New-York tribune., 1905-12-13
PRUDENTIAL LIFE UP.
Senator Dryden Tells of Chain of
Allied Interests.

Apart from the testimony Of Mr. Ryan. the main
interest Of the insurance investigation attached
the appearance of Senator John F. Dryden, presi-
dent Of the Prudential Insurance Company, of
New-Jersey. who told in detail the methods en-
ployed by this company, which deals in large part
with industrial insurance. Senator Dryden showed
evidence Of extreme nervousness at the start of
his examination. but apparently grew more conf
dent as It progressed, and his frank and complete
answers evidently made a favorable impression. At
the outset he created surprise by the adnis-
sion that his company, like many others, had
employed Judge Hamilton for legislative work
He explained, however that It only in one or
two instances and that the amount paid only
$500.
On the subject Of campaign funds Senator Dry
den declared that the Prudential had made three
contributions to the Republican National Commit
tee. Of 5000 In 1895 and two OF $4,000 In 1900
and IN 1904. These. he insisted. the only
cases Of such contributions. and were charged in
the books of the company to expenses" In two
cases and in to legal expenses. In the
evidence he gave regarding his company he insist
ed that it had able to get along without the
expenditure State legislatures of the vast sums
Of money the big Three Of NewYork had been
shown to have used
The Senator'S testimony this point not only
indicated that he did not think the large expen-
ditures were necessary but he went further and de-
clared that, since he had been IN public life he
had never been bothered by either lobbying or cor
rupton. The secret of the small legislative ex-
penses OF his company, $eo since 1S9S the senator
explained lay in fact that the officers OF the
company 'Ilad worked hard and tried to be honest
He declared that he had never permitted any pay
ment except for a legitimate purpose His en-
pioyment of Judge Hamilton was because he had
been regarded as an authority legislative sub
tects and knew he had written book on insur-
ance affairs
Senator Dryden traced in detail the growth Of
his COMPANY from capital stock Of $751; 900 TO OF
50 0ooOo largely through stock dividends. He then
explained the remarkeble process by which the
troll Of the Prudential tied I'd This
conpllshed by the sale Of the Prudential stock to
the Fidelity Trust Company. The trust company
bought a controlling interest at $500 share To
do this It realized its assets and the Equitable
Life bought stock from the Fidelity at this time
AS the officers OF the Prudential including the
Senator had a controlling interest In the stock of
the Fidelity Trust Company. the control of the
insurance company remained in practically the
same hands, but was tied up tight. The dissatis-
faction of pocyholders. however. coupled with the
Intervention Of the courts checked the retirement
OF more than 50 per cent Of the stock. but consd-
erably was held In such fashion to make
this control absolute. Loans shown by the
Prudential 20 the Public Service Corporation of
New-Jersey, and It was shown that the officers
OF the Prudential and OF this vast company were
practically identical The control OF the Union
National Bank, OF Newark, was also shown to lie