Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-07-21
APPEAL IS MADE
AGAINST NAMING
PRU APPRAISERS
Filed simultaneously With Adj
ministering of Oath to Men
Walker Named.
EIGHTEEN STOCKHOLDERS
OBJECT TO COURT ORDER
Commissioners Smith, Fort
and Johnson Defer Organ
ization Because of Move.

Former United States Senator
James Smith, jr., former Governor
J Franklin Fort and former Post
master General William M. Johnson,
of Bergen, appointed by Chancellor
Walker to appraise the stock of the
Prudential Insurance Company prior
to the naturalization proceedings,
were sworn in this morning by Ran
dolph C. Barrett, master in chancery.
No attempt at organization was made
when it was learned that an appeal
had been taken against the appoint
ment order of Chancellor Walker by
q number of stockholders in the Pru-
Dental Company
The appeal was made today be-
fore the Court of Errors and APP
peals in Trenton by Attorney John
R. Hardin. representing eighteen sub
stantial stockholders of the Pruden-
tial Insurance Company.
Attorney Hardin claims that the law
under which the Prudential is to be-
come mutualized is not constitutional
and protests against the mutualiza-
ton of the company on the ground
that it will be unfair to the stock
holders.
The appraisers were appointed by
Chancellor Walker to value the stock
of the insurance company before it's
charter was changed from a stock to
mutual company.
In appointing the appraisers Chan
cellor Walker swept aside the conten-
tion of the stockholders who claimed
the naturalization act was unconsti-
tutional and upheld the law which
was passed by the New Jersey Legis-
lature last June.
The appeal filed by Attorney Har-
din is from this decision, and he also
protests against the appraising of
the stock until the appeal has been
argued. There is some question as
to whether the appeal will act as a
stay and prevent the appraisal of
the stock by the appraisers ap-
pointed by Chancellor Walker.
Counselor Hardin appeared before
the appraisers today at their first
meeting in the board rooms of the
Prudential Insurance Company and
informed them of the appeal.
Attorneys Edward d. Duffield and
William H. Hotchkiss appeared at
the meeting for the Prudential Insur-
ance Company of America. and Mer-
~ritt Lane appeared for the policy
holders of the said company.
Attorney Hardin made the follow
ing statement:
Gentlemen: Mr.. Duffield kindly
informed me of this meeting. There
is no reason why l should be here
except to bring to your attention the
appeal that has been filed to the or
der under which you have been APP
pointed and to protest against your
proceeding ht all under that order
on account of such appeal having
been taken. And If you are unwill-
ing to note that protest, I desire also
to have it understood that Just now
] am assuming the appraisers are
disinterested persons within the
meaning of such term, and if l
should afterwards learn that | am
wrong in that assumption l should
wish it understood that l have not
waived any right to object to the
acting of the appraisers or any one
of them on that account"
Statement of Hon. William M. john
son one of the appraisers:
81 think it is fair to say that as one
of the appraisers / am willing to take
the oath required by the order and
fix a date for the hearing, and with
the idea that further action of the ap
praisers will be taken at that time
Of course, if the appeal acts as stay,
we will not proceed until the appeal is
determined"