The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1927-07-12
A.F. |, INSURANCE
SCHEME BASED ON
WALL STREET AID
Matthew Woll Head Of
New Company
BY CHARLES YALE HARRISON

/ by A1AhLEio ALE hAhNACO~N'
The creation of the Union Labor
Life Insurance Company is Matthew
/ VOLTS newest venture into the COM
pany of finance capital. In a person
ally signed announcement calling at
tention to the opening Of the COM
pany for business. Vol resorts to the
usual practices of insurance sharks
in sharing customers.
He says, every policy in the
! Union Life Insurance Company is
participating; that is, it returns the
profits to the policyholder.
see Vol Like Old Line Liars.
In making this statement Vol
places himself in a class with the
three hundred odd life insurance COR
porations who deliberately lie when
they say that premium refund is
share Of the profits. What is COM
monty called dividend in insurance
parlance is nothing more than a re-
fund of the excess rate charged when
the rates are originally fixed, and
in all cases it is merely a fraction
of what the policyholder is entitled
to.
Impartial observers Of the insur-
ance graft know that life insurance
rates are more than 100 per cent too
high for the present American death
experience However, VOL says,
''The rates of insurance for the time
being are on a par with those charged
| by other life insurance companies
The purchaser of Union Labor Life
insurance will benefit little by VOLTS
/ game.
| Fiske Boosts sWoll.
Haley Fiske, president of the Met
ropolitan Life Insurance Company,
and arch-defender of industrial in
surance which is considered in in
/ surance circles as one of the most
callous insurance swindle-stunts is
loud in his praise of the new com
pany.
Fiske says, "The working people
are becoming capitalists thru saw
ings, investments and life insurance.
They have formed large life in
surance company which is going to
do old line life insurance on semitic
(sic) principles with adequate, ample
capital, and under competent adj
vice. :"
In view of the fact that only 10
per cent of all life insurance poll
cies are ever paid on for their full
face value, the balance being lost
thru forfeitures; and in further view
of the fact that the Union Life will
operate on the Scientific principles
laid down by Haley Fiske who is en-
ployed by Woll in an advisory capac-
ity, the worker who insures his life
in the A. r. of L. outfit will be jump
ing out Of the frying pan into the
fire
Will Workers Fall?
But the majority of workers have
been so pap-fed on life insurance
propaganda that they will think that
Woll and his associates are their life
long benefactors.
Mr.. Beha, the superintendent Of in
surance for the State of New York,
has applied for the first policy to be
isSltSd ny bhS OIllOH LduOI Lille III
the state. Vol says in his COM
munique that this signifies that the
company has the endorsement of the
superintendent. This is without
doubt true, but it means nothing
1t is known fact that Bella is the
creature Of Haley Fiske and his as
sociated insurance financiers. 1t is
Bella who has condoned the big bust
ness interlockmg directorates and the
rotten conditions which generally I'M
derlie the so-called mutual life in
surance business.
Good Business Stuff.
Woll is the creator and president
of this new venture in class collabor-
alton. He now shows that he has
nothing in common with the class he
thinks he represents. His hobnobbing
with Haley Fiske in the National
Civic Federation has now blossomed
into a real, profitable business con-
tract. In addition to the fat salaries
he is now drawing from his various
labor jobs, he will horn in on a life
insurance presidents salary.
The officers of the new company
are conservative Job holders in the
A. F. Of L. but the board of direct.
ors are the same clique one finds be.
hind all big business enterprises.
Sts m