The sun., 1908-09-25
WASHINGTON LIFE Is SOLD
PITTSBURG SYNDICATE TAKES
MORTON AND RYAN SHARES.
Morton. Ryan and whitney Pulled the
Company Out OF Hole In 1904 and
Strengthened It--Now Dispose OF II et
About Cost to Plttsburg IAfe Interest.

company Vut OF y h0io IN AbOH uiiu
Strengthened It--Now Dispose OF II at
About Cost to Plttsburs Lfe Interest.
The Washington Life Insurance Com
pany changed hands yesterday. the ma
jority holdings Of Levi p. Morton, Thomas
F. Ryan, Harry Payne Whitney and
others passing to a Pittsburg syndicate
headed by William c. Baldwin. who Is
president and general manager Of the
Pittsburg Life and Trust Company
Those associated with Mr.. Baldwin In
the deal for the Washington Life are also
of the directorate of the Pittsburg COM
pany. The terms were not made public.
1t was remarked merely in a general way
that ex-Gov Morton and his associates
came out about ven on the investment.
Immediately after the sale the new
holders met. The designations Of thir-
teen of the old directors we're accepted
and a new board was elected. Mr.. Bald
win was chosen president. w. Howard
Nimick. vice-president Of the p It's
burg company. vice-president; James NJ.
Mahon. secretary of tho Pittsburg con-
cern. second vice-pre esident. and Frederick
c. Parsons, comptroller Of the Pttsburg
company. secretary. The new board Of
directors. besides the four officers. is
made up of W. c. McCausland. treasurer
of the Carnegie Steel Company; v. @.
Hickman. vice-president Of the Mer-
chants Savings and Trust Company
Pittsburg; James Carothers. John H.
Murdoch, president Of the Union Trust
Company. Washington. Pa; Abner U.
Howard. Frank Ewing, treasurer Of the
Pittsburg Life and Trust Company; F. E.
Montgomery. Charles H. Pascoe. W. c..
Metoalfe Morton A. Howard. II. B. Heyl-
man. Clarence E. Mundy and Eugene H.
Brock.
Mr.. Morton returned from Eur ope in
1904 to find the Washington Life in very
bad shape under tho direction Of w. A.
Brewer. -Jr.. as president Mr.. Morto n
had been connected with the comp pany
from its start, about 1890. and did not wish
TO have business enterprise with which
his name was connected 60 by the board.
He interested Mr.. Ryan and Mr.. Whitney
and together they raised about $675. 900.
with which $225, 900 Increased capital
stock was purchased and the reserve was
restored to its proper point. The COM
pany was saved by these means. The
Mr.. Morton brought the total held by the
association up to 1900 OF the total
TO- 900 shares Of $50 par value Of the COM
pany. ...'
Anew directorate and new officers were
installed, John Tatlock, former actuary
for the Mutual Life, being made presf-
dent. Mr.. Ryan let it be understood
yesterday that he was not in the enter
pise to make money. but solely because
Mr.. Morton wished it.. The holders Of
the majority stock had many offers to
buy the company. but refused them
after careful investigation. They are con-
vinced Of the soundness Of the Pittsburg
syndicate. ~.
The companies will be kept separate,
except for the arrangement that both
will use the same agencies Economies
in operation will be effected in that way.
The Pittsburg company. is run on the
participating or mutual plan; the Wash
or stock company plan, The agents
thus will be able to offer both styles Of
insurance Lu.s
Mr.. Baldwin, who took the presidents
eeat yesterday, said the new directors
realized the fduciary character Of the
life insurance business and that they
would do business on conservative lines.
|. The old directors whose designations
we're received yesterday were Richard
man, Charles II. Allen, Dumont Clarke,
William A. Street, H. P. Whitney, William
Corcoran Eustis, Walter s. Johnston,
Levi p. Morton Winthrop Rutherfurd,
V. P. Snyder and John Tatlock. Samuel
B. Clarke sold out his stock several days
ago and thus ceased to be director.
There are four other old directors from
whom nothing has been heard as yet.
They are Samuel p. Colt, Paul Fuller,
r. c. Leffingwell and j. A. Parker.
Ex-Gov Morton thus terminates a con-
nection Of almost fifty years with the
company. -.,N Pc cd