Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-08-01
IN PUBLIC INTERESTS
WholesaleAction Begun Against
the Equitable Society and
Other Defendants
IN NAME OF PEOPLE OF STATE.
The Suit Was Instituted by New York
States Attorney General Julius NJ.
Mayer, In the Supreme Court, New
York county-some of the AIlesa-
tions-IIIegai Loans.

New York, Aug. IAN action has
been instituted by States Attorney
General Julius NJ Mayer in the SUI
preme court, New York county, In the
name of the people of the state of New
York against the Equitable Life Assu-
rance society, its officers, directors and
members of the executive and financial
committees, all of which are named
in the complaint. The defendants
are:
The Equitable Life Assurance Soci-
ETY. of the United States and James w.
Alexander Louis Fitzgerald, Chauncey
M. Depew, Henry G. Deming, Cornelius
N. Bliss. George H. Squire, Thomas
d. Jordan, Charles S. Smith, Valentine
p. Snyder, Alvin w. Krech, William
Alexander, John j. McCook, James B.
Forgan, c. Ledyard Blair, Brayton
Ives, Melville E. ingalls,, James H.
Hyde, Alexander j. Cassett, Jacob III.
Schiff, James j. Hill, T. jefferson
Coolidge, Alfred G.. Vanderbilt, John
Jacob Aston, William G. Van Horne,
Gage E. Tarbell, Marvin Hughitt,
Charles B. Alexander, Thomas De-
witt Cuyler, Marcellus Hartley Dodge,
Joseph E. De Navarro Bradish john
son. Joseph P. Low, John A. Stewart
Edward II. Barryman, Levi n. Morton,
August Belmont, d. o. Mills, Robert T.
Lincoln. George J. Gould, John Sloane,
George T. Wilson, Thomas T. Eckert,
William III. Mcintyre, Henry c. F'rick,
Samuel M. Inman, Henry C. Haarstick,
David III. Moffat and Henry r. Winth-
rop.
week ago before the papers were
completed, Edward II. Hartman, on
the eve of his departure for Japan, ac-
copied services from the summons in
the proposed action and today mary
of the other defendants, including
James II. Hyde, were served through
their private counsel. The defendants
are allowed twenty days from the
time of service to file their answers.
The complaint contains twenty -one
sections and covers thirty-three pages
OF typewritten matter, refers to the
Prick committee report and the inves-
tigation made by State Superintend-
emit of Insurance Hendricks; is based
on information and belief. Attorney
General Mayer in his prayer to the
court says that the action was brought
on behalf of the people Of the state
of New York in the public interests
and pursuant to the provisions of the
law. He therefore, asks:
"First-That the defendants, each of
them, other than the defendant, the
Equitable Life Assurance Society of
the United States, account for their
official conduct in the management and
disposition of the funds and property
committed to their charge
Second-That the Individual de-
PENDANTS and each of them be COM
PEELED to pay the defendant, the Equit-
able Life Assurance Society of the
United States, any money and the
value of any property which they or
any Of them have acquired to them
selves, or transferred to others, or lost
or wasted by violation of their duties
"Third-That any defendant or de-
PENDANTS now a director or directors or
officer in the defendant society, upon
proof of misconduct, must be removed
and that new election be held by the
board of the defendant society purely
authorized to hold the same in order 20
supply the vacancy or vacancies Gre
ated by the removal.
"Fourth-That the net surplus of de-
PENDANT society, after deducting a suf-
ficient amount to cover all outstanding
risks and obligations, be paid to, or
credited to, or applied for the benefit
of the present policyholders in equit-
able proportion in accordance with the
charter and with law"
The complaint charges that the i'm
dividual defendants, disregarding their
duty to the society of which they were
directors, "negligently. improperly and
improvidently performed such duties
and have habitually and continuously
done, or suffered to be done wrongful,
illegal and improper acts, whereof the
defendant society has suffered great
loss and damage"
The individual defendants are fur
Their charged with having acquired to
themselves, or caused or permitted to
be transferred to others, in violation
of their duties, money, property and
Ll1G value Ol DIOPCISy O0AOAA6AA6 " SAAS
defendant society"
Section 10 Of the complaint deals
with the lease of premises in New
York to the Mercantile Safe Deposit
Company, the rental of which is de-
clared to have been inadequate and the
terms of the lease greatly to the disad-
vantage of the Equitable society; fur
thermore that James H. Hyde, James
w. Alexander, Gage E.. Tarbell and
other defendants were directors in the
Mercantile Safe deposit Company and
thereby derived a profit in violation OF
their duty to the Equitable Assurance
Society.
Referring to the purchase of the cap
ital stock of the Missouri Safe Deposit
Company for which the Equitable paid
$3.50 for each 500 par value, the elev-
enth section Of the complaint declares
that the Equitable received but NOM
inal rent for the premises occupied by
the safe deposit company; that at the
time Of the stock purchase 1,41O shares
out of total of 1000 were owned by
James H. Hyde and the remainder by
others of the individual defendants,
some of whom were officers 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.
The complaint charges that the in
dividual defendants, "wastefully, inn
nrovidently and imperfectly" permitted