The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1905-07-21
RYAN To SELL HIS
EQUITABLE STOCK
AGREES TO TURN 1T OVER TO
THE SOCIETY.
This Step, II Is Said, viii Mutualize
the Society With Little
Delay.


New York July 17.-From a director
of the Equitable Life Assurance Socie-
ty 1t was learned this afternoon that
Thomas F. Ryan, who recently pur-
chased the stock holdings of James H.
Hyde, has made an agreement with the
three trustees Of the Ryan holdings
and the newly elected directors to sell
the stock he purchased back to the
Equitable society.
This sale Is to be made as soon as
possible it is stated, and Mr.. Ryan
has agreed to turn it in to the society,
thus thoroughly mutualizing it, for the
sum he paid for it, $2,500,000, plus
per cent interest between the dates o.
his purchase and the sale.
IL was stated that a number of the
newly chosen directors, those selected
by the trustees, Grover Cleveland,
Judge Morgan ], o'Brien and George
Westinghouse, accepted posts in the
directorate only after they had been
assured most emphatically that such
an arrangement was in view and that
such agreement existed between Mr..
Ryan and the three trustees.
Through this agreement Mr.. Ryan
must return to the Equitable society
all of the Hyde holdings, the majority
stock of the concern, which he pur-
chased, and permit the title to same
to pass into the corporation. and
through that to the policy holders.
This, 1t was pointed. out, will more
thoroughly and more speedily mutual
ize the society than any other proce-
dure.
When they directors did accept they
were given every assurance, it is stat
ed, that an agreement for the sale OF
the stock not only existed, but that
conditions to such state that the
transfer oil the majority holdings from
Mr.. Ryan to the policy holders of the
Equitai lie may take place at an early
date.
Just when this sale might be ex-
pected to eliminate in the actual
transfer, the director giving the infor-
nation was not in a position to state.
He did say, however, that from some
inside and all outward indications 1t
might be expected soon.
At e meeting of agents of the
Equitable held this afternoon in the
Offices of Archibald C. Haynes. at No.
20 broad street. it was learned that
new policies intended for the agents
to handle are being drawn up. Under
these new policies the percentage to
Il. L. r,,N
agents under Mr.. Haynes now receive
80 per cent of the first years premium
and 5 per cent for IA renewals I'm
der the new policy this percentage, 1t
Is said. will be increased.
James Hazen Hyde visited the Equit-
able building today and took drink
Of mineral water at a soda water booth
In the corridor. He was asked when
he intended going to Europe. II have
no intention of going this year." was
the reply.
District Attorney Jerome has re-
ceived the testimony taken by Supt.
Hendricks in the Equitable matters.
He announced that II he is not delayed
he will drop down town tomorrow and
take the testimony with him, for it's
uninterrupted perusal. He will not dis
euss the matter in any way at present.
1t was said today that at the next
meeting of the directors of the Equita-
BILE society, on July 23, three or four
additional names for directors will be
presented by the board Of trustees.
These names. through some oversight,
were not presented at the last meeting
of the directors, as was intended.
Boy Drowned Tn Cistern.
South BEND. Ind. July 1.-THE 8.