The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-11-23
|STRAb|SMUS IN
THE EQU|TABLE2
Have TarbeIFs Mental
Eyes Gone Asquint?
IPROFFER OF GLASSES
Hughes Spectacles However. Fail to
Clarity His Vision. TarbelI Tells
of Insuring Himself and Family
in Equitable and of Receiy-
ina Agents Commissions.
(By the Associated Press. }


New York. Nov. 22.-After being
on the witness stand before the Arm
strong Legislative Committee on In
surance for the greater part Of three
days Gage E. Tarbell. second vice
president of the Equitable Life Assur-
ance Society, finished his testimony
today, and just before adjournment
submitted d list of suggestions for the
remedy of existing ABUSES in the man.
agement of insurance companies and
| for legislation designed TO give the
State proper control over the COM
panies and to insure the confidence
/ of the poiicyholders. Prominent among
| these suggestions was absolute puD-
J Lefty. While admitting that wrong
| had been done by life insurance Off
Gals, Mr.. Tarbell said ne had no
apologies to make for any of them and
that he hoped they would be pun
| ished.
| Mr.. Tarbell was on the stand the
| entire day. and was questioned as to
| the system of agencies and the com
| missions and other compensations al
lowed them for getting business. Just
| before the recess the fact was brought
out that MIR. Tarbell had taken out in
surance on his own life ana on mem
! bers of his family, and had received
| the agents commission on the pre-
! miums us well as renewal colhmis-
sions. He said that since he became
an officer he had taken out 100000
on his own life in the Equitable. Be
sides his policies in the Equitable he
had taken insurance in the New York
Life. the arrangement being made
with Geo. w. Perkins. and on this
too, he received the commission on
| 1 ha al q
! in the Aetna and the Travellers on
all OF which he collected the commits
sions. He said ne carried $500. 900 on
/ his own life and 500. 600 on members
of his family.
TarbcII Dcnonncc> Rebates
! Mr. Tarbell was emphatic IN de-
tnouncing the system OF rebating D.!
agents. and stated that any agent Of
! the Equitable who gave rebates To ge-
business was dismissed. When ne told
of getting the commissions Assembly
man Cox asked if that was not reDat-
/ ing, and Mr.. Tarbefl said it was not.
that he thought he was entitled 40 *.
! Later when Mr. HUGHES took up
| this same subject with the witness the
latter justified the taking Of the COM
missions as being similar TO the case
of n merchant who purchased goods
/ OF fellow merchant in the same line.
perhaps TO fill an order and got those
! goods Il cost, or of q professional man
treating another and charging less
/ than the regular fees. Witness said
| further that tho commissions We're
paid to get the business. and that when
i the business was done without solicit
! ing there was no expense and that
! therefore he was entitled to these COM
missions Mr.. Tarbell further said if
! he had done wrong he was sorry, but
I that he had acted in good faith.
1 Mr. Hughes asked if an agent were
! to insure for $780, 600 and give him his
| commission, whether that would not
be an infraction OF the rules against
! rebatina and the witness said it
| would Mr. Hughes replied but you
! do not see that it would be so if ne
| insures your life and gives you the
| commissions?
Mr. Tarbell bore ont IN measure
| the statement of James Hazen Hyde
| when on the stand relative to the fair
ness of The Frck report. The subject
! OF advances to agents was under inNes-
tigation. and MIR. Hughes read some
! figures of the amount OF advances TO
| one agent in this city. MIR Hughes
asked where the Prick committee got
j their figures and Mr.. Tarbell replied
/ with marked asperity that he did not
| know. The did not set them from
my department or the auditors: they
made their report without ever MAX
ing an investigation of the depart
ment.' he said.
When Mr.. Tarbell was excused he
/ was followed BY Gerald Brown, who
! is at the head of the bond and mortg-
age department of the Equitable. he
! was examined about the real estate OF
/ the society and was on the stand when
| the committee adjourned.