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Full text of "Investigation of concentration of economic power. Hearings before the Temporary National Economic Committee, Congress of the United States, Seventy-fifth Congress, third Session [-Seventy-sixth Congress, third Session] pursuant to Public Resolution no. 113 (Seventy-fifth Congress) authorizing and directing a select committee to make a full and complete study and investigation with respect to the concentration of economic power in, and financial control over, production of goods and services .."

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Northeastern University 




School of Law 
Library 



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INVESTIGATION OF CONCENTRATION 
OF ECONOMIC POWER 

HEARINGS 

BEFORE THE 

TEMPOEAEY NATIONAL ECONOMIC COMMITTEE 
CONGEESS OF THE UNITED STATES 

SEVENTY-SIXTH CONGRESS 

THIRD SESSION 
PURSUANT TO 

Public Resolution No. 113 

(Seventy-fifth Congress) 

AUTHORIZING AND DIRECTING A SELECT COMMITTEE TO 
MAKE A FULL AND COMPLETE STUDY AND INVESTIGA- 
TION WITH RESPECT TO THE CONCENTRATION OF 
ECONOMIC POWER IN, AND FINANCIAL CONTROL 
OVER, PRODUCTION AND DISTRIBUTION 
OF GOODS AND SERVICES 



PART 10-A 



FEBRUARY 12, 1940 



LIFE INSURANCE 

OPERATING RESULTS AND INVESTMENTS OF THE 

TWENTY-SIX LARGEST LEGAL RESERVE LIFE 

INSURANCE COMPANIES DOMICILED 

IN THE UNITED STATES 

1929-1938 



Printed for the use of the Temporary National Economic Committee 




UNITED STATES 
GOVERNMENT PRINTING OFFICE 
124491 WASHINGTON : 1940 



TEMPORARY NATIONAL ECONOMIC COMMITTEE 
(Created pursuant to Public Res. 113, 75th Cong.) 

JOSEPH C. O'MAHONEY, Senator from Wyoming, Chairman 

HATTON W. SDMNERS, Representative from Texas, Vice Chairman 

WILLIAM H. KING, Senator from Utah 

WALLACE H. WHITE, Jr., Senator from Maine 

B. CARROLL REECB, Representative from Tennessee 

CLYDE WILLIAMS, Representative from Missouri 

THURMAN W. ARNOLD, Assistant Attorney General 

♦WENDELL BERGE, Special Assistant to the Attorney General 

Representing the Department of Justice 

JEROME N. FRANK, Chairman 

♦LEON HENDERSON, Commissioner 

Representing the Securities and Exchange Commission 

GARLAND S. FERGUSON, Commissioner 
♦EWIN L. DAVIS, Commissioner, Representing the Federal Trade Commission 

ISADOR LUBIN, Commissioner of Labor Statistics 

•A. FORD HINRICUS, Chief Economist, Bureau of Labor Statistics 

Representing the Department of Labor 

JOSEPH J. O'CONNELL, Jr., Special Assistant to the General Counsel 
Representing the Department of the Treasury 

SUMNER T. PIKE, Special Adviser to the Secretary 
Representing the Department of Commerce 
JAMES R. BRACKETT, Executive Secretary 



♦Alternates. 

n 



INVESTIGATION OF CONCENTRATION OF ECONOxMIC POWER 



MONDAY, FEBRUARY 12, 1940 

United States Senate, 
Temporaby National Economic Committee, 

Washington, D. C. 

EXHIBIT NO. 2250 ' 

OPERATING RESULTS AND INVESTMENTS OF THE TWENTY-SIX 
LARGEST LEGAL RESERVE LIFE INSURANCE COMPANIES DOMI- 
CILED IN THE UNITED STATES 1929-1938 



FOREWORD 



The accompanying tables show the operating results and invest- 
ments of each legal-reserve life-insurance company domiciled in the 
United States and having assets in excess of $125,000,000. There are 
26 such companies. The names and addresses of these companies, 
which have been arranged in thfe tables in approximate order of size 
and indicated by the abbreviations shown below, are as follows: 

Metropolitan Life Insurance Co., 1 Madison Avenue, New Metropolitan. 

York, N. Y. 
The Prudential Insurahce Co. of America, 755-69 Broad Prudential. 

Street, Newark, N. J. 
New York Life Insurance Company, 51 Madison Avenue, N. Y. Life. 

New York, N. Y. 
The Equitable Life Assurance Society of the United States, Equitable NY. 

393 Seventh Avenue, New York, N. Y. 
The Mutual Life Insurance Co. of New York, 34 Nassau Mutual NY. 

Street, New York, N. Y. 
The Northwestern Mutual Life Insurance Co., 720 East Northwestern. 

• Wisconsin Avenue, Milwaukee, Wis. 
The Travelers Insurance Co., 700 Main Street, Hartford, Travelers. 

Conn. 
John Hancock Mutual Life Insurance Co., 197 Clarendon John Hancock. 

Street, Bostor^, Mass. 
The Penn Mutual Life Insurance Co., Independence Square, Penn Mutual. 

Philadelphia, Pa. 
The Mutual Benefit Life Insurance Co., 300 Broadway, Mutual Benefit. 

Newark, N. J. 
Massachusetts Mutual Life Insurance Co., 1295 State Street, Mass. Mutual. 

Springfield, Mass. 

Aetna Life Insurance Co., Hartford, Conn Aetna. 

New England Mutual Life Insurance Co., 87 Milk Street, N. E. Mutual. 

Boston, Mass. 
The Union Central Life Insurance Co., 3-5 West Fourth Union Central, 

Street, Cincinnati, Ohio. 
Provident Mutual Life Insurance Co., Market Street at Providenf. Mut. 

Forty-sixth, Philadelphia, Pa. 

' Entered in tbe record February 12, 1940. Hearings on this subject will appear in subseqent volumes. 



IV 

The Connecticut Mutual Life Insurt -e Co., 140 Garden Conn. Mut. 

Street, Hartford, Conn. 

Connecticut General Life Insurance Co., Hartfoi-d, Conn Conn. Gen'l. 

Phoenix Mqtual Life Insurance Co., 79 ""'m Street, Hartford, Phoenix Mut. 

Conn. 
Bankers Xife Co., Sixth and Grand A^/enue, Des Moines, Bankers Life. 

Iowa. 

National Life Insurance Co., Montpelier, Vt -. National Life. 

Pacific Mutual Life Insurance Co., 523 West Sixth Street, Los Pacific Mutual. 

Angeles, Calif. 
State Mutual Life Assurance Co., 340 Main Street, Worcester, State Mutual. 

Mass. 
Equitable Life Insurance Co. of Iowa, Sixth Avenue ana Equitable Iowa. 

Locust Street, Des Moines, Iowa. 
The Western and Southern Life Insurance Co., Fourth Western & So. 
; Street and Broadway, Cincinnati, Ohio. 
The Lincoln National Life Insurance Co., 1301-27 South Lincoln Nat'l. 

Harrison Street, Fort Wayne, Ind. 
The Guardian Life Insurance Co. of America, 50 Union Guardian Life. 

Square, New York, N. Y. 

As of December 31, 1938, this group of 26 companies had admitted 
assets of $24,290,000,000, which was approximately 87 percent of the 
total admitted assets of all United States legal-reserve life-insurance 
companies. These companies ranged in size from the Metropolitan 
with admitted assets of $4,942,900,000 to the Guardian Life Insurance 
Co. with admitted assets of $132,964 000. 

The tables have been assembled fiOx^x the replies to two investment 
questionnaires ^ of the Securities and Exchange Commission which 
were issued under dates of January 31, 1939, and August 11, 1939, 
respectively, in connection with the study of life insurance which the 
Commission is conducting for the Temporary National Economic 
Committee. Each company was asked to supply answers to identical 
questions. Replies to the questionnaires have been checked for 
mechanical accuracy and prima facie consistency, but the Commis- 
sion has not gone beyond the replies themselves to verify or audit the 
information set forth therein. In cases in which answers to questions 
appeared to be inconsistent or were found to be in disagreement with 
annual statements, the situation was called to the attention of the 
com}>anies involved and revised information submitted by such com- 
panies has been included in the tables. 

The purpose of the tables is to show in summarized form the most 
significant financial information about each company in order that its 
operations may be studied in the light of the experience of other com- 
panies replying to the questionnaires. The information has been 
classified by lines of business and types of investment wherever feasible 
and is designed to reveal the relative degree of success of the various 
departments of each company. 

An examination of the tables as a whole is important to an adequate 
understanding of the relative position of any given com.pany, and 

' Fach company has supplied answers to the Investment Questionnaires except the PaciDc Mutual which 
has not yet replied to the questionnaire of August 11, 1939. This company advised the Commission that its 
reply has been delayed but is in process of preparation. Pacific Mutual was organized July 22, 1936, and 
succeeded to the business of the Pacific Mutilal Life Insurance Co. of California as a result of financial difflcul- 
ties of the latter. Pacific Mutual has been excused from furnishing information with respect to the invest- 
ments and operations of its predecessor company. 

Pacific Mutual segregates its assets as well as its operations into four departments, the Particii)ating and 
Non-Participating Departments, the Accident and Flealth Department, and the Corporate Department. 
In answer to certain questions the company has supplied information for the Participating and Non-Par- 
ticipating (Life) Departments only. The result is that figures on I'acific Mutual on pages 7 to 11 and 106 to 
121, inclusive, are for the Participating and Non-Participating (Life) Departments only. Information 
relative to Pacific Mutual in other tables, unless otherwise indicated by the context, applies to the entire 
company. 



undue emphasis should not be given to any single set of figures wiiich 
are indicative of only a poFtion of the facts. The scale of operations 
of these companies is so great that ahnost every figure may be regarded 
as a statistical summary of a large number of items, many of which 
involve valuations or estimates representing within important latitude 
the opinions or interests of the managornents of the companies which 
prepared them. Life insuraiice companies do not follow a uniform 
system of accounting, although their figures are reported annually 
upon a form prepared by the National Association of Insurance Com- 
missioners. The result is that figures from different annual statements 
may have the same designation without being entirely comparable. 
The rcbult is that a company whose accoimting is conservative may at 
first appear in a less favorable light than one whose accounts reflect 
a larger element of optimism. 

The figures on net change in surplus represent the end product of all 
operations and accounting and actuarial adjustments, and should be 
accepted with special caution in making comparisons between com- 
panies. These figures are affected not only b}'' insurance operations 
and realized capital gains and losses, but by bookkeeping adjustments, 
in admitted asset value of bonds, real estate, and other assets, and by 
increase or decrease in policy reserves due to change in basis of calcu- 
lation. Some companies have made larger charges to surplus for 
these purposes than others. This fact should be borne in mind con- 
stantly in making comparibons. Results of annual operations are 
further subject to the qualification that thej^ are affected by the extent 
to which uncollected bond or mortgage interest in default (or for which 
the time for payment has been extended) is taken into income as though 
it had been collected in cash, and b}' the extent to which companies 
have failed to report gains or losses on real estate sold under contract. 

Whenever a zero appears in a table, it means "none"; that is to say, 
the company either does not engage in the line of business indicated or 
it does not have an asset, liability, income, or expense of the character 
indicated by the table. When a dash appears in a table in lieu of a 
figure, it means that information requested by the Securities and 
Exchange Commission was not furnisiied by the company. Due to 
the lack of uniformity in the methods followed by companies in the 
maintenance of their records, some companies have not supplied 
information in the form required but have substituted infornmtion of 
s\;bstantially similar character. In general, in such cases, the Com- 
mL-sion has not insisted upon revised answers for the reason that it has 
not V i shed to involve the companies in undue expense or incon- 
venient •. In certain other cases, however, in which facts of an 
indispen>;ible character have not been supplied, the Commission is 
considering appropriate steps to obtain the information. 

Footnotes have been included to indicate important qualifications 
of figures or tables, but absence of footnotes should not be construed 
as meaning that the figures are not subject to qualification. An 
effort has been made, however, to record the most important excep- 
tions stated by the companies in their questionnaire replies. 



TABLE OF CONTENTS 



Page 
Foreword iii-v 

List op Tables ix-xiv 

Ten Year Growth, 1929- 

1938 1-16 

Operating Results.. 17-72 

(By Lines of Business as 
Reported in the Exhibits of 
Changes in Surplus) Indus- 
trial Insurance, Ordinary 
Insurance, Disability 
Benefits, Accidental Death 
Benefits, Group Life In- 
surance, Individual Annu- 
ities, Accident and Health 
Insurance. 

Operating Results 73-90 

(As Reported in the Gain 
and Loss Exhibits) Gain 
from Mortality; Gain from 
Surrenders, Lapses and 
Changes; Gain or Loss on 
Accidental Death Benefits; 
Gain or Loss on Disability 
Benefits; Net Income on In- 
vestments; Interest Required 
to Maintain Policy Re- 
serves; Gain or Loss from 
Adjustment in Values of 
Assets; Increase or Decrease 
in Contingency and Special 
Reserves. 

Funds Available for In- 
vestment AND Invest- 
ments Made 91-96 

Sources of Funds and In- 
vestments by Type. 

Assets and Liabilities 97-104 

Amounts and Percentages. 

Cash, Policy Loans, and 

Collateral Loans 105-110 

Bonds and Stocks 111-158 

Owned, Acquired, Re- 
deemed, and Sold; Invest- 
ment Ratings and Maturities 
of Bonds Owned; Income 
from Bonds and Stocks. 



Farm Mortgages and Real 

Estate 159-191 

Owned, Acquired, Con- 
tract Rates; Mortgages Re- 
paid, Foreclosed; Mortgages 
by Size, Geographical Loca- 
tion, and Delinquency. 
Urban MoftTGAGBS and Real 

Estate 193-261 

Owned, Acquired, Con- 
tract Rates; Mortgages Re- 
paid. Foreclosed; Mortgages 
by Size, Geographical Loca- 
tion, and Delinquency; 
Functional Types of Mort- 
gaged Property; Home, and 
Branch Office Real Estate. 
Change in Basis of Policy 
Reserve Calculation; 
Reserves for Special 
AND General Contin- 
gencies AND UnaSSIGNED 

Funds (Surplus) 263-280 

Industrial Insurance; Or- 
dinary Insurance Disabi'ity 
Benefits; Annuity Reserves; 
Amounts Subject to With- 
drawal in Cash; Contin- 
gency Reserves, Surplus. 
Net Costs to Policy Holders 281-298 

Explanation of; Ordinary 
Insurance, Whole Life, 20- 
Payment Life, 20- Year En- 
dowment A^es 25, 35, and 
45. 
DiscouNTi T^ET Costs to 

Policy xiOlders 299-314 

Ordinary Insurance, 
Whole Life, 20-Payment 
Life, 20- Year Endowment 
Ages 25, 35, and 45 
Index 316-323 



vn 



LIST OF TABLES 



Title Page 

Number of Life Insurance Poli- 
cies in Force 1928-1938 3 

Amount of Life Insurance in 

Force 1928-1938 4 

Total Admitted Assets 1929-1938. 5 

Total Premium Income 1929- 

1938 6 

Total Interest, Dividends, and 

Real Estate Income 1929-1938. 7 

Sources of Income on Invest- 
ments, Amounts 1938 8 

Sources of Income on Invest- 
ments, Percentages of Total 
1938 9 

Rates of Income from Principal 
Types of Assets, Percentage of 
Mean Asset Value 1938-.:-.. 10 

Income over Disbursements 

1929-1938 11 

Net Change in Total Surplus 
Before Deduction of Dividends 
Declared to Policy Holders 
and Stockholders 1929-1938.- 12 

Dividends Declared to Policy 

Holders, Amounts 1929-1938.. 13 

Dividends Declared to Policy 
Holders, Percentage of Total 
Admitted Assets 1929-1938. . . 14 

Dividends Declared to Stock- 
holders 1929-1938 15 

Industrial Insurance, Number of 

Policies in Force 1928-1938... 18 

Industrial Insurance, Amount in 

Force 192S-1938 19 

Industrial Insurance, Total Pre- 
mium Income 1929-1938 20 

Industrial Insurance, Total In- 
come 1929-1938 21 

Industrial Insurance, Net 
Change in Total Surplus 
Before Deduction of Dividend 
Payments to Policy Holders 
1929-1938 22 

Industrial Insurance, Dividends 
Paid to Policy Holders 192S- 
1938 23 

Industrial Insurance, Net Change 
in Total Surplus After Deduc- 
tion of Dividend Payments to 
Policy Holders 1929-1938 24 

Ordinary Insurance, Number of 

Policies in Force 1028-1938. __ 25 

Ordinary Insurance, Amount in 

Force 1928-1938. _- 26 



Title Page 

Ordinary Insurance, First Year 

Premium Income 1929-1938.. 27 

Ordinary Insurance, Total Pre- 
mium' Income 1929-1938 28 

Ordinary Insurance, Total In- 
come 1929-1938 29 

Ordinary Insurance, Net Change 
in Total Surplus Before De- 
duction of Dividend Payments 
to Policy Holders 1929-1938.. 30 

Ordinary Insurance, Dividends 
Paid to Policy Holders 1929- 
1938 31 

Ordinary Insurance, Net Change 
in Total Surplus after Deduc- 
tion of Dividend Payments to 
Policy Holders 1929-1938 32 

Disability Benefits in Ordinary 

f Policies, First Year Premium 
Income 1929-1938 33 

Disability Benefits in Ordinary 
Policies, Total Premium In- 
come 1929-1938 34 

Disabilitv Benefits in Ordinary 
Policies, Total Income 1929- 
1938 35 

Disability Benefits in Ordinary 
Policies, Net Change in Total 
Surplus before Deduction of 
Dividend Payments to Policy 
Holders 1929-1938 3G 

Disability Benefits in Ordinary 
Policies, Dividends Paid to 
Policy Holders 192^1938 37 

Disability Benefits in Ordinary 
Policies, Net Change in Total 
Surplus After Deduction of 
Dividend Payments to Policy 
Holders 1929-1938 ". 38 

Accidental Death Benefits in 
Ordinary Policies, First Year 
Premium Income 1929-1938.- 39 

Accidental Death Benefits in 
Ordinary Policies, Total Pre- 
mium Income 1929-1938 40 

Accidental Death Benefits in 
Ordinary Policies, Total In- 
come 1929-1938 41 

Accidental Death Bcrefits in 
Ordinary Policies, Net Change 
in Total Surplus before E)e- 
duction of Dividend Payments 
to Pohcy Holders 1 929-1938. . 42 

IX 



LIST OF TABLES 



Title Pag* 

Accidental Death Benefita in 
Ordinary Poljcies, Dividends 
Paid to PoUcy Holders 1929- 
1938 43 

Accidental Death Benefits in 
Ordinary Policies, Net Change 
in Total Surplus After De- 
duction of Dividend Payments 
to Policy Holders 1929-1938-. 44 

Group Life Insurance, Number 
of Policies in Force 1928-1938- 45 

Group Life Insurance, Amount 

in Force 1928-1938 46 

Group Life Insurance, First Year 

Premium Income 1929-1938- - 47 

Group Life Insurance, Total 

Premium Income 1929-1938- - 48 

Group Life Insurance, Total In- 
come 1929-1938 49 

Group Life Insurance, Net 
Change in Total Surplus be- 
fore Deduction of Dividend 
Payments to Policv Holders 
1929-1938 -\ 50 

Group Life Insurance, Divi- 
dends Paid to Pohcy Holders 
1929-1938 51 

Group Life Insurance, Net 
Change in Total Surplus after 
Deduction of Dividend Pay- 
ments to Pohcy Holders 1929- 
1938 52 

Individual Annuities in Force 
and Annual Income Payable 
Thereunder 1934-1938 53 

Individual Annuities, First Year 

Premium Income 1929-1938-. 54 

Individual Annuities, Total Pre- 
mium Income 1929-1938 55 

Individual Annuities, Total In- 
come 1929-1938 56 

Individual Annuities, Net Change 
in Total Surplus Before De- 
duction of Dividend Pavments 
to Pohcy Holders 1929-1938.. 57 

Individual Annuities, Dividends 
Paid to Policy Holders 1929- 
1938 58 

Individual Annuities, Net Change 
in Total Surplus after Deduc- 
tion of Dividend Payments to 
Policy Holders 1929- 1938_.. . . 59 

Group Annuities in Force and 
Annual Income Payable There- 
under 1934-1938 60 

Group Annuities, First Year 

Premium Income 1929-1938.- 61 

Group Annuities, Total Premium 

Income 1929-1938 62 

Group Annuities, Total Income 

1929-1938 63 

Group Annuities, Net Change in 
Total Surplus before Deduction 
of Dividend Pavments to Pol- 
icy Holders 1929-1938 64 

Group Annuities. Dividends Paid 

to Policy Holders 1929-1938. _ 65 



TUU PaB« 

Group Annuities, Net Change in 
Total Surplus after Deduction 
of Dividend Payments to Pol- 
icy Holders 1929-1938 66 

Accident and Health Insurance, 
Total Premium Income 1929- 
1938 67 

Accident and Health Insurance, 

Total Income 1929-1938 68 

Accident and Health Insurance, 
Net Change in Total Surplus 
before Deduction of Dividend 
Payments to Pohcy Holders 
1929-1938 69 

Accident and Health Insurance, 
Dividends Paid to Policy Hold- 
ers 1929-1938 70 

Accident and Health Insurance, 
Net Change in Total Surplus 
after Deduction of Dividend 
Payments to Policy Holders 
1929-1938 71 

Gain from Mortality, Insurances 

and Annuities 1929-1938 74 

Gain or Loss from Loading 1929- 

1938 75 

Gain from Surrenders, Lapses 

and Changes 1929-1938 76 

Net Gain or Loss on Accidental 

Death Benefits 1929-1938 77 

Net Gain or Loss on Disability 

Benefita 1929-1938 78 

Increase in Reserves Due to 

Change in Basis 1929-1938.-- 79 

Net Income on Investments, 

Amounts 1929-1938 80 

Net Income on Investments, Per- 
centage of Mean Ledger Assets 
1929-1938 81 

Interest Required to Maintain 

Policy Reserves 1929-1938 82 

Margin of Investment Income 
in Excess of Interest Required 
to Maintain Policy Reserves, 
Amounts 1929-1938 83 

Margin of Investment Income 
in Excess of Interest Required 
to Maintain Policy Reserves 
Expressed as a Percentage of 
Interest Required to Maintain 
Policy Reserves 1929-1938 84 

Gain or Loss on Sales of Real 

Estate 1929-1938 85 

Gain or Loss from Adjustment 
in Admitted Asset Value of 
Real Estate 1929-1938 86 

Gain or Loss from Sales or Re- 
demptions of Bonds and Stock 
1929-1938 - 87 

Gain or Loss from Adjustment 
in Admitted Assets Value of 
Bonds and Stock 1929-1938.- 88 

Increase or Decrease in Contin- 
gencv and Special Reserves 
1929^1938 89 



LIST OF TABLES 



Title Page 

Net Change in Unassigned Funds 

(Surplus) 1929-1938 90 

Total Funds Available for In- 
vestment 1929-1938 92 

Sources of Funds Available for 

Investment 1929 and 1938..- 93 

Gross Investments Made 1929- 

1938 94 

Gross Investments Made of Each 

Type 1929 and 1938 95 

Admitted Assets, Combined 

Statement 1929-1938 98 

Liabilities, Surplus, and Other 
Funds — Combined Statement 
1929-1938 99 

Admitted Assets, Amounts De- 
cember 31, 1938 100 

Liabilities, Surplus, and Other 

Funds December 31, 1938 101 

Admitted Assets, Percentage of 

Total December SL 1938 102 

Bonds and Stocks — Types Owned, 
in Percentage of Total Ad- 
mitted Assets December 31, 
1938 103 

Mortgages, Foreclosed Liens, and 
Real Estate Owned, Percent- 
age of Total Admitted Assets 
December 31, 1938 104 

Cash as of December 31. 1929- 

1938 106 

Interest Income on Cash Bal- 
ances 1929-1938- 107 

Policy Loans 1929-1938 108 

Income from Policy Loans 1929- 

1938 109 

Collateral Loans 1 929- 1 938 110 

Bonds Owned 1929-193S 112 

United States Government Bonds 

Owned 1929-1938 113 

Canadian Government Bonds 

Owned 1929-1938 114 

Other Foreign Governifient 

Bonds Owned 1929 1938 115 

Bonds Owned of Political Sub- 
divisions of the United States 
1929-1938 116 

Bonds Owned of Political Sub- 
divisions of Canada 1929-1938. 1 17 

Railroad Equipment Obligations 

Owned 1920-1938 118 

Railroad Bonds Owned 192&- 

1938 119 

Public Utilitv Bonds Owned 

1929-1938-J 120 

Industrial and Miscellaneous 

Bonds Owned 1929-1938 121 

Acquisitions of Bonds 1932-1938. 122 

Acquisitions of United States 

Government Bonds 1932-1938. 123 

Acquisitions of Bonds Other 
than United States Govern- 
ment Bonds 1932-193S 124 



XI 

Title Page 

New Corporate Bonds and Notes 
Issued and the Amounts Pur- 
chased hy 26 Largest Legal Re- 
serve Life Insurance Compa- 
nies 1934-1938 125 

Bonds Purchased at Public Bid- 
ding 1932-1938 126 

Bonds of New Issues Purchased 

from Bankers 1932-1938 127 

Bonds Purchased in the Open 

Market 1032-1938 128 

Bonds Purchased Privately from 

Issuers, Amounts 1932-1938_. 129 

Bonds Purchased Privately from 
Issuers, Percentage of Annual 
Total 1932-1938 130 

