The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-06-13

tons and extensions for an under
ground system that will involve the
expenditure of $1500 900, 900. 1t
would be very convenient if Mr.. Ryan
could sell a large portion of the bonds
to the Equitable. Suddenly, just as
Mr. Morton is getting ready to go TO
New York to assist Mr.. Ryan, with
out a word of notice, Mr. Ryan
buys out the Equitable and puts IN
Mr. Morton and gives him free
hand"
What "a free hand" means is known
only to Mr.. Ryan. 1t would have
looked better if Mr.. Ryan had not
selected a man he had already en-
gagged in his traction companies. and
the public would have been better
satisfied with a man of better record
than Mr.. Morton, and one not SO near
the manipulators in the field of
"frenzied finance
Mr.. Ryan is no philanthropist but
business man pure and simple. He
has succeeded by successful and ag-
gressive business methods. He Will
ambassadors and costly fancy dress
balls at the expense of the stockhold-
ers and enforce honest methods, but
will he stop the plan of piling up
big surplus that should be in the
pockets of the policyholders? And al
most as important: Will he put an end
to the control of Wall Street opera
tons by the managers of the great
insurance companies? AS to the first,
Mr.. Ryan may treat the policyholders
right, but he is SO tarfed with the
same stick that dominated the con-
trollers of the other big life insurance
companies, and SO intimately connect
ed with the tobacco trust. the trans
portation trust and other trusts that
he will think the Equitable is doing
it's best service when investing in their
securities. He has made his money
by speculation on a large scale. Is ne
the sort of man to take the Equitable
out of that world and conduct it solely
for the benefit of it's policyholders?
1t is to be regretted that the manage
ment was not put in the hands of u
great insurance man with no entang-
ling alliances and no relations with the
trusts that have made "frenzied Il
nance" menace.
AS to Mr.. Morton, his selection will
not restore confidence. 1t tends to
weaken faith. What does he know
about life insurance? Nothing at all.
1t is everywhere conceded that his dp-
pointment as Secretary of the Navy
was the great blunder of Roosevelts
administration. He refused TO get
out under fire." but he "got out all
the same, and it was important that he
should do so. He is a robust man OF
executive ability, and made reputation
In the railroad world as progressive
developer of business. He violated the
laws as to rebates and set an example
of lawlessness that embarrassed Mr..
Roosevelt in his war on railroad re-
bates and other determinations. With
chief violator of the anti-discrimt-
nation laws in his cabinet, how could
be prosecute other men who violated
the rebate law? There is reported TO
have been some disagreement between
the Attorney General and the special
attorneys in the rebate matter be-
cause Mr. Morton's name was not In
the list of the officials to be prose-
cuted
One of the chief complaints against
Mr.. Hyde was that he was the head of
a syndicate known as James H. Kyle
- al
ton of the underwriting profits-a
piece of wrong doing on par with
Mr.. Morton's giving rebates in viola
ton of law, the odds being that IN
this matter of graft Mr.. Morton is
worse sinner than Mr.. Hyde. In the
case of Mr.. Hyde, he doubtless felt
that as the owner of a majority of
the stock he had a right to extra
profits In the case of Mr.. Morton. he
knew he was violating the law of the
land Who can have new confidence
in the Equitable when its new owners
put such a man as Mr.. Morton in
command? The country will look to
see the Equitable continue to be used
by its officials to help Wall Street IN
terests, particularly those in which
Mr.. Ryan and Mr.. Morton are inter-
ested.
| The New York Times, always the
champion of the Whitney and Ryan
interests and the opponent Of regula-
ton OF railway rates. applauds the Sc
| lection of Mr.. Morton, and tries 10
answer the objection to his selection.
Here is the only answer the Times can
| make:
1.-THE criticism will be heard that III
| his career as a railroad official having,
according to report, disregarded the
| Federal statutes forbidding rate dis
examinations, he cannot now be
| trusted not to violate State laws for
bidding unsafe insurance practices.
! AS to that, the plain answer is that
recent Christening experiences must
| have put everybody about the Equit-
able establishment in a mood to walk
straight; while the unpleasant revela~
| tons concerning dummy directors
make it practically certain that the
| ~ q ~, barc IF Eunita hIn hoa rd will