The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-07-28
ASK RECEIVER
I. FOR EQUITABLE
Continued From First Page.) u

together with the amounts or the policies
they hold in the Equitable are:
John S. Williams, Of Richmond, Va,
$1,000; Oscar a. Daube of New York,
$4,000; Horny s. Black, OF Philadelphia,
$1,000; Thomas L.. Waters, OF New York,
$1,000; Horatio G. Gibson, Of Washington,
D. c., 5000 and Charles s. Davis OF
oklahoma, $1,000. Thomas j. Barry, a
lawyer, of Boston. has also filed inter-
vening petitions in behalf of Benjamin
Dellheim, $1,000. and Julian B. Hart,
$4,000. both OF Boston.
In the amended bill which Is far more
sweeping In its charges and in It's appeal
for relief, than was the original bill of
last April, there are Incorporated many
citations from the lF'rlck and Hendricks
reports, published some months later.
Alleged Mismanagenent.
The bill alleges that the society has
been guilty Of mismanagement In SYM
dictate transactions: that Unreasonable
ami excessive" salaries have been paid;
and that large sums of money, ranging
from $50. 900 to t37, 900 belonging to the
said assurance funds of the society were
allowed by 1t to remain unlpvested on
deposit in banks and trust companies,
without adequate interest In many of
which banks and trust companies the
said officers and directors of the society,
or many of them, We're large stockhold-
crs, for the purpose Of securing pecuniary
benefit to such officers and directors in
dividually; and such undue, and unreas-
enable cash balances existed since at
least the year 19D0."E5, 3tE,5i
RecitnE tho purchase OF the Hyde stock
by ThoasF. Ryan, the complaint then de-
MES the legality of the election Of d.
&rectors who are mot stockholders Of
the society.
ance funds held by tho society have been
fraudulently and negllgontly handled,
and arc being wasted and mlsmanaged
and lost to the extent of many millions
of dollars. 1t IS without q legVty chosen
Board Of Directors. and the real value
OF the property held by it is unknown
and speculative
Reverting to a statement that tho de-.
PENDANT society has wilfully and negll-
gently and fraudulently mismanaged,
and through It's officers a>,d agents,
mlsapproprlatc the said ass,r-
nnce funds the complaint as
scrts that "the said defendant Is
wholly unable to repay the amount Of
such wasted and misappropriatcd moneys
TO said fund for the benefit of your an
nutants. and your orator AYERS that the
SllQ etCluant IS VI wholly IllSOlNcHl III
consequence thcreof.'
Meeting ofDirectors.
The directors OF the Equitable Life
Assurance Society held two meetings to-
day. The bushes transacted included the
election Of George Il. Victor, of this city.
and Ernest B. Kruttschnitt, Of New Orr
leans, to the board Tho office Of chair
man was abollshed as previously an
nounccd, The committee on pensions re-
ported. and In almost every instance Its
recommendations were adopted.
a number of pensions will be discon-
tnucd entirely and others reduced to
fifty per cent. OF salaries received by
officials or employees at the time of the
severance of their connections, It do
vclopcd day that III addition to the
pension of $4,000 Il year to the widow Of
Henry .B. Hyde, there was voted at tho
same time Il pension Of $4,000 to Mrs.
james w. Alcnxnndor. the VITO Of the
former president. to take effect upon the
death of Mr.. Alexander. These two Items
| have been regarded as legal liabilities or,
| annulties. in lieu of certain contracts
waived by the founder of the society and
by Mr.. Alexander. The matter viii be
submitted to the Equitable special coun-
sci.
The Equitable Life Assurance Soclety's
income for the first six months Of 1905
| was S3,790,13S an increase Of s2,3S6,Sl0
over the corresponding six months OF last
| year, according to n statement which was
submitted to tho board of directors,