Corporate Bonds Purchased Pri- 
vately from Issuers 1932-1938. 131 

Corporate Bonds Purchased Pri- 
vatelv from Issuers — Classified 
as to Type 1932-1938 132 

Total Sales of Bonds 1932-1938. 133 

Sales of United States Govern- 
ment Bonds 1932-1938 134 

Redemptions of United States 

Government Bonds 1932-1938. 135 

Sales of Bonds Other than United 
States Government Bonds 
1932-1938 136 

Redemption of Bonds Other Than 
United States Government 
Bonds 1932-1938 137 

Bonds Owned — Investment Rat- 
ini^s, Admitted Asset Value, 
Amounts December 31, 1938_. 138 

Bonds Owned — Investment Rat- 
ines, Percentages of Total 
Dec niber3], 1938 139 

Maturities!, of United States Gov- 
ernment Bonds Owned De- 
cemiKrSI, 1938 140 

Maturities of All Bonds Owned 
Other than United States Gov- 
ernment Bonds December 31, . 
1938 141 

Interest Income on Bonds, 

Amounts 1929-1938 142 

Interest Income on Bonds in Per- 
centage of Mean Amounts In- 
vested Therein 1930-1938 143 

Stocks Owned 1929-1938 144 

Acquisitions of Stocks 1932-1938. 145 

Stocks of New Issues Purchased 

from Bankers 1932-1938 146 

Stocks Purchased in the Open 

Market 1932-1938 147 

Private Purchases of Stocks 1932- 

1938 148 

Sales of Stocks 1932-1938 149 

Redemptions of Stocks 1932- 

1938 150 

Income from Dividends on Stocks, 

Amounts 1929-1938 151 



KII 



LIST OF TABLES 



TUle Page 

Dividend Income on Stocks in 
Percentage of Mean Amounts 
Invested Therein 1930-1938.- 152 

Gains br Losses from Bonds and 
Stocks 1929-1938 153 

Bonds and Stocks Owned — Ad- 
mitted Asset Value, Market 
Value, and Difference between 
Admitted Asset and Market 
Values as of December 31, 1932 
and 1938 154 

Bonds and Stocks Owned — Cost 
Value, Market Value, and 
Difference between Cost and 
Market Value as of December 
31, 1932 and 1938 155 

Bonds Owned — Investment Rat- 
ings, Market Value December 
31, 1938 156 

Bonds Owned — Investment Rat- 
ings — Excess of Market Value 
over Admitted Asset Value 
December 31, 1938 157 

Farm Mortgages Owned 1929- 

1938 ; 161 

Farm Mortgages Acquired 1932- 

1938 . 162 

Farm Mortgages — Average Con- 
tract Rates 1932, 1934, 1936, 
1937, and 1938 163 

Farm Mortgages Repaid 1932- 

1938 164 

Farm Mortgages Foreclosed 1932- 
1938; and Total Farm Mort- 
gages in Foreclosure as of De- 
cember 31, 1938 165 

Foreclosed Liens Subject to Re- 
demption on Farm Real Es- 
tate — Admitted .Asset Value 
1929-1938 166 

Farm Mortgages Owned — Geo- 
graphical Distribution Decem- 
ber 31, 1938- 167 

Farm Mortgages Owned — Classi- 
fied by Size December 31, 1938. 172 

Farm Mortgages Owned- -Classi- 
fied as to Degree of Delin- 
quency of Tp.terest Payments, 
Amounts, December 31. 1938. 173 

Furm Mortgap-es Owned- — Classi- 
fied aL' to ! linqunncy of In- 
terest Pcaymontsau'l E^pressiHl 
as a Percentage of Total Un- 
paid Principal Amoimt of 
Mortgages Owned December 
31, 1938 174 

Farm Mortgages Delinquent as 
to Taxes and Interest Decem- 
ber 31, 1938 175 

Farm Mortgages in Default — 
"Work-Out Cases" December 
31, 1938 176 

Farm Mortgages — Unpaid Inter- 
est Capitalized 1932-1938 177 

Farm Mortgages — Grovss Inter- 
est Collected 1932-1938 178 



Title Pag« 

Farm Mortgages — Gross Interest 
Collected — Percentage of Mean 
Admitted Asset Value 1932- 
1938 179 

Farm Real Estate Owned — Ad- 
mitted Asset Value 1929-1938- 180 

Farm Real Estate Under Con- 
tract of Sale — Admitted Asset 
Value 1929-1938 181 

Farm Real Estate Owned De- 
cember 31, 1938— Classified by 
Year of Acquisition 182 

Farm Real Estate Sold during 
1938— Classified by Year of 
Acquisition 183 

Farrri Real Estate Owned De- 
cember 31, 1931, and Ac- 
quired 1932-1938 184 

Farm Real Estate Sold 1932- 
1938, and Total Sales in Rela- 
tion to Total Farm Real Es- 
tate Ov.'ned at any Time since 
1931 185 

Farm Real Estate — Gain or Loss 

from Sales 1932-1938 186 

Farm Real Estate — Gain or Loss 
from Sales 1932-1938, as Re- 
ported in Annual Statements. 187 

Farm Real Estate — Net Income ' 
or Deficit 1932-1938 188 

Farm Real Estate — Net Income 
or Deficit — Percentage of Mean 
Admitted Asset Value 1932- 
1938 189 

Farm Real Estate Owned — Clas- 
sified by Size December 31, 
1938 . 190 

I'arm Real Estate Owned — Gen- 
eral Ledger Account Decem- 
ber 31, 1938 191 

Urban Mortgages Owned 1929- 

1938 194 

Insured Mortgages Owned De- 
cember 31, 1938 195 

Urban Mortgages Acquired 1932- 

1938-.: 106 

Urban Mortgages, Average Con- 
tract Rates 1932, 1934, 1930, 
1937, 1938 197 

Urban Mortgages Repaid 1932- 

1938 - 108 

Urban Mortgages Foreclosed dur- 
ing 1932-1938, and Total Ur- 
ban Mortgages in Foreclosure 
December 31, 1938 109" 

Foreclosed Liens Subject to Re- 
demption on Urban Rer^ 
tate 1929-1938 .. 200 

Urban Mortgages Owned in Ten 
Metropolitan Areas December 
31, 1938 201 

Urban Mortgages Owned — Geo- 
graphical Distribution Decem- 
ber 31. 1938 202 

Urban Mortgages Owned, Classi- 
fied by Sizc^ecember 31, 1938. 207 



LIST OF TABLES 



XIII 



Title Page 

Urban Mortgages Owned, Func- 
tional Types of Mortgaged 
Property — Unpaid Principal 
Amount 1938 208 

Urban Mortgages Owned, Clas- 
sified as to Degree of Delin- 
quency of Interest Payments, 
Amounts, December 31, 1938. 210 

Urban Mortgages Owned, Clas- 
sified as to Degree of Delin- 
quency of Interest Payments 
and Expressed as a Percentage 
of Total Unpaid Principal 
Amount of Mortgages Owned 
December 31, 1938 211 

Urban Mortgages Delinquent as 
to Taxes and Interest Decem- 
ber 31, 1938 212 

Urban Mortgages in Default — 
"Work-Out Cases" December 
31, 1938- 213 

Urban Mortgages, Unpaid In- 
terest Capitalized 1932-1938_- 214 

Urban Mortgages — Gross Inter- 
est Collected 1932-1938 215 

Urban Mortgages — Gross Inter- 
est Collected — Percentage of 
Mean Admitted Asset Value 
1932-1938 216 

Urban Real Estate Owned 1929- 

1938 217 

Urban Real Estate under Con- 
tract of Sale 1929-1938 218 

Urban Real Estate Owned in Ten 
Metropolitan Areas December 
31, 1938 219 

Urban Real Estate Owned — Clas- 
sified by Year of Acquisition 
December 31, 1938 220 

Urban Real Estate Sold during 
1938 Classified by Year of Ac- 
quisition 221 

Urban Real Estate Owned De- 
cember 31, 1931 and Urban 
Real Estate Apquired 1932- 
1938 222 

Urban Real Estate Sold 1932- 
1 938, and Total Sales in Rela- 
tion to Total Urban Real Es- 
tate Owned at any Time Since 
1931 223 

Urban Real Estate — Gain or 

Loss from Sales 1 932- 1 938 224 

Urban Real Estate — Gain or Loss 
from Sales 1932-1938, as Re- 
ported in Annual Statements. 225 

Urban Real Estate — Net Income 

or Deficit 1932-1938 226 

Urban Real Estate — Net Income 
or Deficit, Percentage of Mean 
Admitted Asset Value 1932- 
1938 227 



TitU Page 

Urban Real Estate Owned — Clas- 
sified by Size December 31, 
1938 228 

Urban Real Estate Owned — Gen- 
eral Ledger Account Decem- 
ber 31, 1938 229 

Urban Real Estate Owned and 
Sold 1938— 

Metropolitan 230 

Prudential 231 

N. Y. Life 232 

Equitable N Y 233 

Mutual N Y 234 

Northwestern 235 

Travelers 236 

John Hancock 237 

Penn Mutual 238 

Mutual Benefit. ..1 239 

Mass. Mutual 240 

Aetna 241 

N. E. Mutual 242 

Union Central 243 

Provident Mutual 244 

Conn. Mutual 245 

Conn. Gen'l 246 

Phoenix Mutual 247 

Bankers Life 248 

National Life 249 

State Mutual 250 

Equitable Iowa 251 

Western & So 252 

Lincoln Nat'l 253 

Guardian Life 254 

Home and Branch Office Real 

Estate Owned 1929-1938 255 

Home and Branch Office Real Es- 
tate, Net Income or Deficit 
1932-1938 256 

Home and Branch OflRce Real Es- 
tate, Net Income or Deficit, 
Percentage of Mean Admitted 
Asset Value 1932-1938 257 

Housing Projects 1929-1938 258 

Ho\ising Projects, Net Income or 

Deficit 1932-1938 259 

Housing Projects, Net Income or 
Deficit, Percentage of Mean 
Admitted Asset Value 1932- 
1938 260 

All Other Real Estate Owned 

1929-1938 261 

Increase in Policy Reserves Due 
to Change in Basis — Industrial 
Insurance 1929-1938 265 

Increase in Policy Reserves Due 
to Change in Basis — Disability 
Benefits in Industrial Policies 
1929-1938 266 

Increase in Policy Reserves Due 
to Change in Basis — Accidental 
Death Benefits in Industrial 
Policies 1929-1938 267 



XIV 



LIST OF TABLES 



Title Page 

Increase in Policy Reserves Due 
to Change in Basis — Ordinary 
Insurance 1929-1938 268 

Increase in Policy Resources Due 
to Change in Basis — Disability 
Benefits in Ordinary Policies 
1929-1938 269 

Increase in Policy Reserves Due 
to Change in Basis — Accidental 
Death Benefits in Ordinary 
Policies 1929-1938 1 270 

Increase in Policy Reserves Due 
to Change in Basis — Individual 
Annuities 1929-1938 271 

Increase in Policy Reserves Due 
to Change in Basis — Group 
"Annuities 1929-1938 272 

Increase in Policy Reserves Due 
to Change in Basis — All Other 
Policy Reserves 1929-1938 273 

Annuity Reserves 1938 274 

Amounts Subject to Withdrawal 

in Cash 1938 275 

Contingency Reserves and Un- 
assigned Funds (Surplus) 1929- 
1938 276 



TitU Page 
Net Cost of $1,000 Insurance: 

Whole Life Policies: 

Age25 284 

Age 35 286 

Age 45 288 

20 Pa^'ment Life PoUcies: 

Age 25 290 

Age 35 292 

Age 45 294 

20 year Endowment Policies: 

Age 25 296 

Age 35 297 

Age45 298 

Discounted Net Cost of $1,000 
Insurance: 

Whole Life Policies: 

Age 25 300 

Age 35 302 

Age 45 304 

20 Payment Life Policies: 

Age 25 _-.. 306 

Age 35 308 

Age 45 310 

20 Year Endowment Policies: 

Age 25 312 

Age 35 313 

Age 45 314 



TEN YEAR GROWTH 
1929-38 



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CO O O h- ^ O C-; ' 

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CONCENTRATION OF ECONOMIC POWER 



mSSfeS^ SSSfcSS CO-gjOOJtO NOIWOOIN o>>o.--^'*«c"'J 
Smi;SS S^SH?2SP cs^oosoooo w^rtooco moo--ca-,~Sto5 
a>n-<ot~ Mcj(Nrft^ OMinoTji co(MooSP- wNoo'ti" 



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CO j-^ Tj« T*- CO WOOOOOOt 



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2S8SS gJgSS 2§i5i Sli^i sigSfg 

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r^ cc oi r^ Tp -^ CO CO c^ c^ c^ 



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t^c^jcnr^Tj* Tfcoc^c^CM <Nc^i--H-4iiH ^ 



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lO w CC CO •* Tt< (M CS CVI (M 



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kO^^ODO-^ -^l^tMC^C 



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t~coc>oio o.-t~o:M 0«0t0f-.o —iblSio" 



i^ SJ^rtSS O'otototc 



SJSr^'S^ h-coooiMli; Tj.Soot-:o «omccc 

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sss;:=3 "---^^o 2§2gs sIBis 

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OOO OOOOO OOOOO OOOOO OOOOOO 



^^^c^co ^eooiO^M csiaiC^flD-^ »ot-- 

O CD »0 OS »0 COOOOCOCO -VCvlr-iaJO CSCOi 



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r^Tj<r*r-(^ oooacocooo ccio:oc^<o «oco-H05t^ M'-<coc^»-ic 

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C^ CS M lO I »-t 



i-iCOi-<CO »-«CDCO»OC^ 



Tj« »o »o CI c^ .-( CD f-H eo r^ ooO"^oOb* eo^o»oc>^ 
oo<ot^w5t>. otoocMCN cocceocsi'— OOQCOjC 






COCSQOOOi CCOSCC'-^'i OCiCOiCO l^iO 



^0<D-H 0>»OCOt^»OCO 



C^<MC^ C4C^C 



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5 I— lO OOt^O-^CR C^I 'c?* CO 00 CO U3 r^ C4 tT 
iOCO C^ICOO-OiO CDCOOO <D <0 CO t-i O O 



N^ 1-1 ot^eoci ' 



r-l Tji'Tt^CJOeO .-IrHO «-» 



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0O,-iTt< ^-CNiO-^t^ip 



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lO ■<*< »0 »0 »0 'igi CD lO »0 ■^ *0 us I 



1 CO W^COWCOCJ 



OOOOO OOO 



OOOOO oooo 



C4 -"f O (D UD 



;<o--ioi'^ ococo— *os 



* t* »o a> CO CO M »o CD »o t 



-COO"^-H 00t^rpt-*iO 00'<T0C'O'" 

loco— *r>^oi cdcc'^'-H'-i e^'cocs'-*'^ ^cs'-^j-c^oi cor^cpc^oir-^ 

CSCO(NrH.-H M WC>J<N CS|r-li-*iOC^I COCSC^lC>)CO COC4CM>OCOCO 






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CONCENTRATION OF ECONOMIC TOWER 



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cocoeococo ■^'cocococo cocococoeo coHeoeoeo M«e6cocoecfo 



coos 

tD<NOOO 



ooooo ooooo ooooo oooooo 



c^ooo»-< r^ooc^MC^ 1— I.— (rt«ooo ocor~*»or^ wt— c>r— •roco 

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I ^ 



(OW3C«*OC^ eOQO^COCO CJ»o iClc 



« w »0 I coco 



.-i-^j«^coc^ cooM^oo c^r-^oco »oo;c^oo ioc^oo»0'-<io 



■< CO O «? -^ CO O O ' 



Ot^O-^ i-H 



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r^oi CO ooi 



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r^ 01 c^ o 

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CO CO CO CO CO 



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M* -^ CO ^s* 
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CD CO "O »0 00 

CO CO coco CO 



ooooo ooo'-'o ooooo OOOOCO tPOOO-«»'0 



C^t^OOOCO (N O ^ CM CO iO<rooOCOos -H CO O •-< CO Ci CM CO CO o -^ 
COOQOOO IMCOOOOSCM CO CO CM 0> O -* *0 co CD lO t^ O CO CO Oi CM 

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CONCEXTltATION 01' ECONOMIC POWER 



11 



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OQOOliOO Jr^OOCSfN'^ f-iOCT:.-iiO r-0i0»O<3DM< cocir^-i^ooc 



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OOro"^ ^t-*O»—l'-C0 



(Nt-daOCs <:€> tO»G y^t^ C^ 0> t* CO Gi (CCOC-JO^O 00'-t^^O>C30' 



O f-* *0 CO »0 «-< O 00 ^H CO O CO «0 OS »0 00 Tf C* Oi Ol t-i<OCOO^C^ 



oopojcioc co'gjccocc) 



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OOCDClOi-t CO0OCJi-*N COMt^CO''*' O CO 0» « »0 05 CS "T* »0 N 

■v<*oct^Oi i-H^r-oooo 



■1.-IIO •^■^■^OC^ (-hOcCcOO 000?OOI^ 0«-'C'IC^01»0 



IC0»-iO<0 r-COOOOd^ 



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O0000'<*'»O CDuacOCOeO CO'^COi-h.-h cJ'—^.-h •1 



00OC6OO CDi-«t^COt^ 0(NeCCSCO CD "^ '^ « 00 OO'^^MOOOO 

o CO « o Oi ^f ^ CO o ec !>■ o o> l-H iQ ^-.eOl-^^*co oi*oco»-«oco 
TfcooaO'^ -^c^iOi-Hr^ 4rj»coco>o cC<xioo-^t^ Tj«r»-Hi-(iO'aD 



CO ■:D O *0 CO O) CO »0 l-H 00 C^ y~*f~*t^*0 COOtJ<.-hOO ■^I^ 100500 



(M Tf lO TT CO «3CO<»COC^ 

0(N rl r-. 



-co— ti-H 04 (M i-if-) 



cDO-^r^N coior*coco jh*a5iojt^o 
oa 00 CO >o cs o-^tir^r^co co'^ojt^co 
os^oococo oi^osco»-i r-as<MOii5 



CO*Ot^CO»-l CDt»00MiCO 
OiOQOCJCO CO CI »0 CNI t^ cs 

1-Hcooo-^co N c^ «^ '<*♦ a» cs 



)05— lOt- OC-i-tiOOs O>00i-HOit^ OOOC-IOOO 



1 liO '.D CO CO -X) CO -^ C 



coeocOi-Hi-t cs i-t i-i 1-1 



^1^ ocsosr- 



oot^cor-o oi-icooO'^ ocoooo^o 

'*J«eO00'*OO QOi-lCCQOCO C^lOiCOOCO 

t-H cc CO T? (N ioi^^O'**' r-r-t^r*'o 

iOC^-^VcT eoO'-*"oco cd ^-^co '•a*" .-1" to to^-H oT 

i-ir^CO-*-00 CDiO»0-^--t COCOCOi-i»-> CJi-ti-li-i"-! 



.-( O 'Tj' CO 1-t 

r^ CO '-c CO CO 



CI Ci CO »-t ^o 
c* coo ^00 

COI-^iOMO 



Oi Oi (M Oi Ol "^ CO CCN-H CN 
Ci — < »0 CO »o - ^ 

irTco'^cdr^ ooc^os^ 



rrl CO 



toi^ »o ^ oS 



C» CS l-H rH C^ ,-1 r-( 



•OMaOOr-i COiOOSOCO O^nr^ON COCOOOrnOi 

o^^r^coc; — n-DCs-Hco cc-HOicoci o-^cocoo 

r-(C0t*O>aS COOCO-^CM 0CC0»OO5Cri CO»^Qi00»O 



ocooi-'Jt^r^ oooc^coeo oi »o ■v ^ ■<*» 



00 to 'x; *o J^ 



OC73 (N C3 O 



Oi CO i"H CO t^ 

OOt^'-HOO 
■V^ CO 00 CO 

OD l-H lO »o 



OS OO *0 CO C^ rH l-H 1-t rH 



(Ncot-Ht^oo r^ r* CO c 
iC Oi cc »o •■ ' 

CO "H OCtJ'< 

005 00 CO 'a*' 



r-- ■<^«C5 o»^ 



<io ir2r-i-*Tt<c*» cioiooics 



aCCOCOCDCD OJOr-tC-JO 



5 O --H -^r to ic cc oc ; 



CO CO CO i-H >-< CO o *c o o 



^ '-' O CO O c: -f CO 



r-» 00 l-H »-H »0 CO CO CO CO »-H CO i-< »-H »-l ^H 1-H ri — ( 



CS»GOr^COCO l^CO^^OOW ocococo^ 
-■ -■ r» O i-O -^ CO ~ .— ..-- 



■ 00 CO CO 

>r^ coco 

I 00 CO crs 

Oi 1-. CM O »0 
CMCSi-H ^ 



Oj-^t^^Q3 C5 00 f^ --^ ■^ 

ococooo^ cscMi—r-co 

OtJ'O'^CO CJOOOCMr-t 

oTai^r-Tcdco OcocDCMi-T cocmcm-^i-^ 



— > t~^ Oi CO lO lO t-» ■«»' Oi CO 
CO'tJ'iC-^CM OSCDCOt^CD 



COCSi-Ht^l 



So 



CO •i^ t^ ** O r-< < 



Oi-Hi-i Oi-iMCOCD 
CO»Crt« C5 C?i -^ CO ID 

eoc»-<j< 00 '«** <N CO «3 



lO O t^ 03 l-H t^Cl^t^Ci 
0(NC)C>CO ■<*'Tj<TtiCMC) 



(Nt^r^CCCO CSCOCM*^! 



3 53 






■ -J 

a 4) „ 

or- 



00 go cor* 00 
oior^ocM 



»o o CO t^r* 



If5i-t COOt^ 
COO^^ t* 

»-H ^ O »-< t^ 



— «-*j*icor^ 

CO "3 O CC 00 
C '^ -^ C3 CO 

C^fc^fcO CM Ci 



o CO as CM ■^ 

1— ocot-o 

coco 03 CM 



1-H I co^'e 



CO occ »o -^ 
CO CO "«*•co^- 
lC ci"oi"co CD 



00 1-H ^ CO C5 
|-.iO l-H 1^ CO 

O O CO iC 05 

r-ro-N coco 



rj* CD O; CO O 
l-H -Tf 00 CO — ■ 

oi cooo ■v o 
odoi-**^t^ 






_; ' C3 . . . 



