The Birmingham age-herald., 1905-12-12

A World will say tomorrow that an = < agreement has been reached to ' > elect Charles A. Peabody president ' < of the Mutual Life Insurance com < > pany at a meeting of the trustees . : Tuesday.
 s-<<<<<<-<->-<<<<<
 New York, December 1.-The legislative life insurance investigation committee headed by Armstrong appeared tonight to have succeeded in its attempt to make Thomas F. Ryan divulge what E. Il. Hartman said or threatened to do to in- fuence him to divide his control of the Equitable Life Assurance society District Attorney w. T. Jerome, who was asked by the committee to take steps to punish MT. Ryan for refusing to an- swer the questions about MT. Hartman, reported to the committee that he has informed MT. Ryan's counsel that MT. Ryan ought to answer. MT. Jerome also wrote to the committee that he believes MT. Ryan will answer if brought before the committee again.
 MT Ryan, who bought O2 shares of the stock of the Equitable Life Assur- ance society last summer and placed them in trust to be voted by three trustees of whom Grover Cleveland is one, was on the witness stand before the insurance Investigating committee last Friday. He testified that on the day he got possess sion of the Equitable stock E. H. Harri- man, president of the Union Pacific and Southern Pacific railroads, and director of the Equitable society. asked him for 1ft tta Stn man said to him to induce him to part | with that stock, Mir Ryan refused to tell l the committee.
 Questions Ryan Wouldn't Answer.
 The specific questions which MT. Ryan refused to answer were:
 | "Did Mr. Hartman say there would be any result injurious to your interests in case you refused to admit him to share | in the ownership?'
 "Did Mr. Hartman threaten you with any action on the part of the legislature, or that investigation by any official or l the government should be taken In the 1 event you refused to accede to his re- quests?"
 | Chairman Armstrong directed MT. Ryan l to answer and when he consistently re- l fused, asked MT. Jerome to punish him. At the conclusion of todays hearing Sem ator Armstrong made public a letter from MT. Jerome in which the district attorney wrote in substance as follows q reached the conclusion that as a matter of law. MT. Ryan should answer the questions proposed to him, although at first their materiality might appear doubtful. "Believing, however, that the object of the committee in calling my attention to | the matter was to secure the testimony raj ther than the punishment of MT. Ryan, 1 sent for MT Ryan's counsel, Paul D. | Cravath. and informed him that in my l opinion MT. Ryan ought to answer the questions propounded to him. l infer from l what Mr. Cravath said that MT Ryans refusal to answer sprung from disin- clination to repeat what he deemed nrivate conversation rather than from desire to deprive your committee of the 1 beneft of any knowledge possessed by l him. ,
 .I am satisfied from much talk with MT. Cravath that if you recall MT. Ryan he will abide by my decision on tne poiht | of law and testify fully to the matters in regard to which he has refused to tes- 1 tify"
 Ryan Will Testify Today. l Mir Hughes declined to say when MT. l Ryan will be recalled, but 1t was pre- l sumed he would take the witness stand | tomorrow or the following day. Subse- ouently Guthrie. Cravath and Henderson, | counsel for MT Ryan, gave out a state l ment that they have advised Mir Ryan that he should answer the questions. and l that he is prepared to do so whenever recalled by the Investigating committee. To that statement was attached letter from District Attorney Jerome to Paul D. Cravath advising him that MT. Ryan 1 ought to answer the question.
 The committee was engaged Tor part l of the time today in inquirng into the affairs of the Prevalent Savings Life As surance society of New York. Charles E. Hughes. counsel for the committee, had | brought out by questioning Edward w. Scott the president of the company, that | when Frank w. Hadley of New Bedford, | Mass secured control of the company in 1S96 he borrowed s162000 from the com pany on His collateral notes O pay up for the stock of the insurance company. Mir Scott testified that MT. Hadley never
 renorted those loans. and the insurance
 comnany realized only s30.000 on the sale
 of the collateral. Companies in which Mir
 uadley was interested failed. and he died.
 Tt cost the insurance company just
 s162. 900 for MT. Hadley to get control Of
 it." said MT. Hughes.
 pos,dos the s162.oO0 MT Hadley had
 borrowed s2O0.000 to pay for the assur-
 ance company's stock. and had put up
 that stock as collateral. Mir. Scott testi-
 fled that he bought that stock at auction
 after Mir. Hadley's death. and borrowed
 inc money to do it from the New York Se-
 curity and Trust company. John A. Me
 Call, president of the New hork Liie z
 Insurance company MT. Scott said. stood
 hack of him in the negotiation of the
 loan.
 Other witnesses have testified that the
 New York Life Insurance company con
 trolled the New York Security and Trust
 company. After he got control of the com
 pany. MT. Scott and John A Horan, brother-in-law of John A. Mccall. was
 made comptroller of the Prevalent Saw
 ings Life Assurance society at slo00 a
 year.