The Washington times., 1915-06-13
EQUITABLE SOCIETY
BOUGHT BY DUPONT
J. P. Morgan Sells Majority Of
Capital Stock in Great Life
Insurance Company. -

has sold his holdings Of the majority OF
the capital stock In the Equitable Life
Assurance Society of the United States
TO Gen. T. Coleman du Pont, former
head of the e. l. du Pont de Nemours
Powder Company.
The sale took place on Friday but
the official announcement has only just
been made by William A. Day, presi-
dent of the EQUITABLE. No statement OF
the price paid has been made. 1t was
stated. however, that 1t was In excess
OF what Mr.. Morgan's father paid
Thomas Fortune Ryan when he pur-
chased control Of the company from
hfm In 1909 Tho price then paid was
I eeid to have been more than $4,000 900.
Mr.: Days statement follows:
The majority of the capital stock Of
the EQUITABLE Life Assurance Society
Of the United States, purchasNd. by the
late ]. 2. Morgan several years ago, has
been sold by the executors of Mr.. Nor
Gan,s estate to Gen. T. Coleman du
Eeptabie buidips 0Mner The trust o 'ne under msM
which the stock has been voted remains
ondisturbed. under the control of the
same trustees. the Hon. Morgan !.
OBrien, the Hon. Joseph H. Choate,
ana Lewis Cass Ledyard esq.
Morgans Thanked.
1T Is fitting in making this announce
ment to state that the directors and Of
ncers Of the Equitable Society appre-
ciate highly the public spirited attitude
OF the late Mr.. Morgan and of his son
curing the period that the technical
ownership of the stock has rested in
their hands. During this entire period
the directors and officers of the society
have enjoyed the fullest freedom in the
administration of its affairs, without SO
much as suggestion from the owners
OF the stock or trustees with respect
to the management or conduct of the
society. The three trustees whose sole
Ssy SSuty has has been to elect the directors.
known standing for these high posi-
tions with full sense Of responsibility
Lorr the trust imposed upon them. The
directors so selected have administered
tne anairs OF the society free from any
innuence or control of the beneficial
owners of the stock
1T Is eminently appropriate that in
sne change IN the ownership of the
stock the interest in the majority of
tne society's capital has now been ac-
Quired by a stanch friend of the Euuit-
aoae. VINO states that his sole object is
FOLDERS Of the society. whose home is in
the building Of which he is the principal
oWner-a building which bears the
Equitabie name and which has been
ere shseeted IN large part for the benefit of
eencient transaction of its business
Reasons for Sale Withheld.
Mr.. Morgan's reasons for the disposal
OF his holdings in the Equitable. which
were acquired by his father. could not
be learned. In some quarters, IL was
rumored that he proposed to secure
control. Of the Metropolitan Life In
L,,t 1T
confirmed. q 4 - d - 81
The Equitable Life Assurance So
ciety is one of the largest Of the great
life insurance companies in the United
States, although its capital stock Is
only 100000. 1t has surplus of $s4,-
S6S.746 and general insurance reserve
Of $432. .282,828. Its total assets are
given as $525,345.6l9. and it has out
standing insurance aggregating S1.4n.-
It was never known just how much
stock in the company Mr.. Morgan
owned, but 1t was generally understood
that 1t was somewhat over two-thirds
OF the total outstanding capitalization.
While the actual sum involved in secur-
ing control of the stock Is not espe-
cially large, the financial power which
the control gives to General du Pont
millions. The fact that he has secured
control of the company places him in
q position to dominate its entire man
agement and direct the company's
policy as to the management of Its hum
dreds Of millions of dollars Of assets. 1t
makes General du Pont one of the fore
most. II not the foremost. power in in
surance circles In the United States.
tically new field to General du Pont.
although his association with the
Equitable Life Assurance Society
through its new thirty-two,ggtsory build;
Is the largest stockholder in the cor
poration which has just erected the
largest building in New York city, and
the success of the venture is said to
have been largely due to his enterprise.
Wall Street Surprised.
| General du Points purchase came as a
great surprise to the financial dis
trict, which had come to believe that
he had decided to retire from active
business life. Wall Street reached
this conclusion about three months
ago, when General du Pont disposed
of his majority holdings in the pow
der company which bears his name:
He is understood to have received
about $20.000,0O0 in notes and cash
for. his interests in the e. !. du Ppnt
de Nemours Powder Company.
The Equitable Life Assurance So
cIety of the United States was organ
lied in 1859. The life insurance scan
dals came to light in 1e05-06 through
the Armstrong Investigation and the
report made by the committee bear
ing that name resulted in the remod-
cling and cleaning up of the insur-
ance laws of the State of New York
and the United States. 1t is probable
that these scandals would not have
come to light even then had 1t not
were waged for the control of the va
rious companies, particularly the
Equitable. The contests took place In
the "'yood old days" in Wall Street
and were between such men as
Thomas Fortune Ryan, J. Pierpont
Morgan, L. II. Hartman, James Ha-
zen Hyde, and many others.
The majority stock in the Equitable
Lite Assurance Society was held by
the Hyde family until Mr.. Ryan pur-
chased it. An effort on the part of 4.
II. Hartman to wrest the stock con-
troll from James Hazen Hyde brought
-. a ILL -