3S«|-i gglll l^tl 



o2|g^ IS^flS §§^§1 ss^l-ss 
:ze5(i,2 2<!2;pph uop^kz phwix!^>-jo 



12 



CONCENTRATION OF ECONOMIC POWER 









» 
'« 



oq 



r-tooh-TfOs r-- «-H o t^ C5 coososoo^ 

^,— i^oco coioooooco 1-1 r^ CO -^ 00 

r^i-Hiot^^ Oacococo r* »o oo w5 -^ 

■^r^oioro" of CO »o ■^"-h' cTi-Tco "^"o 

-^ceocso cDC^c^coi>- CI M o »o <o 

^OJUS'^CO CO W rH ^-t i-H f-H 



1^ ■**« CO -^ i-< r-.-^o-^M* 

CO'^h*"^'-! CDOCOCO'<?*< 

cooor^<oo r^oio»co< 



0«000>10 ^!f« QO I-" -^ •* OOSCO 



«DO>co<oeQ o>oot^c»»c-^ 



»-< o ^ b- •-* eo o ^ t» »o 00 CO ^r CO o ecccooso »-i r- to o •-' o> 



d Wl^CS^ 



OlOO CD»O»OO:00 OCOCDC^OO *0'^COOOC^CO 



co--'<Od'-' co^Tfcoco oo>»-<c^'^ loNco'tf'eo eQC<eO'**-<N 



COOrJ* lOd 



COr-IC^^ r-l 1-1 i-< 



CDOOOOi-t 

r- 'J' '-« ooo 
ooooTido' 



tD'9'»o Ci03cO'-<eo dwcoeooo _- 

OeDC4O00 CDOO-^iO -"^J-CO^OOCOCO 



00 lO «D ■*!' *0 

t-»oo t^osco 
oocoaTaTo 



OOCO^h-^00 

?5 ?? S '" ' ^ 



^C^tOCOTp Ol i-HTf*?0 coc^coco w 



00 b- •-* CO«3 
^ CD CO O CO 
!>. CJ Ci O IM 



•^ t^ ,—1 ,-4 o ^-- 05 oo 00 



(Na50»OC 



CD -^ ^ »0 00 
> CO T-t t>- 



CO O CO -*< »o 



^ C^i-« f-H rH ^-H 



^O-^i-"© O »0 CD 00 CO '«*' 

»0 rf O CO »0 »-• Tf 00 CO d CO 

OOOnOr^Oi OO'^OOiCcDOO 

»o coco coco' ^co cfc^ <-r 



W 00 lO 00 Ol 



r* r^ coco o 



f-H r-. 00 too 
QC r- o -r oo 
crs 'O (M O OO 



o>aiCf>c^cc oococ 

-*f Ol 00 OOO CD t>- "■ 



OOOOO Tt*0 
O CD TT coo 






OOOCStJ* tOCNICO'^CO 



COCSi-t t-i 



^O "OO CO 



■Tt*COC^t-*iO Oi'-^OOOCO 0»0'^r-h- OC^CO'-JiO 



Oi ^*<t* ^ lO 



lO^ Tf r-( ^ 
O5 00-^COC*4 



I 'M OOO 
_ > — 00 O - 
lO C- — CO 00 

ooco'oo'o'cr 



O »0 t^cD t 



(M O >0 ^ -^ 



1 CO 00 CO CD -^ »0 OO «0 



CO CO CO CO 



4b-M"'^co »— o»r>oor>- c^cocooco or-^O'.'^oo 



«COOi*00 »Or-cDO-H cDOTft 

f-ib-M'-^co »— o»r>oor>- c-icococ 

»0'^oo»-H'^ coocrjcOf-H cn-^co^'-H 

cDoooo—Tt^ coiocoi-Hb-r o"coodtc»cr 



^oo- 

ai 00 CO t— 



CiC^OOOOOO OOC^OO^ cDC^OOOcOOO ^cocsooi 
c^iOTt'»o'^ t^0JTfi>-c^ moic^t^co t^cococsc 

OOOOOOOl'-H COi-HiOOOO CO I— CO t^ CO .— tOOcOi-t- 



O00p5»003 CMC^OQiCCfl 



S C^ -H Tj< t-- 1-- 1-1 Tt* iC -^ 



si-hOO oi^cbi~*oo r^<Nont*»o cd'M'MC'Icd 



CO 1^ CO O 00 



CO I-" »o tC tJ< 



— < CDtJ* 



CO CO CD O CO I^ O .— " CO (M CTi Oi 
CTsO CJ»Ot^00Tj« OO O O 03 r* 

1 -"Todt^ coco-^cd"-^ 



(M ,-H M ^ '-^ 



»C C^ 00 ^ t^ -^ b» CD »-» CO f-H 1-4 CD to ^ 



CD to h- Oi •■ 



CD ^H CS O 0> 



-«- CS 00 »0 lOOQCDC^C 



Tt*OiOf-ii-t t^os^cor^ cocico-^e 



CO CD CO ■<»* ■«*< 

1-t a>co tOTP 



, N ^ CO to to 



-Tfrptoc^ lOoococDoi "^co^tr'^ 



C<OcD(NCs 

00 C^ C^ <N C^ — _ , - . , _ . , . - _ __ 

»-HCO00CDtO cDt^OOO-* tOcOTt^COO OOCDOOCOOi 



CCCD-^ •-< 1-H 



- lO to 00 I-" C^ 00 to 



OiOO CO to '^S* 



CJ to OS to f-H to CO I-H I-H 00 h- cs Tji to ^ 

^ ,-I^C^ r-l 1-11-1 






2B''- 



3 «U rt 



r- r^ o to to 



C4 WW C^ 



oc^ ^ -^ ^ 
CO O C^ CO o 

coco t^ -^ 00 



CO CO CO CO 



ooc^^co to 

1-1 ^ OOTf -^ 
CO 00 '^ f-" (•* 

toco"co i-h"co" 



Ojoor--H0 
co-^ — r^co 

CO to t^ Oi w 



tO-<J< CO CO 



to Tt* ''J* CO 



to O CO to 1—1 

CO t^c^ --< r^ 

to ■<*' CO <-i cs 



lO-«*CO i-< CO 



-J Q><iHH 

Sokes 



S'5«<3 P^iffii^. CO ^'^-■a 

-b'S>^3^ ^';«S§ Ssw,2> ggg-^s -5 
Sfe^wS ^e-SPnS S<;z;ppu, ot)(i,pq;z; ph 






1^ 5 



.S3 



¥ 



CONCENTRATION OF ECONOMIC POWER 



13 






n 
o 

M 

{H 
O 

O 

o 

Eh 

<J 

o 

CO 



OO CO O w^ OS 



eoc^-^t--o locsccc" 



roceO'-" cco — c^oo cc^- 



ico^O r- — ci CJ o> cot 



00 — CO O TT 



i-* ^ ec c 



C tC <N ooo 



OiQ0*O^C0 CO i-^^-ti— < rH ^^ 



unOiOi t^ -^O tN 



■«J*^TfC)CO OOCOO^ COClt^' 



ooowosrt ^r-— 'OCT-ua ccc^iooio -^.-..-..-j 



•— 'Ob*^CD OSi— 't^O^O 



5D tC CM CC •— ' 



fOO 0>t-»'^CMC> i-«C*<iC'« 



ooo*-*»oo «-H ci'—c** Oi-<o»Ti'^ »o»-'Wcoco c^co"c^ 






•«*« «o t^ Ol »-< 
*"■ oi cc -r »o 

COCOtCt- CJ) 

ci c^* ci" c4^ ci 

O 00 « CO c« 



^t-COO CJC5--« OCX 



iOc:co •-•cio»iot^ i-io5--'b-'<r ooooooTfcs 
H0C0CO5 oco— '-^r-. o*:ct-coo --— 



CO .— I-H^ 



OC tT C^l t^ QC 

cr. t- 1^ CM lo 

03 CC 1^ CQ CI 



Tf< — . C4 Oi -^ 00 CO r- *0 Ci 

"tr '-■ 00 cs O CO c r- oi -^ 

OO -^ •— ' O »C f~* iC CM 1-t 



CO Tf Oi o o c 



■^O^Ct-iO (OCMt-. 



ec CM oi c; 



O O CO CO CM CO 



r- •— ' CM c; CM OS - 



cc — — 't^— < cc-— i-<uroo 



■ CM coo 

■ — ■ t-- — < 

I.- o 00 <:» 

: CM Oi — * -^ 



O- <C CO « CM 



I- <ur 00 O ^ Tf tC CO 
OiOCr- iCCMOOCMt^ 

r-^ OTCMCC'V'''^ 



CO 00 r- CD o 

■^ *- C iC lO 
■<»''" t-^*" CM CO* CO 



cc r* " lo O o O *o CM qo 



3<CO"OCO CO-^OlCOt- 



— ' 00 O lOCO 



OOCMCMr-CO 0:«-'CO--''J' »cocococ-) 



? »c o »o CJ r- -^ I 



o — *c o —» 



Ca cD'>f CO CM 



iO ^ CM a> CMOS ■- 



CO I-" i-t,-t 



•^ r-^ CM CO CO 



rf t^ CO O C5 
O 35 CC CO "^r 
CM CD O •-' "^ 

■»r r^ r^ oi 00 
OJ t- rr CO CM 



o CO r^ "ar -^ 



00 ^ CO — ' ' 

- ". r^ or ■ 

CM GO CO 

'c-fco 



CO ^. r-if-t »-l ,-t 



^ CM 00 O -rr COO3O0C3t^ 

cc r-- X Ci c; -^ t^ cm i-- o 

O CO r- 00 CD ■^ CO t^ lO uD 

COCJOiO'*' »0 .-TciCo'CM* 



r^C^OiOO Cr. OsOCrpCM 

cooco — CO ocMcr. c M< 



O CM r- O -^ t* CM 40 X -^ 



-co — »o <-' 



I^CCCS t--40-^w001 



00 — O ^ 'T 
OS OO lO -^ CO 



CM CM ■-« CD CO 



t-OCDO OS 

co"^CM-«rJ"co 



•— t^OOt^OO CMCM^J*r--0 OOCCOCOCl O0t~:D 



o-^t—ot^ CO c:3 u:: 

on t^ OO CM CM ^J* - 

■ w 00 C^ CM 

0^*0 CO -<5-' 



CM t-iCM f-H 



CM iC -^ CM 00 C^ O C5 I 

"OC'COCOCl O0t~:DI 

O •-' CM O tG Oi ai Z 

ccco»-<iorC co»-HcO' 



t-- CO 00 Ol OO 
-* — CO OO 
CM o Ol o •£> 
"^ Co' C3 cO" iO 



coo CM CDCO 

OO COCCOOOCO 



CO o co-^ 



i-< CM C CO r- Or-^-^t-CM 

C CO 00 — O -T -^ C -- CM 

COI^CjCMjo co-^ooco 

»o'cO~c50lC O'CMCO"'*?^'^ 



— r-l C< — ' -^ — 



— CM cc CO 00 " ' 



CO -* — -- t 



CM -^ — CO ^ 



O .T- — CO O 
00 — Oi b- *o 



aocoh-»0"^ -^ "-"-HCM •-« 



'T CO O O t^ CO C-ltC -^ -^ 



r» T! -T "^ ^^ 



l=a 2 



t^M* oco o 



OOCMOOOOO 
CCt^ CO t- 
O CD i-H ^ 



00 O CO »o 



?a. 



CO t^ O CM 00 

c:; lO Tp ^ 
t>- O >-i TT 



CDr-< OO 05 
"^ --' lOCM 
O lO I-. CO 



CTi 00 O CO O 









S(i<:z;mS ^^h-SphS 2<;;2;t)pH ou^n^ e^wsiSh^iO 



E-a 



14 



CONCENTRATION OF ECONOMIC POWER 



>-1 


p 


^ 


I? 


ei 




©» 


« 


05 


-t1 


1-1 


w 


>~ 


>H 


w 




V 


H 


^ 


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.« 


M 




H 


^ 


W 




ra 


Cl 




fc. 


<1 


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rh 


w 


n 


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w 


H 






M 


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Q 


w 


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i_3 


Ix 


<1 


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PU 


tm 









H 


W 







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14 


< 








rt 


» 


M 



•^ ro CD 00 »o 



O F- ( to OS »0 f-( t-4 - 



1^ 40 C^ CO CO Oi CC 



*0 O -^ 00 



CM (M ,-( iM i-H C^ C^ . 



w c^ r-li-( 



4 cc »o w5 r>- CO .-» CD ao co uocscd 



O Tf w C^ ,M w to 00 



C^ CM 1-f 1-1 1-1 






M O »0 coo 



cs t- o; CO U3 04 CO 



CMCOi~(r-lrH 



M --• <-t w CMi-f ^ 



CO O 00 CO -H CO 
0> O t^ t-- O CO 



CMC^,-l.-(CM CO Wr-lC^ 






ciOi-« a> i-t'^co CO Tt^cooi 



CSCMO»CN»CM CO 0*{N0» 



■Tt< T** Tt< r-- 10 



COM-rt« 00 -^CDlO ^^ 



CM M -^ C-l CO 



00 -*< '»^ 



J X- iC CD O Oi 



COOQ h- c^ 



10 CO r^ CO * 



CM-^OO — * 



CO d CO c 



t-^ O CM Tf* CD 



O 10 h* 10 CM CD »0 

-^■^O CO ocio-^ 



CM CO Tt* -^ Tf* 



d5o---2 a 




p s 



f-e 



■O ft 



.., 


m 






a 












^ a 




<<5 


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ft— to 

go g 
o s> 5 

S <« '-' n 
o S g a 
S" <» -S .a 

■" M_oa 



H 0! 

a £ O.S 

•2-°§a 
k. 3 >'p 

a Q.>>o a 
aj a « a o 

© " o— ® 

J3 C'" Ct ffl 
^ air? "" 

ID O 



CONCENTRATION OF ECONOMIC POWER 



15 



C-fOOO 



oooooo ocooo 



coooo cocco oooogo 



occco coooo oooooo 



0-- ooo 



ooooo ooooo ooooc 



oooogg 
ooo 



oooooo ooooo 



ooooo ooooo oopo 



oSo 



ooooo 



ooooo coooo ooooo 



ooiooo 



ooooo ooooo o^ooo 



ooooo 



ooooo ooooo coooo 



n 

o 
« 

o 

O 

H 

CO 

O 
H 

n 

< 
O 

w 



:ooo OOOOO ooooo 



0C*5000 



ooooo ooooo ooooo 



omcoo 



ooooo coooo ooooo 



occooo ooooo ooooo 



ooooo 

s 









S 2 c a 

oj ' ^ ^ p -^ 



S3S 

t-.t^CO 



>ooo< 
£ oo^ 
ooo 



>0 OQQ 

oooS 
oco 



ooooo 



o?5! 



ooooo 



ISS 



— ' 3-S " 






f/. PK.2 > 






73 .- 

§g 



2? 
t>2 



S2 



OPERATING RESULTS BY LINES 

OF BUSINESS AS REPORTED IN 

THE EXHIBITS OF CHANGES IN SURPLUS 



17 



18 



CONCENTRATION OF ECONOMIC POWER 



•^■ccooo oorooo 



ooooo OOOOO OOOCOO-:*' 

o -y 

TJ* CO 



c»t-ooo oocaoo 



ooooo ooooo COOQOOOO 

to cc 



rH-sjooo ooMoo OOOOO OOOOO ooor~o>ra 



ujoooo oo>^oo ooooo ooooo 



«( 



ooooco 



omooo 

lO o 
ooo 

MtO 
COO) 



oo?»oo ooooo coooo 



oo>ooo 



^50000 

CO —1 



oo— (oo ooooo ooooo 



oowoeo 
r^ 00 
o ■» 



ooooo octooo ooooo ooooo 

Or- 00 

CO CO -T 



t^oo ooo 

o o 

'tj^ CO 

mo" 

OOl 
CO CO 



oooooo OOOOO ooooo 



00-<0 1^ 



ov ooooo oc-ooo ooooo ooooo 

rJ^CO (N 

CO -^ CO 

lOO — < 



oocn O'O 



^r^ooo coc^oo ooooo ooooo 



oo-» OOp 



•*t~000 OOCOOO ooooo OOOOO 



O O ifS O IM 



O QJ 



P3« 5 



§2g J- 



^3^^ 5o30c/} 



^ 1 C3 

2-: fe or-'S 



»J U C/J *rf --T 

^■•^^ a a " 



s:f: gill- § :§og SoHic« 

■g2 S^floS ^3w§"> gSil-2 S»-g§8| 

^5 5S|g>g |^^«2 §§^§3 «B^|-9| 

wS :z;h»?&.S S<!!z;t3eL, oophPq:? ^,a]W?:H:io 



CONCENTRATION OF ECONOMIC POWER 



19 






o 



H 

o 
o 



H 

CO 

n 





»oo5 ooo 


OO (NO O 


OOOOO COOOO OOOOOOCO 


O 




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CD 


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CO-* 






00 






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CO 


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t^r-" 


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t-T 






O OOO OO 


ooooo ooooo ooo»oooo 

5 s 


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00 




t^M 


cJ 


N »-H 


CO 


r^ 


CO oa 


o 


(D TT 




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lO t^ 


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"CO 


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^ I-* 


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>oo 




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CO 




r~r^t>^ 


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cT 




goooo 


o or- OO 


ooooo ooooo OOOOOOCO 


CM 




t-^T 


O 


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■"»■ 


o 


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5 


lO CO 


s 


CO 


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00 




r* 


Ol 












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co" 






r^CB 




CO 


r- 




f-H f-t 


Ui 




Tjl 




t-."r-r 


" 




CO 




o c^ ooo 


OOCOOO 


OOOOO OOOOO lOO-^OiO 


^ 




00 i-l 










coo 


o 


I r^ cvj 


CO 


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ss 


C3 


1 ic ^^ 


CO 


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03 












03 00 


CO 


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00- 




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CO 


CO 

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lOJ^OOO 


OO'^OO 


OOOOO OOOOO "OO-^O-^ 


^J< 








1 -^ CO 






CO-* 


CO 


1 CO 00 


CD 




Is 


^ 


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CO 


'tf* 


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8 


00 


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C-1 




r-T-* 


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— CO 
CO J^ 


00 
CO 


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c3 




coco 


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lO 




COCOOOO 


OO— lOO 


OOOOO ooooo iOOC^O«> 


"^ 




W3 iO 


CO 


1 CO (>) 


CO 




O l-H 


CO 


1 ,-H O 


CO 




oTo 


t~r 


' O 00 


CO 


CO 


CO CO 


CO 


1 Oi IS 




2 


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s's 


CO 


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CO 


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coccf 


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rji" 




■<»<-»<ooc 


ooc~»oo 


ooooo ooooo lOOOiOOO 


jf^ 




S5 


?§ 


» i^ CN 


S 




coco- 


tC 


1 lO of 


00 


5S 


ss 


^ 


! S ^ 


53 


a> 












"5 00 










coco 






S 




■OOl 


CO 


1 ^ 




CO- CO 


-^" 




•o 




"«t^.OpO 


oooioo 


ooooo ooooo jOOOOCC 


o 




t^ c^ 




t J^- o 


CO 




^^ i-c 


o> 


CO 




•^"s 


oT 


1 1^ iD 


cs 




-H C3 




1 o <o 




^rj 


CO o 


r^ 


• C4 


■^ 


o 












offo" 


r-T 


; g' 






C^ll- 


o 






00 CO 


■^ 


t lO 


•-< 




CD t-T 


-^ 




2 




rjr-ooo 


ooooo 


ooooo ooooo '00-^0'«1' 


,_, 




00 00 






f^ 




coc^ 


o 


1 S o 


(N 




00 cJ 


US 


I .-T M 


oT 


o 


CDCO 




t O 1^ 


s 




r»co 


CO . 




'^ 


?3S 


s 


I o' 


s 




00 CO 


CO 


' urs 




CO t-^ 


'^'■ 




CD 




c^gooo 


OOINOO 
CO 


OOOOO ooooo .OOOOOO 


5" 




r>» i— 1 


03 


; ^ ^ 


s 




»-h"»o" 


C-f 


' C^ 1^ 


oT 


a> 


°°s 


■^ 


1 lo r>- 




Si 






o 


t^ 


OS 


cTtC 


cJ 


1 »o 






K8 


C-) 


i " 


1 




COt-^ 


'^ 




•o 




COOOOOO 
00 ^ 


OOOOOO 


OOOOO ooooo lOOt^Of- 


¥" 




r- o 


*-< 


. 00 cvi 


o 




co-c=- 


00 


• *-i eo- 


rC 


eS 


OCO 




, o 00 


cs 












"■ 


gi 


of 


1 00 a 




coco 


-'" 


i s 




Metropolitan 

Prudential. 

N. Y. Life 

Equitable NY...., 
Mutual NY. ? 


Northwestern 

Travelers 

John Hancock 

Penn Mutual 

Mutual Benefit 


Mass. Mutual 

Aetna 

N. E. Mutual 

Union Central 

Provident Mut 

Conn. Mut.. 

Conn. Qen'I 

Phoenix Mut 

Bankers Life 

National Life 

Pacific Mutual 

State Mutual 

Equitable Iowa 

Western & So 

Lincoln Nat'l 

Guardian Life 


"3 
o 

Eh 

i 



124491— 40— pt. 10a 3 



20 



CONCENTRATION OF ECONOMIC POWEk 



O =3 
O -a 

M M 

« 03 

g i 

S 5 

H fl 
(^ 

1-^ 

<i 
H 
O 
Eh 

P4 
CO 

< 

t-l 
P4 
H 

CO 

Q 

!Z5 



eo-gjooo ooiooo ooooo ooooo ooo»xoo 



coj>ooo oot^oo ooooo ooooo ooooooo 



SOOOO ooooo ooooo ooooo OOO-HOO 
CO O) ^ 



00«00 OOOOO OOOOO OOOOOO 



inioooo 

o ■<** 

cfco 



oo«oo ooooo ooooo 



OeOOOO 

^^ to 
r* lo 

CO— r 



ootgoo ooooo OOOOO 



■OOJOOO OOOOO OOOOO OOOOO 



OCOOOO 

too 

CO -H 

coco 



OOOOO OOOOO OOOOO 



coooooo 
o o 



ooooo ooooo ooooo 



s«ooo oo«oo ooooo ooooo 



oocoooc 



ooi^oo ooooo ooooo 






C 30 



oowoo 



ooooo 00 



ooooo 



oooooo 



o ocooo 

8 



ooi^oo I -n 



?^3' 



tS9 



=" « a 
aa.2 ^ 



Q a i c " 



,<PM;2:fd^ Vit-»5p4^ 2<(;;<pph u(jpi,pQ;^; p^MW?i.-io 



CONCENTRATION OF ECONOMIC POWER 



21 



S3 



C^ OS 

of o 



00"^00 ooooo ooooo ooot-^f-io 



■" O O O 00*000 ooooo ooooo 0005D00 



«C>C5 000 
b- 00 
O " 



ooc^oo ooooo ooooo 0000000 



coooooo ooooo ooooo ooooo 000000 



t^ 01000 
o'oT 



oo'-foo ooooo ooooo 



looooo 000000 ooooo ooooo 



•-•.-cooo oo-*oo Ooooo ooooo 



O3«ooo oo»ooo ooooo ooooo 

t^ O OS 



»ot^ooo ooi-too ooooo ooooo 



CO 10 000 

O-H 



oor-00 



ooooo ooooo 



o0"9<ooo oocooo ooooo ooooo 



OOl^OO 



000000 



00— • 00 



OOCOOO 



OOC^OO 



OO'^OO 



OOCJOO 




22 



CONCENTRATION OF ECONOMIC POWER 



s 



s 
Si 
e 

s 



5. -^3 



DO QO 73 

I '^ 9 

CO 

< 
H 
O. 
H 



H 
»3S 



PS 

t> 

CO 

525 



oioooo oo*^oo 00000 00000 OOOCOOO 



oot-<ooo ooQOoo 00000 00000 000000 



^WOOO OOiOOO 00000 00000 OOOr-iOO 



-0000 oocoo 00000 00000 



fo 1^000 
■>*< o 
tow 



oo-;oo 00000 00000 



ooc^ooo 000000 00000 00000 



o t^oo o 



oo>ooo 00000 00000 



;ooo 000000 00000 00000 



t^— .000 

00 Oi 



00000 00000 00000 



tooooo 

CO CO 

t^co 



00000 00000 00000 



03 



03 03 

Si 3 



S O 3 H 

<S 1 o ii OJ 

'> o 2 



2 > 



■d'a 3 

3^S 



00000 



OO-hOO 



00000 



ooejoo 



000000 



00000 



00.-!00 



l3>^" 

SpmIz'.wS ;2;e'^PL,S s<<;z;pph oofx^pq:^; puicow^h^o 



' 3 (B*J 

3 H w .2 '^ 



^r-3SS 
a {; o ox: a 03 



3 « o«3i.S 

^31-1 K,.03i-) 



5 3S Z a 

1^1^ xi a I-, 01 
«^'^ 5 Sl — S 



(JONCENTKATIOX OF ECONOMIC POWER 



23 



000:00 00000 0000c 



000000 



r-0000 oo«goo 00000 00000 



000000 



Gf2°°'^ ooe^oo 00000 00000 000000 



oimooo 

to-* 

cs o 



00I--00 00000 00000 000000 



•jji^ooo oo--<oo 00000 00000 



en 

« 
n 
o ^ 

^ 1 

^ ! 
2 ° 

El £ 






00000 00000 00000 



— ccoo o 

CC-.CM 

»o o 

o' ro 



00-^00 00000 00000 



■^r-ooo 00— 'Oo 00000 00000 



laooo ooiooo 00000 



^0:000 O O t-* O O 00000 00000 



t^ Cl o o o 
o "S 
cTo*" 



o o OS o o 00000 00000 



o o • 



•-2 -S > Q c =" 



111 
Sog 






00000 



00000 



00000 



00000 



00000 



00000 



00000 






a a ffi 
c a o 















24 



CONCENTRATION OF ECONOMIC POWER 






-3 ^ 



■^ OrT 03 



COOOOOO 



ooooo ooooo ooooo ooo-^oo 



r-joooo ooooo ooooo ooooo ooooooo 



JOOO OOtOOO ooooo ooooo 0000500 



C^ -hOOO 
lO t^ 



oooooo ooooo ooooo OOO-hOO 



cor>-ooo 

to o 

cm" oo- 



ooooo ooooo ooooo oooooo 



tooooo oOf-oo ooooo ooooo ooo»-«oo 



t^*-HOOO O O I^ O O ooooo ooooo 000C500 
00 CO CO r^ 

,-1 t^ O CO 

OO -H rt 



looooo oo-^oo ooooo ooooo OOOC^CO 

t^ <M iO O 



CD*00OO OOC^OO OOOOO OOOOO OOOOOOO 



ooooo OOOOO OOOOO oooooo 



OOOOOO oocooo ooooo ooooo oooooo 






i; -C s^ -^ 3 
4) 3 



I* ^ a: .^ 
-C = „ 3 

f^ > p a zi 






s :sc-g 



;-3-£ l^icgi:.^ 

— ■ '^ ec t. 



2(i,2w2 2;e^fr,S 2<!;?t>fL, QOP,m2; p^5w;?h)0 






CONCENTRATION OF ECONOMIC POWER 



25 



oncooitO'-* »oc^cot~*i-H »o»-ho>oco 
OOCOOCDCS oi^^»">oio >o*ococccs 

t^U^C^'i-H 1-H •-^ rH 






»0"<*'C^»r:co i-rirswt-^o oou?.-<^ci cococ^cic^ iociio»or^o 

O00r-<£)C^ O t^ CO »0 lO ■VUOCOCCC^ CSi-hNMi-h CJ f-i W N CO .-t 

r-Twiw.-rr-r 1-4" .-4 



oo t^ r^co 0) 



00 t^'-' 05 eO 
O (^ CN| lO lO 



5C^-hM O'-'ClC^-'r 



ooscoc^co t^C0^»OO 



* OSOO C^lCO CO 



:C^r-. ^ r-t —I 



os»ocooico t^»o— <c^»f: coot^ooco co ec ■^ m oo 

SOOr^OlC^ OOOC^^HTP C0»O'V«-tC0 cDt-Ost^CO 
co«oo(M oat^'Nuowo -^lococcM c^i-Hi-ic^i-i 



CD -^ r- ow 

CO CO CO CO »o 
1-tC^C^ CO'-' 



CO WSW i-H ,-) 



00 00 0*0 CC CO CO -^ CO 



lO W CO »C C^ Ol t— »-« »0 "O 



OS -^ CO .-t Oi 

00 CO CO -^ CO 

TjH »o coco c^ 



CDC4CO -^^ 
cocoes lOiO 
^ C5 (N CO -« 



CO tC CI »-i fH 



■^t-tCOt-'O OTt<h-0>^4< iOOOtJ*^** OC^C-1«-«-t*< 



Oi o CD OS r^ Oicoc^*ot 



CD t^ O>00 t^ 



OS t^ ■— t Tj* »0 -^ *0 CO CO W M i-i t-H W r 



Oi -^C^ 00 O 
CD COC^ U5W 
rHlNC^COl-l 



CC^C^^ .-H 



■**• I^OOOCD 

00 c^ r^ t-^ ro 

.-H OO h-CDCO 



(O^CA^r-t i-« 



OS O OS Tj* u^ 

o»o — •" — 

»0 iQCO 



0»0— '0000 CDOOOSOOO 



OCS^Tt* 

.-^ 00 OS ooo 



lOOC^ CO" 

r-'^T' COCO I 



Tp h- CD h- -^ 



-iO-h00»O c^o»ooco 



5 OS to — • CS r-.00M»HOS I^OSOC^OS 



O I^ i-H »0 CO »0 iO CO - 



M i-*C^ CO"-! 



