The labor world. [volume] (Duluth, Minn.) 1896-current, 1905-02-11

ship; shows conclusively the linking
together of the three insurance compa-
MES. For instance, the Equitable owns
more than a majority of the stock Of
the Mercantile Trust Co. of New York,
of book value of about 4,500, 900 and
a market value of almost $4,000, 900;
and OF the Equitable Trust of New
York, of book value of $5,500.000 and
market value Of $9,ooo,o 900, and Of the
Bank of Commerce Of New York, of
book value Of about $4,000, 900 and
market value of over $4,000, 900; and in
the directory of the Mercantile Trust
Of New York and Equitable Trust is
E. H. Hartman, one of the leading
standard OH men and one of the
active votaries of the System while
In the directory of the Bank of Com
merce are the president of the Mutual
Life and seven other trustees Of the
Mutual Life and three trustees of the
New York Life.
The Mutual Life owns stock of the
Bank of Commerce of o book value of
$4,5OO,OOO and a market value Of ST.
100000; of the United States Mortgage
& Trust Co. of a book value Of $780,
OOO and a market value Of $500, 900;
and of the Guaranty Trust Co. of New
York of book value Of $1,25o,oo0 and
a market value of 5000, 900. The direc-
tors OF the United States Mortgage &
trust Co. consist of eight trustees of
the Mutual Life. including its presi-
dent, and two trustees Of the Equita-
Die Life, while in the Guaranty Trust
directory is the president Of the Mutu-
al Life, Henry H. Rogers, and E. H.
Hartman, STANDARD Or votary and
director in the Equitable.
In addition to these financial insti-
tutlons, the Mutual Life has about $780,
100000 of it's funds invested in the stock
of twenty-five other trust companies
and national banks, while the Equita-
BILE has about 100000 invested in
some fifteen other trust and banking
institutions
John A. Mccall, the People. Proxy.
Th1rd, the absolute control of the
three great companies, and through
them of their subsidiary financial in
situations, while supposed to be in the
hands of the policy holders, is entirely
beyond their regulation. as all policy
holders of the three companies give
over complete control of their compa-
MES to the System through the fol-
lowing machinery: All policy holders
of the New York Life, on accepting a
policy, sign away their rights in the
form of a proxy which runs to the
president. John A. Mccall. All those
in the Mutual Life do the same through
a proxy which runs to President Nc
Curdy, and the Equitable LIES control
lies in the 100000 of capital stock
which is almost entirely owned by the
men who elect themselves to control
and manage the company.
Therefore, you will see that I fully
comprehend that this, which you claim
to be, and which undoubtedly is, the
greatest power on earth, is absolutely,
Tor all practical purposes, IN THE
HANDS OF THREE MEN, and that
any one who attempts to do anything
contrary to what this power will allow
will find himself opposed by PRACTICAL
~ unlimited money, which can be used
first to corrupt all sources, including
state insurance law enforcers, and then
to keen such corruptions from the pol
icy holders by subsidizing the press"
The same financial kings are asso-
ciated in the leading industrials, as
railways, iron and steel. copper, coal,
sugar. oil, tobacco, etc.. and the major
portion Of their enormous incomes is
constantly reinvested: and the people
are driven as producers and consumers
to pay them still more profits, their
fortunes are hourly piling higher, and
In the same proportion the people are
being enslaved. Nothing but a revolu-
ton at the ballot-box will destroy the
oligarchy of wealth that is sapping the
spirit of liberty. The issue is: Shall
the trusts own the nation or shall the
nation own the trusts?