three have a ready cash surplus of almost $200,000,000,
which is greater than the combined capital of the four greatest
institutions of Europe--the Banks of England, Russia, France, and
Germany. The income of these three companies is, each year, $100,000,000
greater than the combined capitals of the Banks of England, Russia,
France, and Germany--or about $250,000,000, $200,000,000 of which is
taken each year from their policy-holders in the form of premiums. Yet
from out of this income there is returned to their policy-holders each
year in dividends less than $15,000,000, and in total payments of all
kinds not over $100,000,000. And yet these three companies pay out each
year in what they call expenses to keep the concerns running
$50,000,000, paying to the officers of the companies $3,000,000 in
salaries, almost $1,000,000 to their lawyers, and a number of millions
in various forms of advertising.

"Second, the three companies are absolutely steered and controlled from
a common centre, and the men who do the steering and controlling are the
'System's' foremost votaries, Henry H. Rogers, William Rockefeller,
James Stillman, and J. Pierpont Morgan through George W. Perkins, a
partner in J. Pierpont Morgan & Co. Mr. Rogers, vice-president of the
Standard Oil Company, is a trustee of the Mutual Life and a director in
one of the largest trust companies owned by the three great insurance
companies, the Guaranty Trust Company of New York. William Rockefeller,
vice-president of the Standard Oil Company, is a trustee of the Mutual
Life and director in the National City--the 'Standard Oil'--Bank. James
Stillman is a trustee of the New York Life, and president of the
National City--the 'Standard Oil'--Bank of New York. George W. Perkins,
partner of J. Pierpont Morgan & Co., is vice-president and trustee of
the New York Life and a director in the National City--the 'Standard
Oil'--Bank; while John A. McCall, the president of the New York Life, is
a director in the National City--the 'Standard Oil'--Bank.

"These great institutions own a majority of the capital stock or have
absolute control of a number of the leading banks and trust companies of
New York and elsewhere; and such ownership shows conclusively the
linking together of the three great insurance companies. For instance,
the Equitable owns more than a majority of the stock of the Mercantile
Trust Company of New York, of a book value of about $4,500,000 and a
market value