OS 1-1 -^ ^ 00 

^- »o "^ c> lo 



CO Tj* C^ .-« r-t .-H 1-4 



O C^ CO osoo 
OOO — *-" 00 
00 <NO0 b- CO 

lO Tj<Cfi-J",-H 



OOeo-^Os r^Tf-^t^h- 1-4W0-" 

— 't-ioo iocoo«-hO) oosf—wos r-*o&c 
-- ■ - ooo— "OcD »oioco-^rM w^c 



t^ -r CO oc lO 
1-1 wc^ w »-» 



CO CD OS h — r-^ h-cor-osc^ cocDcOi-'Tr c^c^ttco"^ 

00 CO r-- -^ -^ (NrtiiCQCC^ OCCOO<NOS coososnos 

"tposcocdco oooo'«*«co Trioco'^M c< •-< »-h co •-• 

uicOCfi-Tr-T f-H rH 



»0 O C>1 CD h» 

t^-^cot^-^ 

.-(WWW .-I 



,-iOS W u 



Trooooow oocDcooooo r^ co »c 

OSCOOSIO»-H lOCOOS "" " 

OSOOOS'^CD -^iOW 



rl« 00 00 '-I S 
CS .-H r-. CO -1 



00 t^(M CDOO 

CD w i-t TT* e" 

rH CS W CM • 



£ -^ "i ^ _ S ir "J ^ri — 

: -c >J •" " ■" " " 



r^^ m '3 



i^^>-P^*J ♦^^C^*^ tflCW^C* Sr-X^ — ', 

Is a^ =2-gS£ 1^ "5 2 ggISS 
S^ZwS. ^z;^*?^^ 2<!;z:PPh ou^pqIz; 



111 i-'-Sfi-si 

O C£ a! « 



•a 



jwp: 



— 2J 

C.2 

-r-a 



26 



CONCENTRATION OF ECONOMIC POWER 



»-J t* O CD iC C^ lO r- O O O <N C^ O >-• O lO OS < 



tO»0(N.— O Oi r-i in 



CO C^ CO "* O 



M-^oooir^ »ooc^jt^Tt« r^ioc^coos 



<0 CC-^ « lOOO 



»c cc ci lO ao 



CO ■^ 00 •-« "<* 1— > CD OS .-H O 

csnO'-'io-^ co»cco COT* 
oo r* ■— I OS o OS OS »o .-H o> 



^ 00 CO Tj* CO COC^C*i-«C^ ^ i-H ipH ,-H 1-t 



c< O t- o c^ t* 

ososr^o CO CO 
»o lo >ocoos-^ 



O0sh-0<N 



OS CO ■<»< h- CD •— <-< 00 t- O to 00 



»o OS -^ 00 OS ^^ r* — * lo — < ^ OS r» lO cooskcc^osco 



o (M t* »o CO r^ on '— OS o 



3 t* CD t>- C^ OS tP ^ c*« O OS 00 00 --H t-n CD CD cO OS CO O OS »0 CD CD 

o »o o-:+*'oo oTc^co ooc^ i-I »r: ^^ cf ■-<" os'io ■«*<"cd co <d irTi-rf-Hco os" 



ooor--oo loooio.... ..-._ 

■^ior>-t--t^ ooi^ooso osos-^f'-'os 

■-Toe CO*" -^ CO ^ CO (n'c^ v-Tc^" r-i~S^^ 



O oo r^ OS OS t 
CD lO lO cs 00 -^ 



*-> O OO »0 O OS OS O T*« ■^ «-< CO 00 CO CO <M r-- Oi CD --H 



h- -M CD O CD "^ Tf C 



00 CO OS OO C^J 



--' CO o CO t- o r- "■ 



<Ot^^^^ t£.-rf C 



OS CO O »o CO c 
CD T}' r- OS CO c 



cOfNOCOC^ 00 *0 O I 

"sc^cDOs^ r-cvo-^i 



)C3 OscCOOOs occocoooco 



OOCScDOt^ r^t-»0>C0O COOSCO-— OS OSWcOl^iO CDtC»CC^O0"^ 



OOCcOtT CO 



JM^^M ^^^^ 



lO jsi ^H 1-. r-H crrcoonOsQO 
<-H lO 00 ■-« 00 C^ CD OC Oi OS 
■^•^OOCOO O 00 -<*■ to -^t^ 



• r-. lo t* r* o -^ CO uo 

) OS O CO lO CO CO CD d 
I CO C^ OS •— OS GO --« O 



CO CO o -^ 00 lO c< •- 

GO C? iM OS O ~ 



• CO OS lO Tf* -^ CD OS CO O 

sac(M-^co --'tJ'cOC^'-' 



" OS co'co t- r-^r^ocGOO c/"jooeo»-<os osi--iot^io 
ot-^co-^jico CO c4" r-T -H c^i ^^^~^ 



00 O "OO --^ 
CC CD ^ t-T -<jJ 
t— O CD ■* "^ 

<N o CO r^ t- 

oiCco'-<i*"co 



*0 -^ CO 1-" OS 



. .-< -^ CO l~- r-^ -^ --« .-H o 
l<NcDI— CO COCO.— iiOTji 

r c^ t- 00 r - rD oo CD 00 -H 



^ OS Tf r^ CO 00 CO .-* h* - 



r-ocooo oooo-M — OS 



^ 00 t^ CO OS -rr 00 CO •-' 



CO C< rH 1-1 CS ,-H p-< .-I f-l 



cocoooooos into»oeo— < Oi o* -t^* >o r-i oscD'-i.-<b* 
CO— -coioio 'j'cDcxi-^co coco — ■<*'— r-ooosco-^ 
c^osiMcDcD oor-r^cooo (or-eD— <tp oor*oso*o 



CO M OS CD CO 

CO — < CD O O 

Oi r^ ooos OS 



<N TO Oi OS -^ CO oO C^ O CO 
iOco-^»oio or^ofM-co 



OS r- >o r^ o 



CO(NrHr-HCN ,-. —. ,-1 , 



c-1-^coroco oroscDh-co oocor-ir-ii.-; '^jtc^coco—i 

Tl* CD OS CO — ' i-H t^ CO ■^ O ■^ CO CO 00 CO CO CD CO "* O 
<— iC^OSOCO lOOOfMOSCD ■^•— 'CDCOCO 'OOSOOCCO 



COh-wOcD CO W '^ 00 -^ — I — ' OS OS 00 O IN »0 '•t* OS 
OiO^OiC^ OS'MOSO'-^ t^OSr-.-'O'- 0»0t-<'^t-- 
OSCOCOC^CI, OSOOOOCO CDOC^-^rOS OS00cD00»O 



OS r-* 1^ »0 t:*' CO CO »-- C^ C^ <N (N f-. .-i 



, - — - — osMr^ coocqcDM cotocDcD-<** 

^t^b- — OS Tt<CDrt«ocO »OOSOlQCO rococo "'" 



Tt* lO CO t^ -^ 

' '. ■ " ■ — OS 
o: cc CO r- c) 

co"oGr>rr-ro 

■^ 00 lO CO >o 

ooco coco '■** 

os^h^t^^ic-^ 



»-iioocOf-* »o lO CD r 



C^ OS 00 1-4 O 



cor-OfMirs QO-— it>-coos i-^oscococo 



OS lO ^ O CO 



cO(N CO ■-< — 



OMOSi-HTf — XMCOiOO CJSOSCOCSCO 



■«** CO — < c^ c 



CM (M ,-, r-l »-l 



CD CD C»l CO h- 

*o .-I r^r^ c^ 



— < o c^ CD CO -Tf CO r-* lO 00 
cot^cor.^ r^oocDooo 

t^ Tf -<J< 00 CO C000*OOS00 



CO Ti< CO CO -^ lo o r* »o o 

OOOSM-^CO »OiOOCOOS 
C^OOCDCO'**' OCOOO— rt« 



OSCOt^lOTf< ^C*3_4C^C^ Cl>)r-Hr-'.-< 



_-— COOOCCSfM ooco^co--" os»o-*osro 

O <0 CD O r* -^ CO O "O --« O h- C CS O O O »0 O) OS 



C^OOOr-4 
OCOCDO- 
ocs — OS h- 

os"cD CD CO or 

-rf --H <D OOS 
CD CO C^ ■* 5i 

00 cD^r-'io TjT 



CO -^ 00 -^ tO 

— OS OS c: CO 
osc^ r^ o -<J" 

CO C«-3 ^" C^ Ci 



--.__ . o-^M-^cD corotruor^ 

— OS OS c: CO h- CO O O 1^ OSOCOC^OS 
— . OSMCMCOCS aoos»oosio 



*-< <N^ ^ 



loc^— 'oor- occDOsi— 'CI 



■■ t-- t- ^ 
- -I — •oo^- 
co -^ CO '<*' Qc 

lOrtTr-^' 

)00 _ _ . 

sr^oo 



lOOO'— Clio C1.-100CDCO 



r* -^ — o lO ooco»-'coco 

■")CO— '»0^ ^Tj-OSkOO 



(N O OOCO CM O Of 



S CO »C "^ — ( CO -H CO 

i CO !N o r^ — CO CI 



^CM^ — 



83§ 

CI 3P3 



•3-3 = 



t^COcDiO^ 
CO -^ "^CM »0 
*0 lO MOOM* 



•^ t^iC -^ CM 



lO f-« CO O CD 
t^ O CO CM »0 
iO»OCM O0'«J< 



"-H »0 CO -Tt^ »o 

CD CD r^ CO O 



oo OS r^ ^ OS 

OS CD CM Tf »0 



lO r-H CO O OS 

OSOCO'**^ o 



"^ OSCM 05C<I 

CO o-^ »oas 

CO CO CJ t>. XJ4 



o cocoooo 
r^ CD b- Th CO 

00 1^ CM OS OS 



coon h*cO'<j' 
CO ^ lO r-» — « 



lOOCO »oco 
0> »OCM --« uO 



r- '^ CD ^ ^ 
i-O -^ '^ lO o 
CO CO CM 00 »C 



CD OS O © »0 
OS lO OS O -H 
t^ OS CO l-^ OS 



OS b-CM rf CO 
CM — ■«*< OscD 

CO CO CM r>- ^ 



or* coT^o 
OS c^ o CO r* 



.^ w 2 ^ ro -ij "T 



S£ 



:z;wg :z;h>?PhS g<:2:&fi, oopl,p5;? pl,Sw^^:io 



SOS SOx^a '^wxia-os 

o[ao> oag^.2 Sa>-3"8? 
g^aa a-f^-Sg egog« o-iSsaS 



CONCENTRATION OF E(X)NOMIC POWEIl 



27 



•-• 5 



tN oi «D r^ ai 



O »0 Tf CD c^ 



>i7 05 fO 00 



S 00 ^ »0 lO "* CO C 



:»0 iCCOC^O>'<J< t-HCOC^Q0r>- ■"-"lOCDOJCCiC 



CS01»0C^O I~-fOr-(0»'3 O00t^r0»0 OOOt^O:iO MiOTTOO'^t- 



0> fC C*l CO Oi u:) »0 t-- ?0 "^ CD *0 OS c^ c^ ■xj< -^ C^ i-t c^ 

M CO CS rl 1-1 1-t <-H 



i M ^ CO F 



^ ^ ,-lC4^^ 



U3COC4i-HCd 



• iO CO CO 00 .— o o 



coco C^ '-•C** 1-* 



cOt-QOco:-; 
cooo .— oo 
looo^o coo 

too od^-"c^r 



•^ OS CD 00 00 



CD C^ CD M CD 



00 CO CO 00 i-H 0> lO O t— ^ "3 

CDMCDCOOl C^r-HCOtMiNOi 

00 r-( CD O •-* .-< CD OC .-I CD O 

CO c^ c^ .-H ^ t-T .-T CO c^' 



^ 0> ''^ CO CO 

oeoooto 

t*CO --H ClO 

rc^odo" 



00 00 Oi coo 

OC C^ 3* h» F-< 
t^ CO 00 O CO 



CO'^CSf-I M i-H 



t^ CD t^ 00 —< 



OS »C CD C^ O 
00^ »0 CO CM 

CO !>• CO i^ r>- 
(C^oodc^" c« 



^T}<CO w^ 
i-HTT CDWM 

lO t^c*« cocs 

-^"co-co'cic^r 



lO oa i-H ci »o CD 

CO 5Sh rH ^ O CI 
•<t< CD CD --» O O 



1-hO^OSCO ooo-^cpo 



CSQOCM 

1-H O ^ 

o'co'o' 



coor-CMoi cDcoco^"^ r^cOTTOoo 



30C*JCO <N'-'Nt'--*j» 



■* ^ CO CO CO "^ 



r^r^oiooos ^coococ 



CO "* ^ dCO 



ooo^—'r^ 

r* CM CO <o ^H CI 00 —< OS ^r 
r-oo^cot^ ^ 



COCOCMCMM 



h- cooo<o 

CM 00 cot 



COCOtOoOO ^OJ'D^^ 

oor^xcoio cDt-it^Tj^t^ 

»0 00 CM •d CD t^ CO tT* t-* OJ 



< 00 CM CO CD CM ■^ » 



00 CO 00 CM Tt* 

■^ r* CO ^ CO 
r^ CO ^ CO 3> 

CO 00 oTio 00 



r* 00 0> ■**■ h- CO CO O CO CI 00 C5 t-^ CD o 
CO oo CO CO 00 CM O 00 CD O 00 lO "5 CM O 



O *^ CO CM Ol 



l-COCD^CCD OttOcDCO 



COCMt-H r-( ^ —I 



O CO lO ^ lO CO •" 



CO CO CM ^ CI 



r, loococo oi^cococo co^O'-hi-hoi 

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CO?OTf<CD'<J' 0CO'^'-"t^ •-'OOOJ-Ol 

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t^cCNcD CO ■**' OS m O 00 ■— I CO .— < cj oi 

cocntoc^r^ com— lOOs »oooco^oo os ixn »o w lot^r-t^ini^ 



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iMr-c^icst^ oocor^" — 



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CO c^^ c^ — I ^ ^ 



C^OC0»-''-H — (f-'^COOO OlOiOOOO »0— <05«00> oow*oo» 



-— GO 0><0 CO 



OCS (NOlC3r--CO COCOt»*C^O ^o*o 



O kc CO CO -"q* 00 



Tf ^ lO t-tOt^-COW lOOCO-^J^CO dOJOS^DuScO 



C* CD Ol CD ^t« O 1— ' OS 1— ( lO •— < W t^ r^ CO lO t^ o ^ 



COIMC^ — t — I r-H 



CO cs r^ «o »c <o »o lo CO CO CI cocscswi— < 



. r-H .-H C^— I 



C^OO W CD — I 



(NCOOSOOOO t- -^ « *0 Tt* 

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lO CO lO TT C5 

O ci r- CO o 



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l^ — ' '^ t^ 



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lo CO o rr CO c5 



ICOQr^-— ' •— <Tf*OCOO CO-^CD-— "Cl 

leocNOco c^r^coiOco »o»ou3coc^ 



CO CS CI ^ ^ ^ 



O ^O -^ C^ CD t-- CD CD t- OS Tf* 
COC^<MCI<-i ,-H 1-1 ^ i-> ^ 



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r^ 00 CI o OS 



r- CO OS CO t-- Tj« lo 



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j-i Tf OO CD lO CD TP M 1— ( 00 OO CO O CO CD CD CO >0 CO t"- C 



COCIM r-i I-* ^ 



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r-«cD occoot^^ I— oor-ooo i— lOst^Troo 

--- ' COCO'^iOCJ OOCOCDOS cococo-^co 



wD-*t«ci -H r- 

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i^occo"coo oc 

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OiCO— 'lOTf iOC0»O^*-( lOCicDCOCS OSC^O 
C3SCICJCDCO r-tt^iOiOcD iOlO-«^COC4 dC4CI 



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*0 -^r 00 CS| CD 

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1-H — ?0 — < lO iO O O OS CD 

cocoiO'<rTt« i-HCicios»o 



CD CO 00 r*i lO CD to OS CO CI CO OS t~» CJ 00 CO CD 



-H t^ to to CD »0 to 



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CO I^ CO 00 O CO 00 ■^ O O dtOCDtO—t OS t^ •-< to 00 
tO00'-H<N'<J' r^'-'OOOOCD COCOt^-Oi— ( tOOOCICDOS 
O ■-* to to to OS to to "-I —t *0 00 CD O OS CO --H O CI •— 1 



ClrOOSOOO toost^OCO '-HCOC^OO t^'rJ^OSt^CO 



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CCCICI — (rH — « 



CICI--HC1 T-( 



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OS '"J* 00 CD CO 

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'OS-<*<GOOS OOCJt^COO Clh*— • 



■ClOClCO OiCOOOCOt^ 00O'-*C0CI 



CD r^ OS OS o 
CI h* — • — ' c^ 

CO o c^ — ^ to 

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o o y:: OS to c*oo»ocdi>. coco-<j''^co cici^eo--H 

CO CI CI r-l #H rH 



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CD cj to CI CD r- CO t— ro 00 os o os to r-i r^cooooc 

CO OS to O to CI 00 »0 CO t* to CO CO Tji CO W C» 1-1 CO r 



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29 



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CO t^ u^ «0 »0 C^ CO 00 C^ CO iO CI (^ t 



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CD lOC^CD ^ Tt< 

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CO X (M OC t^ ^ 

CD cd»o crc5»-^ 



SCOCOCCC^ M<MC) cod 



M 00 OOfN •-< CD r- c 
Cl CI OO <N C^ iC t-. ■n" 



> r? -:^ «? -- Q '-^ ; 



00 -^ CD CS »0 



r^ CD CD 00 I 
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Ci C5 05 CO ro 



3 CO *o O OC CD r^ — i — I 



CO CO o> r>- 01 —« CI CO ^rf CO 



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CD o r^ iO «o 
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C^cOOtiCOOO CsOOOCiO OOOOCOiC-tT -^J^COCOCOCS 
■^COcOC^i-l .-..-* .-H 



't'O lOCicoco 

00 -^ CO — ■ C) iO 

CI ■* CD C^ »C O 

C5 to TT OTCTJ o" 



O t->- CO -H o 



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lO CO OC CD 0C> 



•^ CO CO c^ <-• 



00 C^ C3 »0 00 'f CO C^» O "O 
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CO r-H CO — ' to 



O h- Tf Tf -1*4 OOO'-HClC^ 

CDCC-^CS-^ cocococoo 
tocOw-^JOO f-itocio;-^ 



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Tfcocr> ooo^ooci oot-^oto-^ 



CO CO CD Ci r- lO .— >*< QO CD - -- ^ 

OC O O -rf — < CI ^- Cj O O CI CO O CO - 

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OOO'^^OC' OCOC:(NCI OOt^-tCMi 

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IOICCOI--00 oooo(Mc3 r-cocn^- 

i-i'odcDt-r'-r CO "rt^r-"ci"co to' cT ■^*" to c 

Cih-iO'-^O ooot-^ooo Cll---tCcO" 

coNcocic5 i-HrH f-« 



»-< O ■— • Ci C» 

00 CN Ol Ci CO 
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cioocir-o oo»o-*r.-'C5 
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co-ricrioo ooot^ooo oor--iotD-^ 






■— t O CO CO O CI lO to CO ■— t 



oocio'^ r-.h-CJ?oco 
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CONCENTRATION OF ECONOMIC POWER 



5j> 









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cOOSOC^co i-HCOOOsC^ iMM-^OOC^ »OCO^OCC CO<N0Qi-ieOi-t 

o*oocDO r»«-<cocooo eor-ioccco w3«-»coiO'^ ^co co 

lae^ t- -^ -^ CO i-H .-H .-1 »-* i-H 



O Oi CO COC^ r^C^C-^^»0 0> O 00 "■' t- ^ 1.^ 1.^ uu i— > uj s_« uu w t,-^ ^^ 

CJ»— ICOC^CD »OCOOOt^'^ COOOOOiO TfOOiOr^ CD'^OO^OOOO 

oiuor^i^t^ oor*rHooai loccc^occo o-<roooco t^iococot^^ 

oior-Tcoco cfco'cocTco f-Tkocsco^o 

CO -^ O -^ CO CO >-< t-T'-H •-• »-< 



■rrOOiOr^ CD ''f OO -^ 00 00 
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<D''.-«*ci'*oco' csNco eo 



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co '-' h» c^ lo oi o CO CO 1-H c^t-iooot^ •-•cNiocoo oi-r*oor*co 

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CO -^ lO of co' od-^oroTi-r f^-^-^tQ-^ N I -^co cic^co ' I c< 



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iCb-C^iOCD CDCOCOCOCO i-hCOCS 



CO C^ O lO 1^ O CO 00 00 '-< O >-< C^ OS —' OS CO Q CO oo 
•^OOCOCOO TTC^WJiOCS r^CDCOCOCO •-«00— '00 
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O lO CO lO CO 
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31 



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41 



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43 



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45 



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CONCENTRA riON OF ECONOMIC POWER 



47 



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CONCENTRATION OF ECONOMIC POWER 



49 



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*00«>CO<O OJi-H<OC<C^ 



5^o5< 






OCJMQi-1 •*01NI 



to C^ »-i O 00 (N w 



<0 -H CO t---< 
i-H W »C O CO 



OO^MO 't'O'^— 'CO 



nM>o i-H fq « 



ooco«oc» oo»ot^o oooii^r^ r^«3c 



OO00W3»-t ooaooo t^o»^<oo> cocooo-* 



NO-^t^O 00*^^000 OOOrrOS OOOCOOCO 



oot^eOfi ooc 



©O-*00>O lOOOON 



oo-^-sioo ooMOO oousor^ c^^ooo 



S3 






^•B.i 






cooooo 



cooooo 



■ooooo 



■oooco 



•ooooo 



■ooooo 



aisS '--345S 

^og SOKEg 

5*^-3 a COO 

a.. • H C o oja 



Sfilz;^^ I^H^PhS S««!;z;t)pi: uopHMiz: 






CONCENTRATION OF ECONOMIC POWER 



59 



?3> 



pi. 



coco ■* t^O 



iO O MOO t^ 

Oi Tf- CO "" '■ 
^ t>-co 



^(t« ?o o 00 —• (D <o ■^ CO r- <© o •c 



(O CD CO CfS ' 00 



>.COCO 00t''::O0*C0 M^COClC^ t^OOOiOCOCO 

i^o> coo-^coQCi o^^-'-'0^ i^cooiOico 
' I I c^- I „- I ^-1 I «- I I ^- ' I I 



::-' I I 

I 



«M »oc^ o 



I I t I I . ' I I I < I 



lO -< 1 O 1 

1.-IC< I -H I 



I I 



1:00 0-9'(N01'<«< t^>0«M^ «•*■>}■ —c <0 to 

II I 11' ' '1 I ' ' ' I 



coocooo tc 



— CO — C CM 



i-^OO— ' h*coo^o oc o -r -v o 



• COOSOOO 05 1-t 1-H Ol CD h- 



OS or^^t 



I I I 



cO'-««cO'^ eocDCMCOco ooosocsr^ c^coxcoco 

05 O »0 CO C^ *" " ^ — . _!. -^ «.. — -». ^ _ - .-^ 



t—i <-< coo »o 



I I 



I I 



Oi r^ ^H oi ^ 

ijf CO -— ' lO lO 
-* '^ cooo 

I odco--r 

I I I 



i0000r>Tt* OOCi-^-n'O Csl--<CCOOi 

II I I ' ' I ' I ' I ' 



I ■^C^0'-*00 ^-OOCOt^Wi o »o "^ »o CO 
I 0QCO^Tf«C^ OOOiOt^l ^OtDI-*0 






I °0 3 
- <3i £ 

P 
CO 

H 
O 
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M 
o 



•M o eo-^ »o 



^^cotj*^^ci 00^00^-01 



C^ l>- *0 GC 10 



I I 



NM ^■"I'OtOO; 



-H« 00«O'-Ot~ cioScoo 



jmc^oo 1-1050000 



0>t»0"CO 



looic^ 



ooao CO OS t^ 



» 3 S3 o "Jja t3 3 



I-* CM T— 10 ^ 



I 



C^ 100 CIO 



F-4 000 COCO 

00 -^ OS 10 



to eoo OS "O 
to cj <?s ^ 



S'^—O HHOH-e Sli3.!fl 



^^^•^^ S2-gg^ S^^.«2 ^§^§0 SB^^-S3 
2(5:;^;wS ;z;eh^ph2 S^jZPPh oophPqIz; cmSw^hIO 



60 



CONCENTRATION OF ECONOMIC POWER 



o-^ oo>o 

n-^ to 
eocc o 

ma — . 



r-OOO OI^OOO OOOCDOO 



I^COO^OO 

oom t^ 

o'ps" 00 

— CO -< 



O — 00 o o ocoooo 



i;ooo oooooo 



g^ 



o ic-^r oo 



?ooo oooooo oooooo 



00 OJ 



oooooo 



'ooooo ooooo oooooo 



ooooc^o omcoo ooooo ooooo oooooo 



t^ »o o oo 



ociooo ooooo o»oooo oooooo 



oo-«-< 

OC "t- 
■0(N 

cnoo' 
en <y> 



O-hOOO ooooo O'VOOO 



cccc~ 



IC-O OiOOOO OtMOOO O-OOOO 



C^l-rO — O OOOOOO OOOOOO OOOOO 



CO OO -^ o 
r-oo t^ 



'ooo omooo OtOOOO 



O <D . 

