The Birmingham age-herald., 1905-12-09

wanted to be free and did not want any parties in the transaction"
 Did you tell him why?"
 MT. Ryan: My principal reason was that I wanted to make this trust deed my own way"
 Did you tell him that?''
 MT. Ryan: 'I did"
 What did he say to your
 Mir. c'ravati. 'g advise that you are not required to answer. Mir Ryan,
 Mr. Ryan: "The same answer Mr. Chairman
 The chairman: "The committee does not want you to think that it is seeking to be officious in the matter"
 Mir. Ryan: q know that"
 The chairman: Tt thinks you per- formed a great public service and is only seeking to get you to complete that ser vice"
 Mir. Ryan: q still feel that l should not be required to answer"
 The chairman: ''The committee directs you to answer the question, which Is asked in regard to what MT. Hartman said to you. Do you still refuse?"
 MT. Ryan: 'I still refuse on advice of counsel.''
 Sends Testimony to Jerome.
 In reply to further questions bearing on this subject MT. Ryan said the relations between MT. Ryan and himself were quite strained for several days; that the up shot of several interviews between the two men was that MT. Ryan told MT. Hartman that he intended to carry out his original plan regardless of what he or any one else might do. MT. Hartman would have taken any part of the stock which he could have got, said MT. Ryan. Ie witness again declined to answer when he was asked whether MT. Harri- man offered to put any share that he might get into the trust which was after wards created by MT. Ryan.
 Neither MT. Hughes nor the members of the committee insisted any further upon answers on this subject, but asked MT. Ryan about other matters.
 Later iD the day, however, Senator Arm strong U dde an announcement that the committse had determined to transmit a copy of MT. Ryan's testimony to District Attorney Jerome with recommendations that proceedings be instituted by him to punish Mir Ryan for refusing to answer the questions
 This course Is rendered necessary" said Senator Armstrong, "by reason of the fact that the committee has no sum mary power to punish for contempt while the legislature is not In session. Counsel for MT. Ryan gave out a state ment tonight in which they state that if
  matter to the district attorney there should be no difficulty In securing a ruling as to whether or not MT. Ryan is compelled to answer the questions. When MT. Ryan was asked why he paid nearly $5Oo0 share for stock that had only per cent dividend. he declared that he did 1t to avert what he feared would be the most tremendous panic that this country has ever seen. "If the Equitable society were forced into the hands of a receiver by the situa- ton prevailing when he bought the stock, frightful losses. he said, would have fol- lowed such a receivership. and his own large enterprises would have been se- riously affected. To take this company out of the hands in which it was going to destruction and give 1t clean, econom- ical and efficient management, and re- store it's prosperity for the benefit of all honest interests. MT. Ryan testified, seemed to him to be worth doixE. and that was one of his reasons fer buying control of the property" Cannot Borrow Now. Charles M Turner, president of the Security Mutual company of Binghamton. said the First National bank of Bingham ton pays sS00OO year rental for the use of portion of the Security Mutual Life Insurance company's building in Bing- hamton, and said he gets 10 per cent divi- dend on the stock of the First National bank which he owns. Since the investiga- ton began the directors have adopted a resolution that directors and officers can not borrow from the insurance company, said MT. Turner. It formerly loaned to officers and directors.
 MT. Hughes produced evidence of a loan of $500 made by the Security Mutual in 1900 to D. H. Keefer on stock of Scran- ton, Pa, company. having a par value of $i500. MT. Keefer is a clerk in the insurance department at Albany, who formerly was a consulting actuary for the Security Mutual company. MT. Turner l said Treasurer Menier had charge of that matter The note was paid. MT Turner told about the purchase by | | -- n.~~N