Daily press. [volume] (Newport News, Va.) 1896-current, 1905-07-28
APPLICATION FOR RECEIVERS
More Than Forty Policy Holders OF
the Big Company Seek to Throw
s21'ooo,ooo Assets of the Corpora.
ton Into Hands of Courts Agents
Enormous Losses AlIeqed.
(By Associated Prcss.)

1 NEW YORK. July 27.--In the forr,
vi an amended complaint To hin
hied last April, suit was begun today
III the United States Circuit Courf
lcr the Southern New York distric,
10 throw the cutirc $2l ,OO0, 900 assets
OF Tho Equitable Life Assurance So.
'ie'E INTO the hands of receivers WIN
Shail lake possession of all the fund :.
assets and property held bv tho do.
iciuaht society of every character and
| inc description and administer In,
same as they may be directed bv tha
court"
More than forty policyholders In thc
Equitable. representing n dozen diff.
ferent States. are included rs com.
p'a'hants III the present suit, which
10 based i'll part upon the allegation
mat Tie society has no funds will,
which TO meet its former enor,no,.
J losses aud is insolycnt.
Papers Filed Last April.
/ y NTH l. yuiIonv 9roun ., n,,,
lnininant. papers were filed last April
to compel distribution of the $751;.
! 100000 surplus fund OF the society,
to compel the management to make
an accounting to the policyholders and
for the appointment of receivers for
the surplus fund pending judicial as
ccrtainment of the rights of the policy.
holders thereto.
Since the fling of that bill, permits
sion was obtained to file All amended
complaint. Since the original bill was
filed fortyiour other policyholders
have interviewed In the suit.
| Intervening petitions were fled last
"Wednesday. These together with the
amount of the policies they hold in
the Equitable are: John S. Williams,
of Richmond, Va. $4,000; Oscar A.
Daubc, OF New York, $4,000; Henry
S. Black. of Philadelphia, $4,000;
Thomas l.. Waters, Of New York, So.
600; Horatio &. Gibson, of Washington.
d. G., $4,000. and Charles S. Davis, of
Oklahoma, $1,000
Thomas j. Barry, Il lawyer OF T,os-
ton. has. also fled intervening pcti-
tons in behalf Of benjamin Dcllehcim
$1,000, and Julian b. Hart, $1,000
both of boston.
No Legal Board of Directors.
Rcciting the purchase of the HYDE
stock by Thomas +. Ryan, the com
plant denies the legality Of the cleo
ton OF directors, who arc now stock
holders of the society. Tho complain
goes on:
The assurance funds held by tho
society. have been fraudulcntly am
negligcn!ly, and are being. wasted an,
misnlanagcd and lost to the extent o
many millions of dollars it Is with
out legally chosen board of director,
and the real value OF the property hcl,
by it is unknown and speculative"
: Reverting to a statement that tn,
defendant society has been .wilfull,
, and negligCntly and fraudulcntly mis-
managed, and, through its officers an,
l agents, misapprOpriatcd the said as
surancc funds the complaint asserts
, that "thc said defendant Is wholly I'LL
able to repay the amount of such vast
ed and misappropriated moneys to sal,
fund for the benefit of your annui
:, tiants and your orator AYERS that til
said defendant is wholly insovcnt il
consequence thereof.
: Directors Hold Two Sessions.
The directors of the Equitable Liz
i Assurance Society held two meeting
G today.
o The business transacted include
the election of George F. Victor, c
g this city, and Earnest Il. Kruttschnit
e of New Orleans. to the board.
The office of chairman was abolish
ed as previously announced. The con
mittce on pensions reported and
d almost every instance It's recommend:
e. tions were adopted. a number of pei
le sions will be discontinued entirely an
" others reduced to so per cent. of sal
" ries received by officials or employt