SB • 

So:: 5^ 






lis 5 
2 am 5 

•3 s 



OOOOO 



ooooo 



OOOOO 



ooooo 



wS 






i- |gS5^ 



n o c a-" - „ 



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si 



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§1 



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CO CO 

2 « 

ja cs 



3fc5 



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£35 

as to 
o CO "3 

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£3 ° 

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< 3 b 



CONCENTRATION OF ECONOMIC POWER 



61 



jioor^o oojjoo ojiooo ocoooo ooo oo 



o o 



P4 



zJS^^r"^ o-<t^oo 03000 



■ooo oooooo 



SS°S?° o«ooo owooo ooooo oooooo 



00)000 ocoooo ocoooo 



O^OOO OOCOOO O'MOOO 



CONOJOO O^OOO OOIOOO OWOOO 



•■-•O-JO OtOOOO ooooo O'WOOO 



t3 

< 
o 



{;s 



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^ooo ooooo 



^OOOiOO OCDOOO OCDOOO O-HOOO 



Mosoooo Ocoooo 






o^ 2 2 
o a o 3 



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ooooo 



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gog So.2El ^IISp-2 

.>an3 gs«§l gdg^l a«p|^ 

^^^ 1 2^11 |-5'|2 §§^§1 ^s^a^ 

zwg ztHKio,^ ^<);z;t>p^ oofi^nz ahmW^k^jo 



62 



CONCENTRATION OF ECONOMIC POWER 



J, I 

o *s 

a I 
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•-I o 
P< 

<3 
H 
O 
H 

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o 



cDpoOOO OCStOOO ooooo o»oooo ooo oo 



r^ h* >-> 



t^t^OOSO O-OOOO OCOOOO 0C5000 oooooo 
^ ^ ■ M CO t^ c^ 



otoh-oo o—"©©© oe^ooo oooooo 



r-'iooooo o-^ooo or^ooo or^ooo oooooo 



COOOOO 

05" oT 00 



<000 OtOOOO OQOOO 



00 O CDO 



00000 001000 00000 



05000COO oo>ooo oooooo 0—1000 

CO CO OS O CO 00 

000 00 



t^ h, O '-O O 

o"o" 10" 



ocoooo oooooo OOJOOO 



100 -oo OOOOOO 



ot^ooo 



C^l'MO'^ O 



JOOO OtDOCO 00000 



OltOOCOO 



OCOOOO 00000 O'^OOO 



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OS 
a,a 

O £1 






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SI <o*^ 
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1-1 CfllJ 



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s2 "■s«|> ggi-S-l |s-^^8l 



9, 3 



sa 5«^,-h2 oo^3« aSCT^as 
fLiS ;5<;:z;t3(i< oopuPPZ fL,cQW?^40 



CONCENTRATION OF ECONOMIC POWER 



63 



s 2 



S 2 



00 coo CD O 



w5 CO ^H 



o«oi^oo o<oooo o^ooo oooooo 



coc»o-*o 0<NO>00 



>ooo oooooo 



tOcOOh- O 



ocflooo oc^ooo oc^ooo oooooo 



r^-^^o-^o oooooo oc^ooo oecooo 

10 10 05 O ^H t^ 

00 0> 0> CO 00 f-t 



ooooo ooooo oooooo 



oooooo 005000 
^^ lO t^ 

"HO ^ 



>ooo oooooo 



©■^ooo 



rlOO «5 



o"^ooo ooooo ocoooo 



OOMOOOO 

CO CO ^ 



>ooo ooooo o-j;ooo 



t~<NO<Do ocoooo ooooo oooooo 



3 OS 

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i2;wS ^&H^(i,2 s-^^pph t)0AHm;2;ApHww;Sh-)0 



nngAf.2 "Sc-a^gH 
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64 



CONCENTRATION OP ECONOMIC POWER 



S5 



56 

e 
s 



«^^J ■♦a 



f5 



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P 

ex 

03 

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n 

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OCOOOO ooc^oo ot^ooo o-^ooo ooot>»oo 



2S'-'£2® oci — oo 0(Nooo ooooo ooot-oo 



c^QOOMo ooo—ioo O'-'Ooo ooeoo oooooo 

»0 CO OS 00 »H 



Cfl-ooo ocoooo oi^ooo oooooo 



cooso— «o ocoooo o»oooo o^ooo 



coorio eo o 

00— — 



>ooo oiNooo oooooo 



-■ootoo Or'ooo oooooo or^ooo 



• ooo ocoooo 



»ooo O-hOOO 



>000000 0"5000 



lOOO OOSOOO 



to— -H 



ot-ooo ooooo OOSOOO 



OWOOO ooooo OMOOO 






111 



OOOOO 



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ooooo 



OOOOO 



ooooo 



OOOOO 



ooooo 






•s-as 

85 « ,- u 

3>^3a ^gagg i2"-2g anoc- o^sSSS 

(x,:z;wg ;z;H,°pL,g ^-^Z^p. oophISiZ pL,mw^H30 



30S3'-' J'St^.i.^'-' « 

• • a « S "'^2fc-2S ^ 

a n a-^S S «S-§ 8 b 

O OJ3 as « b5ci'^5 3 



CONCENTRATION OF ECONOMIC POWER 

owo«o ooooo oooco ooooo oooooo 



65 



J. 

H 

p 
t^ 

o 
» 

2 « 

o 

H 



i 



ogoooo ooooo ooooo ooooo oooooo 



QO'-'Ooo ooooo ooooo ooooo oooooo 



TOoooo ooooo ooooo ooooo oooooo 



ooooo ooooo ooooo 



tX7^^^ ^ ooooo ooooo ooooo 









ooooo ooooo ooooo 



oooooo ooooo ooooo ooooo 



ooooo ooooo ooooo 



3 000 ooooo ooooo ooooo 






O OS 



§ 3W 



oooco 



ooooo 



ooooo 00 



ooooo 



oooco 



ooooo 



ooooo 



5 si ii«:ii 



111 JJ^J:^ lil-g^S 



gfe^w^ iZH^d-g g<sst5pH oopnpa;?; ^mwsS^o 



66 



CONCENTRATION OF ECONOMIC POWER 






a. 
5 



e 






CO 

M 
P 
ta 

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H 
O 
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s 

H 
O 

H 
H 

J. 

B 

B 

Pi 

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O O O •'l^ O O «C n O O O t^ O O O O ■'J' O O O O O O r^ o o 



O0SOt*O OM'-HOO oc^ooo 



3000 OOOt^OO 



r:?'^'-'S° 003-HOO o--<ooo ooooo oooooo 



*ooo oeoooo ot^ooo oooooo 



oi CO o •-< o ocoooo ooooo O ^H o o o 



jot^o oioooo oMooo oooooo 



•O rt r-l 



rtioot^o o — ooo oooooo ot^ooo 



CO-* oco o 
O^ 00 



ooooo ooooo 



Oiooooio oooooo 



>000 005000 



CO.-1 1-1 

I 



ot^ooo ooooo ooooo 



'Ot^O OWOOO ooooo ONOOO 



00 « cc 



ooooo 



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III 1 



■31 



2 ■'-i^^S I'ai^ii^ 












1 H W o t> 



ie::5| i2|g| |5:i2 iijii ss&i«i 

Sa^^ihS :2;h>^A.2 ^•<;z;&Pk uupu,n2; a«oo»>h:)0 






CONCENTRATION OF ECONOMIC POWER 

OOOOO OC^COOO OCSOOO 0»C000 OOOOOO |C5 
CO-— '00 05« O 00 CO I"-- 



Tt« o o — O OCOClOO ot^ooo 



•OOO 2*00000 



: 00 O 05 O O M "«f o O O QO o O O O •-' o o o oooooo 



O iCOt-O 

Mr- ■<*' 

-^ O 00 



500 0»0000 OOlOCO csooooo 



(N CO -- 



iC •— CO 



ooor^oo coooo oooooo 



000X0 O •-''-' o o o «o o o o oc^ooo 

00 --^ h* OS .—I -^ •— < 



MOOU^O O'^'^OO O-hOOO OCOOOO 



00 eo CO 



>oo occooo 00000 



COC^OiCO OCDCOOO OfMOOO 



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loooooo or^oooo oooooo oooooo 









Ill 

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:sog So HE'S •^Ssp'ts o 



^2"&2 |2|§a >2^"fl£ §§J§| S5SI5 
2p,;z;w2 ;zh.Spm2 g-«!;z;C3fe uoii.«;z; Phmw^j 



124491— 40— pt. 10a- 



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"SOW 
9>-i S 



3^ 

Ss«S 
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^ « © © 
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50QQ 



67 



68 



CONCENTRATION OF ECONOMIC POWER 






e<^ o 
•« a 

S~ 3 

H 

O 
H 



O 
Pi 

09 
t-l 

n 

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t-i 
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op t^OOJO 
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.-- h-T CO 



jr^ocoo 

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10 CO 

coco 



o^oco 0^000 OlOOOOO 



OCD 



oMooo oocooo e^ooooo 



oscoocso 003-^00 00000 ocoooo 



>ooooo 



ococooo 000000 oosooo 000000 



cn-Hoo 000000 oMooo 



^^^^O Og; 

oacD o o< 



-00 or^ooo 



MgOgO 


O^JJOO 


Co'rt" (N 


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o-^ooo o^ooo 



)'*OtO< 



OtDOOOO 
C3 0I 



ot-ooo 02^00 



OOXOOO 



■ 000 OiOOOO 



OCOOOO o ^ -^ o o 0:0000 — 000 



3000 — O'«*'00OO 



>ooo O— cOOO 



> , 

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■8H§ 
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!3^>^'35 t:S;ag^ afiw.2> 
^ptiizws j'.H^^s;^ s-<?;&«i: 



ags3-j 

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sa 

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2 c3 ^ ^ 
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2 bc bi UD 

^ <x> ^ <^ 

SCCQ 



CONCENTRATION OF ECONOMIC POWER 



69 



40 00*00 

So 00 
OQ CO 



O — -fl-OO 



lOOOOO 



ooo>oo 



='gS='=» 



o — ooo 



>000 aOOOOOO 



XDO'J'O O-"i0OO OCOOOO OWSOOO 



"t-omo OtCOOO OtOOOO o>oooo 



oooooo 



ooooo oc^oooo ooooo oooooo 



0-fl<-*00 OCMOOO oooooo 



'rtOOOO OOMOO OOOOO OMOOO 



>000 0^*000 0(N000 



Ol-tOOO OiOOOO o«ooo 



ooo ot-o 



>C^OO OOOOO OOOOO 



lOtOO OtOMOO ot^ooo omooo 



S.ai-5 

o •« . 



ZtH- 



O 3 ^ 

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■t^ 3 5 g _ - = 

3ts tSS 



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111 >'B^S 

2,; 9t r-. « y S o 



5« 



i^zwS ze-^ong 2<a;;:itLi Quo,mz ohk 









3 s'*^'" ^ 

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be 1- 55 s 

.g 5 03 08 (fl 

^"^ fl a a 

g-J 61 M M 

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70 



CONCENTRATION OF ECONOMIC POWER 



CO 

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M 
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<=> 1 

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«o-g;oooo oo-^oo ooooo ooooo oooooo 



OOcDOO ooooo ooooo OOOOOO 



eCCOOOOO 00^*00 OOOOO ooooo OOOOOO 
h* t^ CO -^ 

t^ CO CO 



coosor-o oo^oo ooooo ooooo 



iocMO"^o oo»ooo ooooo ooooo 



cooo"*»«o oooooo ooooo ooooo 



oh-oc^o oob-oo ooooo ooooo 

CO C* CO 



CC fM OOS O 
OC^ CO 



OOOiOO ooooo OOOOO 



00»-"00 ooooo OOOOO 



CS iM W 



^^ocso OOOOOO ooooo ooooo 



s I ^- 



o.ai-< 

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r,^ O! t-5^ 



s::^! o2|g3 p-3o ggog| -gig-iai 
a,;z;wS :zH.?t,S S<;z;t'CL, ooohPqiz phoqwp^jo 



^(Xclz; 



CONCENTRATION OF ECONOMIC POWER 



71 



00000)0 

■^ o o 



^•§ 



Q. 00 

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o ^ ■^ oo 



OCOOOO OttOOO qcooooo 



COcDOeoo O— 'OiOO O^OOO 



iCOOOOO 



OiCCO— <o O^OOO OCCOOO o^ooo r^ooooo 



"OCOO OCDiOOO ooooo 



>000 CDOOOOO 



• — < O r^ O OCMt^OO O 05 o o o oocooo 



«OiOO OtNOOO OOOOOO 



OQOOC^O OOTt-OO OCiOOO O <N O O O 

(MOO OS rH CC O 



>C^OO 0"^000 OTIOOO 



MCOOOOO ot^r^oo ooooo 



c^ GOO r- o 



5fOOO OOOOO OOOOO 



ro^OcoO OOiCOO 



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OOOOO 



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^«2 ase 

3 -g .£f ^.M 
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OPERATING RESULTS 

AS REPORTED IN 

THE GAIN AND LOSS EXHIBITS 



73 



74 



CONCENTRATION OF ECONOMIC POWER 



00 



S5 



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CO 



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Qj^^^QCri cDt'-tO'' 



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Or-OOSOS 00N»>-TfiO -^iOeOCOM WC^W'Tf'«J<C4 



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OCO C^CO ^ 



-J* (N o o r- 
r^ lO o r- —< 

CO t^ O ''f -n- 

cTco ocrt^oi" 



O OCMOOO 
lO O CO CC CO 

t^ooocs 

t^co CO ^tTio" 



sr-«oocor^ »-< CO lo o -^ ■»f 
I CO r^ CO o CO oc C7S «^ ^ o 

■C^'-tCOCO COCOOSCsOcO 



h-oro-^oo r-o«OLOro •-"•nciO'Oc."^ 



MO f CO -r - ■ 



CO CO CO .-' O 03 CO.- 



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O-^COOi'T 00CO:Ol-*t'- COOO-- 

Ol t^ C^ CS ■-* »-« T-t .-H »-H 



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O GO ^ ^"3 C-l 

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r^irT-^'r^oo* 



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CN »— lO O CO 



CO O-^ lO O) 

Ci CO "^ r-- o 

lO -^ <-< lO .-H 

Tr"co"coco c^" 



CO C^ CO »0 CO 



*OC^Q0M G0^0lOCOlO 



»o i-« Oi C5 o a> r- 00 00 o 



Oi-'":>c^oo ow:ocojD cix)o0' 



J (N CO Oi O X> -^^ CO --" 



COCOC<»C^— ' — ( r-. ^ ,-. 



t^OiO'^CO -* CO CN C 



o-^oo-^co cocor-.c-»co ooeoco'-fci oOicro-*?*QO 

^iM<NOsc^ CT>0*'-cor^ cci^ocioo r-or^r^h- 

coosr^oc^ c^Jooooi"^ r-^-cocico oco*cqo— > 

oTr^cor^-^ r-co-^r-^oT r^oTfjT-.jrTjr cococicoN 



coot^t^co rrrfco— 'r^ 

'<j'Oro<Mco t^ CO ic ci lo 

CO "^00 ^"^ rCirTc^i tCo 

r^coc5<N^ .-H .-. -H .-H 



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CO -^ -^ C<) "»(• I^ 00 C^ CO h- 

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75 



M m CO tc o 

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CO'^Ct't^ "'■" Ol O T CO 



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76 



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TfOit^'-'eo Tf< *-• 00 ■«*' CO o r* ■«*« W3 eo eo 
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CONCENTRATION OF ECONOMIC POWER 



77 



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CONCENTRATION OF ECONOMIC POWER 



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CCOCOCOCS CS'4't--C^ 



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79 



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CONCENTRATION OF ECONOMIC POWER 



53 ^ 



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CONCENTRATION OF ECONOMIC POWER 



87 



■•(Nooo -^tcrj^iooo oooc^cir- M«r*op'^'NO 

OSO^O-— O .-i*O»OP0»O OCNIQOOOCO C^COQOr^O'^ 



co CD c5"o r^ 

CS ^ — I c^ 



*o I-" r* CO t^ r-i 



t^CDOOCM C^OOC^^O COOOOOCOiC 
CSCOOitOiO tOOiCDcO^ OSOOt^^'" 



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■ u^ CO Oi C^ 00 



-- JOitO'-fO t^O»-it^O»C» 

»0 «D t^ •-< t-» CO 00 ^ •-< C^ CO ■^ CO <-» »-» CO .-H 1-H 



•OCSI C^ CO f-H . 



coocr-^'^ai .-i '<*< lo ^^r t 
o ^^ CO o r- o ■^ CD cc ». 
CO---00— lO wt^c^coc 



C^ Oi CO TT CO OO O 



00 *0 M« '«»' »0 Oil 



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go> r^ ^ .-. coo>cDr-co 
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iOTj*C^ — O C^Or*CD01 OCOOCOCD^ COC^GC»0' _ 

COTj<fCvlt^ .-i.-<-^CDO0 r^C^OOCSCO OOOO-^'-'CJ *-h 

odr^cocDci wcc I I 



><DQ CO »0 CO 



3 OS 00 —■ CO -Hcoiocoos T-t ^ r^ -»j< o 
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t- 00 o o t 



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CONCENTRATION OF ECONOMIC POWER 



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CO CD 03 00 CO 
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■^»o '<«• cooo 
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r* "O *o 05 to 



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CONCENTllATION OF ECONOMIC POWEit 



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sotoio os-^»ococo oor-ooi^--* ccoocr)0»c •— 



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co' t^cfco* 



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oof-oci o> 



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C» -<f O M CO 



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01 "^ ^ 



CM r-. »0 Tf« 00 CM CC lO 



OCOCO 0< 
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lO OS o o "^ »-• <3S I 



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oor-o'ooo »ocMoo»-' 
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CO C^ CO '-« 



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Cih-trsOOl Ci(NO»0^ 



CO r* t-^ CO 



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90 



CONCENTRATION OF ECONOMIC POWER 



^ C4or OS 



eocDcooQ oi'-'oDioco oooiiccro-^ 

•-H CD ICC OiCN'-HOiO 00»r;O5U3<N 



CD t^cs <N r-- 



04 -^C^ w ' 



»-< coo fO 



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C^OIOOCS c^ 



QO ic o r^ •-« TT <-« r- cc «D 



.-H c<; 



fO M coo CD 
Ci OOCOi-H CO 
00 CD 00*0 CO 



,^^WJ^ ^CO^^^ rHC* 



QOOCOi »o 



oco r^co h* 

CD CO oir^ c^ 



er r-coo 



OS •-< r*co 

COCO CO 



cs r- CO CO 









loco h-o r- 



CO OS O^ 
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t^ »-• Oi CO-^ 






SSs 



M r^oo CO 

COi-* OS •-• 



CO OICO >o 
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rros'- 
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cDcooa i-H 






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FUNDS AVAILABLE FOR INVESTMENT 
AND INVESTMENTS MADE 



91 



92 



CONCENTRATION OF ECONOMIC POWER 



t- ^ 



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CO 00 -^ lo -^ CO t^ CO or d o CI » 



^rPiOd'^^ t-h*'-td»0 C^tOCOCOOO CltO-'J'-HO osootccc^ro 
coco-— tt^t>» l-*CC»C^C^ iO»OtD^OO 05t-iOO><-' t--i-iC*^CC»Ot^ 



co.-Hr^aooo ioO'^ocb''*' 
CO r^ 1^ f~t ^ cc "^ c^ 00 CD 
»o ■^ lo r- *-« .-H 1-* o r* '«*« 



CD(D'i»*CO« COCOtNtNC 



CO 1^ CO 00 cc <-• 

CO r» t^ »o CO CO 

.-t CS C4 I-" «-• 



c^ir^ o -^ ^ 



■»*<cccoda> ^Htoto»oc^ ^co^c^r^ -H.-iDroc^ 



4COO r-.Ot^'-'CD 



joiosro on -^ •-H CO -^ 



CO r- -H oo CO CJ OS TT r^ CO »0'^io^<c 



M ^ o b> 
co<oo 

C* -^00 1^^ 



CO o> r-* CO »o o 



00 O C* OS CO to O lO O 00 00 »0 r* UD *0 W3»OCOC^'^ 
O0?O-^COi-l r-t-Hr-— — 



SSJi: 



0> CO Ci t^ r- r- r^ ^ c^ tc 



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r* o — CO M 



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■^ C4 i-( CC 0> O »C QC '-' >— ' 



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C5OS00CO00 oocooacooows 

ci'co^oci' <(j*"r^cocc«ooo 



COt^cC-<*'«D OiO)t^»0*0 lO ■<*' CO CO -^r •«<»' CM CO -^ M »-i 



c< »ooo coos 

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ocoo»oco 
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CCOCOOh* CO'-'Oi-^ cC'-i'^^cOt^ 

CO OS 00 o o 00 00 o »o cj CO a» CO CM CO OS 



O O 00 '«*' C» 00 



00 CO -^ I^ r^ -^OOCMCOOS cmcoocm»o 
OscDOS'^co r^cor^^oo cm —i os co »o 

OOt-.COOOCM ,-t i-H i-H ^ ^ wi 



CO CO CM or* 
CO »o ^ -^ -^ 



o CD OS — ' ^ r* 

CM CO CO CO -^ <-• 



,^- - -. -- -,__,.-, ^S'COCiCO'^ 

r>-CMCMco»-< oit--r^CMo r>..-H oco Tt< tj< co o co »o 



t^CMr-t'-os oeoco«3o 



CO CO O C» CO 

h- i-H O-CD Tt< 

t- CM t-* ^ r* 



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OS CM o r- uo 

CD "^ CO C^ CD 



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Tfi 03 lO CO O 



CO O h- »-* O 00 CO »0 to M* ^ *0 lO 



CM -^ COCM i-» 



-HOSt^CMCO OCDCOC 



CO c<ia> Tj* V 



t^ CM ■>«*« O CM COCOf-HCOOS 



OS co'r- ^ CO CM -<»< 00 1 



h-COCO-*fOO OCOOi-OCO CO— <TtH-;t<C 



t* CM 'e r^os 



CO OS to r^ »o CO CD CO I 

lO TT CO -^ "-I .-4 » ■ - 



■ CD CM r^ »0 CM 00 00 CO CO CM o •-• »o 



ci>ocDco—< o;cor^_- 

-t< h- CO ■<*• CO r^ o: ca -^ c-1 c^i ^t^ l- 
CMCOr^p-^C) COOCD 



»c -^ t— OS r^ -^i-^cDcoeo cocoeo 



o 00 --* r- CO -^ <?s CO 1— I CO 

M-ft^LOCMcO CO«OOSCDCO 

•-•t^coasoo co'fcoco'sr 

OS CC' O" t-^ --f' lO CO CC 00 CM 



■* t^ CM OC ^ 

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0> O CM GO o ■«*♦ r^ 

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oczT^odco i-HiC^coc^r 

r^ CO CO CM »0 COCD»0»0'^ 



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oor-— tcoco i--iocMcor^ 

— tOOcD^CO 00'-<CD'^CO 

CO »o cc oc t^ ci CO cm" r-^ CO 

CO CO — < — . CMr-l^^i-H 



rCCO-^CMCM CTSiCCOO'-i 

co»oOTf<os — (or-oos 

O O »0 CO OS OS CO CD CM CD 



CO --« t^ •f CO 00 CO O O CO 
C£. ^ w O OS OOOCOOOiO 



CO CI ^ r-. r* 
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CO CI CO 00 •-I 
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. -, _ - _-_.. w— «COO— < 

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looscocoo) cot^oor^ 

■^ »0 CS CO OS ■^ CM CO GO 

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CO ^H Cl -X> CO O I- OS — « 






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rf-*->ao cHotJ-H o':5rr,ciC3 — 

S<J^&a, QQfi-pq^; a,MCi;^_30 



CONCENTRATION OF ECONOMIC POWER 



93 



I C') 'f on »o I 



''foOCOC^Oi ^CO<OiOC4 ^cOt-*C<lt^ ^OiOOCOCJC 



5 « J- S ' 



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CpNCENTRATION OF ECONOMIC POWER 



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CASH, POLICY LOANS, AND 
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105 



106 



CONCENTRATION OF ECONOMIC POWER 






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ec 05 CO 00 t^ 

CO CM *0 C5 o 



" O CC -• Tt< 

CO ^ O: ^C ^ 

CC 05 '-' OS *0 

irTc^T-H'irfco 



t^ 00 Oi CO C-l 

OCOMiOOO 

CO »o ■«»< »o » - 



CO(M CS ^ 



CC CO O 05 CO 
•«** O r-i 00 ryj 
CO CO --I t- Cs 



(M .-I 



O CO CO CO 1^ 



— O -' -<>-• 



fi^f^ p.s. 



