Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-12-03
MORGAN BUYS
CONTROL OF
EQUITABLE
GREAT LIFE INSURANCE
SOCIETY CHANGES HANDS
Brief Announcements of Deal In
voIving S472, 100000 Assets
Comes as Surprise to PfeSi-
dent Paul Morton,
Especial Dispatch to the Morning Journail

Especial Dispatch to the Morning Journail
New York, Dec 3--Control of the
Equitable Life Assurance society
which was secured by Thomas f.
Ryan, soon after the insurance scan
dals few years ago has passed to
j. Pierpont Morgan with the $412,-
coo, 000 of assets which the company
declared in its last statement
The transfer apart from its magni-
tude as a chapter in the history of
finance, marks complete reversal Of
the old order under which the insur-
ance companies controlled the des-
TIMES of the banks and trust com
panies
News OF the transfer was contained
in the following brief statement from
the Offices of Morgan & Co;
Mr. Morgan has houSht the ma
iority of the stock of the Equitable
Life Assurance society, formerly own
ed by Thomas +. Ryan This pur-
chase is subject to the trust under
which Grover Cleveland Morgan j.
. Brien and George Westinghouse
We're made voting trustees for the
benefit of the policy holders and i
covers all MIR. Ryan's interests. in
ClUNln1 All the STOCK DHltULStu ny
him from james II. Hyde
Under the terms of the trust agree-
ment referred to in Mr. Morgan's am
nounccment the Ryan stock could not
he sold without the consent of the
surviving trustees. whose term OF
power held until June Is, 1910, and
who might continue the agreement for
another five years If they saw fit
Both OF them are very busy men ana
as they have served tho society with
out pay it has long been taken for
granted that they would be willing to
pass their responsibilities to other
shoulders il they found they could do
So without prejudice to the policy
holders. prior to confirmation of the
trstncfer neither Mr. Westinghouse
nor AIR O'Brien would discuss either
it's details or probabilities.
Mr. Ryan's holding in the Equitable
were bought in large part from James
H. Hyde although Edward H. flarri-
man had laid plans which, as he sup
posed. were to assure him the control
that went instead to Mr.. Ryan. II
was during the hearings Of the Arm
strong insurance investigation that
Mr. Hartman, when questioned on
this point. coined what subsequently
became a national by-Word. lie was
asked if he had settled scores with Mr..
Ryan and answered terselN
Not yet.
The public added with ready intui
lion:
but soon.
At the offices Of the Equitable Pres
dent Paul Morton professed ignor-
lnce of the transfer ana news of the
change of control seemed to come as
4 surprise to other officers 1t is
known, however, that the directors Of
he society and the principals of the
deal were in conference Yesterday ana
until late today and there is authority
'or the statement that the transfer
met with their approval
Former Justice Morgan J. O.l'rien, (
me of the surviving trustees. said to- /
hight. in commenting on the purchase I
IF majority interest In the society /
Jy Mr.. Morgan,
Although Mr. Morgan has become |
~ purchase the majority owner, the !
rustees retain the voting power of
he stock and for the present at least
ve shall continue as trustees. | know I
lothing about the transaction beyond /
he fact that Mr. Morgan has bought /
majority interest. What idea lie I
lad in making his purchase ! do not (
inow, but from my Acquaintance with .
lim i'm many other matters ] am sure
hat the transaction viii result to the
,enefit of all policy holders.