The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1927-05-05
(CoMtinaed f,.om roc "a

Continued from Poge One)
Metropolitan balance averaged $780,
100000
Charles M. Schwab, Henry Giles
heimer, Albert M. Wiggin and Fred
erick H. Ecker all directors or Off
Gals Of the Metropolitan are also
directors of the Chase National.
The Prudential Life, another MEM
Der of the "Big Four" employs the
same system of ihterlocking directors.
Among its important repositories
are the Seaboard National Bank, First
National Bank and the Farmers Loan
and Trust Company. On the director
ates of these banks we find Howard
Bayne, Chellis A. Austin, George NJ.
Lamonte and David F. Houston.
The assets of the "Big Four" are
absolutely in the hands Of the officials
of these companies.
The "Big Four" are supposedly
mutual companies, that is to say, they
are operated, presumably, in the in
terests of the 100000 worker-in-
surers who compose its membership.
In theory its Vaccinations are eco
operative"
Actually we find that Haley Fiske,
$150,000 a year president is interested
in the following multi-million corpora
tons:
Chatham & Phenix National Bank
National Surety Co.
Metropolitan Trust Co.
Pittsbufg & w. Va. RR
West Side Belt RR
We find that Frederick H. Ecker,
$125,O00 a year vice president of the
Metropolitan Life, is interested as di-
rector of the following chain of gil
gantic corporations;
Chase National Bank
Chicago, Eastern RR
Denver & Rio Grande
Interboro Rapid Transit
Wheeling and Lake Erie RR
CHM. & Western RR.
One could go on like this indefinitely
showing that the officials of these
enormous mutual" life insurance
companies have holdings in the very
corporations in which the so-called
mutual funds are invested.
Very Exclusive Group
At this stage Of their elephantine
development the "Big -Four" have
combined assets of about four billion
dollars, over which a small, but select
group Of financiers exercise dictator
iA liver.
n defense of retaining these colos-
sal assets, which are called the "re-
serve" rates are arranged in such a
manner that these assets continually
keep pyramiding. 1t is claimed that
these tremendous trust funds are
necessary for the payment of future
claims.
The industrial life insurance bust
ness is based upon the following
theory. While the duration Of life of
any individual is uncertain and var
les, the average duration Of the lives
Of a great number is certain.
You cannot tell how long any one
man will live, but you can sayswith
absolute certainty that the average
age of any 1000 men, age 35, will at
tain is 66.S years, and, that on an
average they will live a years longer
than another 1000 men who are 40
years old.
In technical language this is termed
Expectancy Of life" These figures
used by the big Four" while grossly
will serve to show that the
use of Mortality Tables enables the
prediction of death losses to mathe-
matical certainty.
Make More
If each Of these 1000 men wanted
$1,000 of insurance payable at death,
the premium for each Overlooking
expense for the moment)
Is that amount, which invested and
at the rate which it is
assumed the investment will pay will
aggregate $1,000. At the present time,
these corporations assume that their
Investment yield win be or 31s "a,
whereas in their public reports it is
much nearer 69s. u