The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-29
new NAMES IN BRACKETT suit
AFTER HARTMAN AND DEEPEN
IN PORTABLE CASE.

GETS Formal Permission 10 BrInz It-FTlck
Treasures Policy holders That Their
Interests are aaTe-HSde SIN HOncs
Tarben WIN Have 10 Follow kn'Wle1
The announcement was made by Senator
Edgar r. Bracket yesterday that besides
James II Hyde and Jacob II. Schif. against
whom charges were made by him In his
petition to Attorney General Mayer, SEN
ator Chauncey NJ Depew and Edward II.
Hartman will be named as codefendants
in the action which he will bring on behalf
Of Mary s. Young OF Saratoga to recover
for waste Of the funds Of the Equita BILE
society.
Others who are directors or officers Of
the society and at the same time have been
connected with its financial transactions
would Senator Bracket declared, also he
named by him as defendants in the suit
Senator Brackets announcement WAS
made shortly after he had obtained a for
NAL order from the Accompaniment grant
ing him permission to begin bis action.
The Attorney General stipulates that his
consent shall not be- held to authorize any
action providing for an accounting by the
society, nor to enjoin, restrain OF interfere
with the prosecution Of the business Of the
society, nor for the appointment Of per-
manent Of temporary receiver.
Senator Bracket will at once serve a
summons and complaint. The suit will be
brought in Saratoga county.
H. {. Frick chairman Of the Equitable's
self investigating COMMITTEES, yesterday
made public this letter, which he has written
10 the policyholders Of the society on be-
half OF the committee:
70 me Pohcyholders VI the Eqmtobl' LUs
The members Of the investigating COM
nittee have received u large number Of letters
from pOlicyholders making inquiries az 10
the solvenCy OF the society. and In many
cases desiring to know II the sums already
paid to the society as premiums on policies
were endangered or lost.
The work OF investigation. TO be Of value,
must be done thoroughly. To do II thor
ouRhly will necessarily take time The com,
mittee Is not ready 10 make its report, aud
cannot at this time anticipate It's report.
IN view OF these inquiries from policy
holders. it, seems proper for the committee
10 state that the interest Of every policy
holder Is q bsolutely safe
The assets OF the society are In It's posses
siOn They have been examined In detail
by the insurance commissions Of many states:
They are absolutely sound. Indeed, one OF
the criticisms Of the societys management
has been that in It's investments II has been
conservative to the point OF not realizing a
sufficiently high rate Of interest on it, funds
If the investig ation should substantiate
a =
the society 1t would simply mean that In
the past the society had not realized all that
it might possibly have realized under g dli-
are no charges made which II true would
diminish the soCiety's assets.
The integrity OF every one OF the society,s
contracts is absolutely unlmpaired. il
might be we'll in this connection 70 add that,
while assessment societies and traternal
ORGANIZATIONS require the constant addition
OF new risks to meet their obligations on
old ones, the Equitable. like al OF the old
line companies, could meet 10 iulI al OF US
another dollar Of insurance.
The Investigate ting committee. commencing
Monday. May /. will hold daily sessions until
IN c. FRIcE Chairman"
1t was learned yesterday that James II,
HYDE had voted as a member Of the e1eCu-
dive COMMITTEES OF the Equitable board Of
directors for the discharge OF H. II, Knowles,
the supervisor Of agencies who has been
conducting an active newspaper campaign
for two weeks against the Tarbell-AleX-
ander faction. Mr.. Hyde's action in this
respect WIGS not, it was said yesterday,
without a motive.
Having put himself on record as de-
sirous 81 Furnishing any person connected
with the Equitable who violates the in
junction Ct silence. Mr.. Hyde, it WINS said
would he doubly free now to move at once
for the dismissal OF Gage +, Tarbell and
others on similar grounds.
1t Ii known that the Prick committee
has advised Mr.. Hyde TO refrain from any
attempt to remove any officer OF the society
until the committees report Ia in, and az
far as President Alexander ia concerned
Mr. HYDE Is likely 20 respect their wish
hut with the Knowles precedent it II thought
that he will demand the removal Of Mr..
Tarbell almost Immediately,
This view was strengthened by report
in Wall Street that a number Of business
men have expressed a willingness 10 sub
scribe an amount necessary $4,000 900
was the figure named 20 start a new insur-
ance company Of which Mr.. Tarbell should
be the managing bead.