The Washington herald., 1907-02-05
DRYDEN ISSUES STATEMENT.
Defends Management of Prudential
and Enactment of Legislation.

Senator Dryden. who has Withdrawn
from the New Jersey Senatorial contest,
made public last night the lengthy state
meHt which he had prepared to present
to the conference Of Republican members
of the general assembly at Trenton yes
terday
lie resents the impuiation that the
mana ger1ent of his insurance company
disqualified him from discharging his pub
lie duties; defends his management Of
the Prudential and the enactment of leg
islation depriving its policy holders Of
the right 10 vote for directors. and de-
nounces his enemies for iusinuating that
in his former campaign for the Senate
he had attempted through "a lobbyist TO
bribe legislators. or the bribery charge
he says.
These afidavits are Of course. intend
ed to insinUate that the offer was made
by my authority or with my knowledge
and acQuiescenCe. II should be noted,
however. that the affidavits have been
50 carefully drawn that no charge IS
made of my participation either directly
OF indirectly i'm the matter and I am
thereby pTecluded from proceeding against
the parties responsible for making ana
procuring them. They waited 20 tell their
story until the only lips that can deny 1t
have been closed by death
4 characterize as an utter f1isehood
any statement or insnuation that I or
any person with my authority. knowl-
edge. or acquiescence. sought to corrupt
oy improperly influence any member Of
the legislature which elected me. either
through the agency of Thomas Palmer
or any other instTUmentality.'
Profits to Stockholders.
In dealing with the act depriving pol
icy holders of tbe right to vote for di-
rectors, he explains that no policy holder
had right to a single dollar Of the sur
plus
IF the company profted the stock
holders were entitled to profit" he says.
IF the company lost, the stockholders
sustained the loss For these reasons.
and these reasons alone tie law was
amended so as tO> provide that the policy
holders should not have the right 10
vote This amendment did not change
the legal provisions as TO the ownership
OF the surplus or OF the net profits of
the company. I need scarcely say that
if such a result had been sought it could
not have been attained. as no legislative
act can destroy vested right II may
further be said that not single policy
holder has ever suggested that the legis-
lation of 1880 deprived him of any right.
or has said that he was aggrieved by its
enactment.
He says he recognized moral obliga-
tion of the nonparticipating policy holders
to enjoy a share of the net profits. and
that acting upon his recommendation the
board of directors have annually paid In
this class of policy holders large sums OF
money. amounting in the aggregate 70
about S7.O00000. He says this equity was
not one which any court would have en-
forced.
In reply 10 the charge that he has large
IL benefited as a stOckhOider and officer
OF the company he says he asked that it
be remembered that he has devoted his
80 ia building up and fortifvlng the
company and that he is entitled 10 par
ticipate largely in the profits Of the bust
ness.
In connection with this subject the
Senator SAYS:
= do not know that it has been sug-
gested that Il person connected with ths
CONTINUED on THIRD PAGE