New-York tribune., 1905-06-04
DECREASE IN EARNINGS.
TrbeRs Reply to Frick Committee's S
Criticism of Agencies.

CffnciSm OF Agencies.
In the statement read by George E. TarbelI
! at Fridays meeting in reply to the Frfck
! ports criticisms of his conduct Mr. Tarben
| said:
Our earnings for the month of May will about
OF the opinion that terminations for the month
VIII Will be greater than our entire issues, that
May than we had at the beginning Our repre-
keep Up our business fairly well until there was
1ak OF receivershps and actions for receiverships.
tce Maddox, has increased the dffculties, ~ and
at the present fh0ud that the re- conditions
In fact, l do not think it would be possible to
Prehend the danger that threatens the Equitable
Life Assurance Society. its officers and its direc-
charter of the Equitable Life Assurance Society.
its literature the various reports of its officers of
the various insurance departments its policies and
me eutnorzed representations of its agents have
business had been conducted on the mutual plan.
be accumulated for their distribution to the pocy
holders In accordance with their respective con-
The statements of the society that have gone
m deos aps of of the ne Officers and your names
minds of the public as to the in which the
literature of this company. containing the names
OF the board Of directors and thereby fixing their
Irents. has announced state of affairs to the
ton of the company Which every dTeefor RnoWs
as matter matter of fact is contradicted by the claims
sDeetiye parties. made, In their sworn Statements
given to the press ' W
In calling attention to 'the inadequate returns
we get from the Mercantile Safe Deposit Com
pany, Mr.. Tarbell says:
Notwithstanding the fact that the lease is an
unprontabe @ m one to & the society. within the last
elety for new equipment without, 1 have been in
tIrnea t any modihcation whatever in the terms of
me tease or increase In return to the society. 1t
! Is said TO assume that the income to the society
less than it should be- for R the money SSoy nr n
S and ei mt the 1eG spaGe o 96eupied 6 no
Louis This is among its assets at s1,GoOO6o. with
Here again safe deposit arrangement with a
lease running for $50 years is largely responsible,
period OF years for the space occupied by the de-
post &c company ransing from Sloo to 500 per ann9m;
ing for sale at 100000 during the last year or two
palIv the Hyde fan1y st $40 s s6sre Or pr b
would leave the net sum m to be realized for $1,000
NEW BUSINESS LOSS 100000
But the strain cannot be endured much longer.
Of $SooooSO new business during the month Of May.
do something to give them the agents. relief and
| board meeting. Unless it may be from day to day
until you have finally and fairly adjusted this
Our receive saaFifs 5 They bg depe1a @ pP0a 3
s Upon meSsa pe
| ciaIly since companies not in difficulties max
higher rates of commissions than are paid by the
Equitable If our agency force once & becomes denor @
what will be the result? 1t would take many mill
t9e cafe ii the Equtabies present agency rganzatn
and an &c ensv 6eaS 9ere essena to e m
is T.t6v to the has beeD more @
tn thaf 5he of in the Held
| have perfect confidence in themselves and in its
future management
PENSION FOR MRS. H. B. HYDE.
Mr.. Tarben declares that Mrs. Henry B. Hyde.
the widow of the EQuitable's founder. is in re-
CENT of a pension of $4,000 a year from the
/ society. He says also:
fot o4 s am of he he
society This Is absolutely false While it bs0naa w0nd
fo my esteemed friend the president Of his So
advised By him that after giving the matter the
most careful consideration he had determined that
one which he could not escape .,,o
cety received salary Of more than IN $500 @ per a
aesns was seet usted in xns the salary Of Mr.
Hvde at 10000 per annum. sum go large that
s@rPFsefb i }bs board aae for S formal TecFd
win admit that the s esst a ae he e Ve haVH IN
GGe 0GP business to learn something M of It and
to oniy sfsy dnrns iRs the weeks da for
lime s E sda fs Of esnsSn fsd sm
board bas 6 5P the the saSe of
this society.
Tn explaining the handicaps with which the in
s,,-anoe mart of the Equitable's business has had
| 10 contend Mr.. Tarbell says:
will only refer two itenas-the abnormal ex-
rnaass Of our foreign business where, In some OF
- orgast agencies the cost of securing the ousl-
nass Is nearly or quite 200 per cent of the hrst
years premiums. and the real estate accounts, III
beri-s6 nv the present management OF ths com
pany with losses that sggTegste probably o IN
iyoes ~ Income The total real estate values
carried during the last year were s37 GOO. .oUo' @ and
hys ySsh ann netted the society only ~ per cent
In the year 1904 New,York building car careo nSH
- o,,r hooks at valuation OF over S1o,0Ve'VVV,
o vs the society net deficit, exclusive OF the use
IS The society's offices. and, after charging, up
mo for rent space occupied by the soolety
L sben Yields net income Of less Tran per cant
In this connection think 1t PTo2ef per 70 Tsasons o for
ssis e. the inadequate returns get from the
Garoantile Safe Deposit Company