Daily press. [volume] (Newport News, Va.) 1896-current, 1905-08-01
Received Nominal Rental.


The complaint declares that The
Equitable received but Il nominal rent
fer the premises occupied by the Mis-
souri, Safe Deposit Company; that
ut The time OF the stock purchase
l,ilu shares out OF Il total Of 2.OOu.
We're owned by James H. hyde ana
The remainder by others Of The indi-
vilual defendants. some Of whom were
officers III the safe deposit company
and in the Reputable: that the sale
deposit company then had no assets
beyond the lease and the good will.
The complaint charHoS tllat the in.
dividual defendants "wastcrmlIy. I'M
prominently and improperly permit
ted the society tn make large, cXccs-
sivc and unwarranlod loans to agents."
and sets forth procedure taken TO
avoid decisions OF insurance commits
siuncIS.
II is also charged that the CONNER
cial Trust Company, Of Philadelphia,
had on It's hooks 81 ,2I3,2i9, composed
uf assigned balances and debts due
from agents of the Equitable on
which the defendant society paid 10
the trust company = per cent. per an
mum. Though the sum was not taken
from the trust company ami the trust
company had ON deposit large sums.
OF the defendant society upon which
the trust company paid only per cent,
Merger Is Arraigned.
James H. Hyde, Alexander, I. d.
Witt Cuylcr. ami Henry r. Winthrop,
hcing directors in both companies
The complaint arraisns the merger il.
1892 of the Western National Bank,
Ct The city of New York. in which The
Equitable Society was The owner of
l2,000 shares, with the National Bank
OF the United States, Cf New York,
saying the Equitable officers and dircc
per share.
The salaries paid during the las;
five years 10 the principal officers nj
the society are declared excessive an;i
IL iS ucCHiith 'hal It!dtH VI we hihNt
nnU,cii .Hicrrd ana tIiit,,-tc,S AMI s.lGny
others were given large and unwar-
ranlCd sums rs expenses. without SUI
fcicn, vouchers. etc.
The defendants are alleged To have
wrongiully caused the Equitable and
ether societies and corporations, in
which The Equitable was Il large stock.
hcldcr, and defendants directors and
stockholders, To pay large sums ui
money 10 themselves, etc; under the
Suisc of salaries and fees.
Allo CATION is made of the payment
oi illegal ana excessive pensions" and
excessive, improper and unwarrant-
ed sums 10 various attorneys and coun.
sclurs Il. law"
Declared illegal and Improper.
or the transactions OF james W. Al.
oXandcr ana Thomas -. Jcrdan. With
the Mercantile Trust Company, the
complaints says:
II the defendant society became
obligated 10 The Mercantile Trust Com
pany to pay S6S5.000, said obligation
was incurred for improper and illegal
purposes"
Tho defendants improperly, inl
pr0vidcntly and wastcfuii,," il is add.
cd, procured, and permitted the de-
PENDANT society 10 loan S2j0.n0O TO
the Dcpcw Improvement Company, the
property securing said loan being later
bid in nj foreclosure sale for about
$5u,0O0."
ana others agreed with the Equitable
to save that society from loss il il
would refrain from recording the decd
for the property and from enforcing
deficiency Judgment. but that the
defendants have neglected and refus.
cd to pay The loss.
Juggling With Deposits.
That the defendants permitted I'M
warranted deposits with the National
Bank of Commerce, New York: ATc-.
camille Trust Company. New York; ans,
at least twcnty.onc other banks and
trust companies with which one or
more Equitable officers were stock.
holders. directors. etc, mt inadequate
interest and dcceiving the policy-hold.
crs as To tho transactions.
The complaint also cites the Equit
able Socicty's purchase of 1886