The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-08-01

Nsw York. jay 27.-ln the form Of
an amended complaint 10 a bill nlest
-ast April, suit was begun today in he
United States circuit for re
southern New York district 10 throw
the entire S42l, fSl), 900 assets Of the
Equitable Life Assurance Society ia;a
he hands of receivers, who shall take
possessio nof all the funds assets and
properly held By the defendant society
OF every character and description and
administer the same as they may be
directed by the curt"
More than forty policy holders in the
Equitable, representing a dozen states.
are included as compliments in the
present suit, which is based in part
upon the allegation that the society
has no funds with which 10 meet It's
enormous losses and is %insolvent.
With J. Wilcox Brown, OF Maryland
the holder of a $50, 900 policy, as com
%plainant, papers were filed last April
TO compel a distribution of SS4, OOO. zoe
surplus fund of the society, TO compel
the management TO make an
ing to the policy holders, and for the
appointment of receivers for the sur
plus fund, pending judicial ascertain
ment of the rights of the policy hold
ers thereto.
Since the filing of that bill, permis-
sion was obtained TO file an amended
complaint. Since the original bill was
filed fOrty-four other policy holders
have interviewed in the suit.
Intervening petitions We're filed last
Wednesday. These together with the
amounts Of the policies they hold IN The
Equitable are: John S. Williams, of
Richmond, Va, 50 900; Oscar A. Daube,
of New York, $4,000; Horatio G. GID
son, of Washington, d.. c., $1,000 and
Charles S. Davis of Oklahoma, $1,000
Thomas j. Barry, n lawyer of Boston
has also filed Intervening petitions In
behalfo OF Benjamin Dellheim 81, 900 and
Julian b. Hart, $4,000, both of Bos-
ton.
In the amended bill, which is far
more sweeping n its charges and N its
appeal for relief than was the original
bill of last April, there are incorporated
many citations from the Prick and
Hendricks reports, published some
months later. The bill alleges that the
society has been guilty of mismanagc-
ment in syndicate transactions; that
unreasonable ard excessive" salaries
have been paid; and that Large sums
of money, ranging from s20,0 900 10 sJ7.-
900, 900, belonging TO the said assurance
funds of the society, were allowed By IL
to remain uninvested on deposi: in
banks and trust companies, without ad-
equate interest, in many of which banks
and trust companies the said officers
and directors of the society, or many
of them, were large stockholders, for
the purpose of securing pecuniary bene-
fit to such officers and directors midi
vidually and such undue and
able cash balances existed since at
least the year 1900"
Reciting the purchase of the Hyde
stock by Thomas F. Ryan, the COM
plant then denies the legality OF the
election of directors who are not stock
holders of the society. The complaint
goes on:
1.-The assurance funds held by the So
ciety have beer fraudulently and negli-
gently cared for md are being wasted
and mismanaged and lost TO the extent
of many millions of dollars; IL Is with
a legally chosen board Of directors
and the real value Of the property held
by it is unknown and speculative
Reverting to a statement that the de-
society has wilfully and neg
and fraudulently mismanagai.
and through its officers and agents.
misappropriated the said assurance
funds" teh complaints assert that The
said defendant IS wholly unable 10
pay the amount of such wasted and
Incorporated moneys to said fund
for he benefit OF your annuitants, and
your orator AYERS that the said defen-
dant is wholly insolvent in consequence
thereof"