The Intermountain Catholic. (Salt Lake City [Utah] ;) 1899-1920, 1905-11-04
McCALL's FRANKENsTEIN.
His Desire to Ruin the Equitable
Cut Both WAYS,

L
the desire of John A Mccall, presi-
dent of the New York Life, to take ad-
vantage of a rivals discontinue there
might never have been an Armstrong
insurance investigation, and the world
would have known nothing of the
amazing story of corruption for years
and years to come. Comparatively few
persons know who drew aside the cur
tain and turned on the limelight. The
stage manager was John A. Mccall.
He inspired the publication of the first
article telling of the great row in the
house of the Equitable. 1t may seem
like trick of fate or retributive JUS
tice that the force he called into being
to injure others should react upon him.
He had no idea of the insurance Frank
enstein he was creating-a Franken-
stein that has pursued him as relent-
lessly as the original Frankenstein pur-
sued its creator.
Meant Much to Mccall.
1t seemed such clever thing at the
time and it meant so much to the New
York Life and to Mccall. \ little
light on the situation in the Equitable
and public confidence in the New York
Lies most formidable rival would be
impaired. 1t was all very plain, but
long, long ago a homely old philoso-
pher gave utterance to a proVerb to
the effect that persons living in glass
houses should not throw stones. The
pebble Mr.. Mccall threw against the
Equitable window has smashed an aw-
full lot of glass, and it hasn't reached
the ground yet. 1t is doubtful whether
James H. Hyde knew who threw the
stone. He was more than anxious
eager, in fact. to learn. He suspected
Tarbell. but Tarbell was innocent. He
suspected Alexander, but Alexander
had no part in it.
Little goes on in one insurance camp
that is not known in the other. The
big concerns watch each other like
hawks. Months before Alexander and
Hyde came to an open break in the
Equitable, the officials of the New
York Life and the Mutual knew that
trouble was brewing. At the first sign
Of q rupture they got word of it, and
every detail of the contest as it de-
veloped was followed by them with the
deepest interest. There is reason TO
believe that the Equitable's rivals
egged on the warriors from the first,
and that there was an understanding
between the leaders of the Alexander
faction and the New York Life officials
that if Alexander and Tarbell should
fail in forcing Hyde to mutualize the
Equitable, they and their followers
would be taken care. of by the New
York Life.
Mccall Saw Opportunity.
When the struggle had reached a
stage when one faction or the other had
to go to the wall, Mccall saw in the
situation an opportunity to add great
" to the power and scope Of the New
York Life. All his ambitions were
centered in the company of which he
was the head. To increase its bust
ness, to add to its prestige, to make it
the dominant power in the insurance
and financial world was his constant
aim. Once the public knew of the
turmoil within the house of the Equit-
able, that concern was sure to suffer.
A large proportion of new business
which ordinarily and naturally it could
command would be diverted to it's great
rivals.
Few, if any, persons believed when
the storm arose that it would affect
any concern except the one primarily
involved. So intense was the personal
feeling between Hyde and Alexander,
however, and so bitter was the con-
test they waged, that one interest after
another was dragged into the struggle.
As one faction exposed the other the
question arose as to whether all the
big insurance companies were not in
the same boat. Soon 1t became evi-
dent that if the storm was not stilled
there would be an investigation that
would reveal everything. The power
Mccall had conjured up-to strike down
his rival had become Frankenstein.
The Run for Cover.
Then the men who had hoped to
profit through the Equitable war be-
gan to struggle to shield themselves.
Frantic efforts were made to placate
the warning elements. Hyde was made
to see that unless he gave up his stock
control of the Equitable it would mean
destruction. Alexander was made to
see that as president of the great cor
poration he was impossible. Finally
Hyde consented to sell TO Ryan if Alex
ander was forced TO resign. Hyde sold
out and now is preparing to take UP
his home abroad. Alexander went in
to a sanitariun, a physical wreck from
the strain he had undergone.
But it in easier to start whirlwind
than to stop it. The demand for
legislative inquiry that would lay open
all the inner workings of the insurance
became insistent. Governor
ordered a special session of
the legislature to take UP the subject.
The appointment of the Armstrong
committee followed
No investigation ever. undertaken by
a legislative body ever brought forth
such astonishing revelations. Surpris
ing as were the facts developed in re-
lations 10 the Equitable By the Frick
report, they We're dwarfed by the evil
dence given by officials of the New
York Life and the Mutual when in
terrogated by Mr.. Hughes.
For a few days it seemed that the
limit had been reached when George
w. Perkins told the story of his life
and his financial transactions as
partner of J. Pierpont Morgan and as
vice president Of the New York Life.
But it has not. The whole country was
shocked by what Mccall testified to
under oath. If there be merit in be-
ing star. he has become the star Of
the whole show.
--1~~szD-oe--
OF r IN MEXIHN