Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1905-08-03
STATE BRINGS SUIT
Attorney General Mayer Begins
Action in New York Court
AGAINST TIE EQUITABLE SOCIETY.


New York, Aug. Ian action wa
Instituted Monday By State Attorne
General Julius NJ. Mayer in the 81
preme court, New York county. 10 th
name of the people Of the state 9
| New York against the Equitable LII
Assurance Society, MS oficers. direc
tors and members Of the executiv
and finance committees. all OF whic
are named in the complaint
The complaint contains 81 section
and covers SO pages Of typewriter
matter, refeFs to the Frick committe
report and the investigation made b.
State Superintendent Of INSURANCE
Hendricks; is based on Information
/ and belief, and Attorney General May
er in his prayer to the court says tina
the action was brought on behalf o
the people Of the state Of New YorI
IN the public interests and pursuan
to the provisions Of law. He. there
fore. asks:
1.-That the Defendants, each O
them, other than the defendants, TIN
Equitable Life Assurance Society O
the United States, account for theil
Official conduct In the management
and disposition Of the funds and prop
erty committed to their charge.
2-That the individual defendants
and each Of them DO compelled to pay
the defendant, the Equitable Life As
suranoe Society Of the United States
any money and the value Of any prop
erty which they or any Of them have
acquired to themselves, or transferred
to others, or lost, or wasted. BY Q vio-
lation Of their duties
a-That any defendant or defend
ants, now a director or directors OF
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 same. In order 10
supply the vacancy or vacancies Gre
ated by the removal.
A.-That the net surplus Of defend
ant society, after deducting o sufl'
Gent amount to cover all outstanding
risks and obligations, be paid to, OF
credited to, or applied for the benefit
Of, the present policyholders In eQul'
table proportion In accordance with
the charter and with the law.
&-That the plaintiff have such
other further relief as may be Just,
equitable and profitable
The complaint charges that the In
dividual Defendants, Glsregarding
their duty TO the society Of which they
were directors, ''negligenNy, improp'
erly and impFovidently 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 complaint charges: THAT the
defendant wFongfully caused the Dc.
PENDANT society and number Of 9th
or societies and corporations in which
the defendant society was q large
stoclholder and in which some Of said
individual defendants were also stock
holders, to pay large sums Of money
to themselves, or TO some Of their
number, and TO other persons under
the guise Of salaries and fees for At.
tending to their duties ~ officers and
directors and members Of committees
Of defendant eociety, and Of several
other societies and corporations.
Especial mention d made Of tho re-
ceipt by Mr.. Hyde Of salaries aggra-
eating $4,000 annually from the EQ.
uitahle, Mercantile and Commercial
Trust companies, In all Of which the
Equitable Life IL largely interested.
Allegation Il also made Of the pay.
ment Of illegal and excessive pensions
to various persons and Of the payment
OF excessive, improper ana unwAt
Tanted gums to various attorneys and
counselors-ettAM, me assresAfe
amount OF which tar exceeded ana was
entirely disproportonate to me ser
vices rendered.
OF the loan 70 the Depew improve
ment company the complaint charges:
rnat me oelendanA Improperly
improudentiy ana wasteluily pro
cured ana permitteo tne oetenoant 60
ciey TO loan the sum o. tzeO'OOO 70