The Birmingham age-herald., 1905-08-01
"DON'T BORROW TROUBLE" BUY SAPOLIO
 ITS CHEAPER IN THE END. =

banks and trust companies in some or all of which the individual defendants, or set of them, were stockholders, direc- tors or officers which sums were de- posted at inadequate rates of interest, in- stead of Investigating them in proper and remunerative forms of investment, and permitted said defendant society regular ly for a number of years past to con ceal this fact and mislead and deceive the policy holders of the society in respect thereto by annually on December 27 to. % loaning approximately ten million on collateral security. which is said to have been regularly called in again on January 3 and following, and the funds deposited in the Repositories from which they had been temporarily withdrawn for this pur- pose.
 It is charged that when, on January :, 1902, an increase in the capital stock of the American Loan and Deposit com pany from S500,0OO to $1. 100000 was au- thorized, the value of the stock being $50 per share, and each stockholder be- ing entitled to subscribe for one addition al share, the Equitable Life, which was entitled to take 2333 shares. only elected to take 665, the balance being taken by James H. Hyde and w. w. Mcintyre, trustees, and Annie F, Hyde, and by other directors and members of the execu- tive committee. It is further charged that when the name of the concern was changed to the Equitable Trust com pany and further increase from sl.0OO- 900 to s3,O00,000 was authorized, the defen- dant society purchased 536 shares at $500 per share, the actual value being only S3S3 8 per share. These allotments 1t IS charged were made by the defendants to their own profit and that of other per sons and to the loss and damage of the defendant society,"
 After recting that the society has at the end of each year caused a balance to be struck purporting to show the net surplus earned during the preceding year, the complaint says:
 No Equalization Made.
 But at no time during the period in which the individual defendants or any of them have been directors or officers of the defendant society, has the society or it's officers. either within sixty days from the expiration of each period of five years subsequent to December 3l. lS59' as provided by the charter. nor at the ex- piration of each year. as permitted by chapter 100 of laws of 1872 credited or paid or applied. or permitted to be applied an equitable share of the net surplus to. or for the benefit of the persons who dur ing the period in which the individual defendant or any of them were directors or officers of the defendant society were, and still are, polcyholders. and in viola tion and disregard of the said charter and of law the defendant society and its of ficers with the consent and approval and without the prevention or interference of the board of directors. have been cred iting and paying to tie said policyholders from time to time only a portion of the net surplus earned and held by the society the whole of which said net surplus the persons who during said period were and still are policyholders of the defendant society. are entitled to have credited or paid to them. or applied for their benefit in equitable proportion.
 The paintiff further alleges that the rules and regulations adopted and here tofore acted upon by the defendant so- ciety and its officers with the approval and consent of the socety's directors for the ascertainment of the equitable share of the surplus due to each poicyholder. were or are incorrect. illegal and improper and that of the surplus now held. or pur- porting to be held by the defendant so- ciety, as shown by it's statement, sum approximating s10.Oo0000 is held by the society in which said sum the policyhold- CTS. in violation of law and the express terms of the charter, would have no in terest under said rates and regulations. That the defendant society and the in- dividual defendants as officers and direc- tors thereof have held out and repaid in the reports to the tax commissioners of tAe city of New York, have stated that thu entire surplus belonging to tho poll cyliolders.
 rthat the present policyholders of the defendant society are entitled to the whole Of the present net surplus of the society after deducting sufficient amount to