Los Angeles herald., 1905-12-09

to Mr.. Hartman"
Mr.. Ryan--well, ] told Mr.. Hartman
I wanted to be free and did not want
any partners i'm the transaction.
Odd you tell him why?
Mr.. Ryan-My priclpal reason was
that / wanted to make this trust deed
in my own way
Odd you tell him that?
Mr. Ryan, did.
Q.-What did he say to you?
Mr.. Cravath-I advise that you are
not required to answer, Mr.. Ryan.
Mr.. Ryan-The same answer, Mr..
Chairman.
The Chairman-Mr. Ryan, the com
mlttee does not want you to think that
1t is seeking to be offlcious in the mat
ter.
Mr. Ryan, know that you don't
The Chairman--It thinks you per-
formed great public service and is
only seeking to get you to complete
that service.
Mr.. Ryan, still feel that 1 should
not be required to answer.
The Chairman-The committee directs
you to answer the question which is
asked in regard to what Mr.. Hartman
said to you. Do you still refuse?
Mr.. Ryan, still refuse, on advice of
counsel.
In reply to further questions bearing
on this subject, Mr.. Ryan said the
relations between Mr.. Hartman and
himself were quite strained for sew
eral days and that the upshot of sew
eral interviews between the two men
was that Mr.. Ryan told Mr.. Harri-
man that he intended to carry out his
original plan regardless of what he or
any one else might do Mr.. Hartman
would have taken any part of the
STOCK which he could have got, said
Mr.. Ryan. The witness again declined
10 answer when he was asked whether
MI MI! Hartman offered to put any share
mat ne might get into the trust which
was atterward created by Mr.. Ryan
Neither Mr.. Hughes nor the members
OF the committee insisted any further
upon answers on this subject, but asked
MT. Ryan about other matters, Later
IN the day, however, Senator Arm
strong made an announcement that
the committee had determined to
transmit a certified copy of Mr.. Ryan's
testimony to District Attorney Jerome
with request that proceedings be in
stituted by him to punish Mr. Ryan for
refusing to answer the questions.
This course is rendered necessary"
SAID Senator Armstrong, "by reason of
the fact that the committee has no
summary power to punish for CONTEMPT
while the Legislature is not in ses-
SION"
Counsel for Mr.. Ryan gave out a
statemtn tonight in which they stated
that II the committee had decided to
refer the matter to the district at
torney there should be no difficulty in
ruling as to whether or not Mr.. Ryan
is compelled to answer the questions.
Wanted to Avert Panic
When Mr.. Ryan was asked why he
paid nearly $4,000 a share for stock that
paid only per cent dividends, he re-
piled he did it to avert liquidation that
would cause the greatest panic this
country has ever seen If the Euuita-
bic society We're forced into the hands
of receiver by he situation prevail
Ing when he bought the stock Fright
ful losses. he said would have followed
such receivership, and his own large
enterprises would have been seriously
affected. To take this company out
of the hands in which it was going to
destruction and give it a clean, eco
nomical and efficient management and
restore its prosperity for the benefit
of all honest interests, Mr.. Ryan testi-
fled, seemed to him to be worth doing
and that was one of his reasons for
buying control of the property. Mr..
Ryan declared that he regarded as
ideal the plan now in operation by
which a board of trustees votes the
stock he bought and that he has
promised to make the trust perpetual
end intends to do so. If, however, the
legislature so decides, he will not OBJ
ject, he said, to the election of a ma
jority of the board of directors by the
policy holders direct