The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1905-07-18

ethics OF insurance management t
Star has received many compline
publication Of this interesting doc
infinitely more stir than any but
the past decade.
Today, The Star publishes the /
by Gage f. Tarbcll second vice-pre
ing at which the Prick report wa,
officers most severely censured by
whose resignation was asked for by
who has been removed under the
Here follows in part the statement
read by Gage e. Tarbell at the meet
ing of the Equitable directors, in reply
to the criticisms of his conduct made
i'm the Frick report. Mr.. Tarbell makes
a number of new charges of alleged
wrongdoing and extravaganza. lie de-
clares that Mrs. Henry P. Hyde, widow
of the founder of the Equitable. is in
receipt of a pension of $4,000 a year
from the society. The business of the
Equitable fell off $4,000 600 i'm May he
declares, and predicts that the decline
in the June business may be even
greater. Mr. Tarbell declares:
d 1t has been charged that | am res
ponsible for the movement inaugurated
for the naturalization of the society.
This is absolutely false. While l would
willingly take the credit for it, that
credit belongs to my esteemed friend,
the president of this society. The first
that l knew of it was when l was ad.
vised by him that, after giving the
matter the most careful consideration,
he had determined that it was his
solemn duty to the policyholders and
one which he could not escape.
Our earnings for the month of May
will be about eight millions less than
i'm May last year, and I am of the
opinion that our examinations for the
month viii be greater than our entire
issues, so that we will have less out
standing insurance at the end of May
than we had at the beginning. Our
representatives, by their Herculean eff
forts were able to keep up our business
fairly well unth there was talk of re-
Ceiverships. and actions for receiver
ships. The injunction in the Lord
case, granted by Justice Maddox, has
increased the difficulties, and 1 feel
that you should understand that the
conditions at the present moment are
serious in the extreme. In fact l do
not think it would be possible to give
you q picture that could make you
fully comprehend the danger that
threatens the Equitable Life Assurance
Society its officers and it's directors
personally as well as officially today.
The charter of the Equitable Life AS
surance Society, its literature. the va
rious reports of its officers of the va
rous insurance departments, its poll
Cies, and the authorized representa-
tiOns of its agents have during its en-
tire history been to the effect that it's
business had been conducted on the
mutual plan, that all profits over and
above seven thousand dollars per an
mum to be accumulated for their dis
tribution to the policyholders in ac-
cOrdance with their respective con-
tracts. The statements Of the society
that have gone out over the names of
the officers, and your names as direc-
tors, have left no room for doubt i'm the
minds of the public as to the manner
i'm which the business of this society
I5 of
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