The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-07-12

Situation Caused BY Publication
Of Testimony at Equitable
Investigation
4 NEW DIRECTORS ELECTED
Evening Post Says Ryan Also
Controls ashiligton Life
Company 5l
.(By Associated Press, J

NEW YORK July liza sufficient n,iM-
Der Of directors TO carry on tho business
Of the Equitable Life Assurance Society,
without, however, filling all tho vacnn-
ctes caused by designations, were scloctcd
today 1T ii meeting Of the three trus-
tecs Of tho majority stock. rho names
wilSnot be made public until after they
have boon presented to tic board for
formal election. tss ~
Much comment was excited by the pub
LEGATION In Il morning paper OF tho tess
ftnony taken at the investiga ton by
Superintendent Hendricks. Former Gov
ernor Odcll, in an interview ut Nowburg,
stated that he had seen none Of tho
evidence until its publication, and offered
important suggestions for remedial legs-
lntion at the present extra session Of the
Legislature. No official COPY Of tho tes-
tOmony has yet reached District Attorney
Jerome, In spite. as he said, to-day, of
efforts on his part to secure a copy.
Tarbel1 Retained. #
Chairman Morton Of tho Equitable Life
Assurance Society. announced this af-
sternoon that hc intended to retain the
services Of Second Vice President Gage
/ 3D. 1'nrbcl. lie said he has u promise OF
Mr. Tarhels hearty co-operat ton In the
reorganization OF the socicty's business
and that Mr. Tarboll's promise, II carried
out, VIII help In no small degree towards
the recovery of much Of the business tina t
has been lost In the last MALT year. Mr.
Morton also said that 3he resignation
of Archibald c. Haynes, local agent for
the Equitable. will not be accepted
Controls Another Company.
Tho Evening Post to-day says that
Thonns f. Ryan, inEadditon to his
purchase Of the Hyde stock Of tho Euui-
table Life Assurance Socity, also con-
trolls, with his associates, another life
insurance company. The Evening Post
says:sE
when the attention Of the financial
world was attracted to Thomas Il. Ryan,
traction operator and future builder of
subways, by his purchase from james
H. Hyde of tho 502 shares OF stock which
controlled tile affairs of the Equitable
Tifo Assurance Society. 1t was mot
known that Mr.. Ryan and his assocla tes
already controlled one other life lnsur-
ance company. Men
'Slnce january 1st Of tho present year
the affairs of the Washington Life ln-
surance Company have been managed
entirely in accordance with the desires
of Mr. Ryan and others who We're as
ISOLATED with him in the Equitable pur-
chase.
S''ln February last general attention
WIS attracted to the affairs Of tho
Washington Life by the report made TO
District Attorney Jerome by State Su-
perintcndcnt Of Insurance Hendricks,
who declared that the mismanagemcnt
of its affairs had been simply incom-
prchensiblc.
4 zone OF tho first discoveries made by
the investigators was that the company
not only was involved to the extent that
its surplus was wiped out but that It's
capital stock was Impaired. However,,
under It's charter, It was possible for tho
capital Of the company to be Increased
TO 100000. and this was done the COM
pany thus being given $4,000 worth Of
stock to offer for sale
Bought BY Ryan.
Tho Evening Post says that this adli-
tional stock was bought by Ryan, Levi
r. Morton and Harry Payne whitney for
S656 $50 and that the original stock OF
Sl25, 600 was acquired by Ryan ut par, or
$50 {, share. designations of the wash
lngton Life officers were then placed IN
Ryan's hands, and the balances of the
company woro transferred 10 inc MOT
ton Trust Company.
lowing to tho connection WHICH the
Morton Trust Company has with the
Mutual Life insurance Company, It was
perhaps not surprising that Mr.. Ryan
should have looked In that direction whell
hc came 10 choose n president for his
now concern. IIc picked out tho then as
socluto acluary Of tho Mutual Life, John
Tatlock, to whom President McCurdy
promptly gave a leave of absence fof
ninety days. For vlce-nresident he chose
Charles II. Allen, Ex-Governor OF Porto
Rico Mr.. Allen was then and Is now
also Il vlce-presidentof the Morton trust
Company"