Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-06-23
Attorney General of New York
Says the Society and Officers
Will Be Prosecuted
WILL SEEK TO RECOVER FUNDS
Attempt Will be Made to Compel Hyde
and Alexander and Their Accom-
pIices to Dissorse the Funds AIIeg-
ed to Have Been WronsfuIy Taken
From the PoIicyholders.

New York. June 23.-Attorney Cen
eral Mayer announced last night that
he would institute at once legal pro-
ceedings in the name of the state
against the Equitable Life Assurance
Society and it's officers.
Il believe that an official should not
predict what he will do said Mr..
Mayer; performance is preferable to
promise. 1t is manifest however, tn 1t
the people turnout the whole country
are profoundly interested in the affairs
OF the Equitable society. Therefore, l
think it fitting to say that appropriate
steps will be speedily taken by me as
follows:
Il. To accomplish the return to the
Equitable of any profits wrongfully
made or retained by reason of trust
relations or otherwise.
'2. To debar from holding office in
this company any person who has been
faithless to his trust or who has vio-
lated any provision of law
-. To obtain an accounting for any
waste or misapplication Of funds for
any reason or by anybody.
There are certain other matters
of Importance which 1 am studying,
but to which it would be premature to
refer to in detail. 1t might, for in
stance, be to the interest of the policy
holders to learn the character of and
occasion for some of the legal services
But above all inquiries as to al
legged delinquencies, the greatest me-
cessity of the situation is that the
rights of the policyholders in all re-
spects should be ascertained clearly
and completely as quickly as legally
possible. In this and other particulars
shall try my best to attain results"
will criminal as well as civil pro-
ceedings be instituted?" was asked of
the attorney general.
IF any crime has been committed
by anybody" he replied, Criminal
proceedings are initially for the district
attorney"
Attorney General Mayer did not ar
rive in New York until late last even
ing, coming from Washington, where
he had been comforting with Secretary
Taft on state business. He will re-
main in town today to look further int
Equitable matters and the preparation
Of his proceedings.
Although the new Ryan dynasty in
the Equitable escaped criticism in the
Hendricks report, made public yester-
day, no such partially will be shown
in the legal proceedings. 1t is said
that the attorney generals fight will
be made solely in the interest of the
policyholder, to establish his rights. If
there is a mere house-cleaning now,
without revolution of the system of
doing business, there is no guarantee
against equally bad conditions creep
ing back again in few years.
Therefore Mr. Ryan, who owns the
majority of the stock, his three newly
created trustees, Cleveland, O'Brien
and Westinghouse, and Paul Morton,
the society's executive head, are to
be asked these questions:
What is to be yo"r policy of con-
Quoting the business
"What guarantees do you give the
policyholders that they shall have a
truly equitable share of the profits"
what is to be your clearly defined
claim on the surplus?
"Will you name the policyholders a
definite sum they may expect instead
Of the discretionary distribution now
made by the company"
It is said that high officials, both
national and state, have urged the at
torney general to go beyond the mere
question of dereliction~ Of duty on the
mart of Ea,1itable officers and have the
courts lay down rulings to insure the
policyholder getting all that is rightful-
ly due him.