Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1906-01-11
FRUITS OF THE INSURANCE IN.
vESTlGATlON.

Public opinion. set in motion by
newspaper publicity, in turn based on
the insurance revelations, has already
practically recognized the three big
life companies. And It all started
from internal dissession in the Equit-
able, so that the old saying is verified,
"0ut Of evil, sometimes good results"
The Alexander faction in the Equitable
tried TO put the Hyde following out.
To do this il was necessary to show
how big a rascal young Hyde was. 1t
did not take long to make mp a case
against him. Bnt then he came back
against Alexander with, you're
another, and so he was, as evidence
soon established. Each side went on
plastering the other with mud until
the public, which had first been en-
listed in sympathy for one or the other,
became disguised with all hands and
arrived at the conclusion that none OF
them were fit for the trust they held.
As result, all the Equitable mag
mates We're forced into retirement.
Alexander is physical wreck, under
treatment in sabitarium. Hydes
shallow mind is less seriously affected,
but he stands disgraced. Depew,
whose guilt was rather sin of omis-
sion than commission, passes into the
shadow OF old age with his once jolly
soul bowed by its blight He holds his
seat in the Senate only because the
term mas not yet expired. SO with the
others. New blood has come TO the
Equitable. Men of moral, as well as
business, strength, are in control
Morton, Cleveland, Westinghouse and
others Salaries have been cut; econ
omies introduced; grating stopped.
Purged by fire, the Equitable comes
forth the stronger and better Tor its
briet trial.
But hardly had the Equitable mess
got well to stewing when it began to
be limited that the filth wasn't all con-
fined to that company by any means;
that certain other life companies were
as bad or worse. A call arose for
close and critical investigation of the
whole subject by a competent author
ity, in the interest of the great premi-
um-paying public. Finally, the New
York legislature responded by order
ing such an investigation to be con-
Quoted by its own committee. For
weeks this has been going on, the
hearings having but recently come to
an end
The result has been a complete rev.
elation OF the inner workings OF GER
tain big life insurance companies
shown in such light as to utterly con-
denim those responsible, The effect is
seen in heprompt designations OF the
heads Of these companies, including
President Mccall of the New York
Life, President McCurdy and his asso-
ciate relatives of the Mutual Life. As
in the case Of the Equitable, new men
go in, at lower salaries, whose one
certificate must be the possession of
honor in their dealings
Though the immediate effect is bad
though the life insurance business is
stalled, so to speak, Just now; the dis
closures and the resultant remedies in
all these companies viii produce the
utmost good in the long run.
But for the Equitable squabble. all
this rottenness might have been hid
den for years might have festered in
secret until 1t even attacked the actual
stability of these concerns. which.
fortunately, it has not done. The ex-
istence of such evils is regrettable. but
their discovery aud correction is a
cause for rejoicing.