Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1905-07-31
EQUITABLE SHOWS
APPARENT GAIN
sOClETYs INCOME REPORTED AS
INCREASING.
ANOTHER COMPANY BAD
Examiner Reports Gross Irregu!ar-
ties to New York State Superin-
tendent of nsurance-Figures Jug
gIed, Claims Delayed and Resisted
and Judgments Concealed.

New York, July 28.-The Equitable
Life Assurance society's income for
the first six months of 1905 was $685.,
799,138, an increase Of $2,386,S10, over
the corresponding six months of last
year, according TO a statement just
submitted to the board of directors.
TIE assets December 81, 1904, dre
given as s413,953,O2O assets June 80,
1905, $421 ,249,272, an increase during
the six months Of $7,296252. line in
come for tne first six months Of 1905
was $3S,799.f58, an increase Of 3d.
336,S11 Policies issued the first six
months of 1904, c5,592, assuring $780,
129,321; first six months of 1905, 61,-
03S, assuring $15O,7O6,993; policies
terminated the first six months of
1904. 36.l4l, assuring $1O0, 278, 1919;
first six months of 1905. 42,123 assuT-
ing $119,815,146; assurance in force
December 81, 1904, $1,495, 452,892;
June 80 1905, $1,526, 4,739. The in
crease in assurance in force during.
the last six months is $31, 941,S47.
Suit for Receivership.
New York, July 28.-In the form Of
an amended complaint to the bill filed
last April. suit was begun yesterday
in the United States circuit court to
throw the enti, e $421, 000,0 900 assets of
the Equitable Life Assurance society
into the hands of receivers, who shall
take possession Of all funds, assets
and property held by the defendant
society Of every character and de-
scriptiOn and administer the same as
they may be directed by the court
More than 40 policy holders in the
Equitable representing a dozen diff
ferent states are inclnded as COM
plainants in the present suit, which is
based in part upon the allegation that
the society has no funds with which
to meet it's enormous losses, and is
insolvent.
The amended bill alleges that the
society has been guilty of mismanage-
ment in syndicate transactions, that
unreasonable and excessive" salaries
have been paid; ard that large SUMS
of money, ranging from $20,0O0.OO0 to
$37, 300 DOC, belonging to the said as
surance funds of the society, were al
lowed by it to remain uninvested on
deposit in banks and trust companies
without adequate interest, in many OF
which banks and trust companies the
said officers and directors Of the sCc1-
ETY. or many of them were large stock
holders, for the purpose of securing
pecuniary benefit to such officers and
directors individually; and such I'M
due and unreasonable cash balances
existed since at least the year of
1900"
Reciting the purchase of Hyde stock
b. Thomas F. Ryan, the complaint de-
MED the legality Of the election of
directors who are not stockholders of
the society. The complaint goes on:
The assurance funds held by the
society have been fraudulenty and neg
lectfully, and are being, wasted and
mismanaged and lost to the extent OF
many millions of dollars; it is with
out legally chosen board OF direct
ors and the real value of the property
held by it is unknown and specula-
tive"
Another Company Exposed.
Albany, N. Y, July 28.-Concealment
Of judgments against the company
amounting to $1S2,767, exaggeration
Of It's surplus by over 100000 and
fixed policy of delay in settling claims
are some of the charges made against
the Mutual Reserve Life Insurance
company by Chief Examiner Isaac
Vanderpool in his report transmitted
to State Superintendent Of Insurance
Hendricks, and made public yesterday
by him. Vanderpool says that "of the
$184,913.25 reported by the company
IN is last annual statement as being
due or accrued for salaries, rents, Of
fee expenses, taxes, bills, accounts,
etc. s1S2,767.92 consisted of judg-