private fortunes of
successful underwriters are derived.

Before definitely grappling with the evils of the insurance trust, I
hesitated a long time. I realized my words would cause terror or
distrust among policy-holders and perhaps induce some misguided ones to
abandon their insurance. After long consideration, however, I became
convinced that what I had to say would in the long run benefit all
policy-holders, insure the greater safety of their funds, reduce their
annual premium-payments, and perhaps bring about the restitution of the
vast amounts which in the past had been diverted from them to private
individuals. The response to my criticism was a flood of abuse. Instead
of meeting my charges, the big companies denounced me for a liar and a
misrepresenter, and the insurance journals and subsidized press declared
that the things I had charged were impossible. Now, the president of the
Equitable Life Insurance Company is openly accusing a leading member of
his board of trustees, who is one of the foremost votaries of the
"System," of loading the company with twenty-two millions of securities,
which, as a member of the finance committee of the corporation, he had
purchased for himself in his capacity as head of a great banking-house.
On the other hand, the president and his associates, who have hitherto
swayed the destinies of the institution, are accused by the other party
of conspiring to mutualize the institution, not for the benefit of the
policy-holders, but to conceal the traces of past misdeeds. Before this
chapter is in the hands of my readers the officers and directors of this
great insurance company may be before the courts and a condition of
affairs spread out for the public's gaze such as will make my charges
seem, in comparison with the actual truth, as chestnut-burrs to
porcupines' quills.

One result achieved so far is an awakening of the people's attention to
the evils of present conditions; but let them beware of the remedies
suggested. The "System" is quick to adjust itself to storms it cannot
control, and there are many signs abroad that it is trimming its sails
to fly before the present blow, ready when it shall abate to switch back
to its old course, and, under fresh canvas, make up for lost time.
Already we have Senator Dryden, representing New Jersey and the
Prudential Life Insurance Company in the United States Senate,
introducing a bill for Federal supervision of life insurance, and the
"Sys