The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-18
EQUITABLE AFFAIRS
CLOSELY WATCHED
lever Cosby Sketch of 1hos.
F. Ryan
INTERESTING SIDE LIGHTS
Friendship Existing between Mr..
Ryan and Mr.. Cleveland Close and
strong-sisnifcance of Equit-
able peal-comment.
INTERESTING SIDE LIGHTS
BY. w. c. NICHOLAS.

6f.a w. u, NICHOLAS.
New York, June 1.-THE stock market
Is dun affair. 1t is almost entirely in
the hands of the professional element
ana fluctuations are within a narrow
range. Fundamentally market conditions
are regarded warranting present
prices, but there does not seem to be
shy wild desire on the part of the big
people to mark up quotations. The wait
ing is now set down to a desire to see
how the crops pan out. Most of the i'm
portant operators In the street antici-
pate eight or ten weeks of inaction.
Money is still reasonably cheap and 1t
is likely the great disbursement period
around July will pass without disturb
ance.
The Equitable.
Wall street is sitting on a fence watch
ing with curiosity and interest the
swiftly moving developments in the
Equitable matter. 1t has not been car
ried off It's feet by the hurrah campaign
organized to make the public accept the
Ryan proposition widely heralded as set
Ting everything and bringing about uni
versal harmony satisfaction and con-
| tentment During the course of a busy
| and eventful life, Mr. Ryan has done
things which have brought him into the
| limelght of undesirable notoriety. The
same in a lesser degree Is true of Mr..
| the Equitable. On past performances
neither of these gentlemen can expect
| to command at the outset the unanimous
| confidence of the 100000 policy holders
or the public at large. The Wall street
| estimate of Mr.. Ryan Is that he Is
| financial swordfish of the first magnitude.
| He is looked upon as the twin brother.
temperamentally, of Henry II. Rogers
remorseless and unmindful Of everything
In pursuing a purpose to an end. Both
| have been in the game long enough to
| have their measures taken and their
! characters understood by the commu-
nifty in which they have done business
and waged battle with almost undeyi-
| ating success in the upbuildng of for
tunes colossal almost beyond human nn-
derstandng. Both are masters of fnan-
| cial intrigue and every sort OF manipu-
| lation known in the world of money.
| Both have arrived" Both are still in
tensely active In the field of develop
ment and construction, yet. strange to
say each now seems anxious to gain the
esteem and good will of their fellow
| men.
1t does not follow that because Thomas
F. Ryan is willing to invest some of his
superfuous millions In the Equitable re-
organization enterprise that he is gift
bearing Greek bent on despoiling the
society of its 100000 of assets. May
| nap ne is really ANXIOUS IL erect d IiloH-
ument in the contemplation of which
coming generations will forget his pre-
vious record The Wall street popula-
ton confesses skepticism on that point,
| however, and like the Missourian it voices
| the chorus you must show me-" as
! preliminary to faith. II is up to Ryan
| and Morton to show the people not only
| of Missouri, but of the whole country,
| that they are ION the level In their
pledges to restore the Equitable to its
proper position in the confidence of the
world Until this Is clearly established
to the satisfaction of the cynical Wall
street the outside public cannot be ex-
pected to take too much on credit. even
though great and honored names be
lugged in as lndorsers.
Effects of Deal.
The new deal brings into close associ-
alton the Equitable and Mutual compa-
nes and by reason thereof forces the
New York Life to be decent. In com
bination tie Equitable and Mutual could
make hard shedding for the New York
Life but 1t so happens that the house
of J. z. Morgan 81 Co., which dominates
the latter, inclines to friendly fellow
ship with the Thomas F. Ryan party.
There have never been any serious diff
ferences between these factions, whereas
on account of the latest radjustmnt in
the world of high finance two distinct
points have been gained by the Morgan
party, namely, the further humiliation
of e. II. Hartman and the cutting of
the wings of George j. Gould. 1t Is diff
ficult to mark out plainly the divisional
lines between the various Wall street
factions, for Standard OIL Is found In
them all and Standard Oil money is
more or less responsible for what has
lately taken place In the affairs or the
Equitable Life Assurance society al
though il does not dominate there as
some assume. Standard Oil money Is
back of George J. Gould up to limit
and the same is true of e. III. Hartman
but in both these instances 1t has been
found necessary to call halt and frame
policies for the restriction CT personal
ambition, the danger being that both
Hartman and Gould, II allowed free
rein. might cause widespread demoral-
ization and irreconcilable splits In the
harmony plans long ago framed ana pa
tiently worked out.
Ryan and Cleveland.
In answer to the oft repeated query
as to the Ryan influence over Grover
cleveland. 1t can be explained that there
has existed for many years close
friendship between these two men, At
the outset of his larger political career,
William c. Whitney was the Cleveland
director In chief. 1t was through Mr..
Whitney that the former President made
his first important money. That was
in connection with a real estate deal In
Washington. Mr.. Whitney took charge
of the Presidents business affairs and
speedily swelled the modest profit into
fortune of several hundred thousand dol
lars This money was made In New
York traction ventures, deals In which
Mr.. Ryan was Whitney partner in
conjunction with the Eikins-Widener
outfit of Philadelphia. During the -FOUR
wears between Clevelands presidential
terms he was closely connected with this
traction party Just before his second
entry into the White House there came
an era of hard times and Mr. Cleveland
was practically wiped out In the slang
of the street he was nearly all In
Messrs. Whitney and Ryan were carry
ing tremendous loads at the time and
could not go any further In supporting
Mr., Cleveland's commitments. IT was
at this stage that L. G. Benedict APP
peared on the scene, and taking the load
from the shoulders of Mr.. whitney, he
steered the Cleveland craft into safe
waters and saved a considerable portion
of the fortune which the ex-Presdent
has accumulated through the Kind Of