§og 
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•^ o2-§g| 3«^-«£ SS^a« Sa&s.Sa 
2 2iH.?PH^ ^<!:2;t>fu, ooA^mls ^Sw^iJO 






So X M 03 '^'s^ a □ 



CONCENTRATION OF ECONOMIC POWER 



107 



OOOCOWC^ «M0O»0O 



CD CO O OS C3l 



i-^-^o^ -^ooo^~a> 



<0 lO CO M 00 c^ ^ o 

t^ CO i-Tr^ coo* 



or^ I Tt 



''OGOtOt* 1-tcoO'' 



r^^ooco ooooooc 



■<*<CN» r-* 



'^eo io o> 



i-HcoeooiO o>as'-»oo r»i^rt;o»o oco*oopo (NOOOr-^co 



OiCi' O-^" C^'cO 



CO CO CO O C^ .-H uo CJ 00 

OS CD CJ C^ Ci fH CS t-^ 

»OCO coos' cT CD 

■^ f-H f-« CS »-t 



COCOCDC^OO ■'*'— tOOO 
O t-- 00 00 CO CD O 
OS C^ C^ t^ -<*' r-t CO 



OS cDiO OOO Tt* O 
O C^ COCO <N 



CD CO CI r-t 



»-H O OS O i-t 



OOOCOOQ 



WCOt^-^t^ — 'OOt 



OS CO CO CD fO 
W CO t^ "^ t^ 

CD CD 00 CD CD 

CO UO CD ^O 00 
OS CO . CD C4 



CO<N -^ OO 



gOOOSOS 
O OS"^ CD 
CD --H *0 CO 



■^ '^ coo 1^ 

<N OS »0 CD 
iD rH r- OS 



'-' CO o OS f^ 
.-• lO OO OS 



<N O CD t-- >0 



00 OS C^CO <M 



OcDC^ 
CJ'^OS _ 
»-< ^ Tf COOS 

©"r-Tcoo 



O CO COOO tM 



O >-< 00 CO »0 CJ ■^ OS O — " CD CO iM C^ OO ^O CO "^ — • CO 

„ ._ ._ . .^ — — CO 00 CD 00 00 (NOt^-^ros 



OtNOsor- 

OS CO -^ CO 



> t^ CO CO CO O 00 .-H c 



»o OO CO OS '-t 
CO r-trr t-H 



O Tj* CO CJ 



> ^ ic cDio r^ c 



-r>-oscs osc-ir~-cD»o 



coc-osor^ osoi-^cjio ooscj'fos __ 

COtJ-osOSOS OJ ■*»• »-< CO <» OOfOCO^'^ COOrt*C<»'-i 



OS OS to ■«*< O 



w o r^ CO - 



a>-^o>or>- os(>)cotpco cO'-"'-«-^c^ 



>COCO(M — ' 



> 1-I01 oc ^ 



Oi t^ O O »0 .— « CO Tf CO OS O »0 — ' OS •-< 
CD CO "^ C^ OS O 00 CO O (^ CT> •— < OS r- CO 



OOs -^ lO OS 



r>- ci -^ 00 OS -^ 00 c^ 00 



<M h- -- O ** 

c^ r^ CD CO t— 



SCDCDTjih- OOodOCDh- COC^COOiO CI— 'ClCO'-f 
50SC0CCCS COOsOOOOCO C^OClt^C^ lOCOlOMC* 



w r- c^ iQ 



3 OO t 



■" 0<MO<MO» <N CD OS 



CI CD CO O O 



^v,-^.- CDOO— "OO OOO-t*— <00 

jcDco-^ ioi^eoc^.-H cDco^-cor^ 



co r- OS o — ( 

f-H (N CJ — " TJ< 

lOC^ »0 1-H r-( 



iOTrt^i>oo ooMcDcios ooos«oco '^^•-'iS 



O *OCO CO •-( 



co^o oo-rir^cooi cocp-^ooco cd'O-- 



iCO'-^t-H ^C4 



^OOOOSC^ CliOOdO (MiOOS**C» CDOSCOC^CO 



t- O h- CI TT C4I-CO 



CJ.~«t-^CD OS-— lOSOC 



-"•c^oo-^o r-^cDOoo-^ cDCDt^cD-^ -^r-cot-os 



COOO^-OSWS »OO»OCJ00 OS'OCO'-'^^ OlCOiOCOCD 
O— ^OSQCCO 0SI~^»OO00 C4QCCOOCO CO CO 'iT' CO CO 



CD»OOC^-^ ^CO-^f-* 



^ W 1-H 



<D 00 CD »0 CO 
OS CD CO O OS 
Tf 00 00 OO 

oT CO i^«-H 

CI .-H COCO 



o a> 









3^^ 
■ ca . aS 



,— 3£-£ 3caccoi^~ 
- .. o 



H g S ^ .2 S ' 



O- <* 0! fe S n 



OhS S<Iz;^(i. oo^p5^ phmw^^^io 



108 



CONCENTRATION OK ECONOMIC POWER 



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o^ 




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i-i 


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CO 

o 

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(-1 
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2 i 



-^•oeoast^ locoiocO'^ fCCO'-'Oec eoc^oooi »oeo«'^'f«i 



^ CIS tocc 00 fO ^ 



• CO cc)ioon(o— t cO'-'C^aio osooccoiocol.-* 



»o M r* .-H c^ OS "^ «D CO CO o CD CO CO o CO ci QO eo ^ »-< 



(>»co-^»nio ooc^ojooos r^t-»o»n'^ coo-ic^com coc^c^ cac^ 

«0CO CO c^ ^ 1-t ^ 



(M CD CO '-' QO 
C^ CD C^ lO CO 



Tt* O 'O 0> CO 



CI O CO 00 
-rt" t^ CO -r . - 

o o> (M r- h- 



CO -r CO *c o<i »o CO CO ,-( lo — < h- i— > 



cw^^-r^cieo cio-^cor^oo 



oo ociio coco 



.-I (M >0 lO CD OS C^ CS 05 O C0r*<OW^Tt* COCM 
40COCOIM— < 1-1.-1 .-H 



?JCO?i 



»o as h* CO c-i -H 

CO (N C^ C^ Cl 



CO c-i CO r-- »-o 

»0 CC CO lO CI 
CI -^ C^ I-" CD 

O ^CDCOCD 

lOCO CO C^ 1—1 



_,.ior--oo t^eooooo '»+«ci-^r^»o 

lOCl -^OOOC^I-H r^iOOOS-^ COCOOQOCO 

— ^^f, i^cocir^'i* t^co-^cD^ 



Oll^O-f^iO C^ OS ^ • 



CO CO 0> 00 OS 



CD CI CO '-' -^ r^ 

■^ OO '^ ^ Cl i-t 

CO -^ coo -^ OS 



OS.-tOsaiO COCDCDCD-^ COWdCOC* COCO.C1 WC 



iC O — • C) 'O 

o: '^ CD c 00 



OOQC »^ I--0 



r^ 05 o OS CI CO cr OS »o r— 



o o r* r- r^ ^ ^ Os o — • ooi^cocorf ^cicoeoco 



-CDtO— * OSQQOO'^ 



cocj-^ocj cjr^iooios o^-^ca»o 



— t m CO CO tc ec r^ I 



i t^ CO OS r^co(»c4^ »-^ ci OS 1-t i-« 



CO >c CD C3 r 



eococioioco cc«o— 'Osco 



OOSOSOSCO COCICS'-'C* OSt-^CDI^O -^CiCOCOCO 

ICOCIrH C4^ l-H-H 



CO— iTfOCD lOTf*h-h-C1 

gTt<h-ClCD -^CO-^COCD 
OGOTfCO ■«!»< OS CI Tf lO 



^** lO CO CD OO 
h* OS — « CO »o 



OS CO CD CO O 



. r-» 1-H CO uo -Tt" »o c^ OS »o 



TfCJOS'-^Tt* Oit^t^ooio '^rcicococo 



— < Tf OS to CO 
eO-^CS CO r- 

f-* ■^ t^coco 
cecf osoo 

t^ CD '-* O CI 
Tf»C4-^COCJ 



O^t^tOCO CJCOOOOOS h»00'OC0O 



CO — < CD — I ■**« 



b>-HCJr»eo cDSDCio^ 



C5S CO CO OO O CO ■^ 00 *-• t^ »0 Oi t^ CO CO 



h^cjcir^t^ cDcooosio •<^ -^ -^ cc *ri 

-^ C5 OS — < "O Osr^b-GOtO -^MCOCOCO 



OS ^ t^ I— t OS 
CO CD '^ CO 'O 



os-rt^r-i-tos ,-tt — <coi-- 



-^co--eoc^ 
00 CI -^ r* CO 



CO O ^ CO ffo 

CD CO 0>^ to 



iCC-?'Osc0»O COCO^-OSOs OO'-^h-O— • 
— 'Ot^O-f OOCDCOCC-^ COCINCOCO 



CT' O CO OS d 



CD OS »0 O 'H C< CO 'f 'Tft CO tOw?CO< 
•OeO00CO<-« OCICOCOO '-'COOiC 
O-^COOOO lOOt'-OwS coco«^< 



osh»rD»oio coco— <coo ^-r—cicocD 
t^cocooocj covoor-^r co^c<c»c^ 



CD O O O CI 

^ -f O 0= OS 
^ O OS C» CO 

r- io ■T' oo -^ 

CJ 1— CI -— ^ 



r* o ca CI OS 

(D CCOOO X) 
»0 OS QO O CO 



LO c« to »o ^ 



-- CO lO oco 
— ' --H 00 n* OS 
**• CO CO CO CO 

00 CO 'r"»o»o 



lO rT< or o c 
t^OSCOO c 

coco ofoo cf 



jr^io^-..-" lO-^-^cD-o di-«»-i«-HC4 



:i: «^ 






O a; < 



Ca ^ 'J' ^ o 



CO en 00 CO CI 
cow CI CI 



>-< OO lO O OS 

■^ coo coo 



CD O 00 f^ C« 
coco ^ CI 



OS C4 OS OS Oi 

CO o r* 00 o 
CO 'O CO oo r^ 



Ca h»CD -^os 
coca -H ■-< 



r^coo -^o 
CO o »o r^ CI 

CO »0 CC CO •-- 



CO ^^ -^ -- CD 
CI C« ^ w 



CI r- CO OS CO 









.o£|g^ 3^^-ss g§5S| sHS-l-sl 
^Q^^ 2<;z;t>P4 oop^m^z; cliSwpkio 



CONCENTRATION OF ECONOMIC POWER 



109 



f* OS GO FT* O *0 CO CO O CO 

*-( ^e« CO c^ oQ -^ ca lO CO ■-*< 



OOtOOtN 



'^ CO Oi'<*' O ^ O ^ 



"»oco r^r^'-fTTco .-«c^>oast-^ 






00 CD CO »0 CO *0 O IM -^ Ol *0 C^ »0 O "^ 

r^r^^H-<fC^ oi-^u^toco cotooir^c^ 

•-•C^iOOCO CO*0^-«OI—< QOC^-^OCO 

orCo-^'cT F-Jcoicoco 'tr-^cococ^ 



OCl -^c^ 



S-Hd ^ r-t 



r^.— or^-ci O'^cocOrH cjcococot-H ooo(N'<t^t- •*j'cor>-t^coi-^ 



CO -C Ci CO (N 
f-t X- ao Oi »0 



... "»}«u:]cor"-Oi eoi 

< CO CDCSiOI^O C^ CO t 



3 CO M CO ^ 00 c 

J t-^ »-( r^ CO CO CO -"-t 



Oit^O-^OS .-H CO »0 »0 CD -^ -^ C 



I r-l ^ CN| -H 



»0 CO CO CI »o »o 00 d to »o 

cooo-^'-H r^co»oc>t^ 

CO CO cc o "-• r- CJ o oi 05 

0Qcd--r»0O cfcDiOiOCD 



1 CO »0 t-. -rf CO ■<)' o o »o O CO C^ C^ CO 

jcScccN coCNi— <>ot-^ .— c^t-oor-^co 
5 1^— "Oi cottoocooo r^o:«ococO'-« 



S 00 OS Tf U^ M C^ Oi 
I O 0> O O CO O Ol CD 



^ d ^ o "3 



' CO <N -^ M O *0 <?S 

> 1^ .-< -ft< to r^ i-< r- 

> CO >-' ^'^occooi 



iiOC*«\00 COCOiCCDt- *OCDCOt^CO Wr-ti-'CS'-" 



Cs| ^ w ooCfl 



c^ccasr-.c>o e^.->-»ri 

to CO OS 03 O CO ^ CO I 



(N r- ira o I' 

lO Tf 00 CO o 



— ' -r c*) h- -rf 

Ci ^ CV| '■^ CO 
O CD TT *0 »-l 



r^. *c c-j ko ^-< -^ c 



1 f-. »-.c^ c^ 



OQ O coco O 
Cl ^ <M -^t" CM 

o ^r I'- 00 r- 

CO TTtN iC •-<" 
CS — I (N .-" 1-1 



CO O Ol >?< »o 

CC CO t— Tf CO 
CO "^ 03 »0 •-• 

-^ CO '«*''" CD oT 



t^ CO OJ Oi c^ oo r* -<»< 00 00 
CO r-t 00 CO oo r- CO 00 CI -rr 
i^oojiooi >!*• CO r- ^ o 



o CO *o CO r- 

CO -tf CO ■-' "O 

r-, 40 -rp *0 t— 



505coo:co c«-«c 



» O CD 

: -^ »o 

■• Oi «3 

coco ---Iff O MCO'^iCod 
C4^ CM ^ ^ 



m o «; *o c» -H oi CO 00 o 

Co55qiOC1 00'<*'OOC4 
OCO^CSI^ O*c^4Ct-»00 



C^ Ci CO lO 00 

r- r- 1^ t-» OS 

OO O -^ OS «-• 



C^ ^ .-I ^ . 



cDcc^osco csooMcor-- 

1^ CO 00 r^ CO lo •<?" 00 CO >o 

C^ iC ,-( M CO »C C^ CO O '<f 

oTocccooT <s"ic"co 



Ol rr CO OS CO O r^ CO 03 t^ 

'-ir--ocoo< ooosc*co»o 



■rp r^ lO CO OS 

«:; cocooc OS 



t* -^ .-I CO ^ C^ *-t ,-, ,-H r-. 



C^ CO .-• OS CS OOOOr-iOOO. Tt'OSOC^CO 

OS CD -^ ^- •-• omttoco cOTt«-«rr^oo 

lO O »0 CO OS C^ CO O CO CO iCi 1-i CO t- OS 

lOooocsiC cT-^co'^cD cooTcsco 



^r r* oo .-« 00 *o o •— 



■<»• C^ COC^ CO 



os-<rcocooo »ot>-oir^r>. coos^'-»co c^coc 

occi'^cjr^ coco^c^r>. ^i-..-(Ot^ ■»»'C^e---- 

ccocs'-»oo r^Tj-iot-oo oscoc^coco c^icoosasr-* 

CN r>^ CO oT CO iCcocfco »o" c^cJcscoi-r wA 



CO -^ CO CO o 



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CONCENTRATION OP ECONOMIC POWER 



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00000 00000 00000 ooooco t-ooo-^o 



00000 oooi-io 00000 000000 (Nooor^o 



00000 ooo»oo 00000 OOOOCD coooo-^o 



00000 oooc 



0*0000 OOOO" 



00000 ooot 



0*0000 OOOOCft 



00000 OO-^CDO 



)ooo ooooco 



oo—foo oooc^o o»oooo 000000 



oocscoo 000000 o»oooo ooooco 



ooc^oo oo"«j*oo 0*0000 0000c 



oooc^oo ooco»OM« 0*0000 00000 






iiji'^ d 






ale Sc; 



•3-33 



00000 



OOOMO 



oootoo 



000500 



ooot^o 



ooot-o 



o coo»oo 



3S 



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SfiizwS :2;h^(SS S-<:z;t3p^ 



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BONDS AND STOCKS 



111 



112 



CONCENTRATION OF ECONOMIC POWER 



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OS 




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p 



^-^COC^CO 05t^00*0 "»<•<»• Oi C^ CD '-'■'J^OCOCC t^ (N Ci tM C^ CO 



>i00i»00 tDOil-^OOO 



O t- ■-J' Ci cc .-< o; c 



OJCNi--:z)co -tj-io — O"^ Mcccor^c^ 



OOC^ — f 



CCOC C4 t^C^ 00 



- tT CO CC CO CC ( 



^omcTjos -^c^ — 1— 'CO r»oC't^<£)»cco 



3CDC4 cCCOCSb-t^ OsCCO^t^-— • Ol^C^C^ 



CC iO<N CSO 



.- _ _--.. -.— <-*O(M00 

CO'-'CCO C^OO — C40 — OOtOCCO t-^OOOb-COOO 



OOCOirtCl (DCSOiCOOO WjC100i"5 oil. 

ocoor-os oor^cccco c^cocsr-.t- cO" 



to Oi iC CO M CO 

CO f- CO o rr CO 



C^l-* --H '-t 



t- 03 O C^ O Ci 't* 00 CO CO CS (N CO t-- t^ t^ lO ■«*« CO lO cO 0> ^ •-' O O 



OioocDCio oi^csior 



CO CO t^ CO CO '«' 



) 0*0 r^ "^ 



CO M" CO C^ *C .-"i— «OilO 



josi-^io CO*— -h-^-t^ aooor*»o ^rooO". t^ »ct^»o 



lOCO t 

*ccoc 



- CO t-- t-^ i-H O t^ CO CO 



? — ' OJ ^r ^J« t>- O CD tT t 



(XOiO'-'OO COOCOCC'^ »OCOO:OCC Ol-^riC— "iC 



O C5 00 O"* 



C4 CO COCCCC OO-"*" 



-H t^ ^ r~- lo 






i-cooococ^ r>.i^cococD 

— 'COcDiceO CN0000i-~O 

CS CM rl ^ 1-H 



ooo'-'i^co c^ --* CO — "* ooooDcoi-H ^— i^eoo 

plft^iOiO r-tO— OCCl cOtNcOCO-- (MC^t-cCOl 
CO -^ CS TT ■— ( lO C5 t* CD CO r-i 00 >!?< O •-• O -^ 00 Ol r-H 

r-^O co^cco* 



OiCOOOCCcO COCOCOOiCS 

cor-*(NOit^ CO CI COCO'-' 

CO CO tN f-" •-« »-• (N 1-t '-« 



CJO r^ t-- o '* 



"*5* --- OO O) r-< 
M Oco b- CO 
i-'Tf OC (N O 



COcDOCSi-H COOOCO 



, r-Oj.-i.-'Os 

00 -^ c^ O •-* cc -^ r- CO ■^ 



OO O 00 •-H -<J- 
00 -*- c^ ^ 



C^l t^ 00 OO OS 

cTeo *<r *o *o 



^O ^- O: O-^ 



(N CO >-i •-" '-H '-« ' 



0"<fOCOOO 0S05C^C0C» 



. C-l rr o -^ c^ » 



. r-i CJ5 Oi — o: ' 



00 CO ^ C^» CO 



3— oi r^ ic -^r CO CO 



CO O — • *0 CO 
C^ CO >0 CO CO 
•^ CO CO CSI CO 

'^^ C4' CS* CD IM' 
00 to CO (M Ol 



:ior-oo ot^r^oOco 



c-Dcc ^ — ' r^ 



- CO (>) ' 

oc ■— »o ■ 

o" OS Oi UO O 



00 o> C^ OO Tj* 
OfNCO to — < 

lO' 40 •— ' (M TT 

Tco C5 cd'co 



DCO -^-- — • -^ r-.' 



c^OJ— ci r»io^e 



CO CS t^ O 00 

CO »0 CO CO t- 
00 t-- O lO-^ 



CO CO t- Oi c 



or: — ' CO c o 
r- t-- o — ■ c^ 
Ca CI t^ ■*»• »o 



CO<M '-' — ' ' 



CO O CO CN CO 
Oi C^ -f CO 00 
CO CO 00 <-- -"J^ 

o to lOCO --" 
^ CH) '-« Ol 



00 •*** CD 4C ca 

to CO CO -« CM 

r-T oo" 00 CM tc 
i-, -^ Tf CO CO 



i-'iOOOCCft .-'CNOt-CS 



■^CiOCOiO t— cOcOOOOl — ■OCS'-'iC 0C00iO"^"<J' 
r-HCMCOCM^ COCO^OSCO ' *' - — -» — ^ -«-.. 



!-HCMOO CO^O— 0:CM 



o ^^ oi uo -^ 

— ■ O CM ■-• iC 

r^ CM ^ Tj« oi 
iC^'-^jJ'eo 



CO CO r^ lO o 



cOt-t-OCM OiCO'^J'^cO O00--I CO 

r-tOOO-^l-':) CMCM-— I— '*-• r-..-<i-H 



CO — Tf "0 CO 






*^ CO 03 

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a aW 

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'ill 

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CM to »o oi o 



CD t-^ CC ^ Oi 
OTf ■^ CM 1-1 



00 oo OCD 
iC t^ -t* 00 •— 
lO t^ Tj" oco 

Oc'co'CMTfTcM" 



,— I CO lO iO t-» 

CO CO iO iC CO 
O CO *0 CO o 

■^"ct c»''r oi 



00 CO -r*- O CM 
CM CO -rr CO CO 

CO oc CO 1^ CO 



Tf CM oc CI t^ 



CI CM O O O 
1— — CMC^O 



1— ' O CO CO CO 

ic o r* I-- CM 

CO ^ -4 CM 00 



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lOI^ t^r-HCO 






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SC -o-^ oc-gs- S^^-oS. oo^Srt «5<yK^-S3 
SphS;wS ^e-^ft^S S<;:2;!=>ph ooA<m;<(; cL,cQW?:^JO 



CONCENTRATION OF ECONOMIC POWER 



113 



6 ^ 

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f. CC -^ «0 O NOi 



eOOt-^-^O COTTOiC^O Cit— t^r-<0) 



;ro --0— 'ooo icc^O'-'M''-- 



: O O cc 'T CO c^ 



oowecofo — ICO— loO--" lococcooi r-.CiC5 0iro oiccirti- 



OOOOOCJCQ — . CO --< .-» 



>C>C^O> iOcOt^rOCO COCOrr'<rC^ COOfMCO'-' 



C<J to --« -t* t^ 
t^ r- o r^ •*** 

i-t (N CO »0 CO 

c4"<EtJ"ci"arco 

OO •-' --i CO --I 
h- t^ lO ^ CO 



(Xi XJ -f CI c 



— « -^ o c» o 

--> o '* r- r-- 

•O 1— I Tp CO c> 

rdofo 



Oh-t-'OQO iO<NaOCO'X5ro 

OiCicioco-^ coiM o;c*0'-'a> 

O CO -^ t-- lO C^ O O Oi Ol CO 



(O c^ h* o cj c^ o CO ai 00 o 



-OIC^GO TfiOCOCOr^. COCO-^JiCOC^ C^IOJC^i 



lO t- O cc Oa 

^ Ol CTD -f CO 
lO r^ CN C^ CD 



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coco CO 00 -^ 



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sco»or-.^ NOOiQOr^- uS co »o oi 

«COOb«CO O00CX)Ot^ CO *C CO 't* 



0*0 W5 F- W 



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OS 00 iC ON 



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•-H»oodoo"co »o*o»o 



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oa ocoooco 



or^-^«-iQ oocooeo osc^t^ooa 

»o ■«»' ^ ^ i-« r-- t^ h» lO 'i9< b* CO 

-^OSOit^ ONi^ ^ 'S* M* M CO 

usio'iCn "-Tt^c^ ^f N* i-T CO 



o-Hooeoio o »o ■^ I 



CD 0> Oi OS CO 



Tt* OQO t^ ^ 



l>.C0O«0 COOO'^OO 



r^ioob-^ -H CO 00 <-H ^ ^ r* 



coc^ r-oco 

^ ■»1«O0 CS Tf 

r^os ^ CO Oi 

coo'oiOJ"^' 



SC^COO-^ lOC^OOt^ CO CO lO o o 

o>to-^co — 1COOJ 00 >ooar^ 






oo2^^ 



O ^ N o «t 

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■^•-•OOOO o^cooo 

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M t- coco CO 
OS UTJCOOO •* 
■^ CO t-- 00 to 

^"iCtCoopo' 

Oi OS —I "H 



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S383 



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coooor^os »o '«• r^ '-* --^ -^mos-ho coosc^-^i-i oooooc^-^-^ 

h--^OiOOI^ CDOOCOr^fC -^^^C^'-iOi aiOiUZ^t^ -^i So CO CO r>. ^ 
»Oi-<C^COCO OOTfCJOO-^ COUOO^CO 00 »0 C^ -^ ^ <-i CO c^ cc cvi ^ 



CO CO -^ CO CO ci h» »o o CO cs »-< r^ h- ^»< ccc^^^'oo^ oo^r^^ooo 

Sc^c^cSo oocooiM^ roto^^eo ^J^^^^ fJi^^pQ^i^ 



IC^tO-^CO OOOQOp-^ OCOC^COCO ^ CO -rr CD Tj* o ■^ 

-- o—*coasr>- cocoobT^tc locor^'-tt-* tpoo^qo—'^ »o 

•-HOOOOSU^ WDeOCSTfO abcO«C^»0 O-HOiXOO -^— '^ — 



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^CL,^w^, ^;;.^i,S S-<2:t)PM ooPHml?: p^viWiShJO 



CONCENTRATION OF ECONOMIC POWER 



®r:?'**5'~' ^ S 3" 05 « ■»*< CO CO 1^ 00- otc^coc^ o«-<»ooicud as 
siSr*"^r? ^oam5<o -^iScsob- c5'^c^cs*o 01 -^ 05 10 r-* •**< o 
oot*.-ico eot^osM'Oi oo»oc^c^co »ir5iO'V»c»o r^cDQCOKCoo 55 



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5 »C CCOl *0 Cl^ 



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F-4 -^ « »o •-• »o »o M 00 f^ 00 01 1> r* »o 



