Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-01-14
RYAN QUITS BUSINESS
Seeks Peace in Virginia From
Financial Pursuits.
HAD REMARKABLE CAREER
Bought Equitable Life for Best In
terests of the Country.
TRACTION DEAL NOT WICKED
Gives Liberally-Is Genial, Sympa-
thetic and Sincere, and Declines
Title of Nobility.
TRACTION DEAL NOT WICKED
BY WILLIAM r.. CURTIS.


NEW YORK, January IL. 1909.
One of the most important events of the
| new year. according to the standard of
measurement used here, is the retirement
from high financial circles of Thomas F.
Ryan. one of the most remarkable men
ever seen in Wall street. who resigns from
the directorate of thirty-seven great cor
porations representing the control Of more
than a billion and a half dollars. Mr..
Ryan retains his connection with only
three corporations, which are stable and
conservative, and require very little atten-
ton.
No man has been abused by the pub
lie and criticised by the newspapers more
than Mr.. Ryan, unless it be +. H. Harri-
man. At the same time. no man ever had
more loyal and devoted friends among
those who know him best, and they be-
lieve that one day he will find himself in
possession of new character, SO far
as the public estimation is concerned.
Mr. Ryan himself is confident of favor
able judgment in the future when his
career can be viewed with a perspective,
and without prejudice. Through all the
attacks controversies and criticisms, in
and out of court, Mr.. Ryan has remained
serene and imperturbable. He has never
defended himself against an attack or
answered a criticism, content to remain
under censure until the future should vim
dictate him.
Has Had a Romantic Career.
He has had a very romantic career.
Born at Lovingston, Nelson county, Va.
in 1852, of Scotch-Irish stock; he became
an orphan at five years of age, and was
brought up by his grandmother on a
humble farm, which is now his most
precious possession. When he was fifteen
years old, penniless and friendleSS, he
found employment in the dry goods house
of John Smith Barry in Baltimore, Sc
cured his confidence, became his partner
and married his daughter. Then he went
to New York and bought seat in the
New York Stock Exchange in 1874. where
he has been recognized as a forcible in
f1uence ever since.
The most important and characteristic
| transaction of Mr.. Ryan since he entered
the field of finance was his purchase from
James HaZen Hyde of the stock control
of the Equitable Life Assurance Com
pany in the early summer of 1903, when
torn by internal diSsensions, that great
institution was threatened with receiver
ship proceedings. Like everything else
that Mr.. Ryan has done, this purchase
was accomplished silently and swiftly
His mind was made up quickly. He met
Mr.. Hyde alone, and when their talk
ended Mr.. Hyde had a check for some
thing over s2,5O0OOO and Mr.. Ryan had
500 shares of Equitab BILE stock, of a par
value of only $4,000. but which carried
with them the control of the company
as it then stood. When the sale became
known Wall street was astonished, and
the financial market, which had been
trembling on the verge of a panic be-
cause of the Equitable troubles quickly
recovered and what might have been a
national, if not an international, catas-
trophe was averted. In the restoration
of confidence which followed the value
of Mr.: Ryan's individual Investments
paid for the Equitable stock.
Why He Bought Equitable Life.
In announcing this purchase Mr. Ryan
Informed the public that it was made
for the sake of putting an end to the
present unfortunate condition of the COM
pany's affairs. not only for the interests
of the policy holders, but for the general
interests of the country" To his init
mate friend he said, in confidence that
he saw an opportunity to do a great
public service, devoid of any element of
selfshness. and that he simply had taken
advantage of 1t, perhaps with the idea of
giving the public a new view Of himself
In spite of the fact that Mr.. Ryan at
once Invested himself of the voting power
of the stock he had acquired. by turning
it over absolutely to three trustees in
Guiding the late Grover Cleveland, for an
indefinite term, which they alone can
end, the public declaration of his pur-
pose in making the purchase was re-
ceived with distrust and derision. Paul
Morton, who was elected chairman of the
Equitable board of directors, with pie
nary powers, that he might speedily effect
the needed reforms the day after Mr..
Hyde had parted with his stock, was
labeled as "Ryan's man. and was ex-
pected to do all sorts of things with the
Equitable's assets for Mr.. Ryans finan-
cial profit, although Mr.. Morton's init
mate friends know that he was proposed
for president by David II. Moffitt OF
Denver, without Mr.. Ryan's knowledge
and agreed upon before Mr.. Ryan's pur-
chase of the stock. 1t is also true that
at the time of his election only two
members of the board were aware that
the Hyde stock had been purchased by
Mr.. Ryan. There was no connection
whatever between Mr.. Ryans purchase
OF the control and the selection Of Mr.
Morton as president, although it was
cordially approved by Mr. Ryan.
Has Not Pro6ted by Purchase.
With the exception of the few who
never will see good in anything Mr.. Ryan
does. the public is reluctantly beginning
to recognize that his purchase of the
Hyde stock was honest and unselfsh and
was prompted only by the highest mo-
tives. They have not seen, though they
have watched closely, that he has ever
used or tried to use the Equitable to
further his own interests. and they do
not see how he ever do So He tied
his own hands. The only condition he
made in turning his stock over TO the
trustees was that it should be voted in
favor of the naturalization of the So
ciety. That has since been done after q
fight in the courts, and in opposition to
certain minority stock interests
Twenty-eight of the Equitable directors
are now elected by the policy holders
and the remaining twenty-four by the
trustees, solely in their own discretion
Mr.. Ryans enemies have been treated
by the Equitable on the same basis as
his friends. Mr. Ryan himself says:
II have not profited to the extent of
dollar from my ownership of the Eoui-
table stock. / did not expect to profit by if
when bought it, nor do ever expect to do
so. l have not interfered in the manage
ment of the society, even to the extent OF
giving advice. nor do l intend to ever
interfere. Neither by me, nor by any one
acting for me. nor through my influence
or instrumentality has a single security
been bought or sold by the Equitable.
Assets Invested in Ryan Stocks.
1T has been maliciously charged that
millions of the Equitables assets have
been invested in so-called Ryan securi-
ties but these purchases were made wears
| ago by the old management, and even
| then 1 had nothing to do with them Thew
were regarded as good investments, lust
a I repa rd them If ii did NOT ipvol,-o -