The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1927-05-18
New York World Stops
Exposing big Four"
(Continned from Poae 90


office contains hundreds OF COM
plants from policyholders which
have been stifIed by the State In
surance Department" IN. Y. WORLDLY.
Money is taken from old policy
holders to pay the cost Of obtaining
new policies. That is larceny" On.
Y. World).
"Those who say that the present
is not the time to indict the insur-
ance thieves are in error, 1t is just
the time. Today is better than to-
morrow and tomorrow is better than
next week or next year. There should
be no delay. A pickpocket is indicted
promptly. A sneak thief's arrest
comes at once on his detection. A
forger upon small scale finds him
self in the station house as soon as
possible. The Penal Code is plain"
IN. Y. World.
A Mean RObber.
Referring to insurance officials
and directors, The World said, ''They
robbed the policyholder because of
the Policyholder's thrift and family
affection. They have perverted the
most sacred impulses Of human ma
ture TO their own money-lust. The
punishment which is their due should
be promptly melted out to them"
IN. Y. World.
The above quotations are from
editorials which appeared in the cru
sading New York World during the
Armstrong Insurance Investigation
that was conducted by Charles Evans
Hughes.
How effective the Armstrong In
vestigation was may be guaged by
the fact that after the investi-
cation Hughes was appointed gem
eral counsel for the Equitable Life
Insurance Company.
Still Corrupt
The corrupt conditions which
characterized life insurance prior to
the Armstrong investigation are still
rampant with this difference how
ever, that while the insurance bust
ness in 1905 was measured in terms
Of its 3 billion dollars assets today
its assets are over II billions.
Evaded Probe.
The "Big Four, i. e. the Metro
politan, Prudential, John Hancock
and the Colonial Life Insurance Com
panies evaded investigation in 1905.
After the investigation most Of the
members were taken care of by being
given official positions with the Of
Tending companies. Notably in this
respect one calls to mind ex-Assem-
blyman Robert Lynn Cox who is now
vice president with the Metropoli-
tan and ex-senator William J. Tully.
Since they have been in existence
the "Big Four" have not been COM
PEELED to alter their criminal looting
methods. High rates, i1yterlocking
directorates, connivance with banks
and trust companies goes on today
as it has always gone on.
Less Scrupulous.
The New York World knows this
as well as does the writer. AS a mat
ter OF fact some Of the "low down"
which is incorporated in this series
of articles was generously supplied
by men high in New York journalistic
circles.
Today The World is deathiy silent
on the expose Of the big Four.
Old Joe Pulitzer is dead. Younger
men with less scruples and more
avid lust for power dominate the
World policies.
When the writer approached Her.
bert B. Swope, executive editor Of
the World, and asked that the wide
circulation of that paper be used to
publicize the corrupt practices of the
"Big Four" Swope said, "tne con-
ditions you complain of are unfor-
tunate and unfair, but -"
Times have changed end today we
see the old enemy of Tsmmany hob
nobbing with the boys who, although
they now wear top hats, still talk
out of the corners of their mouths
and know a blackjack when they sec
one