The labor world. [volume] (Duluth, Minn.) 1896-current, 1905-06-03
POLICY HOLDERS JOINS
IN WAR AGAINST CRAFT
Nucleus of Organization to Stop
Misuse of Insurance Funds
is Formed.
Governors Folk and La Toilette
Advocate Strong Action
by People.

New York, June 1st.-Out Of the
Equitable wrangle there is likely to
grow an organization to look after the
interests Of the policy holder. dozen
men met at the Waldorf yesterday and
formed the nucleus Of the National
Protective Policy Holders Association.
Both life and fire interests of the in
sured will be safeguarded.
Judge Robert E. De Forrest, of Brid-
gepOrt, former member of Congress,
voiced the sentiment Of the meeting.
1.-The time has cone,'' he said, when
the thousands who hold life insurance
policies must assert themselves. The
scandal in the Equitable has opened
the eyes Of the public. Insurers see
how their funds apparently have been
squandered. They realize that the laws
are all in favor of the companies. They
have learned that these great corpora
tions, although mutual in name, use
their funds for the control Of legislators
who, subservient to the insurance lob
bies, enact no legislation excepting
what is favored by the men who control
the compan ME :.
little Justice for Policy Holders"
Il often have represented clients who
sought justice from the life insurance
companies. but it was seldom they got
1t. There must be an Organiza ton that
will work in the interest Of the people
against the fire and life companies and
force them to live up to their con-
tracts
Similar sentiments were expressed by
John j. Phelan and John D. Toomey,
Jr.. also Of Bridgeport. and by Crom-
we'll G. Macy and Edward w. Morris,
attorneys Of this city.
A committee Of five consisting of the
men named and Mark D. Wilbour, was
appointed to draft constitution and BY
laws, to be presented for action at a
meeting in the offices of a mercantile
agency at No. 299 Broadway next Tues
day at II o'clock.
Mr.. Phelan, who was instrumental in
calling the meeting said he had let
ters from William Jennings Bryan and
Governor La Toilette, of Wisconsin,
and Folk. Of Missouri, favoring the
formation of the organization.
Denies Interest in the Fiqht,
Mr.. Phelan was told that the sug-
gestion had been made that he was
acting as representative of Frank H.
Platt, and that the primary idea of
organization was to take part in the
s=S qaitable He denfed that ;t ne
knew Mr.. Platt, and said he had no In
terest in either Of the Equitable fac
tiOns.
Insurance Superintendent Hendricks
remained away from New York yester-
day. His investigation of Equita BILE
affairs was continued by Deputy Hun
ter and Congressman Driscoll, who ex-
an1ined Fourth Vice-President w. H.
Mcintyre. The inquisition dealt entire
1y with tho finances.
1t was said yesterday that the name
OF Mr.. Alexander's son has recurred so
frequently during the examination into
the Equitable methods regarding the
obtaining and disposing Of securities
that Congressman Driscoll has express
sed a desire to have President Alex
ander recalled and questioned as to the
society's dealings with the firm of
Alexander, Thomas & Davis
Alleged Profits in Fire Risks.
A Hyde adherent said yesterday that
Mr.. Alexander financed the firm, and
that for time at least was a silent
partner. 1t was also said that the
firms business was almost exclusively
with the Equitable.
ors yesterday each received a letter
from a firm of brokers engaged in
writing fire insurance charging that
Frank Jordan, a son Of Thomas D. Jor-
dan, comptroller Of the Equitable,
handled all the company's fire insur-
ance business and that he made a very
large income from that source
1t was charged that in all loans made
fotn hn i%oh1
contract clause which requires that
the company shall place the fire in
surance. All the business is turned
over to the comptroller's son, the letter
stated, and 1t is charged that he
pockets the revenue which ought to go
to the Equitable policy holders
Alexander Hires Cromwell.
Comptroller Jordan is the oldest liv-
Ing employe of the Equitable. He was
the second clerk hired by Henry B.
Hyde and his service with the society
began in February. 1861.
William Nelson Cromwell said yest-
erday that he had been employed by
President Alexander to represent the
Equitable Society. This addition makes
Mr.. Alexander's big legal force look
rather formidable.
Vlce-Fres1Qent HyQe mad II. II
Knowles with him at his home on East
Fortieth street last night at a con-
ference that was attended by Attorneys
Elihu Root and w. c. Sullivan.
Justice Greenbaum, after hearing ar
guments in the Supreme Court by E.
A. Woodruff on his motion to compel
Alexander, Hyde and Tarbell to appear
in court for examination, asked the at
torneys to file briefs.
you, Hendricks and you Frick, pro-
ceed with your Equitable inquiry, and
we will abide by the result" was the
decision Of James Hazen Hyde, Elihu
Root and w. c.. Gulliver at the con-
ference at the Hyde residence last
night.
Statements were made by a friend
that Hyde would insist that both in