The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1905-12-12
Admitted That Hartman
Tried to Buy Some Of
His Equitable Stock,
But Declared That He
Refused to Sell.
District Attorney Jerome
Will be Asked to Insti-
tute Proceedings Be-
cause of Mr.. Ryan's
Refusal to Answer.

kNOW toihs ASSCs hOihuc
Ryan, owner of the controlling inter-
est in the Equitable Life Assurance
society, by virture of purchase from
James Hazen HYDE. Tor sz.oOo,vvO. VINO
is rumored to be after controlling
interest IN the New York Lie and the
Mutual Life. appeared before the in
surance investigating committee today
as q witness, but refused absolutely to
answer some of the questions put to
him by lnquisitor Hughes.
District Attorney Jerome is to be
requested by the legislative investigat-
ing committee to institute proceed
ings to punish Mr.. Ryan for his re-
fusal.
Mr.. Ryan admitted on the stand that
Edward Fl. Hartman had tried to In
duce him TO sell part of the stock
purchased by Mr.. Ryan from James
Hazen Hyde. He, was asked to repeat
certain statements made by Mr.. Harri-
man in that connection and refused on
the advice of his counsel Paul ID,
Cravath. During the recess at noon
the members of the committee con-
ferred on the course they should take
and after the reconvening of the after
noon session Chairman Armstrong Is
sued statement In which he said:
'The committee has determined to-
direct the secretary to transmit q Ger
titled copy of Mr.. Ryan's testimony
to the district attorney OF New York
county, with the request that proceed
tngs be instituted by him to punish
Mr.. Ryan for his refusal to answer
None Of the members of the COM
mittee would make any further state
ment regarding the matter.
Mr.. Ryan talked freely and fully on
every other subject concerning the
taking over by himself of the $780,
900 stock of James Hazen Hyde In the
Equitable, except the reason which
Mr.. Hartman urged upon him to get
him to part with portion or the
stock.
The break came In the proceedings
when Mr.. Hughes wanted to know
whether Hartman had offered, as he
said It was currently reported, to use.
his influence with the state adminis-
tration to prevent an insurance inyes-
tigation in the event he was given an
crest In the stock purchased by Mr..
Ryan from Mr.. Hyde. Mr.. Ryan re-
fused to testify as to what Hartman
had said to him In private converse
titn.
Mr.. Kyan's attorneys, Guthrie. Cra-
vath & Henderson. issued the follow
ing statement tonight:
"Mr. Ryan's position is simple one
and certainly will not be misunder-
stood. He was advised by his counseI
that the questions which he refused
to answer were not material or peril
nent to any subject under investiga-
tion by the committee and that he
was, therefore, under no co4lpulsion to
answer them, and that he ought not to
place himself in the position of volun-
tarily answering questions with re-
spect to what was said to him by
other gentlemen In the course of pri-
vate conversation on matters not in
volved In the investigation"
Asked to state what led to his pur-
chase, Mr.. Ryan said: i
h II had very large interests that
were certain to be affected seriously
by any disturbance In the financial
situation or confidence In. New. York
or any disaster that might come.
II saw In the virtual certainty OF a
recefvership OF the Equitable, Life such
disaster. impending, unless the facr
tlonal differences In the company
among the directors and In the man
agement OF the company should be
radically changed.
"To avert this and TO prevent the
frightful losses that would occur from
violent breaking up of the Equitable.
not only to the policynolders. but to
the financial community at LARCENY
self, as well--I thought that some one
ought to undertake the business OF
the company.
IL concluded at first to get together
number OF disinterested stockhold-
ers, but soon discovered that the
amount that could be obtained from
disinterested people--people who had
no axes to gTind-would be very small
so concluded to do 1t myself. On
buying the stock l determined never
to exercise the voting power for the
purpose of voting directors of the com
pany or for any other purpose, and
that ] would selsct trustees of such
high scharucter that their methods
would mot be esquestioned.r frr
mr. Ryan then explained In detai