The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-12-12

that question"
Mr.. Ryan-'I refuse o answer on
the same grounds
Now Mr.. Ryan l think you will he
entirely free to say what o said to
Mr.. Hartmann"
Mr.. Ryan-"Well told Mr.. Harri-
| wanted to be free and did not |
want any partners in the transaction"
Did you tell him why|
Mr.. Ryan-"My principal reason
that | wanted TO make this trust
deed in my WI way
Did you tell him that?"
Atr. Ryan-'I did
What did he say TO you?" !
Mr.. Cravath-"I advise that you are !
not required to answer, Mr.. Ryan. |
Mr.. Ryan-''The same nSwer MI.
Mr.. Chairman
The chairman-"Mr. Ryan, the COM
mittee does not want you to think that
it is seeking to he officious in the mat
ter"
Mr.. Eyan-''I know that.
The ~chairman-'It thinks you per-
formed Il great public service and is
only seeking to get you to complete
that service
MI. kEall-1 sui letl tldt j SiIouiu
not be required to answer
The chairman-'The committee d.
reefs you % answer the question which
is in regard to what Mr.. Hartman
said to you. Do you still refuse
Mr.. Ryan, still refuse, onadvise
of counsel"
In reply &c further questions bearing
on this subject. Mr.. Ryan aid the re-
lations between Mir. Hartman anu
himself were quite strained for several
days, and that the upShOt OF several III
terviews between the two men was
that Mr.. Ryan told Mr.. Hartman that
he intended to carry out his original
plan regardless Of what lie or any one
else might DO. Mr.. hartman would
have taken any part Of the stock when
he could have got, said Mr.. Ryan. The
witness again declined to answer when
he was asked whether Nj. Hartman
offered to put any share that he might
get into the trust which was afterWard
created by Mr.. Ryan.
Neither Mr.. Hughes nor the men,
bers of the committee insisted any
further upon anSwerS on this subject,
but asked Mr.. Ryan about othel mat
ters. Later in the day, however,
Senator Armstrong made an announce
ment hat the committee haG deter
mined-to transmit a certified copy or
Mr.. Ryan'S testimony to District AT
torney Heroine with a request mat pro-
ceedings be instituted by him TO pun
ISL Mr.. Ryan for refusing to answer
the questions. -
This course is rendered necessary"
said Senator Armstrong, "by reason or
the reason of the fact that the COM
mittee has no summary power TO pun
ish for contempt, While the legislature
IS not in session"
Counsel for Mr.. Ryan gave out a
statement tonight in which they stated
that if the committee a decided to
refer the matter to the district at1or-
ney there should be no difficulty in Sc
curing a ruling as to whether or not
Mr.. Ryan is compelled to answer the
questions.
When Mr.. Ryan was asked why he
paid nearly 5000 q share for STOCK
that paid only Z per cent dividends, he
declared that he did it to avert wha1
he feared would be the most tremen-
dous panic that his country has ever
seen" If the Equitable Society Were
forced into the hands Of a receiver by
the situation prevailing when he
| bought the stock. ''Frightful losses,
| he said, would have followed such a re
| ownership. and his own large enter
priSeS would have been seriously al
fected. To take this company out OF
the hands in which it was going to de
struction. and give it a clean, econo'
mical and efficient management, anC
restore it's prosperity for the benefit o.
all honest interests, Mr.. Ryan TESTIFIED
seemed to him, to be worth doing, ant
hat was one of his reasons for buying
control of the property
Mr.. Ryan declared that he regarded
as ideal the plan now in operation b!
which a board of trustees voted tht
stock he bought and that he has prom
ised to make the trust perpetual ant
intends to do SO.
If. however, the legislature SO de
cides he will not object, he said, TO tn
election of a majority of the board O.
directors by The policy holders direct.
Mr.. Ryan said he used his influence
TO have Paul Morton made preslden
of the Equitable Society. He. Ryan
insisted on the resignation of some OF
ficerS of the society. and that Mr.. MO
ton should be elected and have a ire
hand. He declined to say why he de
manded the resignation OF others
Mr.. RYAN said President Morton
there to protect the policy holders, ans
that Mr.. Morton talks with him. bu
Mr.. Ryan has been in the society
} building only twice siliee he purchase
the HYDE stock. Mr.. Ryan said tina
he does not sell securities to the soc1e
ty. and that loans are not made by tn
society in which he is engaged. ID
was O consulted about Mr. Morton,
salary.
Charles NJ. Turner, president Of tn
Il Security Mutual Company of Bingham
Il ton told about the purchase by Ill
company, OF the business of the Bans
ers Guaranty Fund Life Insuranc
Company Of Atlanta, Ga.
} 1t takes the finest Mexican Vanill