The San Francisco call., 1905-06-24
COURTS AWAIT
EQUITABLE CASE
Summer Vacation Suspended
Upon the Suggestion of
District Attorney Jerome
SUITS BEING PREPARED
Men Who Handle the Funds
OF Society Must Explain
Their Financial Methods


NEW YORK, June 23-The regular
summer vacation of the Court of GEN
eral Sessions viii be suspended this
yenr. SO that the court may be avail
able II District Attorney jerome begins
prosecutions in connection with the af-
fairs of the Equitable LIE Assurance
Society. This action wns taken upOn
the request of District Attorney Jerome.
District Attorney Jerome. in making
his motion to suspend the courts vaca-
ton, said he had a letter from Governor
Higgins offering to place the evidence
obtained by Superintendent of Insur-
ance Hendricks, at Jerome's disposal.
Jerome added:
1T is my desire to have that evidence
and 1t is my intention to go through
1t thoroughly. am not in a position to
know at this time whether there has
been any violation of the law, but it
is my duty to find out
1T is unusual for the Governor to
address letter such as I have re-
ceived to the District Attorney. and 1T
focuses public attention upon me. I
have made arrangements with Justice
Davy of the criminal branch of the
Supreme Court and he will continue
the June term of that court through
the summer. The powers of both courts
can. If necessary. be invoked. 1t will
take me some time to learn whether /
snail neeu the assistance or the courts.
SOON TO BEGIN ACTIONS.
Attorney General julius M. Mayer
was at his Office to-day, engaged in
EQUITABLE Society. When asked how
soon he would begin action against
the Equitable officers scored in the
Hendricks report, Mayer replied:
Action will be taken as soon as it is
physically possible and 1t will not be
matter of weeks, but days only before
We will be ready. Not only have 1 got to
go over the Hendricks report, but the
testimony which preceded that report,
and on which the reportis based
He was of the opinion that separate
actions would be taken, one for the resti-
tuition of funds wrongfully taken and an
other for the debarment proceedings
against officers of the society. He said
This Is a novel action, and it is the
first time in the history of the State of
New York where debarment proceedings
against officials of an insurance company
will have becn taken. Under the insur-
ance law, the application of which mas
never yet been put in practice, the Attor-
ney General has power to debar officers
of an insurance company who have been
found derelict in their duty. and this de-
barment not only precludes them from
holding positions officers, but also de-
bars them from acting directors, not
only in the company from which they
have been debarred, but from any other
insurance company doing business within
the confines of the State. and the Attor-
ney General is the one to enforce the
action.
STATEMENT FOR HYDE.
James H. Hyde. through his counsel,
Samuel Untermeyer, has indicated to At
torney General Mayer his willingness to
facilitate the Attorney Generals pro-
posed suit against James H. Hyde and
associates for the return of the profits
received by them in the syndicate trans
actions in which the Equitable Society
was involved.
Hyde said he was anxious for an imme-
diste determination of the question of
the owne rship of this fund, for "if he is
right. he believes himself to be, the
decision will relieve him from the criti-
cisms that have been leveled against him
in the report of the superintendent. which
he regards as most unjust and as based
upon total misapprehension of the law
and facts"
Attorney General Mayer informed Hyde
that he will avail himself of the offer to
expedite an immediate determination in
regard to the matter.
BERLIN, June 2S.-Over sixty policy
holders of the Equitable Life Assurance
Society held a meeting here to-day un-
der the auspices of the German Fire In
surance Protective League to discuss the
measures to be adopted in their interest
in view Of recent events in connection
with the Equitable. DR.. Gruendler, the
EquitabIes representative In Germany,
read a cable message from Chairman
Merton assuring the policyholders that
the assets of company were intact
and that their interests were not endan-
gered and that all abuses in the COM
pany would soon be removed. The COM
panys property in Germany amounts to
Sc, ,21O 900 on $4,000 900 of insured capital.
The Austrian policy-holders Of the
Equitable have asked the German League
to take care of their interests.