The independent. [volume] (Lincoln, Neb.) 1902-1907, 1905-02-23

writing OF the article in last week 8
Independent entitled Funds for Pro-
noting Trusts" with further request
that 'the subject be pursued, and the
other agencies described that tend to
concentrate money in Wall street to
be used for speculative purposes. The
general ignorance OF business men, and
bankers also, upon these subjects-that
is bankers outside of the few dominat-
ing minds in the business.
In trying to comply with this request.
attention must be given first to the
great insurance companies. The mil
lions gathered in from by these COM
panies in paymen, for insurance, is be-
You'd comprehension 1t pours into
the headquarters of these companies
in a stream so vast that it staggerS
the Imagination What is done with
this money? Some of it is invested in
stocks and bonds Of the great indus
trial corporations, some in real estate,
some in the bonds of the federal, state,
county and municipal bonds, but after
all that, there are millions more. The
officers of these companies are the
holders of the most sacred trust that
can be created, Tor these millions are
for the most part savings Of the poor,
who by self-denial nave laid up little
for a policy that will go 20 keep their
dear ones from suffering ii they are
taken away. These officers have no
right to use that money for their own
profit and much less to risk it in specu-
lation They can not loan it to them
selves under the law, and If the law
is faithfully obeyed it must be invested
in safe way. Blu what do these Of
ficers do? They go to work and or
ganize trust company, the very same
men who are officers of the insurance
company are the officers of the trust
company. Then these men turn over
to themselves under their corporate
name the millions G dollars that have
come into their hands as officers of the
insurance company. These millions
are used to finance" steel trusts,
ship building trusts railroad schemes
and hundred other financial ventures.
The effect of this kind of nigh finance
lis. to concentrate the money Of the
country in Wall street, pile it UP there
by the hundred million and the re-
mainder of the country has to pay high
rates Of interest f.: money to do legi-
innate business
A vice president on one of these in
surance companies gave hundred
thousand dollar dinner the other Cay
where the performance of Little Egypt
in the altogether was outdOne. That
hundred thousand dollars was accumu-
lated from the savings of the men and
women who had entrusted it to Mr..
lHyde's company to keep their loved
ones from want in the day of adver-
| sity These vast fortunes of the great
insurance managers show that the cost
| Of insurance is excessive, or that in
the long run, all such companies will
end in bankruptcy.
The vast financial. operations which
have been engaged in during the last
few years by August Belmont. A. j.
Cassatt of the Pennsylvania road, j.
J Hill of the Great Northern, Chaun-
cey Depew, A. G. Vanderbilt, James H.
Alexander, David Fl. Moffat of Colo
RADIO, and few others has come from
the fact that through the New York
Equitable Life Assurance company they
have had the handling of about $780,
100000 of the hard earned savings of
the people who have been trying to
procure safety for their dear ones by
Investing in that company. This money
IN to1, 1sch n,,c