New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-14
SUIT AGAINST ]. H. HYDE.
Woman's action against Him and
Equitable for Return of Salary.

tBT TELEGRAPH TO THE rRIBuNF1
Albany, March 13.-A suit against the Eauita-
ple Life Assurance Society and James H. Hyde
10 compel the return of 100000 alleged to have
oeeh received by him in the last two years as
salary as vice-presdent of the Equitable Life
assurance Society, was begun in the Supreme
Oourt OF Saratoga to-day by Mary s. Young
VINO sues as creditor and pofcyholder. Her
attorney is Senator Edgar n. Rracke++
Inc complaint, after detailing the ,nnnortar+
Aacls relating to the organization Of the society
no i's directors. declares that on February Ia
he plaintiff entered into contract by
Nii,cn she or her assigns would receive 81, 600
cdsh dividend, consisting of the contract
snare OF the surplus and profits.
oh information and belief the PLAINTIFF de-
e'ates that the defendant James H. HYDE is.
A.iu mas oeen for the last two years the owner
- q naJorlty OF the stock, and. by virtue of this
mas elected and controlled the board of directors
ana that In electing this board he has contrary
TO law, elected certain men. making rna4ority,
Oh the board, who were and are. in truth NOT
the holders or proprietors of any stock of the
SAD society and We're not qualified or legally
ohtlted to act as directors, and in order 10
make tlem appear qualified to be such directors
ne mas nominally assigned to each Of them and
had transferred the records of said society
nVe shares of his stock which stock in each
AlstaHce' lorlhWlth AFTER such nominal transfer.
mas been actually and forthwith by such di-
rectors conveyed and delivered back to him, to-
gether with an irreVocabIe proxy on said five
snares of stock, that, Immediately upon this
apparent qualification, director had any
right TO the property any right of voting or
otherwise upon said stock, nor any interest
therein"
The further charge is made that Mr. Hyde
holding majority of the stock has without
any authority, taken from the society In the
last two years, 100000 a year. 100000 In ALL
as salary as vice president and that said
taking by him, and the permitting by said d.
Tectors OF said taking by him, was, and is who'll
~ wrongful and constitutes a conversion and
the whole amount thus taken and is a direct
violation of the law and duty Of said HYDE as
such Director
Concerning Mr.. Hyde the plaintiff makes the
declaration that he is "a young man about
t"enty-eight years Of age and without expert
eIice IN the matter of life insurance or business
generally, and has rendered no service of value
10 the society that entitled him to any salary
tneretrorn, and he has taken the sums herein
peIofe speclfed and has been permitted by said
directors TO take the same, because of his own
ershlp or said stock and his control of and cleo
ton Of said board Of directors
majority Of the directors of the society, If
not all, the plaintiff further declares. are the
same as when money was taken by Mr.. Hyde
ana are under his control and are wholly in his
interest and interested not to compel the said
hyde TO restore said to the treasury of
salo society, and any request or demand the
part Of the plaintiff that the defendant society
br1ng such action would be wholly futile and
the plaintiff therefore brings this action on be-
half of herself a creditor of the said society
and on behalf of all other creditors situated sim
Early with herself"