Rensselaer Semi-Weekly Republican, Volume 37, Number 102, Rensselaer, Jasper County, 4 August 1905 — ASK A RECEIVER [ARTICLE]

ASK A RECEIVER

Policy-Holders Apply for Adjudication of the Equitable. Alleging that the Equitable Life Assurance Society is wholly unable to pay to its policy holders the snips to which they are entitled, Col. J. Wilcox Brown of Baltimore, Md., who has for the past thirty-seven years been dropping cash into the treasury, declares that the company is insolvent and asks the appointment of a' Receiver for the gross assets of $413,000,000 and that the right of the company to continue writing life insurance be stopped. Through his attorneys, Dos Passos Brothers, Mr. Brown filed complaint in the United States Circuit Court for the Southern District of New York. In this complaint lie casts doubt on the bona fide nature of the sale of the Hyde stock te Ryan. The complaint recites that juggling with funds, extravagance, misappropriation and other evils took place under the Alexander-llyde management. In view of the facts recited the court is asked to compel the society to produce all its books, papers and records an • place them at the disposal of the court; to compel it to render an accounting for its management and expenditure of all funds since its organization; that a trust be created to conserve such funds ns are at present to the credit of the society that all policy holders and all former policy holders and their representatives who may be entitled thereto be credited with a full, proper and equitable share in the surplus and assurance funds, at shall be ascertained from an accounting, and that the same be paid forthwith; and that the society, its officers, directors ami agents, pending this suit and forever thereafter, be enjoined from retaining or controlling or expending in any way tin funds received from policy holders and annuitants and the accretions thereof, or with the funds and investmentiv-V presenting the original capital of the society.