Arizona republican., 1905-08-01
other further relief as may be Just, equitable and profitable

equitable and profitable
 The complaint charges that the indi- vidual defendants disregarding their duties to the society of which they were directors, "negligently, improper ly and improvidently performed such duties and have habituallv and con- temptuously done, or suffered to be done, wrongful, illegal and improper 1 acts. whereof defendant society has suffered great losses and damage"
 The individual defendants are fur | ther charged with having acquired to | themselves, or caused or permitted to | be transferred to others, in violation | of their duties, money, property and value of property belonging to defnd- ant society,"
 section 10 of the complaint deals with the lease of premises in New Hork to the Mercantile Safe Deposit com pany. the rental of which is declared ! to have been inadequate and the terms l of the lease greatly to the disadVant- age of the Equitable society; further more that Jas. H. Hyde, Jas. w. Alex | ander Gage E. Tarbell and other de- fendants were directors in the Mercan- file Safe Deposit company and there bv derived a profit in violation of their
 dutv to the Equitable society.
 1 Referring to the purchase of the ca nitaI stock of the Missouri Safe De- posit company for which the Eqult- abIe paid S25O for each $100 par value, I+ba a1everth section of the complaint declares that the Equitable received but a nominal rent for the premises loccupied by the safe deposit company that at the time of the stock purchase l1.41O shares out of a total of 2'OOO were
 owned by James H. Hyde and the re-
 of individual defendants, some of whom were or
 Hcers in the safe deposit company and
 in the Equitable: furthermore, that at
 the time of the purchase, the safe de- posit company had no assets beyond
 the lease and good will of the business , by virtue of the lease
 1 The matter of the loans to agents which were assigned to the Commer- cial Trust company of Philadelphia, IS ] set forth, the charge being made that for the money advanced on such as signment 3 per cent interest was paid, while the trust company at the same time held large sums of the society," 8 ! money, for which it paid but per cent.
 Referring to the merger. in 1892. of lthe Western National Bank of the city ! of the New York, in which the Eqult- s able society was owner or lz'Vou e shares. with the National Bank or the e United States of New York, the com s plaint says the society received $1O in % cash and $40 of the stock of the Con k solida,ted Bank in exchange for each n s1OO par value of the stock in the % Western National Bank, making the - total amount received $210 for each ? share. the market value of which at @ the time was from $600 to $625 per t share.
 f A lis. of the salaries paid during the q last five years to the principal ofhcers e of the society is appended to the com
 pIaint, which declares such salaries tC f have been largely in excess of the val Q ue of the persons named, and that the e payment of such salaries resulted in a Il substautial loss to the society. It Is - also charged that in addition to the = salaries referred to, the individual de-
 fendants. as officers, members of th' q committees. trustees, or agents. per e lmitted the defendant society to pay t' e many of the above named officers an' V ito others. large and unwarranted sum: y as expenses incurred by such persons - in the service of the society, and salC f sums were paid without sufficien s. vouchers. without proper proof of thei l. amounts and without it being properl If shown that the said defendant soeiet! n was in any way benefited by such eN q penditures or was legally or properl. d chargeable herewith.
 =. The complaint also charges "tha " the defendants wrongfully caused tn ,e defendant society and a number
 other societies and corporations il ,- which the defendant society was large r. ly a stockholder and in which some O g the individual defendants were als ,- stockholders, to pay large sums O i+ money to themselves, or to some O 70 their number and to other persons . under the guise of salaries and fee
 for attending to their duties as officer Il, land directors and members of com
 mittees of the defendant society and c = several other societies and corpora
 tions"
 Especial mention is made of the re ceipt by Mr. Hyde of salaries aggre 7 gating $27OOO annually from tn N Equitable, and the Mercantile an
 Commercial Trust companies, in all (
 which the Equitable Life is largely in % terested Allegation is also made ( ., the payment of illegal and excessiV pensions to various persons. and of tn Inf payment of excessive. improper an
 unwarranted sums to various attol
 neys and counsellors- -at-law, the az
 gregate amount Of which far exceed
 and was entirely disproporuonate
 the services rendered."
 Of the loan to the Depew Improve - ment company the complaint charges
 ~'That the defendants improperly, in A providently and wastefully procure E and permitted defendant society H loan the sum of $25O,O0O to the Depe # Improvement company, corporatic H doing business in the state of Ne E. York, in the which company, defend % ant Chauncey M. Depew and othe H of the individual defendants we
 stockholders, which loan of $25O,Ot H was made upon grossly inadequa
 security, and which property securir
 said loan was appraised in 1901 by Il M insurance department of the state E New York at the sum of $150,000.
 Further. in relation to the Depe
 r,,,,,.o,-o,,o,,+ ooropaDv if is chare,