The Providence news. (Providence [R.I.]) 1891-1906, 1905-08-01

fendant society. purely authorized toholc
the same. In oredr 10 supply the vacancy
or vacancies created by the removal:
society. after deducting a sufficient
amount 10 cover all outstanding risks
and obligations. be paid 20. or credited
10. or applied for the benefit OF the pres
ent policyholders In equitable proper.
tions, In accordance with the charter
IS. That the plaintiff have such other
or further relief as may be just eqult-
The complaint charges that the lndi-
vidual defendants. disregarding their
duty 10 the society OF which they were
improvidently performed such duties and
have habtually and continuously done
or suffered 10 be done wrongful, llegal
and improper acts. whereof the defen.
dant society has suffered great loss and
damage
ACQUIRED TO THEMSELVES.
The individual defendants are further
charged with having acquired 10 theIh-
selves or caused or permitted 10 p.
transferred 10 others In violation or
their duties, money belonging 10 Ihe "o
fendant society -
section 10 OF the complaint deals with
the lease OF premises In New YORK 20
the Nercantile Safe Deposit company
the rental Of which is declared 70 have
been inadequate and the terms or the
lease greatly 70 the disadvantage or the
EUtIiflDa society. IuFlntTtluItt AlAehN
James r. HYDE. James w Alexander.
Gage r. Tarbell and other defendants
were directors In the Mercantile safe De
posit company and thereby derived
profit and violation OF their duty TO the
Equitable society
Referring to the purchase OF the capital
stock OF the Missouri Safe Deposit com
pany. for which the Equitable paid $3.50
for each 500 par value, the llth section
OF the complaint declares that the Equit-
able received but a normal rent for tho
premises occupied by the Safe Deposit
company. that at the time Of the stock
purchase IA. shares out OF a total OF 2O00
were owned by James II. Hyde and the
remainder by others Of the individual
defendants. some OF whom were onicers
In the Safe Deposit company and in the
Equitable: furthermore. that at the time
OF the purchase the Safe Deposit company
had no assets beyond the lease and the
good will OF the business by virtue of the
lease.
IMPROPERLY" PERMITTED.
The complaint charges that the indi-
vidual defendants "wastefully. improvi-
IDENTIFY and improperly" permitted the de-
fendant society TO make large. excessive
and unwarranted loans to agents, which
loans the insurance department OF this
and other states had decided could not
be considered as assets OF the society,
and that I'm order TO avoid the effect Of
such decisions the individual defendants
caused every six months portions OF bal
ances due from such agents 10 be as
signed 10 various trust companies. which
credited the society with the amounts as
loans by them 10 the society, and that
the defendant society reported such
amounts as cash on deposit thereby at
tanning credit for the same in its annual
statement"
IL is further charged that none Of the
notes or other evidence OF debt against
the agents were delivered to the trust
companies with the assignments and that
the defendant society retained all the evil
dences OF claims against the individual
agents.