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SC^OOOOO COC^CCCDI 



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01 o c^ 1000 



-c« ogjio-^cj »c c 



S^2Sf29E eocot^wc^ -^oioi^^ o«oc»o~ 

cS^wlo t^-iCOrHCO (N^r^rtOJ «-H(NC^w 



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ra«5iS?So mSiSSS ^^occciNir aj-wc^coto 
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23t*3^2* ^c*i^'i»"oo »oc»«c<<o o«)0»0ic 
r-iOcoot^ to-^eo?^^ t^ ^ cc Oi -»»« CO 00 <-• cc 






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90 



CO 



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eooooot^ 0)fjc<5Q» r»t>.v^-H 
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OS'^COt^CO TOOOOOCS^ r^iOWOSTf VCOU^Ot^ osooc^-^j^m 

cri^r*»o^ 65 -^^ -^t* 00 -^ O»ct^ooo5 lOcoiijoS ^tooo^-^co 
o t^ CO »^ o OS 00 00 -v o ^ CO t^ •-• »o cc Oi c^ »c r* ■^ oo r-^ -hi-* 



«:oo^M coooco-'i'os ;0'*<»oo»« cc C5 r^ t* ^ c^ r^ CO 



T»*CiO»cooo »o»occ^c^ (pec^co-H eo o c^ o ^^ (Ct^oooa-^t^ 

lfDO»OPO«D ^hC^QOO'-h »0^^»OCCt^ Oi-H-^Tt*-^ r-CCCC^-Hh* 

ooooc^oor* oo^»ccs oit^-t^Mu^ ciooo«oevio ■^cc-tt^osc^ 






CO CD CC a CO OS » ^ CC Ot^»i-'COOO 



C>l(Nt^cOC^ C^OOMOSOi I^r^-HOOOO 'tf'C^OCD^ 

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r^oo OS lO t^ 
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CONCENTRATION OF ECONOMIC POWER 



125 



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GONCENTRATION OF ECONOMIC POWER 



5is 
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CONCENTRATION OF ECONOMIC POWER 



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O ^ -^ CO CO ■^«0t~*0 ^ Tj« iC ^ CO ■* C^ C^ CO C^ ^ C< CS 1-1 .-« 



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r^ »c Tf M CO CO Tp •* o CD vo 

COC^-^OCD '*t^ 'f CD t-* CO 
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) O -- «C •*»00»OCC t^CD'-^'^O OOOCOOOO lO rt CO 5< CD ii 



«D^OOCJh-. OcOOiWC^ lOOO^r^CM «OC0«0»0 05>0QCC>»0N 
CO^-^WCC OOC^WUS'* M«COS«i» ?Ct^«-"M'* "-"« «M 



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iraeot-to'sT leo'coo—" ro^ft-TtotC rfffff— cfo" 






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CONCENTRATION OF ECONOMIC POWER 



129 












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CONCENTRATION OF ECONOMIC POWER 



133 



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134 



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>r---HCOM i^CO-»H Mco ^ N ^ 



poos04-^o iOi-HO-<ro ioas»oooaa coqoncoos <» co qo t* w -<<*« 
t-» r^ '^ CO ■^ o c^ 00 <-< h* to CO 00 OS CO co r>- Oi co to -HC^osOiO^H 
t^o:ao»ociO oooocococo coi-H(OTf-- W lo <-i eo >o -^ooococft-^ 



CO <-< ;o cs N 



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CO »o »o :d CO cococ^oiio oC'-'coc^ coocor^»o oo oo t^ cm i-i t^ 

»-<COO**C-H h-t^COO h-»-<CMOi-*i O"-^©?©?^ O00t*»OC0»O 



lOO »CO t>. CS -^ CO 



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CO ^ >-• 



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Tt* t'- O CO •-« t* ?D 
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CONCENTRATION OP ECONOMIC POWER 



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t-OOOW «D:Ot^'— <*0 OSGOt^— 'CO '^t^COiOcO 



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138 



CONCENTP\TTON OF ECONOMIC POWER 



Q 
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r4'Nt"»GOCO TfiC'-^O'^ .ccccoot 



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CONCENTRATION OF ECONOMIC POWER 



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r-t^Sos^ t^SoocoS osr^^oS t^WCTOO 






^ CO '*' 'I** to -^ to to 






S5>£ 






= d S 3 

-- wj O 3 ffl '^ 

lias's ^ 



-^"1 



"3 Si 



gog So ass 2 



a—, IS ■ 



S 3 

<I3 oi 



■ssp 



3 ^ 



i^'^tn'Sw *J>af3^ ^aCr30> 

|g^.&^ S2|gd P^a£ §gS§| §H&|.9i 
gp4:^;wS ZH°PL,S ;S<;2;t)^ QO(i,m2; p^mw^k-?^ 



144 



CONCENTRATION OF ECONOMIC POWER 



3 



fC > 

• « Ph 

(^ & i 

H 

O 

QQ 
M 

o 

H 

00 



c^ooiocot^ ocot*ooo b»or>QOb»oo '^c^osoc^ c^coo-^^c 
coi-tor^ loc^c^cot* ost>»co r^ com coo 



^ CO t^ 00 ^^ 



CO CO ^ c^ o oiocoioo* r- cs) o o <D CD t^ ic o t^ »050ooor 






ic Tf f- io 00 r>- 00 h- 0> o> r* r* 



CO i-H CD <D 



■^cooco oioocsr»i-t coo-<f cq oos c^o» 



OOJ^OOCO^ 



(^^■^ C^C^tT* 



COi-H ^ 



b-00«Ot^^ O0S05tJ<0S '-th»0'*t*a) tO-^J^tOCOO 



1— i^cocNi as 
COi-t ooo^ 



to Oi .-« *-H CO ^ 0^ CD t^ »-H 00 Ol 

" "^ i-H-^oscor^ 00 ic lO 



*0 CO 1-H CO 



oooooor^c^ 



OO CO CO OC I 



OS fO^ GO CO 
lOOlCO't* h* 
t^CMOOM^ 

NiOOiCCO" 

ocooooi^ w 



Jco''**©© oaooooosoo co»ccooo 
CO »0 »0 00 Oi iC OS t^ lO iC -H cc 

■ cD-'j^o o '-' eo OS »-i c^ 00 « 



i-it^i-«O0 0O 
1-1 TP COt-^ CO 



otDcoc^o cor-Or-ic^ 



«DOSCO OC5 

"wioISiH ooc5 00 
o"c4" cT osr**^ CO 



ICOO'rf* lOC 



t-h-r^cooc 

CO CO CO COi-« 



o-^^oo^ _- _ - 

lO lO CD — * O -— • CO 



OS-HCDOOS '<*»C^h-.000 

O -* CO '^ t^ CD »0 i-H 

Tt<oo-^t>- .— I c* '^ »o co-^r* o 

Mci" <-r oTt-"*'^'" co"" 



OOO''** 00 00 
C^ Tf OQlOO 

lO CiOO'^^ 



l^ h- 00 t>.c^ 



OJ Tj* w<*" COOOO 1-H 



OO — ■<»* ■* 

CO COOOO 
r-^'lOC^'cO 



^C0'«*«O5D CDOlOOi 

COOOO «-H CO r- OS c 

r-t Oi 00 ^J« cocoes C 

r^co i-T c^oTco c 



03 11^ CO coo 

^ oso^ go 
^-» ■^ ■^ 00 CO 



ooc^oco^; 



O-^TfOcO OsC'i'«*<ON 

lo o ob <-< 00 00 ob -^ 
uico" w' cioecc CO 



«^MiCQQ COC^OQObCO OCOOOOCO CO O CD o r» 
ICCOCOW300 C0»000» .-hOcO i-< O "^ CO » 

i-TcDCOCDtC 'If ooo»c' OW' COOOCO I-T 



> 00^ cp 0> ^ ^ CO to ^ CO 00 CO o t 
I^h-nOOO 00*0'^'-'0 CO^CO 5 

<co'^d»-i o^-eo^• rno^ c 









111 1 



»-< -^ 



cBOoeoo 



•woooo 



t^oooo 






111 Jr-'S^S «3^-SJ 



mS^-^S sJS-gSS 5®^-^g oo5a« S^o-^^l 
Sii;;z;wS ;z;P^pmS S^jsipfi oupmCP^z; ^Sw^^O 



CONCENTRATION OF ECONOMIC POWER 



145 



r;S3^'-'S? oeoo^eo or^t-c^o cst^^ooi oo»oo»o^c 



Oi-^ »0 rH rH 

Ofoood cs 






« »o wc^ CO eo ^ 






"ooo ioiooto>ot 






i 

o 

o 

H 

00 

o 

OQ 

o 

ti 



^ 2 

CO o 

O m 

^ i 



^ ^ TJ< ^ lO 

M W w? OS r^ 



0>N -f'J'O OC 
«OCC O t^ «0 MC 

r* ^ t^o «o CO? 



i-"P«o-^r~o 



So C^ CO CO 
O0<N tocoS 



C0<©00»0 -MOOCOOOO 
t>- f-H U3 CO »-*,-( 



gor^oco® ooc^m*o "Ooc 
i^coo'vcao 1-H ^ o -^ rr -- 

«0 CO t- -^ »0 CQIOO 0« 



COOOOO-H 



J-J~.00-*O O— ICOOOO 
0000 —I 00 ^co 



1-i oi 3; 00 »o »n t^ CO no 



OCOOOIO OCOCD 



cocD-gjoa cgo^ow 



00>-<00 00>C<30< 



■ <a 



S^gS* 



^;000>0 



000030 



2.^3 



ra ' * ; ' • 



wii**^'^-*-* T^^O^^ a<C3&dO> 

So,:z;w§ ^:&^^a,S S«.i2;pi; 



o oja as « «2o-i?°3 



3 



146 



CONCENTRATION OF ECONOMIC POWER 



CO 

M 

4J OS 



o ^ -^ 

r-t to lO 
CCN to 






o^tC'^o cocjmoooo ooecoo otooo^ 
lO o '-' t^ 00 CO ^- 00 »o ec ' 



O^OCO ^00«OCD OOOOO OOOOCN>C^ 



ooooo e^t~us--eo ooooo otooot 



0OC500 o^^occ ocooo oooo^o 



o oocoTfo o-^to-HO ocooo 



ooooo ooooo ooooo 



ooooo ooooo ooooo 



ooooo ooooo ooccoo 



d 09 



a a" 

O QJ • 



« M a 3 fQ 

*^ > c = *^ 

III! 



'■^11 ;-3 

iJw-oE ooxi 



ooooo 



ooooo 



ooooo 



ooooo 









S H 



CONCENTRATION OF ECONOMIC POWER 



147 



W o 



^ S 



O 

M 
CO 

< 

H 
PS 

p 

M 

o 

o 

H 

OQ 



o>«>ocoo OMoO'-i^ ■*t~OT("-< >or>'*'^'^ 
OS »o o c^ *<»* 00 »o 00 ^ «o»oij'25<o iot*<c ■<j* 



oooow =J 1 



© ^« ^ CD p^c 
1-1 OS N >OOSI 



^ooo o»oooor^ CO 



OOCOC^ lO 



OOOSOOO -Hrtt 
CD ■^ O lO w? c 

OS O^ ooe 



OCOCDOO 

?5oogo OS 



OtDO^iOSO 



ooooe* «t-oo>o ooocDcDO 

^ ^ »0 Q CD -^ CO OS w t>. 



- CDC^ CO C 

5 w »0 00 ■• 



iC»CO-*0 Or-'OOOO OOSC^I^OS 



i-<obi-H'«< oo>oc 



OSOONO o-^ooo oooot^ 



Sg' 



iS^S?} 



ooo>oo ooooo 









Ill .-s 

3 ® rt ,i a)<i 

20 g SOx 
w = > 



r-i 00s »00 
-H COOO 



000310 



oooqso 



coooooo 









124491— 40— pt. 10a 11 



148 



CONCENTRATION OF ECONOMIC POWER 



BO V; 

o => 

u ^ 

< g 



ufo t-T i-T 



oor>»oo ooooo oooooo 



soooo ooooo oo oo ooooo oooooo 



i-ioooo ooooo oojgoo ooooo oooooo 



ujoooo ooooo oor~oo ooooo oooooo 



ogooo ooggo ooo< 



ooooo 



ooooo ooooo ooooo ooooo 



ooooo oooooj oorHoo ooooo 



ooooo eoeee ooooo ooooo 



O <D . 



wis 



<" _c 3 
> a OZ 



ooooo 



ooooo 



ooooo 



ooooo 



,.« ^ • a ] • , 



SoJZPPL, OOPhPQZ CLimW^iJO 



CONCENTRATION OF ECONOMIC POWER 



149 



1 



*^ t i 

Ji « § 

§ O « 

l> W ^ 



fe « ^ 



1 

M 

O: 

Ihi 
O 



jt^oom ot-n'^o* ooow^-j vin^o^ SQOOtiiS 

i--';o' f^^tS V CO V so 






§s*S^ *SSs* ^i^** s$s°8 s®*®!® 



fs^ww^w' ■^Si;'^*: -'i^'-^'-'S'" 

S2 38" S 55 8 






g®*® sg®*! 



o e«o o:4! oo oc^t^oo oceiooo 



'S® ®| 



SS' 



oooot; oi-> OO ooiooo oo-^eoo 



S8S< 



000S<0 OOOOO OOOOO OOMOi-i 



e*o©«*© 



gOOjOO 






111 :r--Ss« 



s-sr -- 



150 



CONCENTRATION OF ECONOMIC POWER 



i 



z « 

^ § 

^ w 

o 
M O 
O M 
o (^ 
H 

09 

O 
IZi 

o 
»-« 

H 
H 

n 

9^ 



(MIM^COO OCC^NO OOCJOm OiONO'J' iot-OOTl<0 

IC OS O *«?* QO ^H U^ (© lO ^H CO lO ^ 1-H .-< O ■* -^ 

c^ t^ o -^ "5 t^c<i<o ■«** t^ ^^ lo CO i-t o 



(MCOOC^<D OW-HOO OtOOOO ooooo oooooo 

<0 1— < t>- CO O CO CO - rH 

05C* e* rt o 



<(XI-*COO Ot~.05>00 ooooo OOOO'*' >COOO!00 

r*05»o ot^c^ »o ^ t* ^ o^ t* 

"500 >-cC^io M C^ CO 1-1 



wrHO<o^ ocoost-o . ©--iriioo ooiMOO OX5OO00O 
00 ia Tf '<j< CO So>oo «■* cs 



fH t- 



eo>ococor-i 



^oo>so '0 0U500 o-<ooo>o ooooo ot^oooo 
» o ing toaa co * 



•* ooo ooooo Ottooo ooooo 



ooooo ooooo ooooo ooooo 



ooooo ooooo o<Nooo ooooo 



M-:."^ ■3 



;=-2^ Sea's" ^ 



;^ 9 3 



■ aS 
0W.2 > 



ooooo 



ooooo 



ooooo 



qg.2^.2 a^-a-iS^ 



S^2;wS 2;Eh-?^S S-«!2;t3AH 00(iHP52i pmmW^iJ':- 



CONCENTRATION OF ECONOMIC POWER 



151 






o 

CO 

O 

iz; 
o 

> 
t-l 

n 
o 

H 

O 
O 

is; 



CO Tf 1— I CO CS t-H c 

05 CO CO Oi CO 



(DQ-HC^O U5-<**QC0CO 



CO •* CD CO 05 
COCO CO CO 






>»0 CO ^ r- 1 



1— I iC c^ o ^ oi"q*o»nco< 



lO -*« C^ 1-H 



locoot---^ OCOOh- 

CO CM Cfc '^ lO 

'-'OOO'^CC 



■* O -* CO 



lO O Ol Ol t^ 



CO r- CO Oi t^ c 

lOCOC^ W i-H 



r-iCco'X'*o oiou^c^-^ 1— fcO'^»o»o oo»ocoot-- t^coooi'-HO co 



00 CO a: Oi o 

tJ< ^ ^ CO r-l 



Oi -^ O w CO CO ■»* CO b- 



CO ^ CO t- CD Oi CO 
<D*0 I-H »0 COM 



Oi CO •-< Ob- CO t^ 



':> Oi^ a> o—^co- 



cc -^ ■^ r- CO 

Oi CD CO UO CO 



CO "0 »o t^ CO .— leocooco b*-' 

SOl 1— < lO OS CO CM ^ >o t 
CO r-H '^'"J'CM CC »-< 



CO ^ O ^ I^ 
CM CO CO *C QO 



O ^ — I Oi CO *0 CM CO CM to 



CO t^ CM t^ 



ooorHi-H loicci »?; 



^ CO 00 00 "^ 
OOCM lO ^ 

CO t^ CO CO OS 

CO CO CO CO 



O *0 OJ 't' t* 



3 O 05 CO CD Q t^ O CO 
r^ o OS uo ^ CM ^ 



tP-'J^ C^ CM 



lO UO -^ 00 ■— I 

CO'<**OOOCM 
OOlrH CM 00 

C^ cm' CO*" CO 



eOOO-^OOS CMCMCOOCO 
*0 OS CD CO CM .-< CO 
CO -^Tt^ C^ i-( 



CO Q coco 'H 

CO o f^ o r^ 

lO lO I>- 00 o 
C0"C0C0 CO <-<*" 



CO O •* O t>- CM CO ■<»' O h- 
OOCM CD t-O'^ OS 
CO ^ ^^CM ^ 



COcOb-t^CO CD -^ CO 00 ^ cooooso-^ 

CMcooo^co CO --< OS o r^ t^ CO 

CO »0 00 »0 OS OS CM Tt< CO »0 I-H 



CO 00 OS o -^ 
lO ■^ CO t-H 



OOOOCO "<J* UO 

r- r- -— I CO CO 

CO OS <-r w:i 00 
CM cm' CO cT 



CO CO t-H lO ■»}* 



CO ■^ 00 o GO t*- u^ OS o CD 



f-H CO '^ o o 
kO -H CO 1— I -^ 

'-' r- S CD »c 
i-T i-Tcm'-T 



• b-CO'-H CO"<*<CMOOS OSOSCDOO 






•^ 03 03 



?^ >- 5 






3W 

Sis 






oo e^c 



ooomo 



OOOCOO 



mooooo 



tOOO'-) o 



oi oO'fl'o 



oiooc^ o 



0,2 S<;;z;PPh 



a a o q-w 

O OJ3 03 « 



3 ^'~' SI «l-' 
i^fcjXl P n 00 



152 



CONCENTRATION OF ECONOMIC POWER 






kSuscouju:) OM**o»«*cd io-^^c^i-^ ^ ^-^g ^ tc«ot>^«<5© 









O^^CTf'^ (O^CC^^ '«*«»0^0*0 



S5«SSS 






niCiO-^ ^^^-^lO ^CD»000 



lOOOiOO 



»c a r- V5 cc 05 '-• »o »o 

WO"-<«-0 00»O00Oi 



c* « c4 o - 



Q0O9 C 

CO to coo ' 



"•r oo >o o 



^■^lO-^-^ OCO-^-^"*** .-HtOcOO"** co-^coo^o 



00 O r^ C^.QO ■ ^ 
ii^ kO iC lO -^ 



t^ i>- w cb r^ » ^ "(j^ CO 
o ^ »c •^* ^ .-< ^ ic o ^ 



Niogc OS 

w COOO 05 

tJ* to Tf O -^ 



•^OO ^O 



00 to <N o» c^ ^ r- 

00 Oi »0 CO lO c^ c^ 



■^ »0 -^ lO •O 00 -^ '<** - 



^oo coo 



u 

o 

H 
to 

o 

H 

O 

u 

iz; 
•-« 

o 

H 
P 






Bin 



^?!^ll ^SS 



aw.2 > 



go >< e « 



SfiZwS ze-^plhS S<ZDft, oup^m?; p,mwiSH50 



3 S" M ^'^ 

i^k-^ a - 03 



CONCENTRATION OF ECONOMIC POWER 



153 



O ^ 

O C3 

m s 

o 

.A 5 

^ a 

"< tl 
09 

O 

m 

o 
tn 
t*t 

03 
H 
09 
09 

o 

«4 

•0 



>CJt^ OOOC-CCiOOO o — ooooco 



r* M CD oco cs 
I ^«^^cs 

I t^<D ■V CO h- 



> CO »0 CM O 

) ^ lO cs o 

'MM 



' I 7 ' "^ 



I I 



Ca O Qp CM O:CQCSw0O «0'*t^iO'«*' O -^ CO M -^ CO CO ■^ CM -^f« CO 
3"COC5r^ »CQ0Q'-'CO CMCOOi»OCO ^o^cD»o ooi-*Cmooooo 
OOCOCMO CMTOCO'-"'-* CO^-i^h^-iO ^i-«|C0»O i-^CM COi 



CM i-*cO .-t 



^£^95^*^ 5<eo-*ooc^ co^oooco t^ic»or^CM ^or^»oaot-- 

■ CM 01 O ^ O CM OS CM CM ^ OS CO © «0 tt kO <D Oi «0 tt »0 ^ t^ lO 00 

y^-<rt^ab rHoeoco^ c5it*t^coos 2mcdoco»o cn cm r* -^ « 



COtC^iC-^ CMCOt-CMCO 



I I I I 



I 



i--r*»Oi-iCM 

^ CO n3 -^ CM 



CM CO h' r>. CM h- ^ CO c 



CS «-H — i-< I 



to ■^ ^ to CD »C CO ^ 05 ^H 

*oO'^-*t<eo coo -* •o 



Sgf22S SS§2:§S SgSSS 2SgSS 

Sr~««5e» t~-vooSS ««««« r^S«i2-5 



t^Oi Mt» t>- 



■^ m r>. 05 1» ^ ^H 00 c 



ic r^ CO CO es «? N ^ ' 

— o«5 m — 









sas 



■^ W3 iO CD 



SCO -^ ^ 
00 CO o 



QCM ^ OOCM C 



eO C^CMCM 

MM 



10 wco ^ O 

M M I 



CMbJCOOQOS eO<Ocp«Ot>. CMOSCO'^O <£KSit^tOOO 

=:£g§S SSiS§ SSSIS "SSKS 

»■«-«-.--.- N- I M «- «- M I MM 

17 -" M I I I 



AO^O^OO CDOb^O^OC >0*-410CO>0 

cf-.- M ^-«- I I I I I 

M M 



8CO <o ^ *c t>- c*i t- CO 05 ^** as c^ ^ »rt 
ooo«oi-H |c<3oo I cntoiSiSSs 
cfM -h" I ■*■ oT I eo" I «■■ I 



OC ^- *0 C* 00 IC kC «0 I^ 00 -^ W CO 00 00 

c2-Hoooot- 00 « I nF. — ■*cSaB« 






« I M 




' .i< -J " "3 

« . § 3 g 2 

w tn C ^ CO 3 



"3 giH ' •■" 



scococM r- 

I C5 CO 0>M* 

•CO l-H f-H 

I I 



^co »o t-« -< 

« I I 



— I h-Ob-OO 



00 00 kO -^ 



-<00<D«N 

s 7:: I 
I ' I 



_' ' 03 . , 

S 2 5 03 ij •- 
32'-' ""-J 

•2 3^ 



a « 

09 g 



Oh 



Ss o ?5 o 3 3-s'^-so aaoa-S otjssfiS" 
«2 ZE-i^fcS S-<j^pft, oop^ps^z; Phmw^jo 






u. O 

■^ o 
•Si 



154 



CONCENTRATION OF ECONOMIC POWER 



S W 



J^ Z 



CTl 


w 






M 




^ 


^ 


C8 


Q 







•^ 


m 





00 


w 


•n 


^ 




a 


1 


H 


3 


n 


P5 


ja 


H 


H 




^ 


;^ 


a 


^ 


P-H 


j2 





Q 


s 




1^ 







u 


-1', 











H 


w 




CO 


& 




n 


> 




< 

« 


pq 


ci 
<j 

w" 
ij 
> 

CO 

< 

Q 
W 





; *. 



