The Washington herald., 1906-11-20

New York, Nov. 19.-Thomas Fortune
Ryan, mulu-miIItOnatre, and one OF the
greatest powers in the financial world,
created a decided sensation tonight
when, in a formal statement, he an
nounced that ne had severed his official
connection with many railroad and in
dustriaI corporations.
He gave as a reason that, iHasmuch as
he is closely associated with financial and
railway institutions owning hundreds Of
millions Of assets and deposits belonging
TO thousands of people, he considered it
necessary 10 sever his connection with
the various corporations with which
these institutions are likely to have bust
ness dealings.
The announcement OF Mr.. Ryan's action
had much of the effect OF the explosion
Of a bomb in financial circles in the
metropolis. There was hurry and a
scurry on the part Of the men whose
names are household words 20 ind out
why this action was taken, and what
companies Mr. Ryan had abandoned
Mr.. Ryan himself declared that his for
NAL statement contained all that he would
say under any circumstances and Henry
D. Macdona. who has been associated
for years with Mr.. Ryan. when asked
20 furnish the list mentioned, declared
that il was impossible. Mr. MacdOna
read Nr Ryan's official statement with
great deal OF interest. and then an
nounced that he believed it contained al
that was 10 be said on the subject
Mr.. Ryan's Statement.
1Ir. Ryan's statement read as follows:
4 have resigned from the directorates
Of q large number of railroad and ether
corporations. My accommodating interests
and responsibilities render il impossible
for me to attend so many directors meet
inss, and to properly discharge my OBJ
legations 10 the stockholders concerned.
I have also reached the conclusion
that I can best serve the financial and
fducial institutions with which I am as
sociated by severing my official connec-
Jion with the railroad and industrial cor
porauons with which they necessarily
have CONSTANT business relations. I hope
and believe that the decision which
have made VIII prove to The advantage
Of al the interests for which my friends
hold me responsible, and Of the gentle
men with whom I have SO long been as
sociated with in the various corporations
from whose boards have resigned
1t was reported among men who are
supposed 20 be in touch with AIr. Ryan
tonight that he has considered the step
taken to-day very earnestly for some
time. The open criticism of his methods
in the newspapers have deeply panied
him, according TO his friends. and he de-
sires TO pace his affairs in such state
that they viii be above and beyond all
criticism
Realizes His Responsibility.
Mr.. Ryan, besides his own vast prop
erty interests, scattered all over the
world, has bought in" too many big con-
Germs, especially banking institutions and
Insurance corporations, during the fast
decade. His friends declare that he
deeply appreciates his responsibilities
from this source. and therefore he is
severing his relations with the corpora
tions which these institutions are likely
10 have business dealings with.
According TO Ryan's friends his de-
termination has the fun approval Of his
business associates. Just what arrange
ments he has made TO dispose Of the Sc
curities which he holds Of the big rail-
road and industrial corporations that he
has left is a profound secret, carefully
guarded by all concerned.
As viii be recalled, Mr.. Ryan's pur-
chase Of the Hyde interests in the Equita-
bic Life Assurance Society was criticised
very, severely at the time, and the charge
was made that he took over the control
of the Equitable 50 that he might have
the direction Of the surplus funds.
that the criticisms on his action were un-
fair and uncalled for. However. the cri-
ticism has continued, and it has also been
asserted that AIr. Ryan was using his
enormous fortune 80 force certain con-
Germs with which he was connected TO
make what is usually termed good bus-
ness contracts with other concerns that
he dominated. His action tonight is in
tended 70 put an end to this criticism.
Mr. Ryan returned from long trfp
abroad about three weeks ago.
List of Corporations.
While Mr.. Ryan would not give the
names OF the corporations from whose
boards he had resigned, it is the under
standing that they include practically all
railroad and Industrial" corporations Of
which he has been a director. They are
the following:
American Tobacco Company. Bethlehem
Steel Corporation. Central Crosstown Rail-
road Company. Consolidated Gas Com
pany. Of New York; Consolidated Gas.
Electric Light and Power Company the
Rubber &C., East River Gas Company.
Electric Storage Battery Company. Full
ton Street Railroad. Havana Tobacco Com
rany. Hooking Valley Railroad Interna-
tiOnaI Cigar Machinery Company Metro
poIitan Securities Company, New York
Carbide and Acetyline Company. New
York City Railway Company, Pine Pred
ucts Company. Seaboard Air Line Rail-
way. Thirty-fouTth Street Crosstowa
Railroad. United Bleaching and Finishing
Company. United Elevated. Of Chicago:
United Lead Company. and the Universal
Accountant Machine Company.
The financial and fiduciary institutions
inwhich Mr. Ryan is a director, and which
according TO his statement, he intends
10 continue to serve in such capacity. in
clude the Morton Trust Company, of
which he is first vice president; the Ma
tionaI Bank Of Commerce. of which he is
vice president and director; the Newport
Trust Company, Union Exchange Bank,
and the washington Life Insurance Gem /
pany.
Wide Boards, So Per 100 fl.
Lumber Trust Broken.