Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-19
THE EQUITABLE DEAL
How it is Regarded in Wall
Street.
MR.. RYAN'S CHARACTER
ESTIMATE BY THOSE IN THE
BUSINESS COMMUNITY.
How He Brought Cleveland Out Of
Trouble and Saved Part Of
His Fortune.
By W. G. NICHOLAS.

His Fortune.
By W. G. NICHOLAS.
Special Correspondence Of The Star
NEW YORK. June IS, 1905
The stock market Is a dull affair. 1t
is almost entirely in the hands Of the pro-
fessional element and fluctuations are with
In a narrow range Fundamentally market
conditions are regarded as warranting pres
ent prices. but there does not seem to be
any wild desire on the part of the big
people to mark up quotations. The wait
ing Is row set down to desire to
how the crops pan out. Most of the i'm
portant operators in the street anticipate
eight or ten weeks of inaction. Money
is still reasonably cheap and 1t is likely
| the great disbursement period around July
! will pass without disturbance.
Wall street is sitting on fence watch
Ing with curiosity and interest the swiftly
| moving developments in the Equitable mat
ter. 1t has not been carried off its feet
by the hurrah campaign organized to make
the public accept the Ryan proposition
widely heralded as settling everything and
bringing about universal harmony. salts
faction and contentment. During the course
of busy and eventful life Mr.. Ryan has
QOne Things winch nave brought him into
the ltmelight OF undesirable notoriety. The
same in a lesser degree is true of Mr.. Paul
Morton, Ryan's representative in the Equi-
table. On past performances neither of
these gentlemen can expect to command at
the outset the unanimous confidence of the
100000 policyholders or the public at large.
The Wall street estimate of Mr.. Ryan is
that he is a financial swordfish of the first
magnitude. He Is looked upon the twin
brother, temperamentally, of Henry H.
Rogers-remorseless and unmindful of
everything in pursuing a purpose to end.
Both have been in the game long enough
to have their measures taken and their
characters understood by the community in
which they have done business and waged
battle with almost undertaking success in
the upbulding of fortunes colossal almost
beyond human understanding.
Masters of Financial Intrigue.
Both are masters Of financial intrigue and
every sort of manipulation known in the
world of money. Both have arrived" Both
are still intensely active In the field of de-
velopment and construction, yet strange to
say each now seems anxious to gain the
esteem and good will OF his fellow men.
1t does not follow that because Thomas F.
Ryan is willing to invest some of his super
f1uous millions in the Equitable reorganiza-
ton enterprise that he is a gift-bear3ng
Greek bent on despoiling the society Of its
800. 100000 of assets Mayhap he is really
anxious to erect a monument In the con-
temptation of which coming generations
will forget his previous record. The Wall
street population confesses skeptcism on
that point. however, and like the Mis-
sourian 1t voices the chorus you must
show me-" as preliminary to faith. 1t is
up to Ryan and Morton to show the people,
not only Of Missouri, but of the whole
country, that they are ION the level in
their pledges to restore the Equitable to
its proper position in the confidence of the
world. Until this Is clearly established to
| ga IF a ctr ha
outside public cannot be expected to take
too much on credit even though great and
honored names be lugged in as indorsers.
The new deal brings into close association
the Equitable and Mutual companies, and
by reason thereof forces the New York
Life to be decent. In combination the
Equitable and Mutual could make hard
shedding for the New York Life. but it so
happens that the house of J. P. Morgan &
Company, which dominates the latter, in
clines to friendly fellowship with the Thorn
as +. Ryan party. There have never been
any serious differences between these fac
tons, whereas on account of the latest re-
adjustment in the world of high finance two
distinct points have been gained by the
Morgan party, namely, the further humilia-
ton of E. II. Harrima nand the cutting of
the wings of George j. Gould.
1t is difficult to mark out plainly the d.
visional lines between the various Wall
street factions, for Standard Oil money Is
found In them all, and Standard Oil money
Is more or less responsible for what has
lately taken place in the affairs of the
Equitable Life Assurance Society although
1t does not dominate there as some as
sumo. Standard Oil money is back of George
]. Gould up to limit and the same is true
Of E. H. Hartman, but in both these in
stances ii has been found necessary to call
halt and frame policies for the restric-
ton of personal ambition the danger being
that both Hartman and Gould, if allowed
free rein, might cause widespread demon
aliZation and irreconcilable splits in the
harmony plans long ago framed and pa
tiontly being worked out.
Ryan's Influence Over Cleveland.
In answer to the oft-repeated query as
to the Ryan influence over Grover Cleveland
1t can be explained that there has existed
for many years a close friendship between
these two men. At the outset of his larger
political career William c.. Whitney was
the Cleveland director in chief. 1t was
through Mr. Whitney that the former Pres
ident made his first important money. That
was in connection with real estate deal
In Washington. Mr.. Whitney took charge
Of the Presidents business affairs and
speedily swelled the modest profit into
fortune Of several hundred thousand dol
lars This money was made in New York
traction ventures, deals in which Mr.. Ryan
was Whitney partner In conjunction with
the Elkins- Widener outfit of Philadelphia
During the four years between Cleveand's
presidential terms he was closely con-
nected with this traction party. Just be-
fore his second entry into the White House
there came an era of hard times and Mr.
Cleveland was practically wiped out
In the slang of the street he was nearly
"all in Messrs. Whitney and Ryan were
carrying tremendous loads at the time and
could not go any further in supporting Mr.
Clevelands commitments It was at this
stage that E. c. Benedict appeared on the
scene. and taking the load from the shoul-
ders of Mr.. Whitney he steered the Cleve-
land craft into safe waters and saved a
considerable portion of the fortune which
the ex-President had accumulated through
the kind offices of his political manager
and his managers friend. Mr.. Ryan. 1t
was that incident which cemented the
friendship between Mr.. Benedict and Mr.
Cleveland, an intimacy which has continued
unbroken until this day, Mr.. Benedict being
Mr.. Clevelands closest friend on earth.
Everybody in Washington remembers Mr..
Cleveland's grOuchiness during the first year
of his incumbency of the presidential chair.
His financial worriments may have been
the cause of this. He retired from public
life with a comfortable fortune, but largely
reduced from the paper fortune which he