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....
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