Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-12-09

relations later when Mr.. Hartman be-
came satisfied that I would not part
kyith that stock to him or anybody
else.
Mr.. RYAN said that later he bought 81
shares more of the Equitable stocks. ne
did this to qualify directors without re-
ducing the stock in trust. He paid s21oV
a share for these IS shares to Fl. NJ. Alex
ander, who delivered the stock. MI Ryan
said all but l. shares had been sold 10
trustees or directors of the society. MI
Ryan said he was interested in the WASH
ington Life but not in any other OF tne
three big Insurance companies. lie joined
with GOV. Levi p. Morton in buying S'Oo, :
900 worth of stock in the company at z
time when the company needed support.
Mr.. Ryan got one-third of the So'o"'
Gov. Morton bought also the Sl21,oo orig
inal stock of the Washington Lie MT.
Ryan said he used his influence to nave
Paul Morton made president OF the
Equitable society. Mr.. Ryan said he in
sisted on the resignation of some ofhrerS
of the society and that Mr.. Morton should
be elected and have Il free hand.
Mr. Ryan offered a letter which he had
written to Mr.. Cleveland calling the lat
tiers attention to the fact that public
confidence had been shaken by the cOndi-
ton in the Equitable society. Mr. Hughes
also read another letter written by Mr..
Ryan to the three trustees OF the Foul
table society in which Mr.. Ryan SAID he
was sole owner of the 3O2 shares of the
Hyde stCckS and was under no obligation
to any living man. Mr.. Ryan's letter de-
clared he would sell his stock only to the
society for its own benefit but the trus-
tees could retire it by paying Ryan $500
600. Mr.. Ryan testified that he got no
part of his payment of $2.5O0,0G0 back from
Hyde and was rot holding the stock for
Mr.. Hyde. Mr.. Hughes asked why Mr..
Ryan represented himself to be acting
with ut her I,oIi,.N holders when no ma ia.
the purchase. Mr.. Ryan replied that there
We're some small policyholders who ex-
pressed a willingness to join him but they
did not do so. He heard there were men
In Wall street who had axes to grind and
who wanted to get the stock. ffe thought
that purchase by these interests might
be detrimental to the society and might
give an advantage to certain financial en-
by any such influences in getting control
of the society. He wanted to shut out
from the Equitables treasure house men
who had interests of their own to adj
vance
Mr. Ryan said that he did not sell So
curltles to the Equitable society and that
loans were not made by the society to
enterprises in which he is engaged
Mr.. Ryan said he had no objection to
allowing the policyholders to elect a ma
jority of the directors. but he wanted tho
stock to hold at least minority inter-
est IN the board. He regards the trustee
Assemblyman Cox asked if the public
cannot properly demand that Mr.. RYAN
sell his stock. Mr.. Ryan said the trus-
tees hold it and he had promised at the
end OF five years to make the trust per
petual.
Il am under an obligation to make it
perpetual, said he, Il consider it the
same as though | have given a note
Mr.. Ryan was then excused.
Chas. M. Turner, president of the So
cnritE Mutual Co., of Binghamton, was
then recalled.