The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1905-12-22
SCATH|NG Philippe
AGAINST INSURANCE
Fred Lands, Indiana Represent.
alive, Advocates Bill in
House.
STATEMENTS VEHEMENT.
Lays Grave Charges at Feet Of Bio In
surance companies-Says Funds
Are Perverted-Youns Man
Makes q Hit.

Washington, Dec. 21.-Insurance
hazing. the suffering Russian Jews and
immigration were all topics of discus
sion in the house yesterday under the
general leave OF talk. The only bust
ness lone was to send the canal appro-
priation bill: to conference.
Frederick Lands, of Indiana. made
his maiden speech, taking his insurance.
bill as a. text. and applying it as a rem
edy for all Insurance evils. These evils,
he touched upon in a manner which
elected the attention and applause of
his hearers and prompted a reception
on the floor when ne concluded.
Mr.. Ames, of Massachusetts, followed
with practically the same remedy.
Mr.. Underwood, of Alabama, took the.
1loor against continuance of imlnigra-;.
ton from southern Europe.
. In endeavOring to make q ten-minute
speech against hazing Mr.. Sims, of
Tennessee. provoked a general discuss
sion, in which every questioner was
anxious to find a remedy.
Insurance on the Rack.
Mr.. Lands said there were in thiA
country 10, 600, 900 policyholders, 20, OOO, 900
terested in insurance. The amount Of.
insurance now in force. he said, was:
twelve billions of dollars.
Subject these corporations to ma,
tional supervision he said. "and the;
eagle will keep the vulture from pluck
ing the bodies OF the dead
Mr.. Lands bill creates a division OF
insurance in the department of COM
lnerce and labor and provides for a SUI
perintendent of insurance. 1t requires.
annual reports from all life insurance
companies doing business in the terri
tory described.
This would" he said, prevent any
scandalous perversion of funds. This
would prevent, for instance, any life,
insurance corporation from holding
800, 00C, 900 worth of securities marketed
by j. P. Morgan & Co. This would sup
plant speculation with investment. This
would disclose how far these companies
had departed from the original pur-
pose of insurance and wandered off into
u maze Of more than 200 forms of poll
cies, puZzling the min and absolutely
defrauding the people.
Conditions Are Astounding.
This will direct attention to ar.
amazing field of fraud. 1t will tell the
story of conditions misrepresented, of
stinulations not understood, of obi
cations too heavy to be borne, of dis
honest of earnings. It will
warn the people against the most stu
pendous trickery Of our times. namely,
The investment feature of life nsur-
ance,
III oIlN VI lllC i SIcdI I'VE COIl-
panies last year only 5000 policies came
to d natural end, 1000 policies We're
surrendered and $1,000 lapsed.
h will disclose whether the cold
blooded robbery of the past is being re-
peated.
Awful Drop in Dividends.
Let us hope that it will explain to
The inquiring %policyholder why his divi-
lend fell from $149 in 1876 to 81 in 1904,
and why the dividends of his friends
san from $55 in 1876 to So in 1904. Let
us also hope that such a provision
would make it impossible for Il great
corporation. whose profits in 1904 were
I million dollars greater than in 1909.
to pay 5000, 600 less in dividends THAI in
1907"
Some Evils He Would Cure.
Touching on some of the reported
transactions Of insurance companies he
;aid that his bill would take them out
"f the saloon business, the hotel bust
,ess and the trust business. 1t would
t%estrict them to the insurance business.
This would dissolve the STANDING pai,
which Perkins has had with himself for
so many years. 1t would also prevent
Mr.. Cromwell, the treasurer of one of
these corporations, from continuing to
be a member of sixteen different syndi-
Gates. all of which do business with the
insurance corporation with which he is
identified. This would prevent Mr..
Hartman from borrowing $27, 900 1000 to
cast into Il struggle for the control of
the Northern Pacific railroad.
' This is plumber. Mr.. Chairman. pure
and simple. One thing exceeds the per
fdy of these offenders, and that is their
impudence. All but two or three re-
main in power. There is not one of them
TOO good to wear the stripes of the
unspeakable. as unspeakable as for the,
home wrecker to sit complacently in the
ruin he has wrought and calmly invite
the American father to return thanks
FOR divine favor.
"An international kieptomaniae."
I'VE send Mr.. Hyde to France. not
as an ambassador, thank God. not even
In return for the straw which was
packed around the body of John Paul
Jones. And we might say to our sister.
republic that we will gladly exchange
with her for an equal number Of hon
est dead men, to be selected at her dis
erection a band OF brigands who seer,
resigned, but nave not.
Patient though the people he.
want to take away from the death bed
OF the ~policyholder the ugly faces Of
Hartman. Kuhn. Loeb & Co, the Nc
Curdys, the McCalls, the Perkins and
Pierpont Morgan, the International
~kleptomaniac.
Souls in Pawn; Names for Rent.
Il wish to say word respecting he
universal director in the United States.
the embossed stationery director. the
birds y view director. He is usual-
~ a politician, who knows nothing ex-
cept cunning and is used to decoy the
people who ave lifted him from oh
security. In business these men are
unfversalists-that is, they are directors
In every institution within the zone Of
their notoriety. Their souls are in
pawn, but their names are still for