The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-20
RYAN SHOWN UP
| AS PHILANTHROPIST
His Pure, Unselfish Motives Re.
vealed in His Washington
Life Deals.
Journal snecial Service.

New York, Dec. 20.--Thomas Fortune
Ryan as a practical philanthropist has
been shown in queer light before the
Armstrong investigating committee.
Mr.. Ryan testified when on the stand
that he bought control Of the Equitable
Life to save the general situation,
protect the interests Of the policyhold-
ers and reform the evils in the manage
ment of the society.
u. H. Hartman testified that he was
not satisfied as to the unselfsh inten-
tions Of Mr.. Ryan and that he doubted
seriously the purity of his motives in
getting control of the Equitable.
Last December Mr.. Ryan, with his
business associate, Levi P. Morton, got
control of the Washington Life Insur-
arce company. Mr.. Ryan is the domi-
nant factor in the Washington, whose
affairs were investigated by Inquisitor
Hughes yesterday.
Mr.. Ryan previously testified that he
ington Life to eradicate evils in it's at
fairs, put it upon a sound basis and re-
form and organize its management and
in general uplift it's tone to the high.
est possible standard Of business NOR
ality.
! Shock to Committee.
What he has done in the Washington
Life in view Of his high-sounding pro
testations to save the market gave the
members of the Armstrong committee
and it's counsel shock.
The revelations make it practically
imperative that Paul Morton, Mr.
Ryan g president of the Equitable Life
be subpenaed to see if Mr.. Ryan has
exercised any Of his high finance skill
in the direction Of the $416,O0O,0O0 as
sets Of that society.
At yesterdays session Of the Arm
strong committee it was shown:
That the Washington Life never par
ticipated in syndicate until aftel
Thomas F. Ryan got control Of the com
pany. Since Jan. last it has partici
pated in six syndicates, two of which
underworld the securities Of the corpo
rations. One Of the six syndicatei
underworld bond issue of the Bethle
hem Steel corporation, Of which Mr.
Ryan is director.
Tobacco Trust Bonds.
That since Jan. last the Washing
ton Life has bought and sold the bond
and stocks of the American Tobacco
company. Mr.. Ryan is a director O.
the American Tobacco company and i
first vice president and director O.
the Consolidated Tobacco company
which is the tobacco trust and whicl
owns the American Tobacco company
4 That practically all the meetings O
the finance committee Of the Washing
ton Life have been held in Mr.. Ryan
Office Mr.. Ryan and his business as
sociate, Levi P. Morton, are the donii
nant members Of the finance committe
: Of the Washington Life. This commit
tee decided upon all the purchases an
sales Of securities made by the Wash
ington Life. -
That after Mr. Ryan came into COZ
!. troll Of the Washington Life, it's d.
: post ACCOUNTS with the United State
Mortgage & Trust company and tn
Bank Of America were closed and tn
money kept on deposit with those il
+ stitutions was transferred to the Mo-
ton Trust company, of which Mr.. Rya
: is the acting head.
: ..>}. b Ignored by Ryan. .t.5r
e That, altho the auditing committe
Z Of the Washington Life made repol
8 in July last expressing displeasure wit