Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1915-07-01
Gen. DUPONT Tells
OF EQUITABLE Plan
If naturalization Is Not Prac-
tical, Will Cooperate
in Other Ways
ATTITUDE OUTLINED
REINSURANCE OFFICIAL

NEW YORK, July 1.--General T.
Coleman dupont. who recently pur-
chased the stock control of the EQui-
table Life Assurance Society, explains
his plans for that society, so far as
they have been formed, in letter to
Frank Hasbrouck. State Superinten-
dent of Insurance, made public yes
terday. General DUPONT reaffirms his
desire for the naturalization e the
company; or. if this is not practicable
and satisfactory he is ready to CO.
operate in seeking some other way
TO accomplish the purpose above
stated that is. giving assurance as
TO future management"
The letter was in answer 10 an in
curry from Mr.. Hasbrouck regarding
General duPonts plans for the soci-
ETY.. A resolution passed by the EX-
ecutive Committee of the National
Convention of Insurance Commits
sioners. at its recent meeting here.
directed Mr.. Hasbrouck to make
such an inquiry as a matter of public
interest General duPonts reply was
as follows:
Ny desire is that naturalization Of
the Society be brought about In or
der 10 give assurance that its affairs
viii always be managed in the in
terest of the policyholders foqrs rr-
lating TO stock control being ioi ever
ended. 1 believe that such assurance
is necessary, II the Society is to be
brought to the larger success which
seems 10 be within its reach.
/ understand that the management
for some time has been trying to ind
way TO naturalization. WISH TO
cooperate with them. ana 20 his end
have already been in conference with
! the naturalization committee.
II such naturalization as is practic-
able Is not satisfactory. 7 am ready TO
cooperate In seeking some other way
TO accomplish the purpose above
stated-that is, giving assurance as
to future management
Whatever plan may be agreed upon
must. OF course. have the approval of
the superintendent Of Insurance:
and I assume that we shall have his
cordial cooperation in the work OF
finding such a plan. and. thereafter
J III carrying Il out
Since the problem is a new one IN
me and is one which has puzzled
ADLER men and men OF larger exper
/ fence in such matters. ! cannot. OF
course, be expected TO suggest a plan
! at once; but with the Insurance De
partment, the management Of the So
! ciety and myself working with the
same purpose, l feel justified In ex-
pecting that the problem will be solv-
ed before long.
As 10 distribution of earnings and
savings through policyholders' divi-
! bends and safeguarding the com
pany's investment" have now Meth
er opinion or intention. / presume
such matters are controlled for the
most part by the law and the Insur-
ance Department. The majority OF
the present board OF directors rem
resent the policyholders. and all OF
the directors are men Of the highest
character, who may be expected 10
use their best efforts TO conserve the
assets OF the society. safeguard its
interests and increase its power for
good in the community.
While we are trying TO devise a
/ plan for the purpose stated above. IL
Is my intention by continuance Of the
present voting trust or otherwise. TO
secure that the stock which l own
shall be voted by gentlemen of high
character and standing in the inter-
esl Of the policyholders according 10
their Judgment. ~
nave been out Of the city most q,
me time since the recent Of vour
ietter, which accounts for the deIsv
IN sending this answer.
when General dupont conferred
with the Equitable Committee On Mn
tualization he offered his controliin,
shares at the price he had paid Mr.
Morgan. with interest added an 3 ner
cent, the total coming to less than
$4.0OOO00. The question was raises
as to the price the minority stock
holders would ask. and II was the
opinion OF the committee that the
State Department would not sanction
the payment Of nearly $4,000. 600 for
the Equitable stock for the purpose OF
naturalization.