The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-01-05
Tarbox,s Last.

We give considerable space this morning
10 a portion of report made to the legisla-
ture of Massachusetts yesterday by Insur-
ance Commissioner Tarbox, wherein he at
stempts justification of his action in the
case of the Union Mutual Life Insurance
Company Of this State, and TO the reply of
the President of the company thereto. Mr..
Tarbox in order to find a reasonable pretext
for his course goes back several years to
gather an array of figures which he presents
in way to make plausible case. Appar-
emily he would have it presumed that he is
the discoverer of these conditions and that
they have never before been brought to light
and examined. But the whole matter about
which he makes SO much fuss was, as Presi-
dent De Witt points out, thoroughly investi-
gated at the time by Insurance Commission
ers Nye of this State and Rhodes of Massa-
chusetts. Whatever Governor Butler
or Mr.. Tarbox may have alleged against
Commissioner Julius J. Clarke we do not
know that anybody has ever questioned the
qualifications andffidelity of Stephen H.
Rhodes He is now President of the John
Hancock Life Insurance Company which, in
this same report Mr.. Tarbox says has been
investigated by him and found to be honest
ly and economically managed and in sound
condition.
1t looks as if Mr. Commissioner Tarbox
was unfamiliar with the files of his own Of
fee when at this day he undertakes to cast
suspicion upon the Union Mutual Life on
account Of what appeared in its reports of
1875 and 1876. These facts did not escape
official attention at The time. They were thor
QUICKLY Investigated with the result of show
ing that they were testimony to the con-
servatiYe and onorable management of the
company rath han otherwise. We said
Mr.. Tarbox he'd made out a plausible case.
1t Is plausible n the sense that any er pdrte
argument or statement may be made plausi-
BILE by skilful lawyer, marshalling
points which make for his side and
ignoring or concealing the points
which make against the conclusion he de-
sires to have proved. We have no special
knowledge of the affairs of this company
but we can readily see how misleading such
a statement as Mr.. Tarbox has made
may be.
At the time when as he says it was
on the verge of insolvency, more ca
pable men than he is reported that its as
sets were much more valuable than the
company claimed. What he says about
salary expenses may be entirely fallacious.
We are assured that, as a matter of fact
and of record, the company's salary account
has been decreased instead of increased
since 1875. And 80 we might go on, if 1t were
necessary, indicating reasons why little at
tention and less confidence should be given
to this remarkable document. But it is not
necessary. Possibly Mr.. Tarbox may
frighten some timid policy-holders
and cause them to do what will
injure themselves more than any one else;
but we do not believe that persons of cool
Judgment will be in any way affected.
Commissioner Tarbox is in tight place
and he knows it. Therefore be has done an
unprecedented thing. No report is due from
him at this time; but perhaps he fears that
he will never get chance to make one if he
waits until the proper time. Undoubtedly
he smarts underline criticisms he has pro-
voked and merited and he has seized an OPP
portunity, by anticipating the annual report
of the department, TO make defense to the
public. 1t was stroke OF policy strongly
suggestive of the methods of the shifty states
man who made him Commissioner. All his
pretence of seeking investigation by the leg
islature may be set down as bravado. The
legislature is unlikely to do anything of the
kind. In the first place the Union Mutual
Company Is now in no sense concern of
the State of Massachusetts,. The State has
no Jurisdiction over 1t and will not trouble
itself in the matter, We do not suppose 1t