New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-06-15

1910 shares and various smaller BLOCKS
and in January. after Mr. Morgan nao
bought the Ryan Equitable Life stock
the Guaranty Trust Company ABSORBED
the Morton and Fifth Avenue Trust
oornnanies. The Equitable Life owned
Oh December II last S5W23, 70" OF the
s25! 100000 capital stock of the Natioiidi
Bank of Commerce. or above ~ PEI
cent: s1.453. 100 or almost % per cent
IF the stock of the Equitable Trust
COMPANY. and s1.294. 100 Of the S-'oW'-
600 apifal stock Of the Mercailliie
Trust Company. s-z...- .z-.s
The control of these three instltutlohs'
,harefore NAV be said to lie with MI
Morgan since by the action Of the TWO
surviving trustees Of the hqulIa oiF In
Assurance Society the full control OF that
institution has been turned over, TO hlifi'
with power to make or not TO MAKE
new voting trust agreement, and lhe 'i
stitution will be conducted in harmony
with the Guaranty Trust Company me
Bankers Trust Company and the other
hanks of the Morgan group Under the
insurance Law. it should be noted. the
Fouitable Life will. be obliged TO divest
itself Of the ownership of these stocks
by the end OF 1al1.
The Ryan deed of trust provided tha'
the directors should be divided INTO tour
classes. thirteen directors TO be elected
each year, OF whom seven should be
elected by the policyholders and SIX ny
the trustees. in line with the plan OF
naturalization adopted by the directors
in 1905. official ratification Of which WAS
blocked by litigation. AS is pointed out
in the letter of the trustees to Mr. Nor
gan. the policyholders have from the be
ginning delegated to the trustees their
privilege of selecting representatives on
the board.
RYAN Offered Stock to Society.
Mr.. RYAN two or three years ago an
nounced his intention of retiring from
active business. retaining his connec-
ton with only three institutions or cor
porations. and il was in pursuance Of
that purpose that he turned over the
Equitable control 20 Mr.. Morgan, it has
been understood. receiving for the Jo2
shares out of the total 1000 the sum
paid by him 20 JAMES Hazen Hyde for
the block, s.. 100000, plus interest at
per cent from the date Of the purchase
in 1905 The stock was offered by him
on the Same terms to the Equitable it
self TWO or three years ago. it has been
credibly reported. but the offer could
not be accepted.
II came out in the insurance investiga-
ton that the late T. H Hartman de-
manded a half interest in the J0e shares
of HYDE stock which Mr.. Ryan refused
10 sell to him. but in the spring of 1903
an agreement was entered into between
the two inanciers under which Mr..
Ryan was 10 turn over to Mr.. Hartman
ct the expiration Of the trust agreement
the desired one-haIf of the J02 shares of
majority stock Mr.. Harrimans death
prevented the contamination Of the con-
tract Of sale. the transaction with Mr..
Morgan following
The purchase OF the Equitabi control
by Mr.. Ryan, which followed the rejec-
ton by Mr. Hyde of much higher offers
from other financiers and syndicates,
marked the close of an internal conflict
mites the traces of which have not yet,
after the lapse of five years, been OBJ
liberated. and threatening the stability
OF the society.
Presidency of Paul Morton.
The trouble started on February II,
1905 with the submission to the direct
ors Of petitions signed by President
James ": Alexander and nearly forty
other officers asking that James Hazen
Hyde be not reelected vice-president
and that voice in the election Of direct
ors be given TO the policyholders.
- With the transfer Of the stock control
10 Mr. Ryan, Paul Morton. formerly
vice president Of the Atchison and Sec
Rotary of the Navy. who had q short
time previously come to New York To
assist Mr.. Ryan in the management of
his various corporate interests, was
elected chairman of the board. with
p,epary- powers. and the designations of
all the old officers were handed IN.
Mr. Morton soon afterward succeeded
Mr. alexander as president. an office
which he still fills. The EGut2 BILE Life
has thriven under his direction and at
the end Of last year reported assets Of
the colossal total of SsS6,l0S 63s.