Rocky Ford enterprise. (Rocky Ford, Colo.) 1887-1950, 1905-12-01
TARBELL TALKS
EQUITABLE VICE PRESIDENT IN
sUREs At REDUCED RATES.
ADVOCATE OF PUBLICITY
Equitable Does Not Allow Rebates
Does Not Regard Commission on
His Own Payments as Rebate
Wants Dishonest offieers Punished

New York.-Arter being on the wit
ness stand OF the Armstrong legisla-
tive committee for three days, Gage +.
Tarbell. seeon dyice president OF the
Equitable Life Assurance Company.
finished his testimony Wednesday.
The fact was brought out that Mr..
| TaFbeil, second vice president OF the
own life and on members OF his iari-
lily and had received the agents com
mission on the premiums. as well as
| renewal commissions. lie said that
| since he became AN officer lie had
! taken out 100000 on his own life in
/ the Equitable. Beside HIS policy in the
Equitable. he had taken $4,000 insur-
ance In ,ne New York Life. the ar
rangemcnt being made with George W.
Perkins. and on this. TOO. he received
the premiums.
He also had n $4,000 policy In the
Aetna Ind $4,000 in the Travellers.
on all OF which he collected the com
missions. lie said Il. carried 100000
on his own life and 100000 On mem
beers OF his family.
Sir. Tarbcll submitted . list Of sus'
scstIons for the remedy Of existing
abuses In tn. management Of insur-
ancc companies and for legislation de-
signed TO give the state proper control
over the companies and TO insure the
confidence of the policyholdcTs. Prom
!n.nt among these suggestions was alb
soiutc publicity.
While admitting that wrons had
been done by III. insurance officials.
Mr. Tarbeil said he had no apologies
TO make for any nj them and that he
hoped they would be punished.
ME. Tarbcll was emphatic In de-
nouncIns the system Of Rotating by
agents. and stated that any agent OF
the Equitable who gave rebates TO get
business was dismissed
when he told OF getting the commits
sions. Asscmbiyman Cox asked " that
was not rcbating. and Mr. Tarbcll said
IL was not: that he thought ha was EN-
titled TO II.
Later. when Mr.. Hughes took up this
same subject with the witness. the lat
ter justified the taking OF the commits.
sions as bein. similar TO the case OF a
merchant who purchased goods OF
fellow merchant In the same line. per
haps to MI an order. and got those
goods At cost. or Of n professional man
treating another and charrin. lcRH
than the regular fees. Mr. Tarbcll FUR
thor said II he had done wrong he was
soTTy. but that he had acted In good
faith.
Mr.. Tarbcll said the system Of load.
ing" premiums was originated 10 In
sure the ability Of companies to meet
any contingency OF claim or expense.
IIc said that premiums are placed
higher thnn Is necessary for safety.
and the excess loading" Is returned
to policy holders in dividends.
OF sS0.O0O.0O0 surplus OF the Equit-
able society Mt the end Of 1891. Mr..
'larbcll said about s5o.0O0.0oo Is set
aside for deferred dividends. but the
company docs not recognize any right
OF the policy holders In the SIO.0OO.OOO
until the policy has matured or reached
the point ut which II has earned Its
dividends. This s70.OOO.oO0 could be
used to dcfray any contingency that
may arise.
Mr.. Tarbcll said that an extra com
mission OF one per cent. WIS allowed
general agents on business written be-
tween July Is and December 81, 1905.
This was done. witness said. to enable
the agents to make compensation on
which they could live. because Of the
difficulty Of getting people TO insure.
Witness said he thought IL had nj
ways been the general practice for OF.
draw commissions on their own poll.
cies. either In their own company or
in others. He declared that It was not
Rotating. He thought he was entitled
to the commission.