Evening journal., 1915-06-15
DUPONT Tells OF
THE EQUITABLE PLAN
Assures N. Y. Insurance De-
partment Support for
naturalization
OFFER TO RESELL
STOCK IN AGREEMENT

NEW YORK, June 15.-The State
Insurance Department has received
assurance from General T. Coleman
dupont that a movement TO mutualize
the Equitable Life Assurance Society,
which he controls through ownership
of SOP shares of stock, would receive
his support General DUPONT arrived
at his office in the suite of the Equi-
table Building Corporation, No. l2O
Broadway. shortly before noon yes
terday, and in the hour spent there
he discussed with business associates
the new situation. that has arisen in
the history of the Equitable through
his purchase. II was learned after he
had started for Boston that not only
will the dominant interest in the in
surance company support plant for
mutualizing the concern, but will
take the lead in bringing this devel-
opment to pass.
Superintendent Frank Hasbrouck'
of the State Insurance Department,
said that he was in possession of nu-
merous details of the sale of the Equl-
table stock to General DUPONT by the
estate of the late ]. P. Morgan, and
that further steps toward mutualiza-
tion would be followed carefully by
the insurance authorities. He said IN
a formal statements
State Report on Sale.
"The sale of the stock control OF the
Equitable Life Assurance Society by
the Morgan estate to General DUPONT
is a private transaction over which
the department has no control me
department has full authority which
would enable it to protect fully the
rights of the policyholders, and the
supervisory powers of the department
are such that no radical change could
be made in the control or manage
ment of the society without our
knowledge.
Assurance has been given to the
department that the voting trust Will
continue undisturbed. We are also
assured that General DUPONT is en-
tirely willing to bring about COM
plete naturalization Of the company
and the Committee on Naturalization
of the Equitable will take up the mat
ter with General DUPONT at an carry
late.
estate General dupont agreed to resell
the stock to the Equitable Society AT
any time within three years, at COST
plus interest.
"The insurance department had lus'
completed its regular triennial eNamina
tion of the society's affairs and the re-
port will he filed shortly. Tie society
is in sound condition financially ana ts
method Of management, expenses ana
earnings have been greatly improved II
recent years"
NAV Dissolve Voting Trust.
General DUPONT will return to TINS
CITY on Wednesday, according to close
friend who went over the situation WITT
him Yesterday, and then will make pub
lie his reasons for buying control of th'
Equitable. the price paid for the shares
and probably, the course he means to
follow in transferring the ownership Of
the company from the stockholders to
the policy holders. Despite the state
ment bV Mr.. Hashrouck that the voting
trust viii be continued for the remainder
of its term. it was learned on excellent
authority that the trust may be DIS
solved shortly.
Under the trust agreement entered
into bv the late J. P. Morgan. when ne
tool over the RYAN and Hartman hold
ings in 1909. it is provided that the trust
NAV be dissolved at any time upon 81
1avs' notice. The second period Of the
trust began January l. 1910. and ends
next December 81. II was intimated
this afternoon that an end to the trust
NAV occur at a date no later than the
time of the annual meeting of Equit'
able shareholders, which is scheduled toI
December The present trustees are
Lewis Csss T.edvard. Morgan j. O'Brier
and Joseph H. Choate.
Il is understood that if General du-
Pont decides to dissolve the trust II
will be for the purpose of bringing
directly into his own hands the con-
troll of the majority interests. so that
ne may have a free hand in forward
Ing a plan of naturalization. He an
nounced Yesterday that an option
running for two or three years would
~-Ae given the policyholders on the 502
shares, but men in close touch with
General dupont believe that he will
begin work at once to put the scheme
through.
Record on naturalization.
The Street recalled that mutuali-
zation. which had the sanction of j.
Morgan, after he entered the conf
pany's affairs. was discussed in 191O
and 1911. but never came to any
thing.
A friend of General DUPONT said
that he has had the naturalization of
the Equitable under consideration Tor
q number Of years. In course of a
conversation about the relatively
small return policyholders got for