O " -ti > 

(a » » i! 
0°- B 



» !s H «5 



<; to 



g"3^3 



CO O^ 
Smog 

Egas 



iaSS^ 

E ^ > 03 2 



r*-4MCi'«tt< »oc^ort^t^ cOQ0'*«Oi oo-^^ooiO'" 

O OS 0> 00 OS «0 00 CO CO »0 CO CD t^ W GO OS h- *C ?0 ^ C 



I I 



CO ^ l-H ^ rH -^J* -^ 1-1 p-< -^ W 



c^ Tf 00 00 OS r* o CO o »o XI t* Tf cc 00 n as m cp ^ cc^osc^c^c^ 

co<NO»o«ro -HC^oooO'tf* "S^^ccioco 0.00 N-^ o. 3g o to to --N c- 
^t^r^»-.<Ci cocs-^coos coccor^-H ^c^^ost;- ooco'^t^ooN 



odfOC^GO-^ CCt^iOiOC© ««■—"«« cswc 



CD ro ^ CD <-H 
-^ CS 10 ^ 40 
O t- CO lO to 

os"^t^odt^ 

o CO ■^ r^ to 

OO-^COfCOO 



CD to CO t^ O 
01 OS 00 CO -^ 
CD O »0 OS CO 



cooscoc^c^ t^ 10 — I OS c^ cotooooroooc 

CD ^H O 00 r— OS CD CO CO --' 00 CO r^ 00 CD o 
00 to OS OS OS Tf CS 00 OS 00 (N CS OS <-■ to OS 



lOOS (N O to CD O I 
CD CD to Tf* CO CO -^ C 



Tt* CD ^ CD C 



' CS 10 OS CO 00 



jC^i— (t-- CsOSt^cDtCCO 



-*J< C3S 00 -<** O 

.— I OS -^ r^ OS 

OS OS OS CD " 

OO'-^'co-C^f 

OS 00 w 00 CD 

r- o CD CO 00 



c3iiot^r>-to ^(Nr-Os- 

--OSIOOS 1— lOCOC"' 



to CD OS CO 00 O rf OS N. CD CO 

—) r-. CO OS to cs CO 1— I (N to -H 



O 00 O to CO M M OS <N 00 CO OS t^ OS O -^ CD tO tO CO 00 



oocoos-^ CD CO ^ o CD c^coos— -co CI o w r^ c 



^^OOCD ■^tO'— '00»A CDOt^OOS 

?D(D>ocoeo CO •* M ^ f-i 1-t 1-H ^ ^ 



OS OS t^ CD to CO 



^wcoeO'-' b-.-'j'i^r*'' 



CD t^ to to C 



•^ C^ Tf 00 00 



CS ^ 01 OICS 



MM Ml 



^ ^OJ CO M IM 



Ml I I 



rH ^ (M ^ 



^ .-( O coos 



OS O 10 to M* CDOOr^CD 



CDCOOOOSTf< CDOOSOCD ■'J'C^C^t^C^ .. , 

OCOtOOOOS t^ to i-H Tf 00 COOCO 00 OS"^00— 't 



■<*«<Mh*tO00 tO-^OSCDOS -^O^ O COOSi-H 
CDCD'-J^—'O CD-HCS^C^ COtoC^ ^ ^1^ 

77777 '''.'• ' ' ' ' ' ' 



000s— '00 Tf^cDOC^ OSOSCO'^ftO 



to CD o o Tf d 00 r^ Tf o 



.-hC^CDC^'* Tt-O^CSCS| MtJ<CO»OOI 



? »0 O -rf CN) <=> CO to 



to to 00 t^ to wot^ooo ^^ 

■*fOSOOOC^ <N to to CO CO OS 00 



C*! CO -H t-^ r-l i-l r-( 



§10 — « 
00 



t^ toco ■^ '-I 



^ -H OS ■<»< r>- 



-H OS 00 OS OS OS 00 CD -^ CD 
d to -H O CO I-" to CO CD O 



SOOQOOSCD OOOSOOOOC 



OS '^ W CO CD 



* CD ■^ O w OS 00 CD t^ 



OS t- CD CO ' 



•— ^ ■<** -^ CD 



^.2-2 »2; 

3-2 >H- 



O C3 J 



«r 5 3 



t^ 00 O ^H CT> 



t^ CO -H 05 00 
00 00 ^ •<)• CO 
C^ t^ I OOCi 

oo'ic I I 



CO o -^o -^ 

-< .-HtOtOt^ 
00 t>r 00 CO-CD 



CO CO IOCS c^ 
TJ" 00 **• ^H o 

•*j. 00 CO 00 

CD C^OO -^'t^ 



S0.2S22 5;-SEa.S 
•330 o^^a^ii^ 



I5l 

o! • c.;s 

2S^-§-2 o2|i| jl'^'il oo£3« «i«5-.'^.S3 
So^Zk^ Zh^ShS 2<;2t)B- oofcoZ puSwiShJo 



•i«i.2 « <:;■ 
p_ox: a « «5cr>.S3 



CONCENTRATION OF ECONOMIC POWER 



155 



*^ CO — 

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255 



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CONCENTRATION OF ECONOMIC POWER 

I ?32g8;= fei^'gSS :=5:s^g §?5E?§J2 e^gf;gs 



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258 



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CONCENTRATION OP ECONOMIC POWER 



259 



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CONCENTRATION OF ECONOMIC POWER 



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263 



CONCENTRATION OF ECONOMIC POWER 



265 



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CONCENTRATION OF ECONOMIC POWER 



267 



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268 



CONCENTRATION OF ECONOMIC POWER 



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NET COST OF INSURANCE 
TO POLICYHOLDERS 



281 



NET COST AND DISCOUNTED NET COST 

"Net cost" figures are presented in Tables 284 to 298, inclusive. For compari- 
son, such net costs" have been computed on the basis of $1,000 of insurance for 
Whole life, 20-payment life, and 20 j ear endowment policies. In the case of each 
such policy, net costs" arfe shown for each of three ages: 25, 35, and 45 respec- 
tively. In instances in which policies issued do not conform precisely to the 
standard plans, the nearest equivalent policv was analyzed, and attention has been 
directed to principal differences in such policies by means of footnotes In cases 
in which companies issue both participating and nonparticipating policies under 
the above plans, the "net costs" of both have been computed. In the cases of 
2?^Rn°'^^ r'^'^^^.A^^^^ policies on the above plans, but only in units greater than 
$1,UU0, such as $2,o00 or $O;000 minimum, the policies have been classified sep- 
Si^nn/" r • ^^^^^ ^^^^^ ^^^° ""^* costs" have been computed on the basis of 
$1,000 of insurance. In cases in which the.onlv whole life policies i^^sued in 
minimum units greater than $1,000 were modified life policies which require a 
lower premium during an initial period of 1 to 5 years and thereafter a level prem- 
ium at a highef rate, these policies are shown separately and designated "Modified 
Life Policies" in the tables. 

"Net costs" in the tables are based upon annual premiums and do not include 
extra premiums for disability benefits or double indemnity for accidental death 
Ihe net costs are calculated on the basis of premium rates, surrender values 
and other provisions of policies issued in l9.39; and for participating policies the 
dividends assumed are those shown in dividend illustrat'ons of the resoective 
companies as published in 1939. 

Th- "net cost" figures have been derived in the manner generally used by 
publishers of insurance data and by life insurance agents in the ^'olicitation of 
business. The method employed in deriving these "net cost" figures is as follows- 
l-or each of the indicated periods there is deducted from the total gross premiums 
payable during the period the sum of the amount of dividends which would be 
paid at the various durations on the assumption of the payment of dividends in 
accordance with the current dividend scale. The difference represents the "Net 
Tu xTZ^ ,^ CoNTiNUEn." The calculation of "net costs" on the assumption 
that the policy be surrendered at the end of the staled period and the cash value 
paid to the pohcy holder involves only the subtraction of the surrender value 
provided in the policy (and cash settlement dividend, if anv) to determine the 
figure for "Net Cost— Policy Surrendered." 

It niay be pointed out that this method of deriving "net costs" is subject to the 
objection that one doUarof premium paid or dividends received in the early years 
of the contract is given equal weight with one dollar of premiums, dividends, or 
cash values in the later years of the contract. This disregards the element of 
interest. 

As a result this method of deriving "net costs" shows comparative figures which 
generally favor: 

(1) Participating policies over nonparticipating policies: 

(2) High premium participating policies over low premium narticipating 
policies: 

(3) Participating policies which pay "extra" or "special" dividends at quin- 
quennial durations or in the later policy years over those participating policies 
Xiuder which the annual dividends increase from year to year and are not sup- 
plemented by extra or special dividends. 

In order to avoid the objections to "net cost" calculations which result from 
disregard of the interest factor in calculating the diff"erent values of moiiev paid 
at diflFerent times, Discounted Net Costs are presented in Tables 300 to 314,"inclu- 
sive. In computing the figures for Discounted Net Costs, the procedure followed 
was similar to that used in deriving "Net Costs" with the following differences. 
Premiums paid were not considered as equivalent to their aggregate amount, but 
each premium paid during the period was discounted back to the time of issuance 
of the policy at an assumed rate of 3>$% per annum. Similarly, dividends and 
the amount available upon surrender of the policy at the end of the period were 
282 



CONCENTRATION OF ECONOMIC POWER 283 

■discounted back to the time of issuance of the policy at the same assumed rate. 
The fundamental weakness in "net cost" calculations as applied to participating 
policies is that their use implies the assumption that the current dividend scale 
will be continued for the period involved. In these tables calculations have been 
prepared on the basis of 10- and 20-.vear periods. Nothing in previous experience 
indicates that any scale of dividends will prevail for such a substantial period of 
years. ^ i recent years, for example, such factors as the trend of interest rates, 
mortality disability experience, investment gains and losses, and operating expense 
have combined to produce a marked decline in dividend rates. 

Those interested in determining the contractual maximum net cost under the 
terms of the policies illustrated may do so by adding the total assumed figures for 
dividends for the period (including cash settlement dividend, if any) to the figures 
given in the columns showing "net cost." For example, the standard whole life 
participating policy at age 25 issued by the Aetna shOws a Ten- Year Net Cost 
rolicy Continued of $162.20, and a Ten- Year Net Cost Policy Surrendered 
end of tenth year of $73.20. To obtain the contractual maximum net cost under 
this policy, the figure of 10-year dividends, $42.60, should be added to the net 
cost figures. This produces a contractual maximum Net Cost Policy Continued, 
of $204.80, and a contractual maximum Net Cost Policy Surrendered end of tenth 
year of $115.80. The contractual maximum Discounted Net Cost may be de- 
rived from Tables 300 to 314, inclusive, in a similar manner. 



284 



CONCENTRATION OF ECONOMIC POWER 



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286 



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CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 



305 



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CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 



307 



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124491— 40— Pt. lOA— 21 



308 



CONCENTRATION OF ECONOMIC POWER 






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INDEX 



A 

Accident and health Insurance: Pa^e 

Dividends paid to policjdiolders 70 

Net change in surplus 69, 71 

Total income 68 

Total premium income 67 

Accidental death benefits in industrial policies: Increase in policy reserves. 267 
Accidental death benefits in ordinary policies: 

Dividends paid to policyholders 43 

First year premium income 39 

Gain or loss from 77 

Increase in polic.y reserves 270 

Net change in surplus 42, 44 

Total income 41 

Total premium income 40 

Admitted assets {see Assets) 5 

Amounts subject to withdrawal in cash 275 

Annuities: 
Group: 

Amount in force 60 

Dividends jjaid to policyholders 65 

First year premium income 61 

Increase in policy reserves 272 

Net change in surplus 64, 66 

Number of policies 60 

Total income 63 

TotpJ premium income 62 

Individual: 

Amount in force 53 

Dividends paid to policyholders 58 

First year premium income 54 

Increase in policy reserves 271 

N et change in surplus 57, 59 

Number of policies 53 

Total income 56 

Total premium income 55 

Annuity reserves 99, 101, 274 

Assets, admitted 5 

Combined statement 98 

Total 98, 100, 1.02 

B 
Bonds: 

Acquired: 

Other tlian United States Government 124-132 

United States Government 123 

Total 122 

Excess of maiket value over asset value 157 

Interest income on 8, 9, 10, 142, 143 

Investment ratings of 138, 139, 156, 157 

Maturities of — 

United States Government 140 

Other than United States Government 141 

315 



316 INDEX 

Bonds — Continued. 

Owned : Page 

Canadian Government 98, 114 

Industrial and miscellaneous 98, 103, 121 

Other foreign governments 98, 115 

Political subdivisions: 

Canada 98, 117 

United States 98, 103, 116 

Public utility 98, 103, 120 

Railroad 98, 103, 119 

Railroad equioment obligations 98, 103, 118 

Total \ 98, 100, 102, 103, 112 

United States Government 98, 100, 102, 103, 113 

Purchased at pubHc bidding 126 

Purchased from bankers 127 

Purchased in the open market 128 

Purchased privately from issuers 129, 130, 131, 132 

Bonds and stocks: 

Asset value 154 

Cost 155 

Gain or loss from 153 

Adjustment in asset value 88 

Sale or redemption 87 

Market value 154, 155 

Bonds, redemptions of-^ 

United States Government 135 

Other than United States Government 137 

Bonds, sales of — 

United States Government . 134 

Other than United States Government 136 

Total 133 

C 

Canadian Government bonds owned 98, 114 

Capital stock 99, 101 

Capitalized items in book value of — 

Farm real estate 191 

Urban real estate 229 

Capitalization of unpaid interest 177, 214 

Cash 98, 100, 102, 106, 107 

Claims, unpaid 99, 101 

Collateral loans . 98, 100, 102, 110 

Interest on 8, 9, 10 

Contingency reserves and unassigned funds (see also Reserves) 89, 276 

Corporate bonds and notes issued 125 

D 

Deficit, (see Net income or deficit.) 
Disability benefits — 

Dividends paid to policyholders 37 

First year premium income 33 

Increase in policy reserves . 266, 269 

Net change in surplus 36, 38 

Total income 35 

Total premium income 34 

Disbursements, income over , 11 

Discounted net cost, explanation of 282 

Discounted net cost 283 

20-Payment Life policy: 

Age 25 306 

Age 35 308 

Age 45 310 

20-Year Endowment policy: 

Age 25 312 

Age 35 - 313 

Age 45 . - 314 



INDEX 317 

Discounted net cost — Continued, 

Whole Life Policy: ^^K" 

Atre 25 300 

Age 35 302 

Age 45 304 

Dividends declared to — 

Policyholders 13, 14 

Stockholders 15 

Dividends, interest and real-estate income, total 7 

Dividends on stock 8 

Dividends paid to policyholders: 

Accidental death benefits 43 

Accident and health insurance : 70 

Disability benefits 37 

Group annu ities 65 

Groiip liff^ insurance 51 

Individual annuities 58 

Industrial insurance 23 

Ordinary insurance 31 

E 

Excess of investment income over interest required to maintain policy 

reserves 83 

F 

Farm mortgages: 

Acquired 162 

Average contract rates 163 

Delinquent as to interest 173, 174 

Delinquent as to taxes and interest 175 

Foreclosed 165 

In default, "work-out" cases 176 

Interest collected 178, 179 

Owned 161 

Geographical distribution : 167 

Size of 172 

Kepnid 164 

Unpaid interest capitalized 177 

Farm real estate: 

Acquired 184 

Foreclosed liens subject to redemption 166 

Gain or loss from sales . 186, 187 

General ledger account 191 

Net income or deficit 188, 189 

Owned ■- 180 

Size of . 190 

Sold-..: 183,185 

Under contract of sale 181 

Year of acquisition 182 

First year premium income, (see Premium income.) 

Foreclosed liens subject to redemption 104, 166, 200 

Funds availg,ble for investment 92 

Sources of 93 

G 

Gain or loss from — 

Accidental death benefits 77 

Bonds and stock 153 

Adjustment in asset value 88 

Sales or redemptions of 87 

Disability benefits 78 

Farm real estate sales 186, 187 

Loading 75 

Mortality: Insurances and annuities 74 



318 INDEX 

Gain or loss from — Continued. - Page 
Real estate: 

Adjustment in asset value 86 

Sales of 85 

Surrenders, lapses and changes 76 

Urban real estate sales ^> 224, 225 

General ledger account: 

Farm real estate 191 

Urban real estate 229 

Group annuities, (see Annuities.) 

Group life insurance: 

Amount in force 46 

Dividends paid to policy holders 51 

First year premium income 47 

Increase in policy reserves 273 

Net change in surplus 50, 52 

Number of policieti 45 

Total income 49 

Total premium income 48 

H 

Home and branch office real estate: 

Net income or deficit 8,9, 10,256,257 

Owned , 104, 255 

Housing projects: 

Net income or deficit 8, 9, 10, 259, 260 

Owned 104,258 

I 

Income — 

Interest, dividends, and real-estate income 7 

Over disbursements -. 11 

Premium, {see Premium income.) 

Sources of, on investments S. 9, 10 

Income from — 

Bonds owned (interest) 8, 9, 10, 142, 143 

Cash balances 107 

Investments 80, 81 . 83 

Policy loans (interest) 8, 9, 10, 109 

Real estate, income from 8, 9, 10 

Stocks owned (dividends) . 8, 9, 10, 151, 152 

Income, net (or deficit): 

Farm real estate 188, 189 

Home and branch office real estate 8, 9, 10, 256, 257 

Housing projects S, 9. 10, 259,260 

Urban real estate 226, 227 

Income, total: 

Accident and health insurance 68 

Accidental death benefits ^ - 41 

Disability benefits 35 

Group annuities 63 

Group life insurance 49 

Individual annuities 56 

Industrial insurance 21 

Ordinary insurance 29 

Individual annuities, (see Annuities.) 

Industrial and miscellaneous bonds owned 121 

Industrial insurance: 

Amount in force 19 

Dividends pail to policy h.olders 23 

Increase in policy reserves 265, 266, 267 

Net changes in surplus 22, 24 

Number of ))olicies 18 

Total income 21 

'I'oti'.l premium income 20 



INDEX 319 

Insurance in forc€, amounts: Page 

Group annuities 60 

Group life insurance 46 

Individual annuities 53 

Industrial insurance 19 

Ordinary insurance 26 

Total 4 

Insured urban mortgages owned ' 195 

Interest : 

Collected on farm mortgages 178, 179 

Collected on urban mortgages 215, 216 

Income on: 

Bonds 8, 9, 10, 142, 143 

Cash balances 107 

Collateral loans. . 8, 9, 10 

Mortgages 8, 9, 10 

Policy loaris 8, 9, 10 

Interest, dividends, and real estate income 7 

Interest payments, Delinquency in: 

Farm mortgages 173, 174, 175 

Urban mortgages, 210, 211, 212 

Interest required to maintain policy reserves 82, 83 

Interest unpaid, Capitalized: 

Farm mortgages 177 

Urban mortgages - 214 

Investment ratings of bonds ow^ned 138, 139, 156, 157 

Investments: 

Funds available for . 92' 

Income on 80, 81, 83, 84 

Made 94 

Sources of funds . 93 

Type of — 95^ 

L 

Lapses, changes, and surrenders, gains from 76 

Liabilities, surplus, and other funds 99, 101 

Life insurance in force: 
Group life: 

Amount 46 

Number of policies 45 

Industrial: 

Amount 19 

Number of policies. .1 . 18 

Ordinary: 

Amount 26 

Number of policies 25 

Total: 

Amount 4 

Number of policies . 3 

Life insurance reserves _. 99, 101 

Loading, gain from 75 

Loans: 

Collateral . 98, 100, 102, 110 

Interest on 8, 9, 10 

Policy 98, 100, 102, 108 

Interest on 8, 9, 10, 109 

Loss, {see Gain or loss.) 

M 

Margin of investment income in excess of interest required to maintain 

policy reserves 83, 84 

Maturities of bonds owned 140, 141 

Mortalit v, gain from 74 

Mortgages 98, 100, 102, 104 



320 INDEX 

Mortgages — Continued. 

Farm ; I'aga 

Acquired 162 

Contract rates 163 

Delinquent as to interest 173, 174 

Delinquent as to taxes and interest 175 

Foreclosed 165 

Geographical distribution 167 

In default "work-out" cases 176 

Interest collected 178, 179 

Owned 161 

Repaid 164 

Size of 172 

Unpaid interest capitalized 177 

"Work-out" cases 176 

Income on 8, 9, 10 

Urban: 

Acquired 196 

Contract rates 197 

Delinquent as to interest 210, 211 

Delinquent as to taxes and interest 212 

Foreclosed 199 

Functional types of 208 

Geographical location 201, 202 

In default "work-out" cases 213 

Insured ... iQ5 

Interest collected . 

Owned ^ . 

Repaid - ... 198 

Size of - - 207 

Unpaid interest capitalized 214 

"Work-out" cases 213 

N 
Net cost of insurance: 

Description of formulae 282 

20 Paj'ment Life: 

Age 25 290 

Age 35 292 

Age 45 294 

20-year Endowment 

Age 25 296 

Age 35 297 

Age 45 298 

Wliole Life: 

Age 25 284 

Age 35 286 

Age 45 288 

Net income (see Income). 

O 
Open market: 

Bonds purchased in 128 

Stocks puroiiased in 147 

Ordinary insurance: 

Amount in force 26 

Dividends paid to policy holders 31 

First year premium income 27 

Increase in policj' reserves 268 

Net change in surplus 30, 32 

Number of policies in force 25 

Total income 29 

Total premium income 28 



Policies, annuities, number in force: 

Individual 53 

Group 60 



INDEX 321 

Policies, life insurance, number in force: ^^s^ 

Group 45 

Industrial 18 

Ordinary 25 

Total 3 

Policj'holders, dividends declared to: Total 13, 14 

Policy liolders, dividends paid to: 

Accident and health 70 

Accidental death 43 

Disability benefits 37 

Group annuities 65 

G roup life 51 

Industrial insurance 23 

Individual annuities 58 

Ordinary insurance 31 

Policy loans and premium notes 98, 100, 102, 108 

Income from iftterest on 8, 9, 10, 109 

Policy reserves 99, 101 

Increase in, due to change in basis: 

Accidental death benefits 267, 270 

Disability benefits 266, 269 

Group annuities 272 

Individual annuities 27 1 

Industrial insurance 265 

Ordinary insurance 268 

Total 79 

Interest required to maintain 82, 83 

Premium income: 
First year: 

Accidental death 39 

Disability benefits 33 

Group annuities 61 

Group life insurance 47 

Individual annuities 54 

Ordinarv insurance 27 

Total: 

Accidental death 40 

Accident and health , 67 

Disability benefits 34 

Group annuities s 62 

Group life insurance 48 

Individual armuities 55 

Industrial insurance 20 

Ordinary insurance 28 

Ordinarv, group, industrial, and annuities combined 6 

Private purchases of bonds 129, 130, 131, 132 

Private purchases of stocks 148 

Public bidding: Bonds purchased at 126 

Public utility bonds ov^-ned 120 

Purchase money mortgages 190, 197 

R 

Railroad bonds owned 119 

Railroad equipment obligations owned 118 

Ratings of bonds owned 138, 139, 156, 157 

Ileal estate: 
Farm: 

Acquired 184 

Foreclosed liens subject to redemption 166 

Gain or loss from sales 180, 187 

General ledger account 191 

Net income or deficit 188, 189 

Owned 180 

Size of 190 

Sold 183, 185 

Under contract of sale 181 

Year of acquisition 182 



322 INDEX 

Real estate — Continued. Page 

Foreclosed liens subject to redemption 166, 200 

Gain or loss from adjustment in admitted asset value 86 

Gain or loss from sales 85, 186, 187, 224, 225 

Income from 8, 9, 10 

Home office: 

Net income or deficit 8, 9, 10, 256, 257 

Owned 104, 255 

Housing projects: 

Net income or deficit 8, 9, 10, 259, 260 

Owned . 104, 258 

Owned 98, 100, 102, 104 

Sales of: 

Farm 183, 185 

Gain or loss from 186, 187, 224, 225 

Under contract 181, 218 

Urban 22 1, 223 

Urban : 

Acquired -' 222 

Foreclosed liens subject to redemption 200 

Functional types 230-254 

Gain or loss from sales 224, 225 

General ledger account 229 

Geographic location 219 

Home office 104, 255 

H ousing projects - 104, 258 

Net income or deficit 226, 227 

Owned 217 

Ratio of gross income to book value 230-254 

Size of 228 

Sold 221,223 

Under contract of sale 218 

Year of acquisition 220 

Redemption of: 

Bonds other than United States Government 137 

Stocks 150 

United States Government bonds 135 

Reserves (see also Policy Reserves) 99, 101 

Annuity -.- 274 

Contingency _-■ 99, 101,276 

Increase in, due to change in basis 79, 265-273 

Increase or decrease in contingency and special reserves 89 

Special 1 99, 101 

S 

Special reserves, (see Reserves.) 

Stockholders, dividends declared to 15 

Stocks: 

Acquired 145 

Income from dividends on 8, 9, 10, 151, 152 

New issues purchased from bankers 146 

Owned 144 

Purchased in the open market • — - 147 

Purchased privately. _ 148 

Redemptions of 150 

Sales of 149 

Total . 98, 100, 102, 103 

Stocks and bonds: 

Asset value 154 

Cost -- 155 

Gain or loss from 153 

Adjustment in asset value _- 88 

Sale or redemption 87 

Market value 154, 155 

Supplementary contracts 99, 101 



INDEX 323 

Page 

Surplus 99, 101 

Contingenc}' reserves and unassigned funds (surplus) 89, 90, 99, 101, 276 

Net change in 90 

Accident and health insurance 1.- 69, 71 

Accidental death benefits in ordinary insurance 42, 44 

Disability benefits in ordinary insurance -. 36, 38 

Group annuities - 04, 66 

Group life insurance 50, 52 

Individual annuities 57, 59 

Industrial insurance 22, 24 

Ordinary insurance 30, 32 

Total 12 

Surplus (unassigned funds) 00, 99, 101, 276 

Surrenders, gains from lapses, changes, and surrenders 76 

T 
Taxes, capitalized: 

Farm 191 

Urban 229 

Tax payments, delinquency in: 

Farm mortgages .. . 175 

Urban mortgages ^ 212 

U 

Unassigned funds (Surplus) 90, 99, 101, 276 

Urban mortgages: 

Acquired 196 

Contract rates 197 

Delinquent as to interest 210, 211 

Delinquent as to taxes and interest 212 

Foreclosed 199 

Functional types of. 208 

Geographical location 201, 202 

In default "work-out" cases. 213 

Insured 195 

Interest collected . 215, 216 

Owned 194 

Repaid 198 

Size of 207 

Unpaid interest capitalized 214 

"Work-out" cases 213 

Urban real estate: 

Acquired 222 

Foreclosed liens subject to redemption 200 

Functional types 230-254 

Gain or loss from sales 224, 225 

General ledger account _' 229 

Geographic location 219 

Home office 1 04, 255 

Housing projects 104, 258 

Net income or deficit . 226, 227 

Owned 217 

Ratio of gross income to book value 230-254 

Size of 228 

Sold 221,223 

Under contract of sale 218 

Year of acquisition 220 

United States Government bonds 98, 100, 103, 113, 123, 134, 135, 1 10 

O 



124491 — 40— pt. 10,1 22 



BOSTON PUBLIC LIBRARY 



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