New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-09

ov ont your wishes in the management OF M se
iqg dbes He Is there to carry reforms in the
v6 for y s6 sen aem 5e M9r
ton in any way to exercise any c2n ont do not
Does he advise with you as TO wns he talks
be done Af he talks bs to the SniIding but twice
since o bought S g1 ne his Whole time TO the Equitabe
AEntirely severed from the f9af entirely
that he to go ae 9on been appointed Off
GERS of the company or elected to places upon s
R@f think not; / don't know Of any "ouio
heye it m I99x mot have been fully deeoped as to
the matter in which Mr. Morton ton Sye3tioned some
thing about committee having T Tate was g com
m M tie @ Of three iss / think
BOARD ELECTED MORTON
OF the board? A-of the board Of directors director
old board I'd board s T of directors
doubt more than ad Gns s or Two OF the d.
6."And who were on the sub.committee? A
1 only remember Mr. Moffatt Of Denver Col,
Q.GAnd who waited upon Mr. Morton? AM
sRgFss'sa9 Sr any xo Sqs prior & to that
was very sorry that the question came up at tha'
GIT was an entire surprise? 1t came up with
regard to Mr.. Morton? .A.-Oh, yes; never heard
oTnen took it with him 5h and Nd Mor sGn
fRin talked fG with o %T M ER attn MI
Tht at tm Inc wheR you TseH Gq It Wds
e eTsps a R RoroRaa re Of days hs
the stock TT had virtually been decided that Mr.
Morton would become chairman OF the ooar f5in or
that that II sbou hdd ba nUt had
for him as chairman, | think H. l should have re-
n the oRqr Rs With which he
connected? Ain the other enterprise; ,,,,,,iru
to buy the stock you made it a condition that they
Cleaning A-That is right
o,-TRat was the effect OF it It was suggested
stock to have Reorganization Of the management
b6Tgh the h stock hady that %as
Q.-But what I particularly anxious to bring
cal owner Of the stock through the executive
officers of the & dPef nen or Of tbe Egu
| BILE? Al am not, Mr. Hughes, in any way
agemen cement Of ST the For example, take the matter
buying and ID selling y no
have ave not 9skd you whether you sold seeuF
Q-And with regard to the making Of collateral
| loans. are you consulted in regard 20 that! a.
No sir; that is in the hands of the finance COM
oSAre loans made to enterprises for the benefit
Not that 1 know of-in fact, answer that no;
/ Q-Do you fix the salaries of those that en-
DO t6 do not but mean in % do Ho
Q.-Do you have anything to do to determine
wa" oso ney we are to understand that the manage
n es IS b el resnonsbiIitV Of the board and the
board is elected apart from any recommendation
'a.1Were you consulted as to the salary that Mr..
| Q.-Do you know of how that happened to be
or ed By the or
| by the whole board.
Mr.. RYAN EXPLAINS PLANS.
In the remainder of the session Mr. Hughes
| and members of the committee examined MIR.
| Ryan closely as to how the purposes he held
regarding the Equitable stock could be carried
| out in case of his death-that is, how the trus-
tee control could be perpetuated. Assemblyman
| Cox suggested that the pressure exerted by Mr..
| Hartman to divide the control might be re-
newed Mr. Ryan declared that he regarded this
| incident as closed. He further explained that
| he did not believe and was not acting under
/ the idea that he had control for the purpose of
| voting his stock. He then declared that his
| counsel Mr.. Cravath, at work trying to
| frame a legal form by which his will might per-
| petuate such trustee control and that he be-
| lieved it could be accomplished without legis-
| lation.
Il have assumed an obligation" he insisted.
IAN obligation binding on your conscience7'
| queried Mr.. Hughes
81 consider it if l had signed a note" was
| the calm reply. Mr.. Ryan admitted however,
| that any legislation along this line would be ap-
| proved by him. But he said that he did not ap-
! prove of legislation which would exclude the
stock from minority representation in the di-
| rectorate unless properly retired Summarizing
his position. he said;
A-Wen. I assume, without having any consuta-
ton with my counsel about that. L have assumed
| that some plan would be worked by which, by
sson as in as MY M lust a any 6teT w9 Dq
Vision of my viii In fact what I have tried to do
of any control of the voting power of this stock
and / would have gone much further If the law
| would have allowed it.
As he left the stand Mr. RYAN bowed def
erentially to the committee and shook hands
| with Mr. Hughes and Mr.. McKeen. The rest Of
| the DAVIS session was devoted to the probing of
the Security Mutual, of Binghamton Next week
the Prudential Life, of New-Jersey, with Senator
DRYDEN as the chief witness, and several Con-
necticut companies with Senator Buckley as
the chief witness, will be probed.
Assistant District Attorney Mott said last
| night that the Ryan incident had not yet been
Vile. over the telephone he said he had heard
| nothing of the affair and would not return to
this city until Monday. 1t is generally believed
that there will be no action in the case until his
return on Monday.
! Paul D. Cravath. of Guthrie. Cravath & Hen
derson. counsel to Thomas F. Ryan, made the
| following statement tonight regarding Mr.
| Rvans refusal to answer the questions
Mr. Rvan's position is a simple one and certainly
will not be misunderstood. He was advised by his
counsel that the questions which he declined to
answer were not material or pertinent to any sub
3act ,lnder investigation by the committee: that he
beTo and that ne ought not place himself in the
position of voluntarily answering questions with
man in the course of private conversations on
ma view of the committee and their counsel that
the materially and propriety Of the questions pro
P ig tbe matter to the District Attorney there
should pc er not Mr. Ryan is compelled to answer the
questions.