The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-12
'RYA AN AS LINK in
INSURANCE TRUST
Man Who Bought Equitable Con-
troll Also Rules the Wash
ington Life Company.

New York, July 12.-Thomas F.
Ryan controls more than the Equitable,
IN the insurance world, according to
the Post, which says that in addition
to his purchase of the Hyde stock in
the Equitable, Mr.. Ryan controls, with
his associates, the Washington Life
Insurance company. The Post says:
Since Jan. 1 the affairs of the Wash
ington Life have been. managed entirely
in accordance with the desires of Mr..
Ryan and others with, him in the Equt-
able purchase. From an. | it has had
as president "a former official Of the Mui
tual Life Insurance company, who was
given leave Of absence" for three months
by President McCurdy of the Mutual.
Washington Lies Affairs.
In February general attention. was at
tracted to the affairs Of the Washington
Life by the report made to District At
torney Jerome by State Superintendent
of Insurance, Hendricks, who declared
that the mismanage of its affairs
had been simply incomprehensble.~. -
One of the first discoveries made by the
investigators was that the company not
only was involved to the extent that its
surplus was wiped out but its capital
stock was impaired. However, under its
charter it was possible for thescapHal Of
the company to be increasedsste $500, 00oS
and this was done, the company thus be-
ing given s375.000 worth OF stock to offer
for sale. 9" .>-o :
The control Of the s1a5. 900 OF stock was
/ held by William "A. Brewer, Jr.. and his
associates. Levi P. Morton was a di-
rector Of the Washington Life. The in;
creased stock was offered for sale at
] 5000 a share but no purchaser appeared.
Levi p. Morton's Share. -
It was when things were in this condi-
ton that Levi P. Morton. one of the old
est Of the directors of the Washington
in fact. the only. remaining charter men,
! ber-repudiated an option on the control
! Of the stock (the existing, s125, 900 stockl
at PAR. e.. at $50 share.
Z As director, Mr.. Morton, president of
the trust company that bears his name
!; and OF which Thomas, F.. Ryan Is vice
( president knew exactly what the details
were which had been disclosed by the in
/ surance departments examination. With
this knowledge he made his offer in De-
cember and almost Immediately the offer
was accepted and the designations of the
executive officers of the company were
!, placed in his hands and later those of the
! Equitable officials were placed in the
! hands Of Paul Morton.
, Ryan's Purchase Of Stock.
. ,On Lee. 81 an OIIer was. maze Dy InOm-
as F. Ryan and associates for the pur-
! chase of $4,000 worth of new stock for
I se56,250. OF this amount Thomas F.
Ryan contributed s21s.75o, Levi P. Nor
! ton, the president Of the trust company
Of which Mr.. Ryan is vice president,
$21s.75o, and Harry Payne Whitney, an
4 other director of the same company,
4 $218,750. By noon on the same day.. the
s. sale having been ratified, the money was
%11 x1riS1, NJ 17,hf oh
Z Mr. Ryan is vice president. The usual
depository of the Washington Life has
hitherto been the Chatham National
) bank. :. Z &C.. p =" -Hfhi : -, !
The company had balances in four New
I York banks of over million dollars at
! the end of December, 1904, or nearly II
per cent Of all it's assets. Shortly after
!: the purchase by Mr.. Ryan and his asso-
Il ciates Of the new stock, the bulk, of this
I sum was transferred to theeMorton Trust
4 company. - :. -. 5
II, IL ~ The Mutual Lies Share
i Having thus, secured the control aof the
company thru the new stock, Mr. Ryan
4 Immediately exercised the option, given t.
I his associate, Mr. Morton respecting the
Z purchase at par of the Brewer stock
s which formerly had controlled the com
I. pany. ..-..@ .:., r..
Owing to the connection which the Nor
y ton Trust company has with the Mutua,
9 life Insurance company, 1t was perhaps
q not surprising that Mr. Ryan should have
y looked in that direction when he came tt
e choose a president for his new concern
g He picked out the then associate actuary
s OF the Mutual Life. John Tattlock, tt
s. whom President McCurdy promptly gave
s. q leave Of absence for ninety~d days: Fol
& vice president he chose, Charles S. Allen
R ex-governor Of porto, Rico. Mr.. Aller
q was then. and is now, also a vice presi
+ dent Of the Morton Trust company.
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