New-York tribune., 1905-06-16
KR. RYAN AND THE EoUITaBLE


Some of Mr. Thomas F. Ryan's censorious
critics may now regret that they did not take
more benevolent view of the remarkable trans
action which has put the voting power of ma
Jorlty OF the stock of the Equitable Life Assur-
ance Society in the hands of three trustees of
eminent character and reputation The deed of
trust, made public this morning satisfies an in
tense curiosity as to various questions to which
Mr.. Ryans action legitimately gave rise
1t has been tnSinuated that he had associated
with himself in this affair men who did not en-
joy the public confidence and whose present
purpose was selfish and sinister. 1t now appears
that he is the sole purchaser and owner of the
stock majority acquired from Mr. HYDE and
that his only advisers were policyholders not
connected in any way with the management of
the society. There have been reports that the
price paid was so enormous as to amount to a
Scandal-that an honest intention could NOT m
derlle an investment that was legally limited TO
an annual return of per cent on 100000. Mr.
Ryan informs the public that he paid, not S12-
100000 or S10,000.000 or S., ,OO0 00O but So, 500
Oo0 The question has been smartly asked how
long the trust would last, the implication being
that complete control would probably revert to
Mr. Ryan as soon as the sharp impression of
recent disclosures had been effaced The deed
PROVIDES, ON the contrary, that the trustees shall
MI vacancies in their number and that the trust
shall be perpetual If they so determine
so far as the policy of naturalization IS con.
| cerned, provision is made for ascertainine and
fuLnlllng as promptly as possible the wishes or
the poLcyholders in respect to twenty-eight of
the nftF-tWo directors and for securing 70 them
II pracucable, the legal right to elect that num-
Der of representatives on the board Undoubt
eoly the double effort thus invited NAV prove
10 De subject to many embarrassments but the
good faith of the undertaking cannot be oues
toned We said the other day. by way of
strengthening resolution which we hoped Mr..
Ryan had formed. that perfect candor on his
part-a full explanation Of his extraordinary ac-
don-Was due to the Equitable poIicyholders
and TO the general public. He has wisely taken
that course, and thereby done all that could
fairly be required of him to remove suspicion
and restore confidence
AflUsion has been made to the fact that tbe
sum paid for 502 shares of the stock is far
smaller than the sum commonly imagined. as
1t certainly is only fraction of the price which
Mr.. Hyde might have accepted a few months
ago. Nevertheless, it is, of course an invest
ment on which the legitimate pecuniary return
must be exceedingly small and there are,
doubtless many who will ask, in an unfriend-
ly spirit, what Mr.. Ryans secret intentions are
He has not chosen to declare his motives but.
for our part, we are not indisposed to believe
that an exceedingly rich man chose to give him
self the luxury of doing an essentially unselfsh
thing for the protection of interests of enor-
nous magnitude in which he was not one of
those most closely concerned. We believe il to
be fact that the recent situation was full of
peril, and that the man whose Individual action
so greatly relieved 1t is entitled to the consid-
crate judgment, If not to the unqualified praise,
of the community.