Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-11-23
TarbeII Take. Rebates.

I 'il'll anu AlicN H0 Huptu thNS N'NAN ~
punished.
TarbeII Takes Rebates.
Mr.. Tsrbeu was on the stand the entire
| day and was questioned as to the system
| OF agencies and the commissions and other
compensations allowed them for getting
business Just before the recess the fact
was brought out that Mr. Tarbell had
taken out insurance on his life and on
members of his family and had received
the agents commission on the premiums
as we'll as renewal commissions. He said
that since he became an officer he had
taken out $4,000 on his own life in the
Equitable. Besides his policies in the Equi-
table he had taken insurance in the New
| York Life, the arrangement being made
| with George w Perkins and on this, too.
! he received the commission on the premi-
| ums He had also policy in the Aetna
and in the Travellers. on which he col
! lected the commissions. He said he carried
100000 on his own life and 10000 on mem
| bers of his family.
| Mr. Tarbell was emphatic in denouncing
the system Of rebating by agents and stated
| that any agent of the Equitable who gave
| rebates to get business was dismissed
! When he told of getting the commissions
Assemblyman Cox asked If that was not
rebating, and Mr.. Tarbell said it was not,
that he thought he was entitled to It,
Attempts TO Justify Conduct.
| Later when Mr.. Hughes took UP this
same subject the witness justified the
taking of commissions as being similar to
/ a merchant who purchased goods of a
| fellow merchant in the same line, perhaps
! to fill an order, and got those goods at
cost. or of a professional man treating
another and charging less than the regular
fees. Mr.. Tarbell further said II he had
done wrong he was sorry, but that he had
acted in good faith.
| Mr.. Tarbell bore out in a measure the
statement of James II. Hyde when on the
stand relative to the fairness of the Prick
report. The subject OF advances to agents
was under investigation and Mr.. Hughes
read some Of the figures of the amount
Of advances to one agent in this city. Mr..
| Hughes asked where the Prick committee
got the figures, and Mr.. Tarbell replied
! with marked asperity that he did not know.
! "They did not get them from my depart
ment or the auditors; they made their re-
port without ever making an investigation
of the departmentn he said.
When Mr. TarbsA was excused he was
followed by Gerald Brown, who is at the
head of the bond and mortgage department
of the Equitable. He was examined about
the real estate Of the society and was on
the stand when the committee adjourned.
Mr.. TarbeIPs suggestions.
Mr.. Tarbell submitted, after reading a
list of suggestions, among which were:
Complete publicity.
The names of all principal executive Of
hcers, with their salaries or other compen-
All accounts to be properly kept and
spread upon the records of the company.
All expenditures charged to appropriate
account, with full information, including
names OF all parties receiving payments,
Profit and loss account to contain de-
tailed information as to all profits and
losses
Complete transcripts of the advertising
account, legal expenses account and profit
and loss account, to be part of the re.
port to the superintendent of insurance
violation Of any of the foregoing to be a
Any fictitious sales or loans to be a mis-.
| demeanor.
No officer Of a life insurance company tc
accept an ONCE in any other corporation
carrying with 1t any compensation.
NO lie insurance company permitted tC
own a controlling interest in any bank
trust company or any o her corporation
and holdings in any such bank trust com,
pany or any other corporation to bS
limited to not exceeding 20 per cent of the
| capital stock.
No life insurance company should be per.
mitted TO pay commission out of first
years premium for securing the business
exceeding SO per cent thereof and the givinE
or taking OF any rebate directly or in,
directly by the agent or the assured to be 4
misdemeanor
| a law making II the duty of the superin.
tendent OF insurance thoroughly to audit the
books of all life insurance companies In thi:
| state at least once a year.
A law making it misdemeanor for any
officer OF life insurance companies to give
| from the funds OF the company any sun
for political purposes or for any person OF
persons to receive directly or indirectly any
! such sum.
ALBANY, n. Y, Nov. 22-wiIliam S
Manning of Albany. referred TO at yester,
days session Of the insurance investiga,
ton Mr.. Depew's rambunctious friend,
has been subpoenaed to appear before the
insurance committee in New York tomor,