New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-20
YOUNG SUIT COMPLAINT.
NO ALEXANDER CHARGES.
Mr. Frichc Fauors Ne5c-EngIa'ld
PoEcuhoLders on Committee.

According to the formal report OF New-Ens-
land pollcyholders' committee. released for pub
Hcation this morning, Henry c. FLICK ana SEN
stor Knox favor a suggestion that representa-
+i,-es of these policyholders be permitted TO I'll
the two vacancies in the Frick committee
Headed THE New-England Protective Com
YnittAe OF the Policy Holders" Cof the Equitabie)
and dated Boston. Mass, May H. the circular
IS signed by william whitman chairman
r.ouis D. Brandeis CcounseD. and Arthur Amory.
(;aorge P Field and Edwin II. Abbott. all OF
Boston II contains this interesting paragraph!
We conferred as 70 the course to be pursued
with Frederick l. Cutting Insurance Coll INNS
sioner Of Massachusetts. who is also pTeeIueI'
OF the National Convention or insurance OoIII-
nissioners Acting on his Recommendation we
presented to Mr. Frick. chairman or MS COM
inIttee The request that representatives or poh-
cvholders be permitted to participate in the IN
vestigation This request was received faFoIA-
bly, by both Mr.. Frick and Senator Knox tne
counsel Of the Prick committee. IheY SUE
eested that representatives Of policyholders Dc
selected TO fill the two vacancies existing on
the Frick committee.
nittee considered that it had not power TO &C.
cede TO our request. and that its Qembers We're
unwilling to recommend 70 the directors e4tneI
such enlargement Of the FTick committee or the
creation of a separate investigating committee
of poIicyholders which should cooperate with
the Prick committee in making the tnvestiga-
ton and reporting thereon. We therefore pre-
scented TO the whole board Of directors a request
permitted to participate in the investigation
This request has not yet been acted on
The New-England committee invites the CO.
operation OF all Equitable policyhoders ire
spective Of residence The New-England recon-
mendat1ons include the prohibition Of officers
from holding Office in other corporations and the
institution Of treasury safeguards and publicity
methods OF accounting. The committee also
recommends radical economics in management
$4,000
the necessary expenses OF the committee. CO.
GENERATING poIicyhoIders pay an assessment of
one-ffth Of l per cent of the face Of their
policies. that is. 81 a $1,000"
COMPLAINT IN THE YOUNG SUIT.
In the afternoon President Alexander Vice
President Hyde and Michael Murray. the Equit-
able's cashier. were served with the complaint
IN the suit brought by Senator Bracket for
Mrs. Mary Young. 1t was remarked that the
only mention Of President Alexander in the
document was that the acts charged were
committed while he was President of the So
ciety.
1T is the same old fake suit. reeking with
faIsehood," was the comment of Samuel Inter
nyer. of counsel to Hyde, ait his country home
at Yonkers last night. 1T looks like another
Peter Powers case The only interesting ques-
ton in the case is Where did the woman get the
one snare OF STOCK alter JIIe tIouOie III TIC
Equitable began upon which she bases her
sIIit7"
Mrs. Youngs complaint recites the various
charges made while the controversy began and
calls on the officers and directors for &C
counting, charging a shortage of the Societys
funds Many of the specific charges have been
published already in the Tribune
The complaint declares that Mr.. Hyde by
virtue of his control of the majority of the stock
controls the board of directors; has elected
dummy" directors, citing those who. it is al
legged, own no stock interest.
The complaint goes on TO give increases Of Mr..
fIydes salary and the dates Of the increases. as
told recently in these columns. Mrs. Young al
leges that Mr.. Hyde has wrongfuIly taken from
the treasury various sums to pay for his per
Eonal travelling expenses and the travelling ex-
penses Of his friends. well for balls and
dinners. including the Cambon dinner and the
French masked ball at Sherrys. as we'll as for
the salaries of personal employees. two of whom
have received more than $4,000 each; that Mr..
Hyde has caused - be paid to William H. Nc
Intyre and Henry r. Winthrop large salaries for
services rendered largely to himself
The complaint also charges that Mr. Hyde
and others have frequently underwritten secur-
fties OF various corporations. large blocks of
which have been paid for by the Equitable. Mr.
Hyde, according to the complaint has grossly
underrented portions of the Equitable real
estate, the alleged wrongful rentals including
those to the Mercantile Trust Company, various
safe deposit and trust companies and restaurant
keepers in buildings Of the society elsewhere.
Allegations are made regarding the Kuhn.
Loeb & CO. underwriting. These are followed
By the charge that Gage Z. Tarben has wrong
fully sold to the society certain interests in
renewals Of policy premiums. receiving there
For ahn r.,
salary Of $4,000 has been unearned.
The complaint declares that William H Nc
Intyre's salary of $4,000 was grossly i'm
proper" and Mr.. McIntyre's receipt of it fraud
ulent." Mr.. Winthrop's receipt of $1,000 is sim
iarly characterized. The defendants are de-
clared TO have been negligent by their failure to
nave and enforce any proper system Of credit
so that Mr. Hyde could not have wasted the
funds Of the society upon his own receipt and
approval alone"
Other negligences charged are: Failing to pre-
vent the funds Of the society from being used
in the purchase Of the stocks Of various trust
companies at larger figures than the market
prices Of such stocks, including a large block
OF the stock of the Equitable Trust COMPANY
ior which the society paid nearly 100000
more thsh IL was worth; permitting the funds
OF me society TO be deposited IN certain trust
companies for the private advantage OF some
OF certain OF the defendants and at low rates
OF interest or with no interest at all; permitting
me FUNDS or the society 10 be used to obtain
ia various states legislation supposed To he 10
Eorable to the society and to prevent in vari6ne
sIaIes legislation supposed to be inimicai "a
The Interests OF the society "a :"
In closing the plaintiff asks judgement ,to.
each deIendant Tor the amount Of waste To-.
winch ne Is liable and asks for an accouDtine,
PETITIONS I'M BANKRUPTCY
he fall