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Show MARVELOUS EXTENT OF LIFE INSURANCE. Half of all our people are affected by life Insurance, and affected In their closest and most vital interests. Tho policies aro in largo part kept up out of .tho savings of men for tho support of children and widows. Mr. Louis Brandels, counsel for the protective commltteo of policyholders In the Equitable Life Assurance Society, gives some almost appalling figures. In tho old lino companies alono there were, a year ago, 21,082,352 outstanding outstand-ing policies, for $12,928,493,754, or a sum greater than the actual value of all tho steam railroads in tho United States. The assets are moro than three times tho aggergato capital of all tho 5,331 national banks In tho United States, and tho Income of these Insuranco companies Is greater than tho total revenue of tho United States government. Tho numberless assessment assess-ment companies and fraternal benefit societies also provide life Insurance. Even the legal reservo companies insure, in-sure, in tho main, persons of small means, performing essentially tho function of savings banks. The largo company advertises with pride Its million dollar policies; but in 1904 tho average size of tho policy in tho Equitable was $2,G48; in the Mutual Life of Now York, $2,351; and in tho Now York Life, only $2,070. In tho Metropolitan and In tho Prudential, which join with tho ordinary life insuranco in-suranco business the specialty of Insuring In-suring working people, the averago policy Is only $183 and $178, respectively. respec-tively. In spite of tho largo policies held by a few Individuals, tho llfo insuranco in-suranco of this country is In tho main held by what wo term tho people "that largo class which every system of business and of government should seek to protect" A special danger In theso vast accumulations ac-cumulations Is that thoy aro "quick captal." And horo Mr. Brandols words aro of special lucidity and value. Ono billion two hundred and forty-seven million three hundred and thlrty-ono thousand seven hundred hun-dred and thirty-eight dollars, tho assets as-sets of tho Big Three, is a vast amount, but tho control over financial finan-cial matters exercised by theso threo companies Is out of all proportion to this sum. Even in combinations llko tho Steel Trust, tho Standard Oil, tho Beef Trust, and tho great railway com- H binations, a menace Is admitted. Yet H tho capital of theso great comblna- ; H tlons Is permanently invested mainly H In lands, buildings, machinery, rails, H equipments, nnd theso manufacturing H and transportation companies are dl- H roctly dependent, therefore, for their jH prosperity, upon tho prosperity of tho H country. Tho llfo insuranco com- H panles, on tho other hand, not only aro dependent on prosperity, but reap cor- H tain benefits from adversity. The so-curltics so-curltics thoy already hold aro not im-periled, im-periled, and they can purchase new ones to better advantage. Mr. Bran-dels Bran-dels is a conservative and sound law-ycr, law-ycr, and ho calls tho insuranco com-panles com-panles tho greatest economic menace of our day. Federation regulation as a remedy for Insuranco evils receives rough treatment from the counsel for the policyholders of the Equitable, Tho solo effect, ho says, would bo to free tho companies from the careful scrut-lny scrut-lny of some states, and It is fitting that a bill for this purpose should havo been introduced by Senator Dry-den, Dry-den, president of tho Prudential, which pays to stockholders annual dlv-ldends dlv-ldends equivalent to 219.78 per cent tot each dollar paid in on the stock; which devotes Itself to Insuring work-ingmen work-ingmen at an cxpenso of over 37.29 on every dollar of premiums paid; which In 1904 made tho worst record of lapsed and surrendered policies; and which wishes to got rid of such trou-bio trou-bio as was made for it throo years ago by tho Insuranco Commissioner of Massachusetts. Tho romedies most favored by Mr. Brandols aro: DIscon- .H tlnuanco of deferred dividends; aboil-tlon aboil-tlon of lavish payments for solicitors' and agents' commissions; prohibition of forfeitures; prescription by law ot standard forms for policies; rcstrlc-tlon rcstrlc-tlon of investments; restrictions on iH tho executive officers with regard to 'M their private enterprises; publicity and clearness in accounts; and llmlta-tlons llmlta-tlons upon slzo of companies. We ad-vise ad-vise everybody vitally Interested In this subject to write for Mr. Brandels' pamphlet to the policyholders' protec- . tlve committee, 1G1 DovonBhlro street, Boston. It Is tho best essay on the subject wo havo seen. Collier's Weekly. fl |