The free lance. (Fredericksburg, Va.) 1885-1926, 1905-08-03
7HE EQUITABLE surf
lew York Attorney General Brings
Charges Against Directors.
hANY ILLEGAL ACTS ALLEGED

dANY ILLEGAL ACTS ALLEGED
Complaint Charges That Directors
Used Funds Of Society to Enrich
Themselves, Drew Excessive Sal
aries and Paid Illegal Pensions.
New York. Aug. An action was
instituted by State Attorney General
julius NJ. Mayer in the supreme court
sew York county in the name OF the
people Of the state of New YORK
,gainst the Equitable Life Assurance
Society. It's officers, directors ana
members of the executive and finance
.ommittees. all OF which are named
the complaint Among the defend
,nts are. The Equitable Lille Assur-
nee Society of the United States ana
lanes ". Alexander. Chauncey NJ
lepew. Cornelius y. Bliss. Brayton
YES. Melville f. Ingalls,. James II.
ivdc. Alexander J. Cassatt Jacob II.
schid. James j. Hnl, +. Jefferson
coolidge Alfred G.. Vanderbilt John
Jacob Astor. Gage f. TarheH. Marvin
lugh;tt. Jose f. De Navarro. Edward
4. Hartman. Levi F. Morton. August
BELMONT. Darius o. Mills. Robert I.
lincoln. George j. Could. John Sloane.
George r. Wilson and Henry c. Flick.
The complaint contains 2l sections
md covers SO pages of typewriter
natter. refers to the Fr.ck committee
-eoort and the investigation made by
state superintendent of Insurance
Hendricks. is based on Information
and belief. and Attorney General
MAYER in his prayer Ia the court SAYS
hat the action was brought on behalf
If the people OF the state OF New
York. in the public interests and pur-
suant 10 the provisions OF law. He
therefore asks:
THAT the defendants. each OF
hem. other than the defendants. the
Equitable Life Assurance Society OF
The United States, account for their
official conduct in the management
and disposition of the funds and prop
artv committed to their charge.
2-"That the individual defendants
and each Of them. be compelled to pay
The defendant. the Equitable Life As
surance Society OF the United States.
any money and the value OF any prop
ertv. which they or any of them. have
ACQUIRED to themselves. or transferred
10 others or lost, or wasted. by vio-
lation OF their duties.
S.-"That any defendant, or defend
ants now a director or directors or
officer in the defendant society, upon
proof Of misconduct. be removed. and
that a new election be held by the
board Of the defendant society. purely
authorized to hold the same, in order
to supply the vacancy or vacancies ere
ated by the removal.
4.-"That the net surplus OF defend
ant society. after deducting a sufficient
amount TO cover all outstanding risks
and obligations. be paid TO. or credited
to. or applied for the benefit Of the
present policyholders in equitable pro-
portions. in accordance with the char
ter and with law.
5.-"That the plaintiff have such
other or further relief as may be just
equitable and profitable
The complaint charges that the in
dividual defendants, disregarding their
duty TO the society Of which they were
directors. "negligently. improperly and
improvidently performed such duties
and have habitually and continuously
done. or suffered to be done. wrongful
illegal and improper acts. whereof the
defendant society has suffered great
loss and damage"
The individual defendants are fur
Their charged with having acquired to
themselves. or caused or permitted TO
be transferred to others. in violation
Of their duties. money. property and
the value of property belonging to the
defendant society
The complaint also charges: THAT
the defendants wrongfully caused the
defendant society and a number Of
other societies and corporations in
which the defendant society was large
stakeholder. and in which some OF said
individual defendants were also direc-
tors and stockholders, to pay large
sums Of money to themselves. or some
of their number, and to other persons,
under the glise Of salaries and fees
for attending to their duties as officers
and directors and members Of commit
tees OF the defendant society, and OF
several other societies and corpora
tons"
Especial mention is made Of the re-
ceipt by Mr.. Hyde of salaries aggre-
eating s27, 600 annually from the Equit-
able. Mercantile and Commercial Trust
companies, in all Of which the Equita-
bic Life is largely interested
Allegation is also made OF the pay
ment of "illegal and excessive pen
sions to various persons" and Of the
payment Of excessive. improper and
unwarranted sums to various attorneys
and counsellors at law, the aggregate
amount Of which far exceeded and was
entirely disproportionate to the ser
vices rendered"
Yacht Struck Sunken Post.
IL