The Montgomery advertiser., 1905-12-16

. .fl . i, of these companies have undertaken to reorganize themselves. What is the first thing they have done? Do they go out and look for insurance .ex- perts? Not by any means. The first thing they did was to send them all away"
 The Equitable company has been re- organized on a somewhat peculiar bas- is. A very rich gentleni an whom we all have the right suppose to call Q philanthropist--'For he himself has said 1t and 1t Is greatly to his credit (Laughter) has purchased the control of this company and given $2,500,000 for stun that can pay him but $3,5o0 year. He is.too good a business man was no explanation for 1t except phil anthropy. U1aughter.)
 Now. in order to appease the popu- lar mind on the phi1anthropfc enter price, what has he done? Has he gone to the insurance world to find this tal- ent that Is worth $1s0,ooo a year. or s75.0o0 year? By no means. He has gone outside and appointed kind of financial vigilance committee and not one of the vigiiants has ever had any, thing to do with an insurance com pany except that possibly one of them may have borrowed money from it.
 The Honorable Pnul Morton.
 And In order to mako effective this reform; gentleman Is selected who may have been a railroad man--I be- lieve he was--and we have the author ity of the President for 1t that he was an excellent Cabinet officer, too good, In fact to remain. G.aughter). And this gentleman who. in the walks of life, where he had proven his effi- ciency. I do not believe could command oyer s25.000 or s30,e00 a year, gets sS0,000 in calling for which he has no qualification or preparation what over. Now, that Is reform as the in- surance companies themselves concede 1t
 Tn the Mutual we havc the very Board of Trustees who had themselves been active agents of these frauds, been privy to them, choosing a new head, and that selection is generally attributed to the influence of a gentle man who had leaped into a peculiar fame through magazine articles. and which seem tosdescribe him as the tri- umphant. and successful hero of a hun dred larcenies.
 Tn the New York Life, the third, we find tho vice-President after avowal of crime, after swearing on his own oath that he had purchased bonds one day and sold them the next day to the same company at an advance of 2 per cent, driven out by the indignation of the community. finds himself followed by the adulation of this Board and complimentary resolutions compii- mentary to his efficiency in plunder- have been spread through the public press as advertisements paid for out of the funds of the policyholders whom he had robbed"
 MT. Cochran paid his respects to Mir. Perkins and Mir. McCurdy, saying they doubtless were surprised at their own modesty.
 Monument to Crime.
 "Rockefeller's fortune is a nlonu- ment to crime" declared Mir. Cochran, and he does not deny it .''
 Mir. Cochran in conclusion declared Congress was bound to take action.
 Mir. Adams (Pa.) called attention to the recent hazing at Annapolis. He expressed the opinion that the Secre- tary of the Navy was too ienient iu dealing with Cadet Meriwether.
 We must stamp this Annapolis Code out" said Mir. Adams. Expulsion Is the only remedy"
 Mfr. Williams, the minority leader, criticised life insurance officers in New York, declaring that if they had not stolen they had abused their trust, es- pccialiy when they gave large cam paign contributions where the money was not their own.
 Mir. Burke CPa.) interrupted to ask if the courts of the State of New York were not under the control of the po- litical party to which Mir. Williams be- longed This was resented by MT. Will Hams who said 1t was degrad- ing the discussion of a broad question to a partisan fling. He might make return in kind If he wished. He con cluded:
 'Ts the gentleman not from Pennsyl- vania." he asked. Daughter "Is he not also from the city of Philadelphia? The condition of which has recently so far surpassed the doings of Boss Tweed or anything else that wore the uniform of or wore the name of the Democracy of New York city. Some of the char acters are rush lights of corruption to the sunlight of the rank rottenness of Philadelphia.
 The House then adjourned.