Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-06-23

DIG New L OIh IOIIiItiiiiN' Noi's'''''~
salary list there is going to be deiicil'
for their business has received plach
eve The reorganization of the Eauit-
able may put an end to this shamelui
and dishonorable conduct. The COM
pany, however, ought to be compelled
TO restore the sS0.0000O0 surplus to the
policyholders. 1t belongs to them, eV-
cry dollar of it.
Now the Indictment of the Equitable
is true. every word of 1T. Is the New
York Life or the Mutual Life any bet
ter? In my judgment not one whit.
Being mutual companies they cannot,
of course, pay dividends on stock nor
accumulate an SS0.000,000 surplus for
stockholders, but they can do all the
other things that the Equitable has
been doing. and Lawson says they are
doing It, and he proves 1T. 1t is my
belief that the same outrageous and
scandalous salary list prevails in those
companies, that has been made public,
and picking UP Golfers of May 10, as
l write, l find that the New York Life
admits a 100000 president, Mccall
used to be an actuary worth $5,Vuo.
How did he get to be worth 100000?
Destroy these companies. put the Of
ficers out of business and not a moth
er's son of them could get $4,000
job in any city in the United States.
AS to other things the directors in
one are the directors In another, and
Standard Oil dominates the whole. All
these millions gravitate around that
gambling hell known as the National
City Bank, the Standard Oil bank, and
the Harrimans and the Goulds and the
Vanderbilts and the Cassats and the
Hills are among the directors. These
men use the funds of these societies
for wrecking purposes, and many mill
lions of these trust funds are in the
securities Of roads owned by the d.
rectors of the companies.
Again, there is the underwriting
scheme, a system of thimble rigging
that has brought in millions, to the
directors, but nothing to the societies.
How is 1t done? I Will tell you.
Hartman wants to gain control OF
railroad. He gives his co-conspirators
the cue: they all jump on this unfor-
tunate road False stories are printed
about its earnings and interest default
is predicted They raid the market,
the stock goes down, the ministers and
school teachers and small investors
who own stock become alarmed and
offer their stock. This carries the
stock still lower. When Hartman has
1t all bought If he finds it will take say
$135, 900, 900 to settle. He goes to Nc
Curdy and Mccall and Alexander
They call in twelve more and form a
= x,,t& 1,te oh,
company then takes $50000000 of
funds kept idle for this very purpose
and pay 1t into the City National. Then
these fifteen rascals borrow this
money, give Hartman his $135,000,000
and divide the other $15.000,O00 as
commission. This is $1.000000 apiece
and they haven't furnished a dollar.
Then Hartman bonds the road for
30O.0OO,OOO. gives the three companies
$50, 100000 in payment of the syndi-
Gates loan. and divides the other $780,
100000 among the conspirators.
And yet people wonder how so many
millionaires are made in New York
City. You are the fools who are ma
king them. The people have learned d
good deal in the last six months.
thanks to Mr.. Lawson, to the daily
press and the periodicals; thanks to
Mr.. Publicity.
a man may defy public opinion for
opinion will get him. No man lives
it. A dead Rockefeller is no richer
than / am. and, In his declining years
the wicked man wants his fellow men
to think well of him. Carnegie defied
and lost 1t when he robbed the owners
of the fourteen steel plants in the
United States Of their property. He
is lavishly trying to regain it. The
people take his gifts and hate him.
Rockefeller defied it, and lately made
100000 bid for it. Then he learned
in what estimate the world held him.
Today he is a disappointed, sour, un-
happy old man who would give all he
has in the world to reinstate himself
in public opinion. H. H. Rogers, prince
of all confidence men thought he was
fooling everybody until Lawson held
him up to the public scorn. He
laughed, then sneered, then called
names and then flew into a furious
rage and undertook to defend himself.
Today he stands counterfeit, univer-
sally distrusted and despised.
The Equitable squirmed, lied and
evaded and concealed until the honest
men all withdrew from the board, but
publicity was merciless and at last it
all came out. Mr.. F'rick didn't like the
company he was in, he didn't like their
practices. Frick is an able man,
harsh master but he is not a thief
He especially denounced the form OF
gambling carried on by these three
companies known as the deferred di-
vidend policy" That old button hole
bouquet that represents New York in
the senate said the directors could not
endorse this because ninety per cent
of their business is being written on
this plan. Chauncey didn't resign, he
never resigns anything. Frick was
right, the directors were right, every
body was right and there was great
harmony prevailing.
Publicity made a Col. Lumpkin out
Of Mayor Weaver of Philadelphia. He
got tired of graft and thought he
would see how it felt to be honest but
the newspapers did it.
The whole life insurance business
needs pruning. The legislatures of
the different states have plenty to do
if they want to protect the public.
great part of the business is conducted
along villainous lines. When the tom
tine swindle first appeared l expressed
the hope that the Northwestern Mu-
tual Life of Wisconsin would let it
alone, but they didn't. 1t was Matched
in Wall street and / think the first