Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-05-25
|NSURANCE TRUST
IS SEVERELY
ARRA|GNEO
INDEPENDENTS WAGE WAR
ON GREAT CONSOLIDATED
Popular Ownership Opposed or
Every Hand, it Is Said, by
Money Power of Wall Street
Especial Correspondence 10 Mormrs iaurr t

Especial Correspond nce 10 NIornrs innrn I,
Chicago, May 23.-AgaiAst wan
streets comoination OF Insurance mli-
lions all controlled by n handful Of
millionaires, the launching of an IN
dependent is full OF snags,
mines and pitfalls, according to Rob
ert r. Armstrong, formerly assistant
secretary of the treasury and noW
president Of the Consolidated Casualty
company. Who has publicly charged
the insurance combine with desperate
measures to put out of The field any
big company which Is created by pop
ular subscription. Having Just sue
cessfullv and vIctoriousiy emerged
from the battle he describes some
Of the obstacles thrown In his way
and his narration is from first hand
and absolute knowledge OF dangers
overcome.
NO insurance company outside of
fire now-a-days is allowed to survive
the gauntlet if It can be done by fair
means or four" is the tenor OF his
remarks and is contirlned bl the state-
mcnts OF the directors OF his company,
representative men of financial pronl't
hence throughout the country Less
than one thousand stockholders con-
troll and own the companics of the
eastern combine n complete control
Of these numerous combinations, in
Guiding the huge assets Of all the
companies. lie in the hands of n dozen
men. "In view OF these facts san
Mr.. Armstrong. lis it Unreasonable TO
suppose that such "A company ais mine
Whlch WIZ h"Ne .i''u'''''' INN.
holders II alreadN ms cpns'uyt" w
owl Nv NUM- ,...,s.,
permitted 70 lINe ~ lii'"'''' '1t.r
natlon can pc success u''$ "'e""'
I'd not merely to shut "ut 'olhp'''t'pn
IN the business nut aisu M 'N'iS ""'
to retain the pllilohS u ,ii'ui
sets for use OF the lhslue Tue
when lhe rbant@a' V. ..r
pany was contemplated Na9 '""''
lent that inc Nn''i'''" -"
be counted upon 70 hlt''.'s i'"""''
a Dig company Wiu''out 40
10 let the ring in ON H. thc I,Su,l7
have Nlndlcated me III 'uio Dul ~
fight necessarily has he'h luii"uS "u'
costly No effort mas pee" sl'i'" ~
the eastern interests " '"p"N
StdtifN li 'tf N'f 49,
national scope nor % "u''' ~"
entire plan of organllt ION '''
cost more to fecurr me iitS, F'"U
900 OF capital than III "usn' '" 0'S''
but that was in "a large measure uu,
% what the insurance oomplhe o"u''
md did do. We secured our n''nS,
70 do business by the s~tr"hs'at Nlnu
Of q fight n the report np !" aug
including March 5lst' Whicn we i'''u
with the insurance drbarthnei'' ~ a"
Indication of what the ~connp,l,u IN
uranco interests made ~ cost - ~
ven enough to start DuslHvss. a.
In sending out a genera 'ot'Vi ~
his stockholders MT Aiins'rohs c"im
heir attention TO the loet 'no' 81.
# this western insurance orBa"i1nt
II national scope nave e~'rcu'"'.u
anonymously among many people
Try possible bit OF hiofi.lat'on VIM"
could be construed as ue'osa'o'S "
he organization OF the ~
daring. however, TO come out ~ ~
lpen and snow thelr manu- II 80
particular attention 10 'h' Iaet ~"
Immediately upon inc lssuihs u /"
charter n the publication Oh tn,
plans Of the company opposlt'o'
prang up in the east "n'ch mas co"