Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1905-07-31
E MANAGER MORTON THOMAS v. LAWSON
PRESIDENT ROOSEVELT And THE
EQUITABLE.
His Enthusiastic Endorsement of
Norton Criticised. The New York
World Discusses the Subject Of
nOrtOn'S Management of the big
Insurance Company.

The enthusiastic endorsement gwen by
MIR. Roosevelt to the Paul Morton man.
agement OF the Equitable Life Assurance
society is strangely in contrast with the
arraignment made, by New York's super.
intendent OF insurance, OF the new trust
arrangement for voting the stock agreed
upon by Thomas f. Ryan and the three
trustees designated by him.
1t should be remembered that MIR,
Morton is merely the employe of Thomas
f. Ryan to whom the New York World
recently referred as "the new Rocke.
feller." Every one in New York is not
quite so enthusiastic concerning Equit-
able affairs under the Ryan regime as Mr.
Roosevelt is. For instance the New
York World is curious to know why Mr..
Ryan invested $2,500,O00 for the control
of the Equitable when the investment
would bring an income OF only $500 a
year. The World does not appear to be
convinced that Mr.. Ryan intends to
sacratice his personal intesests for the
benefit OF the GOO, ,00O policy holders of the
Equitable. 1t lntimales that Ryan made
this investment for the purpose OF
obtaining control Of the eighty millions
of surplus Of the Equitable Life, which,
added to the enormous surplus Of the
Mutual now controlled by Ryan and
| iofo k<lS
the whip hand in the speculative mark.
els of America. The World suggests that
perhaps Mr.. Ryan is ambitious to be-
come "ths leading exponent of nigh
finance of America and necessarily q
menace to the interests of every man
who shall hereafter or during the Ryan
regime as high fnancier, endeavor to
reach a commanding position in the
world Of commerciaIism'" The World
calls upon Mr.. Ryan to cay whether in
paying $2,5OJO,OOO to obtain the legal in.
ter est 0t $3 900 year he made the in.
| vestment for the purpose Of bringing the
$50 ,OOO, 900 surplus. and incidentally the
four hundred million dollars Of reserve,
into his control.
| The World further intimates that
| when Paul Morton ordered "a thorough
investigation into the affairs of the Equit.
able" he saw to it that the investigators
were his own creatures. The World de.
mands to know why the very complete
| report made by the Frick committee did
not satisfy Mr.. Morton, and it points out
that Mr.. Morton has no other interests in
the Equitable Life other than the salary
promised him.
The World is so greatly disturbed con.
| corning the plans of the management to
which Mr.. Roosevelt gave such enthu.
siastic endorsement that it even goes 90
far as to question its patron saint Grover
Cleveland. The world demands to know
why Mr.. Cleveland consented to act az
trustee for the Equitable, and it intl-
mates that his duties and privileges un.
der the name OF trustee are circumstan.
tial The World actually has the eff'ron-
terry to intimate that Mr.. Cleveland is "a
dummy trustee" and addressing the ex-
president it demands, "Do you think
there ia any difference between Royal
control with board of dummy trustees
and directors, and the Hyde control with
a board OF dummy directors?"
The world seems to think that Senator
Depew has brought to bear every pos
sibe political influence upon the state
superintendent Of insurance to suppress
the iact that for about twenty years
Senator Depew has been drawing from
the Equitable Life 10000 per year. The
World wants to know why the New York
senator is ashamed of having accepted
| this fee.
Similar and equally embarrassing
questions are submitted by the World to
several other men now consplcuously
,.,st hl
affairs Concluding an editorial entitled
''The Rryan Mystery Y" The World says:
Dummies are dummies, fraud is fraud,
law is law.
A majority Of the stock is majority of
the stock, whether owned by Ryan or
Hyde. That majority of stock elects the
directors, dictates the management, con.
trolls the property, fixes the policy of
finance, uses at will the vast assets, the
rplus-everything
And Chairman Paul Morton, late OF
the Santa Fe-is he not dummy him
self? Indeed, are not Messrs. Cleveland,
OBrien and Westinghouse, although all
honorable men, still dummies of Ryan,
selected by him, representing his inter.
ests as the actual positive owner Of the
stock.
If that is the fact-and is it not all
the dummies must go-even Mr.. Cleve.
land.
Paul Morton must 20.
Ryan himself must 20.
The system must 60.
1t cannot be said that the New York
World is prejudiced against Mr.. Ryan,
Mr.. Cleveland or Mr.. Morton. Compare
the arraignment of the Equitable Life
Assurance society under the Ryan re-
gime-as made by the New York World
with the glowing eulogy given the
Ryan.Morton management by Theodore
Roosevelt, president of the United states.
1t is PLAIN that many of Mr.. Rooseveit's
friends are convinced that he went al.
together too far in his devotion to the
fortunes OF Paul Morton.