The free lance. (Fredericksburg, Va.) 1885-1926, 1905-12-12
70 TRY TOpt}ISII RYAN
Financier Refused to Answer Cues
tions Before Insuranc, Probers.
BOUGHT STOCK TO AVERT PANIC
Believes That BY Buying Hydc's
Holdings In the Equitable Society
He Prevented a Tremendous Finan'

Believes nat ~ bIJn9 IJN~
Holdings In the Equitable Society
He Prevented a Tremendous Finan-
cial Crash.
New York. Dec. 9.-The legislative
committee which is investigating life
insurance Conditions determined to
send to District Attorney jerome re-
quest that he institute proceedings
against Thomas +. Ryan. financier and
owner of the majority OF the stock OF
the Equitable Life Assurance Society
TO punish Mr. Ryan for refusing to an
swer questions before the committee.
Mr.. Ryan had refused to answer when
asked what T.. II. Hartman. president
OF the Union Pacific and Southern Pa
cifc Railroad companies, had said 10
him when Mr. Hartman tried to in
duce him 10 share mis- control OF the
Equitahle society with Mr. Hartman.
Mr. Ryan was asked whether hr.
Hartman had threatened that results
disastrous to Ar. Ryan's interests
wSuld ensue or if Mr.. Hartman had
told him that some action TO investi-
gate life Insurance companies would be
taken by the state legislature or any
officer OF the government unless Mr..
RYAN consented 10 share his stock with
him. Acting on the advice OF his attor-
rev. Paul y. Crayath. Mr.. Ryan de-
clinod 20 answer those questions, al
though Senator Armstrong. chairman
OF the committee. directed him to do
30. Mr. Ryan. however. did answer one
question by saying. that Mr.. Hartman
did net tell him at that time there
would b. a legislative investigation OF
the ne Insurance business unless he
gave mp pert Of the Hyde stock.
Mr. RYAN had already testified that
ne secured coulrol Of the Equitable So
ciety uy paying James II. Hyde 81
goo. eco for SOP shares o the total 1000
shares Of the society.
In reply 70 further questions bear
ing on this srbject. Mr. Ryan said the
relaiio.s between Mr.. Hartman and
himself were cutie strained for sew
eral days and that the upshot Of sew
or9l interviews between the two men
was that Mr. Ryan told Mr. Hartman
that No. Intended to carry out his orig
inal plan REGARDLESS Of what he or any
ono else mieht DO Mr. Hartman would
have taken any part Of the stock which
he could have got said Mr.. Ryan. The
witness a~ain declined to answer when
he Wa arr,d whether Mr. Hartman
offered 10 my share that he might get
into tar trust which was afterward
created by ilr. Ryan.
When Mr. Ryn was asked why he
Maid nearly sJco, o share for stock that
paid only per ont dividends, ne de-
olar.d th7t no did it to avert what he
feared would be the most tremendous
paric that this country has ever seen.
If the Eqritsble Society were forced
into tho hands Of receiver by the sit
uaHon prevailing when he bought the
stock. Frghtful losses, he said. would
have followed such a receivership. and
his own enterprises would have been
seriously affected. To take this COM
pany out Of the hands in which 1t was
going 10 destruction and give 1t clean,
economical and efficient management
and restore its prosperity for the bene-
ft Of all honest interests, Mr.. Ryan
testified. seemed to him to be worth do
ing and that was one of his reasons
for buying control Of the property.