The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-06-25

assigned surplus, moneys to which the
deferred p~olicyholders were entitled.
He goes on TO say that the company's
reports of 1907 and 1908, as filed with
the Banking and Insurance Depart
ment are misleading, insofar as they
seem to indicate further claims on the
part of the participating policyhoiders
in the unassigned surplus +. : that
he participating policyholders now
have neither eauitap bic or legal claim on
the amount mentioned. He insists
that II the IS, 800, 900 is included in the
unassigned surplus. not less tina $780,
600 belongs to the stockholders of the
corporation.
mo detailed report of the conduct of
the business of the company to the
stockholders" says Mr.. Blanchard, "is
made, itnd the stockholders must de-
pend upon the statement furnished to
the banking and insurance commission
for any information along this line
He charges that for many years the
company has paid very high and ex-
traordipary salaries to It's president and
other executive officers; that large
amounts have been extravagantly ex-
pended in unnecessary decorations and
u A7hli VI olii1tS dtid Il OOillS
for directors and executive officers of
the company and In buildings erected
in Newark. .
In conclusion the bill asks that the
directors be compelled to make a COM
plete accounting and forthwith declare
a dividend to the stockholders In such
amount as In the Judgment of the totirt
may at this tint be safely distributed;
ttzt 49, -. - - 4s4fAAA --a. =.
payment of further dividends to the
policy-holders, pending the termination
may require, pending the ternii..ation
of this suit. and that the company be
| restrained from hereafter dfverting
further profits OF the company In sal
aries or other expenses in excess of the
Just requirements of an economical ad-
! mlnistration of It's business.
The bill contains a detailed history
Of the Prudential Company. which 1t
says. was Incorporated in 1878 as the
widows and Orphans Friendly So
ciety." The capital stock was then
$4,000, with the privilege of increasing
1t to 100000. In February, 1875. the
name was changed to THE Prudential
Friendly Society, and subsequently
changed to its present maine. In 1873
the capital stock was Increased to
$4,000 and then gradually increased
until January 8. 1898, when 1t was
made s2.0oo. 900.
Mr.. Blanchard says that he Is the
owner of T25 shares OF the capital stock
of the company. and that he has been 9
stakeholder since January l, 1880, until
the present time. He declares thai
property and affairs of the corporation
should be managed by a board Of ff.
teen directors. ana outlines huw these
directors should be guided by the
stockholders, The bill says that at the
annual election of the corporation In
January the following directors were
elected; John f. Dryden. Leslie d
Ward, Theodore G. e. Blanchard, Fred
erick c. blanchard, Edward Kanouse,
Forrest F. Dryden, Jerome Taylor
William T. Carter. Jacob II. Ward. An
thony r. Kuser. Usal II. McCarter
Wilbur s. johnson, Richard v. Linda
bury and John X. Gore, leaving one
vacancy. In addition to these direc'
tors, the State directors. who are ap,
pointed by the chaneeilor, are Edwaf5
vi HI. Edwin A. stevens and Isaac
n hoo