of almost $13,000,000; and of the Equitable Trust of New
York, of a book value of $5,500,000 and a market value of $9,000,000;
and of the Bank of Commerce of New York, of a book value of about
$8,000,000 and a market value of over $9,000,000; and in the directory
of the Mercantile Trust of New York and Equitable Trust is E. H.
Harriman, one of the leading 'Standard Oil' men and one of the active
votaries of the 'System,' while in the directory of the Bank of Commerce
are the president of the Mutual Life and seven other trustees of the
Mutual Life and three of the trustees of the New York Life.

"The Mutual Life owns stock of the Bank of Commerce, of a book value of
$4,500,000 and a market value of $7,500,000; of the United States
Mortgage & Trust Company, of a book value of $2,000,000 and a market
value of $4,500,000; and of the Guaranty Trust Company of New York, of a
book value of $1,250,000 and a market value of $5,500,000. The directors
of the United States Mortgage & Trust Company consist of eight trustees
of the Mutual Life, including its president, and two trustees of the
Equitable Life, while in the Guaranty Trust directory is the president
of the Mutual Life, Henry H. Rogers, and E. H. Harriman, 'Standard Oil'
votary and director in the Equitable.

"In addition to these financial institutions, the Mutual Life has about
$20,000,000 of its funds invested in the stock of twenty-five other
trust companies and national banks, while the Equitable has about
$10,000,000 invested in some fifteen other trust and banking
institutions.

"Third, the absolute control of the three great companies, and through
them of their subsidiary financial institutions, while supposed to be in
the hands of the policy-holders, is entirely beyond their regulation, as
all policy-holders of the three companies give over complete control of
their companies to the 'System' through the following machinery: The
control of the New York Life rests absolutely in President McCall, that
of the Mutual Life with President McCurdy. Originally these men were
elected to office by policy-holders' proxies, voted by the great general
agents; but so immeasurable has been the growth of these corporations
that only rebellion among policy-holders on an international scale could
oust from power the McCalls and the McCurdys. The control of the
Equitable Life rests in the $100,000 of capital stock which is almost
entirely owned by the men who elect themselves to