Audubon County journal. (Exira, Iowa) 1884-1993, 1905-08-03
SUES THE DIRECTORS
EQUITABLE MANAGERS ASKED TO
ACCOUNT FOR SURPLUS.

Attorney General of New York Files
Bill in Supreme court-Demands
. That Directors Refund Money to
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 OF New York
against the Equitable Life Assurance
society, its officers, directors and
members of the executive and finance
committees, all of which are named
in the complaint. The defendants are:
The Equitable Life Assurance society
OF the United States, and James W.
Alexander, Louis Fitzgerald, Chauncey
NJ. Depew, Henry c. Deming, Cor.
nelius n. Bliss, George H. Squire,
Thomas d. Jordan, Charles S. Smith,
Valentine P. Snyder, Alvin w. Kreck,
William Alexander, John J. McCook,
James B. Forgan, C. Ledyard Blair
Brayton Ives, Melville E. ingalls,,
James H. Hyde, Alexander ]. Cassatt
Jacob H. Schiff, James ]. Hill, T. JEFF
ferson Coolidge, Alfred G. Vanderbilt,
John Jacob Aston, William c.. Van
Horne, Gage E. Tarbell, Marvin
Hughitt, Charles B. Alexander, T. De-
witt Cuyler, Marcellus H. Dodge, j. F.
De Navarro, Brandish Johnson, Jo-
seph p. Low, John A. Stewart, Ed
ward H. Hartman, Levi P. Morton,
August Belmont Darius o. Mills, Rob-
ert I. Lincoln, George ]. Gould, John
Sloane, George T. Wilson, Thomas T.
Eckert William H. Mcintyre, Henry
NJ. Alexander, Henry c. Prick, Samuel
M. lnman, Henry c. Haarstack, David
H. Moffatt and Henry R. Winthrop.
Papers Served on Hartman.
A week ago, before the papers were
completed, Edward H. Hartman, on
the eve of his departure for Japan, ac-
cepted service of the summons in the
proposed action and many of the 9TH
er defendants, including James H.
Hyde, were served through their pri-
vate counsel. The defendants are al
service to file their answers.
This complaint charges that the in
diyidual defendants, disregarding their
duty to the society of which they
were directors, "negligently, improper
ly and improvidently performed such
duties and have habitually and con-
tinuously done. or suffered to be done,
wrongful, Illegal and improper acts.
whereof the defendant society has suf-
fered 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 10 the Equitable society any
moneys which they acquired by con-
| 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
tied to the policy holders in equitable
proportions.
Depew Improvement Company Loan.
OF the loan to the Depew Improve
ment company, the complaint charges:
THAT the defendants improperly, i'm
providently and wastefully procured,
and permitted the defendant society
to loan the sum of $25O,OOO 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
$25O,0OO was made upon grossly in
adequate security, and which property
securing said loan was appraised in
1901 by the insurance department of
the state of New York at the sum OF
$l5O,OO0. That said Depew Improve
ment company subsequently became
insolvent, and the property which Sc
cured said loan was bid in at foreclos-
ure sale for about $4,000, thereby re-
sultlng In a great waste and loss OF
the property of the defendant society.
That the referees deed for said prop
erty was not recorded by said defend
ant society until about July 12 1905,
| and that In the meantime no proceed
ings were taken to collect the judg-
ment for the deficiency thereon, and
the same has ever since remained due
and unpaid. That said Depew and
others of the individual defendants
agreed with the defendant society that
| they would save said defendant soci-
ETY. harmless from loss by reason of
said loan in said society, would re-
fraln from recording said deed and
from enforcing said deficiency judg-
ment. That said society did so re-
frain, but said defendants have neg
lected and refused to pay the amount
OF said losses said society had so suf-
fered."
Packing Plant Scorched.