Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1905-12-16
RYAN WOULD NOTSAY
WAS DOING GREAT PUBLIC SERVICE
witness said Ne Gave S2,5O0,000 to
Avert Worst Financial Panic This
Country Had Ever KnDsyu-He
Had No selfish Motives.

Had No selfish Motives.
NEW YORK, Dec. 9.-Thomas r.
Ryan put himself in contempt Of the
legislative insurance committee by re.
fusing, on the advice of counsel, TO an
swer all questions bearing upon con
yersation had with Edward II. Harri.
man when Hartman sought 20 break
into share Of the Ryan purchase of
Equitable stock.
The committee has all tie powers of
a court, Ia fact, it represents the high
est court in the state
Under protest Ryan admitted that u
few days or the day after he had pur-
chased Hyde's Equitable stock Harri-
man had asked to share IA the owner
ship
4 declined, said Ryan. II didn't
want Mr.. Hartman or any one else
who had anything to DO with the big
insurance companies In any way to be
ia this matter with me"
Hughes pressed for the reasons which
Hartman advanced to be permitted to
become q partner of Ryan
Ryan said he didn't think he should
be asked TO repeat private converse
ton.
Paul J.. Crayath. Eyan's personal
counsel, advised the witness not to an
swer unless he wished 10 do So
Why did You invest S2500,000 in
stock which you Immediately handed
over to trustees and from which you
could get no more than per cent?
asked Hughes.
Il thought / was doing a great public
service" answered Ryan slowly. 81
believed at the tune and believe now
that II the Equitable hud gone into the
hands OF receiver this country would
have seen a most tremendous panic,
the worst it had ever known"
Ryan described the conditions OBJ
tanning at the time hc bought the Equl-
table by saying that he had great inter
ests at stake which might have been
sacrificed.
The Hyde stock, added its present
master, was paid for by his check for
100000.
And here follows the examination:
"Will you state. Mr. Ryan, what led
you to make the purchaser"
81 had very large interests that were
sure to be affected seriously 10y any
disturbance in the financial situation
or confidence in New York or any dis
aster that might come. saw in the
virtual certainty Of a receiyership OF
the Equitable Life such a disaster inn
pending unless the factional differences
in the company among the directors
and the management of the company
should be radically changed TO avert
this and 90 prevent the frightful losses
that would occur from the violent
breaking up of the Equitable not only
to the policy holders, but to the finan-
cial community al large myself as
WE'LL thought that some one ought to
undertake the business. My theory
about success in America is that a
man is not judged so much by what he
has as he is by what he does, and this
seemed to me to be thing worth do
ing. My first idea was to get together
Il number of policy holders who would
take this company out of the hands in
which it was going to destruction and
give it clean management, economical
and efficient and restore Its prosperity
for the benefit of all honest interests.
/ soon concluded that the amounts that
could be obtained from disinterested
people-people who had no axes to
grind-would be very small, so | con-
cluded to do it myself"
1t is said that District Attorney Je-
rome is to be requested by the legisla-
tive investigating committee to insti-
tute proceedings to punish Mr.. Ryan
for his refusal to answer questions adj
dressed TO him by Mr.. Hughes, counsel
for the committee.