Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-12-03

as Il chapter in the history OF finance,
marks a complete reversal of the old
order under which insurance companies
controlled destinies of banks and trust
companies.
| News of the transfer was contained
| in the following brief statement from
the offices of Morgan & Co.:
MT. Morgan has bought the ma
jority of the stock of the Equitable
Life Assurance society, formerly owned
by Thomas f. Ryan. The purchase Ia
subject to the trust under which Grover
Cleveland Morgan ]. O'Brien and
George Westinghouse were made vot-
ing trustees for the benefit of the poll
cyholders. and 1t covers all Mr. Ryan's
interest. including all the stock pur-
chased by him from James H. Hyde"
Beyond these bare facts. Mr.. Morgan
and his partners declined to give any
details. The exact amount of stock
bought by him and the price paid re-
main for subsequent announcement
Nor would they name any other inter-
osts allied with them, although 1t is
commonly understood in Wall street
that at least one large trust company
may take a hand in the deal, II the
consent of the Equitable is obtained.
Under the terms of the trust agree
ment referred to in Mr.. Morgans an
nouncement. the Ryan stock could not
be sold without the consent of the sur
viving trustees, whose term of power
held until June IL. 1910. If they saw fit.
Both arc busy men. and. as they have
served the society without pay, it has
long been taken for granted that they
would be willing to pass their response.
bIlities to other shoulders IL they found
they could do SO without prejudice to
The policyholders. Prior to coniirma-
tion of the transfer. neither Mr.. West
inghouse nor Mr.. O'Brien would discuss
either its details OF its possibilities.
MI. Ryans holdings in the Equita-
ole were bought, in large part, from
James II. Hyde. although Edward H.
Hartman had laid plans which, as he
supposed. were to assure him the con-
troll that went instead TO Mr.. Ryan. II
was at hearings of the Armstrong in
surance investigation that Mr.. Harrl-
man. when questioned on this point,
coined what subsequently became ma
tIonal byword He was asked If he had
settled scores with Mr.. Ryan, and an
swered tersely:
Not yet"
The public added with ready intui-
ton:
but soon."
At the Offices OF the Equitable society,
President Paul Morton professed igno
rance OF the transfer. and news of
the change of control seemed to come
as a surprise to other officers. 1t is
known however, that directors of the
society and principals to the deal were
in conference yesterday and until late
today. and there is authority for the
statement that the transfer met with
their approval.
Former Justice Morgan J. O'Bricn.
one of the surviving trustees, said to-
night:
Although Mr.. Morgan has become. by
purchase. the majority owner, the trus-
tees retain the voting power OF the
stock. and for the present at least we
shall continue as trustees. I know
nothing about the transaction beyond
the fact that Mr.. Morgan has bought a
majority interest. What idea he had
in making his purchase I do not know.
but from my acquaintance with him i'll
many other matters. I am sure that the
transaction will result to the benefit OF
all policyholdcrs'