New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-22
c.r.ral du Pont to Sell
Controlling Stock for
S2,799,9O0
Bought from Morgan
For $4,000, 1000
Al Of 1000 Shares To Be
p.tired; Hughes Arranged
Transfer Plan

alan 10 retire the stock Of the
,.-;t.ble Life Assurance Society, con-
- o, which was bought by General
, Coleman du POnt in 1915 from J.
s,,,ou. Morgan. and place the control
4, hands Of the policyholders was
,.,,uue.d yesterday. 1t was approved
!, -, board Of directors on Thursday,
!, order to consummate the mutual
Tin, nlsn General du Pont, who paid
uy154o (s4,sOO,oOO with interest to
.,..) for the stock, offers his holdings
IA. stockholders for $2,7ss,9oO. His
.lainss aggregate 564 Of the 1000
,,,, Nor will General du Pont re-
~. cash payment. Payment will be
"A. IN senni-annual instalments over a
.,,sd o, twenty years By deducting the
'....ln.nts from the semi-annusl in
,,,., payments to the society on the
mnp COO which it holds on the Equi-
~, Office building, of which General
r Pen. is the chief owner.
General du Points Position
his explanation is made in the
r,,n.nt given out yesterday: From
!. j..s he General du PonD acquired
:. stock he has held the opinion that
/, sud render no greater service to
:, rublie than 70 assist in the mu-
-,5a,ion Of the society, and he gives
,,.iesl and substantial expression TO
!, view BY contributing this amount
,.t interests Of naturalization"
gor the sixty-three shares OF minor
: s.oek which General du Pont in
,,i,t in the controlling interest he is
nm over TO the society he is TO get
rIg a share. A similar price mas
w essred by the society TO the hold.
"a u the remaining 436 shares OF
,;ws,y stock. The shares will be
w hr in cash. and at that price
III aggregate $654,000. Under its
A-r the society can mutuallZe
RIA ACQUISITION of the majority
rsihst il is the purpose OF the com
IA 70 purchase and retire all stock:
h. stock is purchased or acquired
MA his plan It will be transferred
rswivned TO John II. Finley, OF Al
rr Morgan J. O'Brien, Of New YORK,
X George Wharton Pepper, Of Phlla-
s;.!s, who will act as trustees. They
| & hold the stock in trust until the
rr 1000 shares have been obtained
a cancelled. At all stockholders
M.i,gs they will vote in favor of quail
t,g stockholders TO vote for all d.
x'on
Hughes Passed on Plan
ta,l.s z. Hughes acted as chief
s,al for the society in drawing up
:, plan and passed upon its legal as.
". The naturalization committee or
u bosrd OF directors which presented
elpsn is composed of Thomas Spratt,
s0gdensburg. y. Y, chairman; 7. De
Y. Cuyler. OF Philadelphia; JOY Nor
4, Of Chicago; z. H. Outerbridge
nj Charles D. Norton. Of New YORK,
!. John D. Herman. Of Utica, y. Y.
Essn the Equitable Life Assurance
@siy was organized, in 1859, the law
s;sifsd, for the protection Of its pol
gtsldsrs during the period Of It's in
i,y, .ha, capital stock be issued
l,a ii happened that the orgsniza-
=, became a mutual company with
7'izl stock.
SsE the assets Of the society amount
sW2loo0,oOO, and il has been recog-.
nd for years that the interests OF
= pehsyholders demanded that they
L! 10 clique Of fnanciers have the
-,sol Of this capital. .
l.onas T. Ryan. who bought control
: lie stock in 1905 for $1,000, 900, an
s.,esd that his purpose was TO pre-
" abuse Of this financial power. In
e7ssrshee Of that purpose he placed
f'sioek in the hands of three trustees
" voting purposes.
H. Morgan, buying control from Mr..
ilr for the $500 900. plus somewhat
we than 100000 in accrued interest,
~r,sed the voting trust. When Cen
~ q Pont obtained control, in June,
"a Re likewise continued the voting