The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-08
POSES AS SAVIOR
OF WALL STREET
Continued From First Page.

J H d. + . .
effect because he feared undesirable
men might be elected by policyholders
| on chance vote. The agreement has
been carried out so far as Mr.. Ryan
! knows. The trustees have the sole
right to vote the stock and to elect the
board of directors.
| Why Did Ryan Buy?
| Chow did it happen that you were
willing to pay $2,500,00O for stock
which you then put into the hands Of
I per cent =" asked Mr.. Hughes.
IT did it for the purpose I de.
thought I was doing a public service,
and to prevent the most tremendous
panic the country has ever seen if the
Equitable went into the hands of re-
ceiver.' s..+
Mr.. Ryan said he thinks the policy
holders are safer under stock owner
ship because there would then be a re-
sponsible management.
Reverting to Hartman s request for
permission to take a portion Of the
stock, Mr.. Ryan said he thought likely
he told Mr.: Hartman he should go
ahead with his plan as he saw fit, re-
CARELESS of what Mr.. Hartman wanted:
MI. Ryan told Mr.. Hartman he wanted
to be undisturbed in putting the plan
of trustees into operation. Mr.. Ryan
did not remember how much of the
stock Mr.. Hartman wanted, and he de-
clined to say whether Hartman Of
fered to put the stock in trust. Mr..
Hartman, he said, was the only man
who tried to get share Of the stock.
Breaks with Hartman.
FOur relations became strained. ,;
said Mr.. Ryan, "but we resumed rela-
| tions later, when Mr.. Hartman became
satisfied that -! would not part with
that stock to him or anybody else. .
Mr.; Ryan said that later he bought
eighty-eight shares more of the Eqqi-
directors without reducing the stock in
trust. He paid $4,000 share for these
| lightweight shares to Fl. NJ. Alexander,
who delivered the stock. -,
Ryan did not settle the ~. W. A..
account No. 81 between James W..
and the Mercantile Trust company ex-
cept. that the eighty eight shares of
stock was in that account. Mr.. Ryan
| said all but twelve shares had been
sold to trustees and directors Of the
society. He bought the eighty eight
shares as cheap as he could get it, and
could not have carried out the trustee
|
Mr.. Ryan said he is interested in the
Washington Life, but not in any other
OF the big insurance companies.
In the Washington Life.
Mr.. Ryan then described the begin
ming of his interest in the washington
Life. He joined with Governor Levi
T. Morton in buying 100000 worth of
stock in the company at the time when
the company needed support: Mr..
Ryan got one-third Of the 100000.
Governor Morton bought also the $125,-
600 original stock of the Washington
Life.
Mr.. Ryan said he used his influence
to have Paul Morton made president
of the Equitable society. He, Ryan,
insisted on the resignation Of some
officers Of the society and that Mr.. Nor
ton should be elected and have free
hand. He declined to say why he de-
manded the designations Of others. :
Mr.. Ryan said President Morton is
there to protect the policyholders and
that Mr.. Morton talks with him, but
Mr.. Ryan has been in the society Is
building only twice since he purchased
the Hyde stock.
Mr.. Ryan said that he does not sell
securities to the Equitable society and
that loans are not made by the society
to enterprises in which he is engaged
He was not consulted about Mr.. Nor.
toms salary.
Trustee Plan ''Ideal."
He had no objection to allowing the
poicyholders to elect majority OF
the directors, but he wanted the stock
to hold at least a minority interest i1
the board. He regards the trustee pla1
as IDEAL
Mr.. Hughes said a great deal de
and that Mr.. Ryan had selected very
distinguished ones, who, Mr. Hughe
hoped. will live long. Mr.. Ryan sait
the trustees ought to be paid for thei
service, but at present they were do
ing only public duty.
Assemblyman Cox asked if the public
cannot: properly demand that Mr.. Rya,
sell his stocks. Mr.. Ryan said tn
at the end of five years to make tn
trust perpetual. He does not conside
that he controls the stock for voting
He agreed with Mr.. Cox that his prom
Use to make the trust perpetual is per
sonal and cannot be enforced on hi
estate. He thinks he can make it per
petual in his will.
it perpetual,N said he. ut consider i
the same as tho I have given note. ,
He did not agree with Mr.. Cox that HI
ought to disclose what Mr. Hartman
said about a sharing of the stock.
MIR. Ryan was then excused
Jerome on Watch.
District Attorney Jerome has ar
ranged that a complete copy of tn
official transcript Of the evidence takel
be given to him. He has intinated t,
- | the cOmmittea that bo rs ~ hpi,,.