The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-12-03
MORGAN PURCHASES
EQUITABLE CONTROL
COnsummatiOn of Deal lnyOIv-
ing Hundreds of Millions Is
Officially Confirmed.
NOTED FINANCIER BUYS
ALL RYAN'S INTERESTS
Marks Reversal of Old Order i'll
Which Insurance Companies
Ruled Banks.

NEW YORK. Dec 2-Control of the
Equitable Life Assurance society, Sc
cured by Thomas f. RYAN soon after
the Insurance scandals few years ago,
has passed 10 j. Pierpout Morgan with
the Si72. .000. 900 of assets which the
company declared in its last statement.
The transfer. apart from the magnitude
as y chapter in The history Of finance,
marks n complete reversal OF the old
order under which insurance companies
controlled de5tinies OF banks and trust
companies.
News of the transfer was contained
in the following brief statement from
The Offices of Morgan & Co:
Official Statement.
" Mr.. Morgan has bought the ma
iorjCY of the stock OF the Equitable
Life Assurance society. formerly owned
by Thomas +. Ryan. The purchase Is
subject TO the trust under which Gro
Yer Cleveland, Morgan j. o Bricu and
George Westinghouse were made voting
trustees for the benefit of the policy
holders, and II covers all Mr.. Ryan S
interest. including all the stock pur-
chased by him from James II. Hyde y
Beyond these hare facts, Mr. Morgan
and his partners declined 10 give any
details. The exact amount OF stock
bought by him and the price paid re-
main for subsequent announcement.
Nor would they namn any other inter
csts allied with them. although II is
commonly understood in Wall street
that at least one large trust company
may take hand IN the deal. If the
consent of the Equitable is obtained.
Stock Was Tied UP.
Under tho terms of the trust agree.
m Tpf IN NJ uD
uounccment, the Ryan stock could not
he sold without the consent of tbc sur
viViug trustees. whose term of power
held until June Is, 1910, If thcy saw
fit. Both are busy men. and, as they
havc served the society without pay.
ii has long been taken for granted that
they would be willing 10 pass their re
spoDsibiliiies TO other shoulders If they
found they could do SO without preiu-
dice 10 thc pnlicyholdrrs. Prior TO
confirmation of tho transfer, neither
Mr.. Westinghouse nor Mr. o 'Bricn
would discuss either its details of It's
possibilities.
Hartman Was Interested.
Mr.. RYAN s holdings in the Eauta-
bic were bought, in large part. from
James II. HYDE. although Edward II.
Hartman had laid plans which. as be
supposed. wcrc 10 assure him the con
lrpl ln2I went instead 10 MT. Ryan, IL
was at hearings Of the Armstrong in
surauce investigation that Mr.. Harri.
man. when questioned on this point.
coined what subsequently, became ma
tiouaI byword. He was asked if he had
settled scores with Mr.. RYAN, and an.
swercd tcrsely:
" Not vet -
The public added with ready iutu.
ton:
~ But soon.
At The Offices of The Equitable so.
cicty President Paul Morton rrofcSscd
ignorance of the transfer, and news Of
the change Of control seemed 10 come
as a surprise ia otbor officers. IT is
known, however, that directors Of the
society and principals 10 the deal were
III conference Yesterday and until late
TODAY. and there is authority for the
statement that The transfer met with
their approval
Former Justice Morgan i 'Bricn
ono Of The surviving trustees, said to.
night;
"Although Mr.. Morgan has become,
BY purchase the ma aioritv owner. the
trustees retain The voting power If the
stock, and for the present al least. VIC
shall continue as trustees, know
nothing about the transaction hcvond
the fact that Mr.. Morgan has bought
a Uajority interest What idea hc had
iu making his purchase ! do not know,
but from, my acquaintance with him i'm
many other matters. | am sure that the
transaction viii result to the benefit of
all policy holders.