Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-08

Mr. Ryan, "but we resumed relations later.
when Mr. Hartman became satisfied that
I would not part with that stock 10 MN OF
anybody else Mr. Ryan said that later
hs bought lightweight shares more of the
Equitable stock. He did this to quarry
directors without reducing the stock IN
trust
He paid $500 a share for the eighty
eight shares to II. NJ. Alexander, who de-
livered the stock. Ryan did not settle the
~ w. A. account No. g. between James
W. Alexander, Mr., Jordan and Mr. Hyoe
and the Mercantile Trust Company, ex
cept that the eighty-eight shares OF STOCK
was in that account.
Mr.. Ryan said all but twelve shares mas
been sold to trustees or directors OF the
society He bought the eighty-e ght snares
as cheap as he could get 1t and could not
have carried out the trustee plan unless
he got this stock
Interested in Washington Life.
Mr. RYAN said he is Interested in the
Washington Life, but not In any otner Oh
,ha big insurance companies. MI Ryan
then described the beginning OF his interest
in the Washington Life Company. He joined
with Gov Levi P. Morton In buying S'oV,oVo
worth of the stock in the company at t1lf,e
when the company needed support. M
Ryan got one-third of the s3Vlooo. GOV;
Morton bought also the $4,000 original
stock of the Washington Life. Mr. Ryan
said he used his influence te-have Paul MOT
ton made president of the Equitable society:
He (Ryan) insisted. on the resignation or
sosne officers of the society, and that MI.
Morton should be elected and nave free
hand He declined 10 say why ne de-
mauded the resignation of others MT
Ryan said President Morton is there TO pro
feet the policy holders, and that Mr.. Morton
talks with him. but Mr. Ryan has been IN
the society's building only twice since ne
purchased the Hyde stock.
Mr. RYAN said that he does not sell securi-
siss5 10 the society and that loans are not
made by the society in enterprises In which
ne is engaged. He was not consulted ABOUT
Mr.. MortOn's salary. He had no obJectloh'
he said TO allowing the policy holders TO
elect a majority of the directors, but ne
wanted the stock to hold at least minority
interest in the board He regards the trus-
tee plan as ideal
Character of the Trustees.
Mr. Hughes said a great deal depended on
ths character of the trustees and that MI
RYAN had selected very distinguished ones
whom Mr. Hughes hopes will live long Mr.
RYAN said the trustees ought to be PAID Tor
their service, but at present they were DO
ing only public duty.
Assemblyman Cox asked II the puoilc can
NOT property demand that Mr.. Ryan sell
his stock Mr.. Ryan said the trustees hold
II. and he had promised at the end or -FOUR
years To make the trust perpetual he does
not consider that he controls the STOCK LOT
voting
lie agreed with Mr. Cox that his promise
TO make the trust perpetual is personal and
cannot be enforced of his estate. lie tLlhhs
he can make 1t perpetual In his WILL am
under an obligation to make IL perpetual,
said he. Il consider il the same as though
/ have given note" He did not agree
with Mr. Cox that he ought to disclose what
Mr. Hartman said about sharing of the
stock. Mr.. Ryan was then excused.