Equitable Life

For several years the Equitable Life Assurance Co. has been endeavoring to change itself from a stock company to a mutual organization without stock and controlled by its policyholders.

Originally, the Equitable Life was capitalized at only $100,000, the minimum provided for by New York State law. At first the shares were distributed among its directors for the most part; subsequently, they became concentrated in individual hands, and control of the Company passed in rapid succession from Henry B. Hyde to James Hazen Hyde to Thomas F. Ryan to the elder J. P. Morgan and finally to T. Coleman du Pont. Mr. Ryan placed stock in the hands of trustees for the benefit of the policyholders, and subsequent owners followed his example.

Ever since 1917, the Company as well as its policyholders have desired to acquire all the stock, and in that year General du Pont agreed to turn over his stock to trustees. In February, 1918, all but 23 shares were obtained, trusteed and a "plan of mutualization" was practically accomplished.

Recently, the last eight shares were acquired from one Jennie R. Morse. The board of directors, receiving the final report of the trustees, terminated the trust and retired the total capital stock. By this action, absolute control of the Equitable's assets is turned over to the policyholders, and the enterprise is now a complete mutual organization without capital stock.