern Sc.
curittes Company, and who We're dircr-
tors and trustees In the three big life
insurance companies. It Is thus shown
that tho men who carried through his
great scheme were largely tho managers
of these three life Insurance companies
and the life Insurance companies put up
a good part OF the money. according 10
tho Era man. 10 buy the Burng ton
stock was q necessary step III the plan
contemplated. q monopoly Of tho railroad
Interests Of the Northwest, and Ia raise
the necessary money tho Northern Pacific
and the Great Northern issued S2l5 1885,
600 In bonds secured by tho entire stock
of the Burlington road.
Tt had been already stated In tho Ern
that the Zig TIRES carried 4 reserve
fund nggresatlng nearly n. billion dollars
and that having The ready cash III hand
they bought nearly s3O,O00O00 worth OF
the bonds OF his railroad combine md 50
contributed To tile scheme. It Is not
charged, however. that HE bonds were
not perfectly good Investment.
n Mr., I3enrdsloy then proceeds to charge
That the Big Three furnish large part
OF; tho money whlol, Is used for specula-
ting III stocks III Wall Street supplying
what is known as 'call lonns." TO says
that at tho close of business on juno 30.
1904, tho trust Company IN Now York 4
carrying tho largest amount Of money
loaned on collateral. was the Mercantile
Trust Company, Tho alllollnt II was Saaa.-
POS, ACB, furnished Iii the Wall Street game,
The Equitable Trust Company had on !
loan on collateral at that time $20,593 00O; !
tho United States Mortgage and Trunt /,
Company Aa.a01.4lo, and the Guaranty
Trust Company D,230, 9sl, no four cons |;
pnn!es furnishing al aggregate OF. 81 CO..
then calls attention to the fact that the
stock or $4,000 81 ,g6s, 600 OF which is i
held by the Equitable Iifa Assurance
Society, and that the men who controlled |
the Equitable control 4 tho +, Mercantile
Trust. ia IS s88l
Thescapltal stuck OF the Equitable
Trust Company As ss,O0O.0oO, nearly one
half OF which Is owned by the. Eqult ablofI
life, The office Of the Equitable Trust
Company Is In, tho Equitable nlfe hulld-l
Ing and he directors Of the Trust Com q
jpany ara directors Of the Equitable ldfa II
Assurance sooIet,. Il. \, III, III
The United States Aortgsge and Trust