The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1906-07-20
PROBING
INSURANCE
Senator Dryden Tells Why He
Receives $65,000 a Year
PUT up FOR CAMPAIGNS
Management Of Company Judged
II Was to Interest of Stock.
holders TO Pay.
PUT up FOR CAMPAIGNS

NEWARK. y. j.. July 20 Senator
John +. Dryden, president Of the Pru
Dental Insurance company, was the
first witness TO testify before the state
senate insurance investigation commit
toe lie gave the history of the Pru
DENTAL company and told how he had
been turned down 10y Governor Hon.
man of New York when ne tried 10 get
charter In that stae before coming
to New Jersey because the business he
proposed 10 do was TO he other than
straight line Insurance.
Under the original charter in New
Jersey, Senator Dryden said, the mem.
beers had the right 10 vote, but they
had not exercised Tint right
Were they Informed Of their right
or given notice OF meetings. asked
Senator Mniurn, member Of the
committee
THAT was not necessary"
Speaking ON the matter of the big
surplus OF the company. Senator Dry
den said that from 1897 up 10 tie pres
eut time they had turned over 5000.
900 10 the policy holders while they
really were not bound TO turn over a
cent
The witness was questioned about
his salary of SG50OO a year ana the
large salaries Of other officers OF the
company and was asked whether he
did not think that these salaries tend
ed toward extravaganza. His reply
was
Ability commands price, aud every
big enterprise IN the country is look
ing for men who can achieve"
Senator Dryden was examined along
the lines of his statements before the
Armstrong committee la New York
and some of his assertions were gone
into more fully than ON that occasion
He said that the Prudential company
had contributed $1,000 To the Repub
lican national committee In 1896 and
IN 1900 had contributed $1,000 and
that the larger amount was donated
again in 1904.
senator, do you think it was right
to give the policy holders money
away for campaign purposes asked
State senator Minturn
The policy holders never had cent
of interest in that money. II belonged
TO the shareholders. replied the wit
ness
How do YOU discriminate You ties
tilted that the surplus belonged 10 the
policy holders and not 10 the stock
holders"
What was applied 10 the credit Of
the policy holders was voted to them
by the directors" said senator Dry
den.
And you considered the act Of Civ
ing that money 10 the Republican com
mittee justhablef"
The management Of the company is
charged with the responsibility of the
company, and if in the Judgment Of the
directors conditions are likely to be
NiNi-ht ai'Nhl unit NVutN ltNu ~ uf
stroy the company's assets or Impair
them it is the duty Of the management
to protect it,
Senator Dryden was the only wit
ness, but during the time he was on
the stand Colonel \. r. kuser became
Il sort Of Informal witness and told Of
the formation aud financing OF the
South Jersey Gas and Electric com
pany, Of which the Prudential holds
some S3,000,OOO bonds. Colonel Kuser's
statements were to show that the of
icers of the Prudential company did
not personally benefit by the transac-
ton Senator Dryden was also asked
about this and said he was positive
that neither himself nor any officer or
director benefited personally 10y the