The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1927-05-02
HERE ARE YOUR INSURANCE FACTS
Mr.. Superintendent
fContin,.ed from Paae a.


prove charges that the Armstrong Committee vast
not necessary say brbed certainly than strongly in
uenced by the wealth and of the Big Four
e the Metropolitan the Prudential the John Hancock and the
Colonial Life Insurance Companies.
In support of the statement Of fact quote Haley
Fse president of the METROPOLITAN Life who in company
booklet entitled can Epoch in Insurance says "There may
be impression abroad that the Armstrong laws improved and
beralzed Industrial policies There is no truth in this The
laws scarcely touched Industrial insurance" Up. XVI.
In this respect Mr. Fiske perfectly correct Our facts
relating the buying of the Armstrong Investigators explains
why the laws scarcely touched industrial insurance
Mr.. Fiske knows, and any intelligent poicyholder knows
that the 10 year cash surrender causehe
increase of assets belonging to these companesand the
horbant high rates for weekly payment life
trary to good insurance practice"
This is the legislative background corruption which
the weekly premium life insurance business
Now for the specific acts On 49049 of your report
to the New York legislature the Prudential Life reported
have paid 1921 25 to the Association OF Life Insurance Pesi
dents This item entered under the heading of disbursements
page 504 of the official document under the heading
partial of salaries compensation emouments
this item appears again. but this time it is recorded
If the latter entry is correct then how did the first entry
balance the total ledger assets? the former
correct do you not think that official investigation should
be made into the activities of the Association of Life Insurance
Presidents? On the other hand if the latter is the
entry then criminal proceedings should be instituted at
against the officers of the Prudential Life for deliberately fas
flying public financial statement
This action venture to predict viii be taken by the
so-called mutual pOlicyhOlders of the Prudential.
AS insurance expert do you think of form of life nsur
which caters the worngcas of America which
that of the S453557 229 weekly payment life
year 575 lapses
do think such insurance is equitable embodes goodd in
practice?
you consider it good practice permit the
"g -Four" to employ Mortality Tables which acuary will
swear to as being within 40 per cent accurate?
Do you consider it good insurance practice to allow these
monstrous corporations supposedly mutual to sell and write
weekly payment endowment policies which unfair in
dons that of the total terminated policies less than cent
endowment matutes?
Do you think it is accordance with good insurance
public policy permit these companies operate under
.th allows the Metropolitan Life Insurance Company have
cash deposit in the Metropolitan Branch of the Chase National
Bank average of $20000O00 (twenty million doars)?
In this connection presume you the that
Mr. Albert H. Wggn president and chairman of the board Of
directors of the Chase National also director of the Metro
potan.
the that the Metropolitan Life so-ealed
Mr.. Wiggn the directorate of the Metropolitan is
acuated by other than purely atrus motives inclined
purely personal motives in contradstnction mutual
motives.
also public knowledge that the following the
Metropolitan also directors of the Chase National Bank
Charles NJ Schwab
Henry Oleshemer
Fred. H. Ecker (v.p)
DO you think Mr.. Beha it is good insurance any other
practice permit Mr. Frederick H. ve-predent
Of the Metropolitan Life Insurance Company while at the
time he acts director for all of the following companies
which the Metropolitan invests deposits millions of
its mutual funds? Ecker's companies are:
Chase National Bank
Chicago, Eastern r. r.
Cincinnati & Western r. r.
Denver & Rio Grande
Indiana Illinois
marlborough Rapid Transit
st. Louis Lake Erie r. r.
Wheeling & Lake Erie r. r.
Is considered good insurance to allow Mr. Ecker
draw s125OOG year addition what is reasonable