New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-12-03
MORGAN BUYSSTOCk


movement which tended to advance the
welfare OF the city. He is one OF our
greatest men. and by his purchase OF
the controlling stock Of the Equitable.
he will have a chance TO extend his
work. which has been SO beneficial
locally. 10 the entire country. IT is
most likely that with Mr.. Morgan hold
ing the majority stock the pOlicyhold-
ers OF the society viii profit greatly.
Mr. Morgan, il can be assured. had no
desire OF pecuniary gain when he -pur-
chased this stock. He had in mind only
the interest Of the many policyholders."
MAY MUTUALIZE SOCIETY.
Ex-JGstice O'Brien was asked whether
he believed Mr.. Morgan would mutualize
the society
Il do not know what he intends TO
do" said he. hut I am of the opinion
that either a stock or a policy holders
control would be better than the pres
ent system Of joint control Under the
present system responsibility cannot be
fixed. While I do not know Just what
is going TO be done IL would not sur
prise me If the society would be made
a mutual one and the affairs put in the
hands Of the policyholders. At the pres
ent time ] do not know that any such
step is contemplated. BY making this
society a mutual one il would be con-
siderabiy benefited. / think that under
mat system the business would in
crease"
The trustees were chosen originally
10 represent the stockholders, but as a
matter OF fact we have been represent
ing both the stockholders and policy
holders. The policyholders have the
Tight 10 select majority Of the directors.
but they have not been awaiting them
selves Of the opportunity. They have
been writing in 20 US asking US TO name
the directors 10 represent them. and we
have done So While the trustees have
Deen serving without compensation for
these years we feel that when the terms
Of the trust expire next June we would
gladly retire, providing the affairs OF the
society were in such shape as to warrant
us in doing So. OF course. IL the inter-
ests Of the policyholders require that We
retain the positions We viii surely DO So"
HARTMAN RUMoR DENIED.
A report was widely circulated yester-
day afternoon that Mr.. Ryan had sold
the stock 10 Mr.. Hartman some time
before the latter's death and that il was
really from the Hartman estate that
,dr Morgan was purchasing il. the rumor
apparently arising from the wording OF
the Morgan statement, which referred TO
the stock formerly owned" 10y Mr.. Ryan.
Justice O'Brien said that the trustees
had heard Of no sale Of the stock by
Mr.. Ryan other than that TO Mr.. Morgan.
Color was also thought 10 be lent the
rumor by the election on Wednesday
OF Henry W. De Forest. who is a di-
rector OF the Union and Southern Pa
oifc roads, TO the board Of tho Equit-
able, but Mr. DE Forest said last night
that his election had followed his nomi-
nation six months ago as representa-
tive OF the pohcyholders
II Was said last night that Mr.. Ryan
year ago offered his holdings to the
Equitable. AT the time he bought the
sleek. X may be remembered, he an
nOunced his willingness TO transfer Il TO
the society at it's cost TO him. So 100000,
with 1 per cent interest for the period
Of his investment. If legislation could be
obtained at Albany making the trans
action possible Mr.. Ryan more than
two years ago announced his intention
10 retire from all Of his many directo-
rates except three those OF the Morton
Trust Company and the National Bank
OF Commerce. OF both Of which institu-
lions he is a president, and the
American Tobacco Company. and that
purpose has beer carried out MI
Ryan. who a few weeks ago returned
from long sojourn in Europe, is now
al his home at Oak Ridge. Va
EoUITABLE's STOCK HOLDINGS.
Under the Armstrong law the insur-
ance companies have until December 81,
1911. 10 divest themselves of the owner
ship OF all OF their stock holdings The
Equitable, like the other large life in
surance companies, has in pursuance of
that requirement already parted with
some Of its holdings. including ats 5000
shares Of Lawyers Mortgage Company
stock it's 2.OlO shares Of stock of the
Fifth Avenue Trust Company. its 300
shares of stock Of the Fidelity Trust
Company OF Newark and l.isD shares of