The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-09

to help him investigate the matter.
Mr. Hendricks, when he was asked about
Tho statement. said:
What is the Use Of my den wing such
stories? IL deny this one to-day I will
only have to deny some other one to-mor-
row."
When asked whether he had called Supt.
kilburn into the situation, he said that
Supt. kilGurn would have to be asked in
regard to that question. When pressed
for definite statement. he said:
What is the ,ise Of talking about t?"
Alvin W. Krech, president Of the Euui-
table Trust Company said:
Il know absolutely nothing of q SIC, OOO. OCO
scandal or any other scandal in which the
Equitable Trust Company of New. York
has the slightest connection"
Supt. Hendricks. 1t was said last night,
in his investigation has gon, thor
oughly into disclosure to the effect that
Gage f. Tarbell, head of the agency de-
partment OF the Equitable, along with others
in command of the society's management
during the last few ysa"s, has deposited
what are known as agents commissions
in the Commercial Trust Company of Phila-
delphia and the Equitable Trust Company
OF New York city; that these deposits have
run up into the millions some said SO, Co.,
O0O-and that these deposits, which are
nothing more than commissions due to
agents, have been made to appear on the
books of the Commercial Trust Company
and the Equitable Trust Company as assets
OF the Equitable Life Assurance Society.
In the first p!ace,it was matter OF surprise
to many that the commissions paid to
agents could foot UP to the tremendous
total Of 100000 for what many believe
TO be II very short period in the business
history OF the society. or course, it Is
known that millions on millions have been
paid to agents for commissions. greatly to
the detrment Of policyholders. With a
reorganization of the society, II was said
the fabulous sums paid out in commissions
to agents would be done away with.
In connection with these stories pers ons
In Wall Street recalled the action OF the
board Of directors on Wednesday in de
claring that the amounts of deposits uni
formly carried in banks and trust COM
panieS should be reduced to working
balances and the residue invested in i'm
proved securities and also some OF the
findings in the Frick report in regard to
the Equitable's relations with its subsidiary
companies.
The report shows hat President Alex
ander at one time was casting about for
$500, 900, when the Equit able Life. acc0r ding
to its books. actually had on deposit funds
amount ing to s25, 600, 900; and again that
President Alexander lamented that the
society didn't have SIS, 600 900 or $4,000, 900
TO invest In a good proposition, when the
books showed that there Was actually
credit ed on its deposit accounts in banks
and trust companies $50, a9e, 7ss.s2. The
Frick committee report also showed that
the society's holdings In the Equitable
Trust Company plus it's average deposits
during 1904 in that institution. amount ed
to $3.50, 900, its income on the total In
vest being only 2.3 per cent. It was
said yesterday that il was matters along
this line into which Supt. Hendricks Is
delving in his examinat lon.
jacob II. Schif has retained Alton b.
Parker to tell him whether or not he COM
mitted VT ong as an Equitable director.
Mr. Parker has rendered long decision
to the effect that Mr. Schif's conduct was
all right.