The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1906-04-13
up to, the Pollc.holders,

New York Tribune:
warning to the policyholders of the
mutual life insurance companies with
reference to the use they are to make
of the opportunity given to them by
the first of the Armstrong bills. He
has signed the measure which legis-
lates out of Office all the trustees of
these institutions at one stroke next
November and restores to the policy
holders absolute power over their own
future. With that power goes cores
ponding responsibility. The fears ex-
pressed in the legislature that such
a turnover of control in the present
state of the public mind might spell
disaster rather than progress were not
without reason. 1t remains for the
policyholders to show that, despite all
agitation, they have kept cool heads
and that they are competent for the
exercise of real as we'll as nominal
control of their own property.
The great insurance companies have
been sadly mismanaged in the last few
years. Their officers misapplied large
sums of money, INDUCED in indefen-
sible extravaganza, made money for
themselves. and their policyholders by
Improper fspeculations and adopted
demoralizing methods for the transac-
ton of their business with the govern
ment. All these abuses have been ex-
posed and condemned. With all their
faults. however. the trustees did con-
serve these properties and vastly in
crease them. They were wasteful
chiefly because they were so enormous
ly successful and had SO much to
waste. They thought in millions. At
no time did their carelessness extend
beyond what seemed to them the al
lowable margin of expenditure in view
Of their vast accumulations. Always
the companies were abundantly solvent
and growing in wealth. These flnan-
ciers were lavish and despotic, US
ing their power unjustifiably for their
own ends, but yet they were big men.
of great ability and sound financial
judgment.
The great danger of the coming
election is that small men will be put
in power, who, meaning we'll, will
lack financial wisdom and executive
ability. or who. with no aim but their
own ACKNOWLEDGEMENT. will use insur-
ance finds as selfshly and more reck-
lessly than their predecessors. The
policyholders. as Governor Higgins
tells them. should be on their guard
against energetic and plausible pro-
moters." They should not exchange
King Log of the fable for King Stork.
Unless. however. they keep their heads
and refuse to let themselves be fool
ed by demagogues and. to use the Gov
ernor's phrase. Adventures of self
guaranteed integrity" they are likely
to plunge their companies into worse
evils than any they have known. They
connot fail to see that political and
financial adventures are carrying on
organized campaigns to turn the in
surance scandals to their own advant-
age. II history teaches anything It is
that the most unprincipled and selfish
agitators always come to the surface
IN any social upheaval. and almost
always leave the people the victims
of misplaced conf1dencs. The dis.
illusionized and indignant citizen IA
easily led away by the loudest mouthed
and most radical preachers against his
wrongs. The insurance funds offer
the greatest temptation to men who
would make the misuse to which they
already have been put seem the most
conservative and altruistic financing,
The policyholders. therefore,, should
pc on their guard about giving their
proxies to sensationalists and others
not clearly entitled to their confidence.
Iney should also use discrimination In