The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1927-05-17
Beha Stalls On Quiz Of
big Four" Companies

interlocIing directorate, are one.
We also stated that the mutual"
policyholders Of the Metropolitan do
not benefit by this arrangement in
any way. We showed that Charles NJ.
Schwab, Henry Ollesheimer, Frederick
H. Ecker and Albert H. Wiggin, d.
rectors of the Chase National, are
also directors of the so-caIled mutual
Metropolitan. Apparently this does
not seem to you to be a violation Of
good insurance practice. Your silence
proves your tacit connivance.
Your Silence Evidence
We also brought evidence to show
that this condition of bank directors
interlocking with insurance director
ates is common with the Prudential,
John Hancock and the Colonial Life
Insurance Companies. Your silence is
an evidence of guilt.
We charged that Frederick H.
Ecker, vice president of the Metropoli-
tan, is also director of ten railroads
in which tens of millions of Metro
politan mutual funds are invested.
We charged that Ecker benefits by
this arrangement to the detriment of
the 26 million Metropolitan policy
holders. And still you are silent. Are
these men your masters?
No Refunds
We have shown that weekly pay
ment policyholders pay for two, five
and nine years and then, when due to
economic necessity, they require re-
turn Of their deposits, the Big Four"
refuse to make such refunds Under
the law the money is irretrievably
lost. We charged that in this respect
alone the "Big Four" make upwards
of fifty million dollars every year.
What do you think your duty is in
this matter-we mean your duty to
the policyholders?
We have shown that on the director
ate of the largest Of the big Four"
sits Frank P. Noyes, president of the
Associated Press, an organization
which feeds high finance propaganda
to over 1900 newspapers in the United
States and Canada.
Misleading Table
We have proved that the American
Table of Mortality which these COM
panies legally employ is more than
400 inaccurate. And still you have
made not public statement relative to
an investigation of the scope warrant
ed by these facts.
We have stated that these compan-
les assume a 31seo return on their in
vestments whereas the actual return
is nearer go. Why the silence, Mr..
Bella?
We have claimed that the directors
of these mutual" companies are
elected by fraud and fixing and that
not one Of the elected gentry repre-
sent the class interests of the policy
holders.
We claimed these and many other
things, all Of which have resulted in /
a condition in insurance circles which
may be adequately described as panic.
Capitalist Papers Ignore 1t
At the agency meetings of the "Big |
Four" managers have been instructed /
to boast to their agents that the capt. 1
talistic newspapers will ignore the
DAILY WORKER attack and that it
will come to naught. No mention was
made of the truth Of our charges,
which they know, and you know are
true.
Since the publication of this series
you have been attending luncheons
and dinners paid for by insurance
companies praising the great insti-
tuition of life insurance" Do you
think that truly ''great institutions of
life insurance" Do you think that
truly great institutions stoop to petty
larceny as do the big Four? Do
you think that your policy Of silence
lends prestige to the fraud of swind-
ling American workers?
In series of articles which are
to commence next Monday we propose
to- show that the agents of these four
companies are underpaid, swindled,
fined and exploited just as the unfor-
tunate polieyholder is; will you be
silent when we prove these charges?
Last year your salary increased
from ten to twelve thousand dollars a
year. Are you being grateful?
We hold that obligations or no obi
CATION you come out into the open
and either refute our charges or else
see that the intolerable conditions
which now exist in the industrial in
surance business be wiped out COM
pletely.
When may we hope for action, Mr..
Behs