Durango semi-weekly herald., 1906-03-05
MANY BIG POLICIES
OF LIFE INSURANCE
t., twenty-five Americans. at Least. Pay
Premiums on $4,000 or More.
fWilliam f. Curtis Correspondents of
Chicago Record Herald.)

er. in all the history of business in
dustry. there was ever such turn
ing over and searching as that which
the life insurance companies OF New
York have been subjected during the
year Just passed And seldom. IL
ever, have there been such shocking
revelations of the disregard of the
rights and interests of the people.
such a perversion OF trusts. such ex
travaGance. such avarice and dishon-
esty. Never was there sucn a de-
struction of regulations. II was not
a partisan investigation. 1t was not
ance, but by its friends, and it has
been fearless, impartial and thorough.
Each of the three giant" companies
as they are called, has been subject
ed to three searching investigations:
|. BY the Armstrong committee of
the New York Legislature.
2. b. committees of business men
appointed by the directors.
3. BY professional auditors and ac-
'ountants employed at tne expense OF
,he policy holders.
The first investigation was public
and was reported daily in the news
papers for months. The evidence has
since been printed in book form by
order of the New York legislature.
Inc other investigations were conf
lential, and the findings will never
ne fully known, only such portions as
may be disclosed in the courts.
There has been great deal of i'm
,atience because the district attorney
mas not brought lot OF the Offenders
before the grand jury. Whether he
over Will do so or not is question
We read every day in the newspapers
If his intentions. but nothing seems
10 happen. District Attorney Jerome
S great reformer-and, like other
feformers he fills large space in
he newspapers. He is always adver-
Using what ne is going to do, but if
ion will review the achievements of
professional reformers from the days
If Noah till now you will observe that
hose who have promised the most
have usually done the least do not
want to impeach the honesty or ques-
non the ability of District Attorney
Jerome. who is a popular idol here.
out 1t seems to me that he is good
ieal of poser. He comes out strong
when there is dramatic situation
Iut do not think he accomplishes
much when he is beyond the vision
1f the public eye. If he would talk
ess and do more perhaps it would be
Ietter for the public welfare.
There are going to be more suits
Tor restitution OF moneys belonging
10 the insurance companies that were
nlawfully acquired, and there are to
ne further important changes in the
management of some OF the compan-
es which disclosures have made ne.
eessary. The public knows great
ieal ALREADY, but IT does not know
everything about the rottenness. dis
honesty and extravaganza of the pre-
vions management of the three big
'cmpanies, and it probably never will
know. The officials treated the money
OF the policy holders as il it were
their own, and in the most reckless
manner They used IL to speculate
with for their own profit to pay big
salaries for sinecures and for bribes
and blackmail, and they have com.
nltted almost every crime against
public confidence. 1t is lucky that the
quarrel caused by the vanity of young
Mr.. Hyde and the selfishness of Pros.
dent Alexander developed as soon as
II did. 1t came none too soon hut
soon enough to prevent the assets of
me three companies from being i'm
paired They are not as large a, they
would have been II the business had
oeen prudently and honestly ma,.as
ed' nut all of the investigations. each
IN turn, have demonstrated taat tho
companies are not only solvent bnt
on most conservative estimate are |
as safe and sound as the Bank of Eng.
land.
Another remarkable fact is that in |
AL this typhoon of scandal the faitb |
Oh the public in life insurance a, An
economic principle has not been de
stroyed or shaken. but has been con.
hrmed, and that so few policy holder,
have become frightened and forfeited
their policies. Thousands of hyster.
ical' threatening and vltuperatiye Iet
ters nave been received at the head.
quarters OF the different companie.
out no serious legal action has been
commenced. and, almost without or.
ception. the policies that have beep
forfeited by refusals to pay further
premiums have been of small amounts
and have been held by poor people
VINO needed insurance protection the
most. There has been great ae,l
OF twisting" as they call it-thot /.
u