“Mr. Galt, I show you a certified list of the investments of the Security Life Insurance Company. You are a director of that institution, are you not?”
“Yes.”
“You used some of your farming profits to buy a large interest in the Security Life Insurance Company?”
“Yes.”
“You are chairman of its finance committee?”
“Yes.”
“In fact, Mr. Galt, you control the investments of the Security Life. You recommend what securities the policy holders’ money shall be invested in and your suggestions are acted upon. Is that true?”
“Something like that,” said Galt.
“Now, Mr. Galt, look at this certified statement, please. The investments amount to more than four hundred millions. I call your attention to the fact that nearly one quarter of that enormous total consists of what are known as Galt securities, that is, the stocks and bonds of railroad companies controlled by Henry M. Galt. Is that correct?”
“Substantially,” said Galt.