The Holly chieftain., 1905-08-04
EQUITABLE IN COURT
NEW YORK STATE BEGINS SUIT
officers Charged With Gross fE-z7.
agement-Court Asked to Con
eel Them TO Make Good
All Losses

New York. July 3l.-An actica wa.
Instituted to-day by State A'r.n.
General Julius NJ. Mayer in q. Sd
preme Court of New York cou j.
the name of the people OF the -. a
New York against the Equitabl= 3D..
Assurance Society, its officers, t-u
tors and members of the execut -n.
fiscal committees, all of whiul ..,
named in the complaint.
1t charges that the society's 5laH
have been grossly mismanageu 1901
wasted by the officers and dir Yr-
and asks the court TO compel tl.. .
make good all losses caused by t4..
acts.
1t recites that when the DepeW Inn
provement Company failed Senator DE
pew and associates promised Ia mr
the difference between the loans iron
the Equitable and the amount realLzn.
from sale of the Improvement com
pany's property. but that the plalls
has not been kept.
The defendants are the Edu-aHI
Life Assurance Society of the Unit,
States and James W. Alexander, Lon.
Fitzgerald, Chauncey NJ. Depew, Ii.Ur
C. Deming, Cornelius n. Bliss, Gp0rg
H. Squire, Thomas ID. Jordan. Chuo
s. Smith, Valentine p. Snyder, AMI
w. Krech, William Alexander, John i
McCook, James b. Forgan. c. Ledgau
Blair, Drayton Ives, Melville Z. IngaIIs
James II. Hyde, Alexander j. Ca5sa.J
Jacob II. Schiff. James j. Hill, r. Jvt
ferson Coolidge, Alfred G. Vander.ll
John Jacob Astor, William c. Van
Horne, Gage E. Tarbell, Marvin Hurn
lit. Charles B. Alexander, Thomas u
Witt Cuyler, Marcellus Hartley Doll.
Jose F. DeNavarro. Bradish Johnsu
Joseph p. Lowe. John a. Stewart. I2d
ward H. Hartman, Levi =. Molfun
August Belmont. Darius o. Mills, Rob
ert T. Lincoln, George J. Gould, join
Sloane, George T. Wilson, Thoma I
Eckert, William H. Mcintyre. Henri NJ
Alexander, Henry C.. Fricl. Samuel NJ
Inman. Henry C. Hartick, David II.
Moffat and Henry r. Winthrop.
The complaint contains twentyoN.
sections and covers thirty-three page,
of typewriter matter; refers to lhf
Frick committee report and the inYos
tigation made by State SuperintenGon
of Insurance Hendricks; is based OF
information and belief, and Atteuel
General Mayer in his prayer to the
court says that action was brough
on behalf OF the people of the statc o
New York In the public interests anC
pursuant to the provisions of law. HC
therefore asks:
''1-That the defendants, each O
them, other than the defendant, the
Equitable Life Assurance Society o
the United States. account for their Of
fetal conduct in the management auG
disposition of the funds and property
committed to their charge.
"2-That the individual defendant
and each of them be compelled to pay
the defendant, the Equitable Life As
surance Society of the United States
any ar money and the value of any Hop
acquired to themselves, or transierrel
to others or lost, or wasted, by VIC
lation of their duties.
"3-That any defendant or defend
ants now director or directors or oi
ficers in the defendant society, upon
proof of misconduct, be removed, anC
that new election be held by tho
board of defendant society purely au
thorized to hold same, in order to sup
ply the vacancy or vacancies create'
by the removal.
"4-That the net surplus of defend
ant society, after deducting a suliicien
amount to cover all outstandinS risE'
and obligations, be paid to, or crcditet
to, or applied for the benefit OF, tht
present policy holders in the EqUt
able in proportion in accordance VII!
the charter and with the law
"5-That the plaintiffs have sucI
other further relief as may be Jus'
equitable and profitable"