Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-04-15
DRYDEN QUIzZEO
ON PRUDENTIAL
STOCK OF FIDELITY
Former Senator Says Trust
Company Holds Sl9,998 In
surance Shares.
BIG BLOCKS OWNED BY
OWN AND WARD FAMILIES
McCarter Bares Secrets as to
Purposes of the New
Building.

When the trial of the suit of Leon
f. Blanchard and others, to compel the
Prudential Insurance Company to dis
tribute it's more than $16,0O0,00O surplus
policy holders, was resumed before
Vice Chancellor Howell, in the Court
of Chancery, today. the cross-examina-
ton of President John F. Dryden, for
mer United States Senator, was re-
sumed 1t was conducted by former
ttorney- General Robert II. .McCarter,
who, together with John r. Hardin,
represent the complainants. Mr.. Nc
Carter asked the former Senator in re-
gard to the holdings of shares of stock
by the Dryden and Ward families, after
he had put several preliminary ques,
tions.
what were your holdings on April
Is, 1902"
"sS6.S1 shares"
''Have you increased or decreased
your holdings of stock between 1902
and when the sale to the Fidelity was
made?''
"No, sir
Large IsoIdings.
What were the total holdings of the
Ward family?''
.4.O37.34 shares
"On July l, 1898, how much did the
Ward family hold?"
"9, ,447.96 shares"
"What are the total holdings of the
Ward family at the present time?'
"1,436.47 shares
And the total holdings OF the Dry
den family at the present time?D
''90S.73 shares.
what price did you realize from the
sale of the stock of the Fidelity at
the time?' asked Mr.. McCarter.
Here Mr.. Lindabury objected strenu-
ously and the vice-chancellor sustained
him.
when did you make up your mind
regarding the 10 per cent. dividend"
INV mind was in a formative state
for several years, and reached deh-
mite conclusion at the January meet
ing of 1885,
"Then you reached definite conclu-
sion before 1902"
Eyes, sir"
"You have referred to the holdings
YOU have at the present time in the
Fidelity by virtue of your ownership
of Prudential stock. AS matter or
fact is it not true that you and your
family. including Colonel kuser, con-
troll the Fidelity Company?
This was also strenuously objected
to by Mr. Lindabury and President
DRYDEN was subsequently asked;
"How much stock do you, Colonel
Kuser and the Ward family own In
the Fidelity"
81 and my son own 4,6o0 some odd
shares and the Ward family, l
guess
Mr.. Lindabury again objected, and
after the witness had told about the
various shares of stock held by Pru-
dental directors in the Fidelity COM
pany, as shown on the latters DOCKS
Mr.. Dryden was asked:
"How much stock in the Fidelity does
the Prudential own?'
'sFour thousand eight hundred
shares" was the answer,
"Can YOU recall the total numberN OF
shares sold to the Fidelity in 1902"
I "Sone 10000
President Dryden added that at pres
ent the Fidelity owns 1888 shares of
the Prudential stock.
"Will you tell us the holdings of the
Fidelity stock by the directors OF the
Prudential?"
"Three thousand four hundred twen-
ty and forty-eight-one hundredths
shares" was the answer.
McCarter Takes New Tack.
.Is it a fact that the John Hancock
Company is peculiarly mutual COM
pany?" asked Mr. McCarter, going on
another tack
Eyes, SIR
.'They do both an ordinary and in
dustrial business?"
Eyes, sir"
practically all the Industrial COM
panies do an ordinary business, do they
not?" was the next question.
81 think the smaller companies do to
a certain extent.
us it not true that your premioums
on the participating business are higher
than on the participating busi-
ness?"
"They are
sIs If not true that they are higher
than the nom participating rates at the
present time?"
.It is
isn't it a fact that the rate charged
is the same as before, and that the dis
tinction arises by virtue of the rebates
that you have given?"
Il don't think they are
In answer to another question, Sena-
tor Dryden said that all actions regard
ing the surplus was taken on the advice
of counsel, and then he was asked about
the meaning of on-participating
policy. He was asked to define mon
participating and i'd it in this way:
mon participating means the omis-
sion of any contractural rights to par
ticipate in profits
MIR. McCarter called attention to the
difference in the terms of the partici-
pating and participating policies
and read several clauses from such doc
uments for purposes of enlightenment.
Another new tack was taken by Mr.,
McCarter when he reminded the former
<r-~-ssnw~s ON Second Pagc.)