| Show I i r MORGAN MOHAN GETS 1 7 t LIFE Control of out it With Assets Passes From Thomas ThomasF Thomasr F r Ryan R an to Him I WILL W L REVERSE OLD ORDER O DER I Trustees Trust cs Voting Power of I Stock Stoel awl for tor fo Present l re ea ut Will Continue ns as i Trustees New cw York Dec 2 Control of or the Equitable Life Assurance A S society se so secured secured cured by Thomas F Ii Ryan Rm soon after aCter the Insurance scan scandals al a t few years ago has lias pasted passed to J PIerpont Morgan tor n with al althe I the of oC assets which the com company pany pUi declared In Its Us last statement sL The transfer apart from the magnitude as a chapter In the history o or of minks ka a complete i ore real of the old j I under which Insurance companies controlled destinies of oC banks and trust tru t companies News of or the transfer was contained ried in the following brief statement from the th offices ontee of Morgan Co CoIr Mr Ir Morgan has hus bought the majority ma majority of the stock of or the Equitable Life Lite Assurance society formerly owned I by 11 Thomas P F 1 Ryan The purchase Is 13 subJect to the trust under which Grover Grovel Cleveland Morgan J OBrien 0 Brien and George Westinghouse were made vot voting ot Int ing trustees for Cor the benefit of oC the poll and find it covers all nil Mr 11 Ryans Interest Including all nIl the stock stOk pur purchased purchased chased by him from James H Hyde H de deBe Beyond Be ond these bare facts Mr 11 Morgan and his partners declined to give any details Tho exact amount of or stock bought by b him mid the price paid pl d re rc reIn mriln maln In ln for fOI subsequent su sequent announcement Nor Mor would they the name any an other inter Intel interests ests allied with them although it Is commonly understood in ht Wall Vall all street that at least one large l trust company may ml take t ke a hand in the deal If I the consent of or the tine Equitable is obtained Under the terns terms of the trust agree agreement agreement ment mont referred to In Mr 11 Morgans announcement an announcement announcement the Ryan stock toek could not be sold said without the consent of the sur surviving surviving trustees whose whoso term of power held heM until June 15 H 1910 If IC they their the saw fit Both arc busy bus men nun and an as they the have hae served the society without pay pa it has hays long loud been taken for fo granted that thal they would be bo willing aiding lIIng to pass their responsibilities to other shoulders er If they the found I they could do so e without prejudice to I the thc policyholders Prior to confirma confirmation confirmation confirmation tion of the transfer neither Mr 11 West Yest Westinghouse In nor nOl Mr 1 OBrien would discuss either cither Its details or 01 its possibilities Mr lie 11 Ryans nans holdings in tho the Equitable ble were bought in large part from Tames II H Hyde although Edward H Harriman had laid plans which as ns he supposed d were to assure him the con control control control that went instead to Mr Ir Ryan It was at hearings of the Armstrong in insurance Insurance insurance Investigation that Mr 11 Ir Harrl Har l nan man when questioned on this point coined wh t subsequently sub became a na national national national byword He was asked asle if It he had settled scores s with Mr Ill Ryan R an and amI answered an all answered tersely Not ot yet ct The public added with ready Intuition Intuition tion But soon At the offices of oC the Equitable society President Pro Paul Piul Morton professed igno ignorance rance of oC the transfer and news nears of oC the change c of oC control seemed to come as a surprise to other officers It Is known n however that directors of oC the society and anti principals to the deal were In conference yesterday OtI 1 and nn until late today and there th re is authority a for tho the statement that the time transfer tr met nut with their approval I Former Justice Morgan Ilor n J OBrien OliO oin io of o the surviving trustees said to tonight tonight night Although Mr Mir lr Morgan rOl lies lias become by try h purchase the majority owner the trus tius trust trustees tees t es retain the voting yoUng power l ower of oC the stock toek and for COI the time present at least we shall continue as trustees T I know Iwo nothing bOlt about n the transaction trams action beyond the lire fact that Mr 11 Morgan has bought a majority interest What hat idea he had hadIn In Imm milking making his pin chase e I do not knots kno but from my any 11 acquaintance with him in jn inman inmany many man other matters I am sure that the transaction tail will twill result to the time benefit of oC all ail policyholders holders |
