Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1905-10-13

methods Tor using the people : money III
stupenious deals and their habit OF
using this money for their private gain
is given III the Journal for the first time
this morning. Sam u. Davis, State
Controller, arrived here from Carson
yesterday. lie is not i'll the least dis
turbei ut the allusirn Of the republican
press regarding the action OF the com
mission, i'll fact further developments
may he expected within "A short tim"
and they will not in the least be favor.
able tn the grating insurance COM
| parics.
There seems to be some mi.appre.
hension i'll the minds Of policy ..olders
OF the New York Life i'll this state"
said Mr.. Davis. -as to the value OF their
policies. They are perfectly good. us
there Is no question Us to the solvenCy
OF the company. The earnings of the
company are al going to the policy
holders. | claim that some OF this
surplus should bc distributed in div
idcns at regular intervals. The policy
holders will get every dollar promised
by the conn any, but | do claim they
should get more.
I" better illustrate, in 1873 the Mutu
al Life OF New York collected over seven
teen millions III premiums aud paid "i
this over eight millions in prcmiums
"a the policy holdcrs-ahont Il per cent.
In 1881 they collected over fifty millions
and paid but little over two millions to
The New York Life III 90 collected
nearly six millions and paid out about
i million and a hall to the policy hoii.
ers-ahuut - per cent. In 1901 they
collected over ~iifty-six millions and paid
but !ittl" over three millions to the
policy hulicrs-ahout 6 per cent.
Tho question Is where do the vast
earnings 90 t.: II is apparent that the
more business they do the less pcrccrt.
Z Of the surplus go to the people Who
are really the source Of all the wealth.
tie Policy holders.
-Out Of at ont siNty-two millions which
some twenty leading companies re-.
rrlTed prior II lssO they whackvI VI
twcut! tive millions with the policy
holders but when i'll 1891 these came
companies aggregated over two hundred
and fifty millions the policy holders 20,
back but twenty one millions which was
eight per Ccut Us against forty per cent
representing The other dividends thry
received That means tina; prior t.
1850 the policy holder WAS getting live
times as great IL percentage on his III.
vestmcnt rs now.
These figures | have taken from the
tables published for years pms, III the
Spectator, the leading Insurance Jour.
nal III the United States. and no III.
surhncc man will dispute them.
"Ihc thre" leading companies III New
York, the Life, Equitable and Mutual
have n surplus al over Il billion dollars
They have every dollar OF thcs,
securities on hand III their Office whrr
the annual examination comes Of tn,
insurance commissioner and the mex
lay they can hypothicatc them nmc
make il stock deal that will break IA,
market or bull 1t Is they determine, and
ont OF The wrecks u other fortunes the
reap staggering profits, They hnndl,
these deals III money not their own but
accomplished from the policy holders,
The policy holders get none Of thcs.
profile. Tho profit On the Nevada bus
mess OF some Of these companies merely
buys "A Persian rug for the president,
Office but "a solid business princip'c i.
being violated when You talk" people.
money Ia speculate with and don't giv,
the original investor his Rharc Of the
profits. They TAX democratic polio,
holders money and with it help elect Il
republican president. IL they reversed
the deal IT would he equally unjust,
They take policy holders money and
with 1t dcprcciutc the values pf rnilruad
stocks held by the saTlc policy holders
and acquire control Of the properties al
at reduced figures.
"Ihcy work the market up and dnwr
and whipsrw the dcGl, sitting out ibp
profits both WAYS. Still they Say tim,
1t is all legitimate because The heirs
Of the policy holder gets the face al his
policy when lr dies"
ID you wish to MAX" any reply re-.
cent prcss cutirisms?" wag uskcd.
az good deal OF criticism has cmap
nicd fron p%artiznn newspapers but
that 's to bc expected. Some ~ these
criticisrus are the result " an Ignorance
1T lie rcal ~tituation md u limited
knowiCdgc 81 the insurance. question.
Neither my9oIf nor nny mcnbcr OF the
board nr" hothcring about them exrcp,
I" go right ahead and do the best W.,
eau with the limited mems at orr dis.
uosal. tn" Inst legislature gave us mo-
appropriation Tor the pros, cI,iou OF
cnacs or collecting revenue
"Whcu wc hal an appropriation we
were denounced every timr we used IT
u when we have none We are Llamnd