The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1905-08-10
Tho Equitable Disgrace

II must have given the poliryhoiders Of
that to-tAlied mutual Insurance company
the Equitable Life Of New York, funny
feeling 10 discover ~ that prominent hn-
sneiers we're direetorslslthoush owning not
a dollars worth " stock 2 that these
nnAncleTs were solllng their own stocks and
bonds 10 the company At a nice profit; %
tha, salaries and expenses we're Increasing
yearly out Of all proportion TO the Increase
10 business; "a that pensions OF $1,000 to
$4,000 were not uncommon; 81 that high
officials were putting relatives and friends
on the pay roll At fancy salaries for doing
their own private work entirely outside OF
the domain Of the company 49, that these
sme officials were organizing banks and
trust companies where the Equtsble's re
serves and surplus we're placed at az per
cent interest rate % that the assets OF
the company we're pledged TO underwrite
the securities OF some Of the most despica-
bic promotion swindles that have ever dis
graced that snte.room to He'll Wall Street,
on which the proht WAS poeketed by the
Aforesaid fnsneiers, but all losses charged
10 the company; % that Chsncev Depew
received yearly stipend OF $4,000 In adj
dillon 10 bis perqulsltes AZ a dummy drec.
tor, simply TO keep the Republican leaisls-
ture at Albany from passing laws to inves'
tigats and stop the rascalities 90 that
high officials charged their personal private
expenscs--,ravel, hotel, bArquets-to the
Insurance company 40 that salaries OF
e25 900 apiece we're paid to dead men and
men who had been out OF the compAny's
employ for years, III that recently. the
bonds Of one Japanese loan were sold at
ioss OF ABOUT s2b,vy simply W krt iulur
toI buy bonds ofA later japanese loan only
that few directors might make over $780,
600 by the transaction ill) that the S31,-
10000 supposed to be on deposit In its
own banks and trusts companies could not
BE- touched because directors bad drawn 1t
oil out on questionable collateral, and al
though the oAns were past due, they were
not called for fear the borrowers might
lose money II forced to wind up the pools
In the stock market thus seen 10 be sup
ported by Equitable funds <l3) that col
lateral the banks would no, touch was good
at the Equitable counters provided there
Was a good bonus for the directors; "a
that one fund OF $50, 900 900 has been lost,
strsyed or stolen and has escaped capture
thus far; (l5) that 10 out OF so directors
were illegal aud 'dummiesh Ia every sense
OF the word that but the roll Of rssesllty
10 already too long. All these acts we're
criminal and their authors are criminals. |
All these men should be now pounding
stone on the rock pile at Sing Sing, But
will they Not = man. Their political
relations will save them Their financial !
accessories will nock to their support. And
they will again use the money Of the poor
policyholdor TO hire smart lawyers 10 keep
them from the prisons whose hungry
mouths are yawning to receive them.
Blu, do not despair, you man OF modest
means, who has worked hard early and
late, and by homes. methods, acceptable
In the sigh, Of God, has wrought place In
the world for himself and his family. The
wicked shall not always flourish like the
bay tree nor wax fat Ia bis own corruption.
There 10 One 10 the high heavens who ye,
will come into His own 10 the sense that
RICH, shall triumph at the last, Ju,,Ice re-
sumo her throne, snd the common people,
Of whom the Creator made so many because
be loved them so, will again po.sen their
Of life, liberty, equality ana hap
pIneu,
Just be patient