New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-13
DU POINT BUYS
MORGAN STOCK
IN EQUITABLE
Powder Mans Purchase Is
Majority, and He Plans
naturalization.
COST TO NEW OWNER
ABOUT $3,500,000
Financier Got Control to Keep
Funds from Enemies Men,
acing His Fortune.

General 7. Coleman du Pont, head Of
the E. l. du Pont de Nemours Powder
Company, has bought the stock of the
late J. P. Morgan in the Equitable Life
Assurance Society. The block consists
of 5O2 shares and constitutes a major
ity General du Pont is the principal
owner Of the new Equitable Building
and organized the company which
erected it.
1t is his purpose to cooperate with
the officers of the society in a plan for
its complete naturalization. Already
the stockholders nominate a majority
of the board of directors.
Il is understood that the price paid
for the stock was about S3,500000.
Mr.. Morgan bought the stock, it is
said. as a protection to his own inter
ests and those of his children and his
children's children. On one occasion
he said 20 a friend that unless he had
control of this concern, whose vast
funds. in spite of the new and rigid
laws, might be used in the service Of
his financial enemies. il would stand
"as & menace to my fortune, 10 my
sons fortune and TO his sons after
him"
it was said that Mr. Morgan felt
that the control of James Hazen Hyde,
who obtained it from mis- father, was
hostile to his own interests, and that
the revelations of the insurance inves
tigition convinced him of this.
General du Pont. besides continuing
Mr.. Morgans mutual zation scheme.
will maintain the same voting trust
named by Mr.. Morgan. Whether his
idea in getting control Of the stock
was the same as the great fanancier's
he did not say.
Voting Trust Undisturbed.
William "A. Day, president Of the
Equitable, announced the sale as
follows:
THE majority of the capital stock
of the Equitable Life Assurance Society
of the Unitedy States. purchased by the
late j. P. Morgan. several years ago,
has been sold by the executors Of Mr..
Morgan's estate to General Coleman
du Pont, the principal owner OF the new
Equitable Building. The trust, under
which the stock has been voted, remains
undisturbed, under the control of the
same trustees, Morgan J. O'Brlen, Jo-
seph II. Choate and Lewis Cass Led
yard.
at is fitting in making this announce
ment TO state that the directors and
officers Of the Equitable Society appre-
ciate highly the public spirited atti-
tude of the late Mr.. Morgan and of hls
son during the period that the tech
njcal ownership of the stock has rested
in their hands. During this entire
peliod the directors and officers Of the
society have enjoyed the fullest free
dom in the administration Of its affairs
without so much as a suggestion from
the owners of the stock or trustees
with respect TO the management or
conduct of the society.
"The three trustees. whose sole duty
has been to elect the directors, have
selected men Of integrity and known
standing for these high positions with
full sense of responsibility for the
trust imposed upon them. The dl-
rectors so selected have administered
the affairs of the society free from any
influence or control of the beneficial
owners Of the stock.
at is eminentlyappropriate that IN the
change in the ownership of the stock
the interest in the majority OF the
society's capital has now been acquired
by a stanch friend of the Equitable
who states that his sole object is 10
protect the interests Of the policy
holders of the society, whose home Is
in the building Of which he is the
principal owner-a bIldlng which
bears the Equitable name, and which
has been erected in large part for the
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