The Grit-advocate., 1905-08-04
EQUITABLE IN COURT
NEW YORK STATE BEGINS SUIT
Officers Charged With Gross Misman.
agement-court Asked to Com.
pei Them to Make Good
All Losses,

New York. July 31.-.An action was
instituted to-day by State Attorney
General julius M. Mayer In the Su-.
preme Court of New York county, in
the name Of the people of the state Of
New York against the Equitable Life
Assurance Society, Its officers, direc-
tors and members of the executive and
fiscal committees, all of which are
named in the complaint.
1t charges that the society's funds
lave been grossly mismanaged and
wasted by the officers and directors,
and asks the court to compel them to
make good all losses caused by their
acts.
1t recites that when the Depew Inn
3rovement Company failed Senator De-
pew and associates promised to pay
the difference between the loans from
the Equitable and the amount realized
from sale Of the improvement COM
pany's property, but that the promise
has not been kept.
The defendants are the Equitable
Life Assurance Society of the United
States and James w. Alexander, Louis
Fitzgerald, Chauncey NJ. Depew, Henry
c. Deming, Cornelius N. Bliss, George
H. Squire, Thomas D. Jordan. Charles
S. Smith, Valentine P. Snyder, Alvin
w. krech, William Alexander, John ].
McCook, James B. Forgan, c. Ledyard
Blair, Drayton Ives, Melville E. ingalls,,
James H. Hyde, Alexander J. Cassatt,
Jacob H. Schiff, James J. Hill, T. JEFF
John Jacob Astor, William c. Van.
lit, Charles B. Alexander, Thomas De.
Nar To vi
Jose F. DeNavarro, Bradish johnson.
Joseph P. Lowe, John A. Stewart, Ed
ward H. Hartman, Levi P. Morton,
August Belmont, Darius o. Mills, Rob-
ert T. Lincoln. George J. Gould, John
Sloane, George r. Wilson, Thomas T.
Eckert, William H. Mcintyre, Henry M.
Alexander, Henry c. Frick Samuel M.
. lnman, Henry c. Hartick, David H.
Moffat and Henry R. Winthrop.
The complaint contains twenty-one
sections and covers thirty-three pages
of typewriter matter; refers to the
Frick committee report and the inves-
tigation made by State Superintendent
of Insurance Hendricks; is based on
information and belief, and Attorney
General Mayer in his prayer to the
court says that action was brought
on behalf Of the people Of the state OF
Vfw York in the public interests and
pursuant to the provisions Of law. He
therefore asks:
"1-That the defendants, each of
them, other than the defendant the
Equitable Life Assurance Society of
the United States, account for their Of
fetal conduct in the management and
disposition of the funds and property
committed to their charge.
"2-That the individual defendants
and each Of them be compelled to pay
the defendant, the Equitable Life AS
surance Society OF the United States,
any money and the value Of any prop
erty which they or any of them have
acquired to themselves, or transferred
to others or lost, or wasted, by via-
lation of their duties.
"3-That any defendant or defend
ants now director or directors or Of
ficers in the defendant society, upon
proof of misconduct, be removed, and
that a new election be held by the
board of defendant society purely au-
thorized to hold same, in order to sup
ply the vacancy or vacancies created
by the removal.
"4-That the net surplus of defend
ant society, after deducting sufficient
amount to cover all outstanding risks
and obligations, be paid to- or credited
to, or applied for the benefit of, the
present policy holders in the Equit-
able in proportion in accordance with
the charter and with the law.
"6-That the plaintiffs have such
other further relief as may be Just,
equitable and profitable"