The Red Cloud chief., 1905-08-04
SUES FOR MILLIONS
EQUITABLE MANAGERS ASKED TO
ACCOUNT FOR SURPLUS.

the Society.
New York, Aug. IAN action was
instituted by States Attorney General
Julius M. Mayer in the supreme court,
New York county, in the name OF the
people OF the state or New York
against the Equitable Life Assurance
society. its officers, directors and
members OF the executive and financ
committees, all of which are named
IN the complaint. The defendants are:
yhe Equitable Life Assurance society
Of the United States, and James w.
Alexander, Louis Fitzgerald. Chauncey
u. Depew, Henry G. Deming, Cor
nelius N. Bliss, George II. Squire.
Thomas ID. Jordan, Charles s. Smith,
Valentine p. Snyder, Alvin W. Kreck,
William Alexander, John ]. McCook,
James b. Forgan, c. Ledyard Blair,
Brayton Ives, Melville f. ingalls,.
James II. Hyde, Alexander ]. Cassatt,
Jacob II. Schiff, James J. Hill, T. JET.
terson Coolidge, Alfred @. Vanderbilt,
John Jacob Aston, William c. Van
Horne, Gage Il. Tarbell, Marvin
Hughitt, Charles p. Alexander. T. De-
witt Cuyler, Marcellus II. Dodge, j. F.
De Navarro, Brandish Johnson, Jo-
seph p. Low, John A. Stewart, Ed
ward II. Hartman, Levi p. Morton,
August Belmont, Darius o. Mills, Rob-
srt T. Lincoln, George j. Gould, John
sloane, George T. Wilson, Thomas T..
Eckert, William H. Mcintyre, Henry
N. Alexander, Henry c. Frick, Samuel
N. Inman, Henry c. Haarstack, David
II. Moffatt and Henry II. Winthrop.
Papers Served on Hartman.
A week ago, before the papers were
completed, Edward II. Hartman, on
the eve OF his departure for Japan, ac-
septed service of the summons In the
proposed action and many of the 9TH
or defendants, including James II.
Hyde, were served through their pri.
rate counsel. The defendants are al
lowed twenty days from the time Of
service to file their answers.
The complaint charges that the In
dividual defendants. disregarding their
duty to the society OF which they
were directors. "negligently, improper
~ and improvidently performed such
duties and have habltually and con-
%tinuously done, or suffered to be done.
wrongful, illegal and improper acts.
whereof the defendant society has suf.
tered great loss" and demands
that the defendants account to the
state for their official conduct, their
management OF the company and the
disposition made of their charge;
that all the directors be compelled to
pay to the Equitable society any
moneys which they acquired by o n
nection with the society and moneys
which, under the management, were
lost or wasted, and that the moneys
recovered in the suits shall be cred
ted to the policy holders in equitable
proportions.
pepew Improvement Company Loan.
OF the loan to the Depew Improve
nent company, the complaint charges:
THAT the defendants improperly, i'm
providently and wastefully procured,
and permitted the defendant society
10 loan the sum Of $3.50, 900 to the
Depew Improvement company, a cor.
poration doing business In the state
Of New York, in which company the
defendant, Chauncey M. Depew, and
others Of the individual defendants
were stockholders. which loan OF
3250.000 was made upon grossly in,
adequate security, and which property
securing said loan was appraised in
1901 by the insurance department oil
the state OF New York at the sum Of
$50. GOO. That said Depew Improve
nent company subsequently became
msolvent, and the property which Sc
sured said loan was bid in at foreclos
IRE sale for about $50, 900, thereby re
suIting In a great waste and loss o.
The property of the defendant society
That the referees deed for said prop
srty was not recorded by said defend
ant society until about July ~, 1905
and that In the meantime no proceed
fngs were taken to collect the judg
nent for the deficiency thereon, an,
che same has ever since remained du,
and unpaid. That said Depew an,
others of the individual defendant
agreed with the defendant society tina
shey would i've said defendant soc
ETY. harmless from loss by reason O
said loan in said society. would RI
frain from recording said deed an
from enforcing said deficiency judt
ment. That said society did so re
frain, but said defendants have ne;
sected and refused to pay the amour
NJ caiA lnaeaS ooid cociafv hud CO CO