Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1905-06-03
How Insurance Weaves x
X Into Big Financial Families

the New York meets Mr.. Baker, chair
man Of the Mutual's finance commit
tee, and also Mr.. Hill, who is strong
factor In Equitable finance. A little
further down Wall street Is the pow
erful National City Bank, and there
on directors day, Mr.. Mccall and his
chief advisers meet Mr.. Hartman, Mr.
schin and Mr.. Hill, Of the Equitable
while next to them sits William
Rockefeller, who represents Standard
Oil H. the Mutual.
Sometimes when the financial crowd
goes up town to the Second National,
Mr.. Rockefeller will find himself be.
tween Mr.. Stillman. Of the New York,
and Mr.. Sloane, of the Equitable. In
trust companies there is repeated In.
terlocking, not only in New York. but
recently in other cities. Should the
Industrial Trust Company, of Provi.
dence, have meeting Of all its direct.
ors the same friendly group, Mccall,
Schiff and Stillman, would be there.
Even In Chicago there are chairs in
the First National Bank board room
for Mr.. Baker, OF the Mutumal; Mr..
for Mr.. Baker of the Mutual; Mr..
Hyde, Of the Equitable; and Mr.. Ream,
Of the New York Life.
The railway combinations show not
only the close personal relations Of the
directors, but the actual division Of
insurance funds on harmonious plan.
The most striking example is the
Northern Securities Company, which
the United States Supreme Court de-
clared to be an illegal concern. 1t has
only fifteen directors, but among them
are three New York, three Equitable
and one Mutual trustee. The chief
means Of raising funds for this com.
bine was the issue of Northern Pa
cinc.Great Northern Collateral Trust
bonds. The insurance trustees, being
also principals In the railway scheme.
had their respective companies buy
these bonds, as follows: New York,
S12.5O0.0O0, Equitable $1,225 900, Mu.
tual $4,000, 900; total. $l9.255, 900.
Also In Union Pacific.
Then comes the Union Pacific com.
bination, where Mr.. Hartman, Mr..
Hyde, Mr.. Gould and others OF the
Equitable associate with Mr.. Stillman
OF the New York, and Mr.. Rogers and
Mr.. Speyer Of the Mutual. Millions
Of insurance money is invested in I'm
lon and Southern Pacific Railroad Sc.
curities.
Almost the same group Of men
meet In the board room of the West
ern Union Telegraph Company. AS for
the New York Central system, there
Is one Vanderbilt trustee Of the Mu.
tual and another In the Equitable, with
half a dozen more Vanderbilt lieuten.
ants in each, while the ever.present
Mr.. Stillman, OF the New York. is in
the railroads directorate. AS for Van.
derbilt securities, the insurance com.
panies have millions Of them nicely
divided. r
Thus 1t becomes apparent how har.
monious are the interests and how
close are the relations when the dol.
lar is in hand. From the Mutual
Building in Nassau street, from the
Equitable at No. 100 Broadway, and
from the New York Life, further up
Broadway, stretch out branches Of the
three insurance trees that intertwine
In dozens Of board rooms and furnish
few men with millions Of dollars for
the great name Of Wall street finance.
It may be all right to keep In the
middle of the road, but bypath Is
better II you see 60-horsepower auto
coming.