Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-04-21
Bill Filed In I. S Circuit Court,
Chicago, Asking That One
Be Appointed
POLICYHOLDERS BROUGHT SUIT.
General Agents Committee Arrange a
Conference With Supt. Of In.
surancs Hendricks

Chicago. April FLA bin for the APP
poIntment Of "a receiver for the Eluit-
able Life Assurance Society of the
United States and seeking an account
ing was filed I'm the United States cir
cult court here today by Atty D. j.
Schuyler, Tho petition is filed In the
name Of Abraham Stron ana others,
poicyholders of the society Sitron
says he holds a $4,000 policy I'm the
society and that his interests are being
dissIpated by the officers and directors
Of the society lie names specifically
President D. w. Alexander and Vice
President James II. Hyde.
GENERAL AGENTS COMMITTEE.
Syracuse, n. w. April 2l,--The gem
eral agents committee Of the Equitable
Life Assurance society arrived today
and arranged a conference with Supt. or
Insurance Francis Hendricks,
Joseph Bowes, of Baltimore, was
spokesman Of the committee To Mr.
Hendricks, the state superintendent Of
insurance Mr.. Bowes reviewed the ac-
ton of the agents convention In ia
VOr of naturalization and then made
an address. lie declared the agents
were iu position to know what policy
holders wanted The prevailing con-
ditions had alarmed the policy holders.
The original plan of the founder, he
said. contemplated naturalization. For
the first time the question of ownership
Of the vast surplus had arisen, The
time had come for the change and
when the society could no longer be
regarded as the patrimOny Of one man.
He was informed IN reliable authority
he said, that 3S or 40 directors do not
own the requisite amount of stock re-
quired by the charter. There is no
animosity among the agents against
Mr. HYDE, he said but a change must
be made to deprive him of the inn
mense power he Yields The commit
tee promise effected was a miserable
one, which Is disappointing. the real
ization Of which win be delayed by
litigation, The policy holders in the
meantime suffer
Nh. Hydes elevation, he asserted.
was due TO sentiment because Of his
descent from the founder For Eve
years he had been watched, helped and
forgiven until sentiment was exhaust
ed
Il, A. Woods, Of Pittsburg, president
Of the agents, next addressed Mr., Hen
bricks. He told of the immense tan
gible interests Of the agents and de-
clared that under the present system
Of control the Equitable stock
could be transferred to a
party even more dangerous than
In the bill President James w, Alex
andcr and Vice President James H..
Hyde are charged with misoppropria-
tion OF funds and mismanagemen Tho
bill declares that for 10 years the char
ter of the company and the laws of
New York have been violated inasmuch
AS the officials have failed to distribute
the profits Of the company among the
policy-holders
The complaining noIiey-holders are
seven I'm number each holding policies
Of from $1,000 20 $3.50,
Atty. Schuyler. who flied the b.
said that the comnlaindnt5 had a meet
ing and decided to take the matter into
the federal court. II is their wish, he
said to have receiver appointed and
the affairs Of the society ended, so that
the policy holders may have a just dis
tribution Of the funds and profits now
ON hand 80 further steps than the
request In the bill have been taken for
the appointment Of q receiver but Atty.
Schuyler said that within % few days
he viii go into court in this Connec-
ton.
The bill alleges that for a number
Of months the president and vice presi-
dent and directors Of the corporation
have engaged IN a controversy IN rea-
ton 10 the management of the busi-
less transactions of the company and
also In relation to the disposition and
custody of the assets. This controversy
II Is declared, is proving detrimental
and destructive 10 the business OF the
corporation and the interest Of the pol
icy holders. The controversy, IL is all
legged is between James w. Alexander
and james n. Hyde and other officers
Of the society The petitioners alloge
fear on their part that the controversy
may result IN the dissolution Of the
corporation.
The bin further rccitcs:
James W. Alexander and James II,
Hyde and certain directors and eXecu-
tive heads Of the corporation have in
violation Of the corporations charter
and the laws of the state of New York
fluduently used and converted money
gnd assets of the company TO their own
use, and have fraudulantly used, man
lpulat'd and dissipnted and otherwise
disposed Of the money and assets I'm
such q way and manner that the cor
porltiOn has lOst the money ana assets
$50 manipulated by Alexander, Hyde and
other directors and that Alexander
hyde and the directors have made
large profits ls % result OF these man
puatiOus The profits, while belong
IIgr D., tho a,p,nr4tI4r h.y. I.nf, t,,