July 2, 1910, Record and Guide (v.86 no.2206 page 8)
Equitable Plans.--The deathless rumor that the Equitable Life Insurance [sic] Society will erect a new building at 120 Broadway was revived during the week by a statement that an alteration has been made in the plans, and that when the society has disposed in some manner of the stock of the Mercantile Trust Company and the Mercantile Safe Deposit Company something "definite" will be done about a new building. It is also now said that the revised plan when made public will show a building having 32 stories, which will be erected in sections, the Nassau side first. The fact that the safe deposit company held a long term lease on the basement has been one of the ascribed causes for deferring the erection of the new building. On the valuation of $12,000,000 the present structure does not make a fair return and neither is it big enough for the society's business, as some of the Equitable's departments occupy rented quarters in the vicinity.