The independent. [volume] (Lincoln, Neb.) 1902-1907, 1905-09-21
LIFE INSURANCE REVELATIONS

The startling revelations made by variOl
witnesses at the New York investigation of IL
'ig life insurance companies furnish much foe
or sober reflection. They show that the CHI
'ficials of these companies have low mor
tandard in business affairs and expend the funt
ntrusted to them by policy-hoIders for privat
raft ard public corruption:
Evidently 1t made no difference whether
the democrats stood for sound money or not.
Judge Parker's election on a sound money
platform or declaration was feared, as well
as Bryans election on a silver platform.
Democrats are not safe men to be charged
with the national administration apparently,
In the view of the New York Life company,
whether they be gold democrats or radical
democrats. This is likely to raise the ques-
ton in democratic minds whether they are
proper men to be insured in that company.
AS corporation officials charged with the col
lection and care of funds belonging to men
OF various political beliefs, they properly had
no political relations whatever, and no more
right to divert money from the trust fund to
any party than to give it away to their
friends or to themselves; and If the officials
responsible for this outrageous breach Of
trust are not compelled to make good to the
company every dollar SO taken with interest,
It will prove that justice and the law of
trusts May be successfully Knocked. Nor is
1t clear that punishment can properly stop
at this point-Springfeld Republican.
The further Mr.. Hughes delves into life
insurance corruption the more there appears
The falsity of the public statements is con-
fessed. secret card index contained items
hidden from the ledgers. Bonds were entered
by the New York Life as costing 80 when
their real cost was first entered as 81 who
a oh init
suspended accounts, dOctOred books, false en-
tries and the like belong rather to bucketshop
nnance than to the conservative care of the
savings OF policy-holders Let Mr. Hughes
deeper press his probe He cannot insert II
too sternly. Any suppression of facts or
CLOSING over of bad conditions would be only
repetition OF what the state insurance de-
partment has done. 1t is no wonder the pol
icy-holders' dividends fell short of nromise
and expectation when millions of dollars of
assets which they owned were hidden
enough has already come to light to prove
tnat the sworn statements to the state and
the regular books failed to give the policy.
holders their due.-New York World.
The remedy is near at hand and easily
applied. Ii the New York legislature will
extend to the life insurance companies some
OF the legislation 1t has applied to the savings
banks 1t will control both the direction and
the character of the investments made on be-
half OF policy-holders. No promoter can
touch the funds of the savings banks, and no
promoter should be permitted to touch the
FUNDS OF the life insurance companies There
are no 100000 salaries in the savings banks.
because there are no 100000 opportunities.
Inc legislature can easily specify the charac-
ter or the securities in which the officers Of
lie insurance companies may invest, and in
SO doing may absolutely debar spectators
and promoters from the use of trust funds be-
longing to y-holders-Chicago Tribune
When Lawson began his picturesque ex-
posures 1t was regarded as a sufficient re-
ply to call him liar, and let it go at that.
And really what could be said for those ex-
posures, when they were not only lurid in
their picturesqueness but included such truly
good persons, such eminently sane and super
latively safe persons, as the high-salaried man.
ayers of those splendid eeemosynary insti-
tutions, the Mutual Life, the EquitSble Life,
the New York Life and the Rockefeller Nor
gan hierarchy? To paint such men in Law
sonian colors as swindlers and pirates, how
cOu1d III hp 0thnr douo