New-York tribune., 1908-09-25
WASHINGTON LIFE SOLD
MORTON AND RYAN OUT.
Control Obtained by Pittsburg Life
and Trust Com pany.

A majority Of the stock OF the Washington Lie
Insurance Company sold yesterday by Lew
p. Morton and his associates including representa-
tves OF the Thomas F. Ryan interests, to william
c Baldwin. president of the Pittsburg Lfe anu
Trust Company and number OF other Pittsourg
bankers and business men. The purchasers TOOK
formal possession the Washington Lie yestef-
day All the officers are also ofhcers OF tiie
Pittsburg Life and Trust Company MT BALDWIN
IS president of both.
7, mas rnor7ciallv reported that more than 5000
ON. Of the 10000 shares of capital stock of the
Washington Life changed hands. and that 'lose
who sold received about what they mad invested
The company is capitalized at sSooO@ FROM the
testimony given by Mr. Ryan before the Arm
strong Commission to the amount he contriDu'eo
TO help the Washington company four or I'VE years
ago the amount paid for the stock yesterday was
estimated TO be about 100000. It was understood
also that the stockholders who had not areaoE
sold out had the privilege Of doing so unoer tne
same terms as offered in the majority sale.
The Washington Life is one of the Oldest insur-
ance companies in the country and MI morton
was one Of its charter members. the stock certln-
cate which he transferred yesterday being dated IN
1860 For long time il has been common report
that Mr. Morton and his associates have been ap-
preached regarding the sale OF their hoiolngs' pul
they refused 10 sell until they were convinced that
the purchasers were responsible men, who intended
20 develop the business OF the company on souIu
and conservative lines
The officers who severed their connection with
the washington Life yesterday were: John Tatlock'
president: Charles H Allen, first vice-presldent'
T T Johnston. second vice president; J. w b
Vandewater secretary. All the directors resigned
except Paul Fuller Samuel P. Colt, R. c Letting
well and James a. Parker Samuel B. Clarke solo
his stock early in the week and ceased 10 be a
director The other directors who resigned were;
Richard Billings George NJ Hard, Henry-S Herr
man Charles H. Allen. Dumont Clarke, William
A Street Harry Payne Whitney, William Corcoran
r-rsfis Walter s Johnston. Levi P Morton, Win
th-op Rutherfrrd, Valentine P. Snyder, John Tat
lock
Besides Nj Baldwin the new officers Of the
washington Life are First vice-president W. How
.r5 Niroick yicepresident of the Pittsburgh Life;
second vice-president James H. Mahan, secretary
Of the Pittsburgh Life; secretary, F { Parsons
controller of the Pittsburgh Life. These men nave
haa long experience in the life insurance business
Mr. Baldwin began sixteen years ago with the
r,ouitahle and afterward became head OF the New
York Life Insurance Conpany's agency IN Pitts
burg He started the Pittsburgh Life ana Trust
Company six years ago. Mr Mahan, who for four
teen years had been with the New York Life also
went with the Pittsburg company when 1t was IN
corporated Mr.. Parsons was in the controllers s
Office Of the New York Life for twenty years be-
fore going 10 the new company
The new directors of the Washington Life. all OF
whom represent Pfttsburg business and financial
interests are w C McCausland, V. @. Hickman.
". c Baldwin James Carothers, John H Murdoch
" H Nirick. James H Mahan, Abner l. How
Frank Ewing. r. L Parsons r L -h''ilt-
rornerv Charles H. Pascoe, ". c. Metcalfe, Morton
A Howard H. B. Heylman, Clarence E Mundy
and Eugene II. BROCK.
After the directors meeting yesterday President
Baldwin said
we have no intention Of changing the policy Of
the company and intend to continue il on conser-
vatfve lines The Offices will remain distinct, but
bv our control we will be enabled TO consolidate the
force of agents. The Washington Life is a non
rarticipatine company and will remain so, while
the Pitt sburgh Life and Trust Company is par
+icinatine company Thus agent will be able
10 satisfy a prospective polcyholder, whether the
latter prefers a participating non-participating
policy
President Baldwin said that at present the Wash
ingron Life had S54 100000 in outstanding insurance
AT the beginning Of the year the company carried
S57enOo0 The Pfttsburg company, which is capi-
talized at $4,000 81 100000 in outstanding in
surance.
Il was said yesterday that the outgoing presi-
dent OF the Washington Life, Mr.. Tatlock, might
return TO the business, in which he is an expert
He went with the Washington Life four years ago.
when William A Brewer, jrr resigned from the
presidency.