The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-14
TRUST TENTACLES
ON The BIG THREE
Equitable and Mutual Swallowed,
and N. Y. Life Almost in
Clutches.
SWAY OF 100000
PoLICYHoLDERs' MONEY
Stupendous Combine Would Dom
mate Over Billion Of
Cash Assets.
journal Special Service.

Cash Assets.
Journal Special Service.
New York, Dec. 14.-As confirmation
of the story of a conspiracy to bring
Equitable, Mutual and New York Life,
into the control of Rockefeller-M
gan-Ryan combination, Peabody, a
Standard Oil man, has been elected
president of the Mutual Life, and that
company is now safely within the con-
troll of the combination. Mr.. Peabody's
salary is $4,000 a year, or one-third
Equitable was already in the combina-
ton.
Steps have been taken to bring the
New York Life within the fold by APP
pointment of a committee to clean
house in that company. The first re-
suit of the labors of this committee
Ga r. from 1h1 the Sreaena of 5 sad Mcd
ism from the company.
Ol-Trust Men Rule.
Great care was taken in the house
cleaning committee. 1t numbers five
men. Three Of them are closely tied
up with the Rockefeller and Morgan
interests. These are Thomas P. Fow-
! Ter, president Of the Ontario & West
ern road; Norman B. Ream, director
them controlled by Rockefeller or Nor
gan, and Hiram s. Steele Two other
| members of the committee, Clarence
| 81. Mackey and A. G. Paine, represent
the independent element.
| Tho George W. Perkins, partner Of
J. z. Morgan, has resigned as vice pres
ident and chairman of the finance COM
| mittee Of the New York Life, he re-
4 which James Stillman, president of the
Rockefeller bank, the National City, is
also a member. The composition of the
house leaning committee is generally
regarded as the work Of Mr.. Perkins
and Mr.. Stillman.
1 Gigantic Combination.
f the Rock Ter Morga Ryan COM
bination is successful in its plan to con-
troll the New York Life, it will abso-
/ lutely dominate the finances of the
three richest institutions in the United
1 States and the savings Of 100000.
pollcyholders. : The cash assets of the
three companies aggregate about
/, 81, $50 100000 The yearly income of
the three exceeds $250,O0O, 900 and their
outstanding insurance aggregates
/ $4,000 100000.
! Alexander Orr was elected first vice
president Of the New. York Life to fill
/ the place made vacant by the retire
ment Of Mr.. Perkins. John Clafin
was elected chairman of the finance
committee.
Move Against Mccall.
The trustees Of the New York Life
have made the first hostile movement
az against John 4. Mccall that they have
taken since the exposure Of evils within
! the company was was first made. They
4 adopted reIolutions late yesterday, for
bidding hsn, or any other executive Of
Eficer, to make payments of the Andy
Hamilton kind without the sanction of
the trustees They also directed that
an investigation Of all dealings between
1 Hamilton and the New York Life be
made and appropriate action be taken
! when all the facts have been learned.
Today is the date fixed by John A.
moneys owing to the New York Life
by Andy Hamilton. Until Hamilton
settles Mccall is under pledge to pay
the money out of his own private funds
j before Dec. 81. It is not the purpose
J of the housekeeping committee to force
Mccall out before the end of the year
or before the Hamilton debts have been
settled.
Hartman as Witness.
Edward H. Hartman will reply I'M
), der oath on the witness stand before
the Armstrong investigating committee
to the charge made against him by
Thomas F. Ryan. Mr.. Hartman sent a
messenger to Senator Armstrong last
/, night with request that he be al
! lowed to go on the witness stand. The
request was granted.
Since Mr.. Ryan testified it has been
said that Mr.. Hartman IS original plan,
when he thought he was certain of get
ting control Of the Equitable, was to
make Ex-Governor Odell president or
vice president of the Equitable. Mr..
Odell was abroad at the time Hartman
is said to have conceived this brilliant
! he sent cablegram to Mr.. Odell, urg-
ing him to return to this country
without delay. Mr.. Odell came
: hurrying, but when he landed here the
Equitable had been gobbled up by
Z Thomas F. Ryan and Mr.. Hartman was
!. shut out of all participation in the own
ership of the company.
6 Commissioners Aroused.
Aroused by the spectacle Of the great
E financial interests fighting for control
:. of the Mutual Life Insurance company,
9 the commissioners of the various west
Z ern and southern states have deter.
I mined to make every effort to prevail
! upon policyholders to take an active
| individual interest in the management
!: of their respective companies. A move.
3 ment to bring about a convention OF
9 policyholders, representing insured per.
2 sons in every part of the country, is un
\ der way, and the object of this conven
!, tion will be to place. the control of the
9 mutual companies absolutely In the
q hands Of those whose savings go to
s make up the immense reserve funds.
BILL CLUB WILL FEAST.
Kansas City Dec. 1.-THE members of thu
= .sBiIl'' club will be disappointed this year Il
!. | not being able to entertain number OF promi
& | nent men invited to thei- annual banquet. De
& spite this. the affai- will be held tonight q