The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-08

New York, Dec. S.-Thomas F. Ryan,
before the insurance investigating cons
mittee, today testified that he bought
the Hyde Equitable Life stock because
he believed that by SO doing he pre-.
vented the most tremendous panic the
ieved would have followed if the Eq,
uitable would have been put in the
hands of receiver.
Mr.. Ryan said that after his purchase
j. II. Hartman, president of the Union
Pacific, desired to share in the pur.
chases. Mr.. Ryan refused Mr.. Harrt
man s offer.
Mr.. Ryan declined to answer ques,
tions as to what was said at the COM
versation between him and Mr.. Harrf
man.
Mr.. Hughes said he wanted. to know
whether there was any truth in the re.
port that it was limited there would ba
an Investigation Of the life insurance
business it Mr.. Hartman was not given
an interest in the Equitable.
Mr.. Ryan declined to answer and was
upheld in his declination by Paul D.
Cravath, his attorney. Chairman Arm.
strong of the committee said the ques,
ton was proper and should be answered.
<.~ GuCSGlOA dS To 1lISdC.
Mr.. Hughes here asked If Mr.. Harri.
man had said anything to intimate that
anything disastrous would happen to
Mr.. Ryan 'sainterests if he refused to
share with Mr.. Hartman. Mr.. Ryan
again refused to answer, altho Chair.
man Armstrong in the name Of the COM
mittee directed him to reply. Then, on
advice of counsel, Mr.. Ryan replied
that Mr.. Hartman had not made such
a threat.
NJ. Ryan said he had directed his
council to make the trusteeship Of
Equitable stock perpetual because Id
did not want any heir Of his ever ia
control the property.
At the opening of his testimony Mn
Ryan, questioned about his purchase Of
the Hyde stock in the Equitable. said
that he paid James Fl. Hyde So, 800, 00d
for the stock.
"Did you abtain an advance from
any institution?' asked Mr.. Hughes.
ENo.D
No One Helped Him.
Mr.. Ryan added that no one contrib.
uted to the payment. He said he knew
Of the provision in the charter Of the
Equitable society that the stock can
pay only. Z per cent in annual dividends.
He said he was moved to make the
purchase because he had large interests
that would be affected by financial dis.
in receivership for the Equitable soct.
ety. To avert this he thought he ought
/ to get possession Of the society.
His theory was that man is not
Judged so much by what no is as by
what he does and it seemed worth doing
to take this property out of the hands
in which he believed it was going to
H. Of ,,N&%
ercise the voting power, but to put that
power into the hands Of voting trustees
Of so high character as to be above
suspicion.
Letter to Cleveland.
Mr.. Ryan offered a letter which he
had written to Mr.. Cleveland, and ii
was read by Mr.. Hughes. The letter
called Mr.. Cleveland's attention to the
fact that the public confidence had been
shaken by the. condition in the Equit.
able and that loss of the confidence OF
the public amounted to a public mis-.
fortune. It described the trustee.
voting now in operation in the society.
Mr.. Hughes read another letter writ
ten by Mr.. Ryan to the three trustees OF
the Equitable society in which Mr..
Ryan said he is sole owner of the 500
shares Of the Hyde stock and is under
no obligation to any living man. Mr;
Ryan g letter declared that he would
own benefit, but the trustees could re-
tire it by paying Ryan So, SOC, 900.
Mr.. Ryan testified that he got no part
Of his payment Of $2,500,000 back from
Hyde and is not holding the stock fol-
| Mr.. Hyde.
Mr.. Hughes asked why Mr.. Ryan rep
resented himself to be acting with other
| policyholders when he made the pur.
chase. Mr.. Ryan replied that there
were some small policyholders who ex-
pressed willingness to join him, but
| they did not do SO.
Wall Street Greed.
He said there were men in Wall
street. who had axes to grind, and who
| wanted to get the stock. He thought
| that purchase by these interests might
be detrimental to the society and give
an advantage to certain financial enter
prises He denied that he was moved
himself by any such influences in get
ting control Of the society. He wanted
to shut out from the Equitable treas
ury house men who had interests OF
their own to advance.
/ Mr. Ryan said that while the term
of the trust was for five years only, he
agreed to extend it so long as he lives
He had requested particularly that the
| clause in the purchase agreement pro-
] viding for such extension be made bind
The trustees, he said, did not CON
| suit him as to whom shall be elected
/ directors. Mr. Ryan said the trustees
could reject men chosen by vote of pol