Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-10-20
POL|CY-HOLDERS'
MEETING IS SET
BY PRUDENTIAL
100000 Persons TO Be Rep
resented at naturalization Con-
ference on December 7.

President Forrest r. Dryden. Of the
Prudential Insurance Company OF
America, has issued a call for a meet
ing of the more than 100000 policy
holders on December in connection
wirh the changing of the company
from stock to a mutual corporation.
Every policy-holder above the age of
fwenty-one years and whose policy
has been in force at least one year, is
3rivileged to attend and vote either
in person or by proxy.
Former Chancellor William J.
Magic. former Supreme Court Justice
Bennett Van Syckel and Vice Presi-
dent John X. Gore have been selected
10 represent the stockholders unable
10 be present
Call by MIR. Dryden.
In issuing the call, President Dry
den has taken occasion to outline
some of the benefits which he and
ais associates believe will follow the
naturalization plan. He says:
1.-THE plan of naturalization was
adopted in the belief that it would
irure to the welfare of the company
and would result in substantial BEN
eft to it's policy-holeers. AS the pro-
ceedings have progressed we have
become more firmly convinced of the
correctness of these conclusions.
''While the company must main
tain an Impartial position in connec-
tlon with the policy-holders' meeting.
II is, nevertheless, proper at this
time to advise the policy-holders Of
t;1e reasons which have actuated the
management in instituting the pro-
ceedings and carrying them to their
present stage
naturalization Provisions.
1.-THE naturalization of the company
will provide for the election of di-
rectors by the policy-holders, which
will insure for all time a continu-
ance of the uniform practice of the
Prudential to accord to its policy
holders the greatest degree of liber-
ality commensurate with safety.
''When naturalization lis effected
distribution of the surplus earnings
OF the company will include all its
policy holders, both participating and
non participating. While under the
existing low rates the net cost to the
present policy-holders may not. at
the outset, be greatly reduced on ae-
count of naturalization, nevertheless
every dollar earned by continuance
of the sound and economical conduct
of Prudential affairs will, from the
very beginning, be credited to the
policy-holders as the owners of the
company.
eve believe that the substantial
benefits to be gained through the ac-
quirement by, the policyholders of
the stock at n price judicially as
certained to be fair and reasonable
will appeal forcihly to them and will
induce them to give approval to the
plan.
1--WE shall be glad to answer any
Inquiries that may be made prior In
tho meeting by any interested policy
holders
After the Legislature of New Jersey
had passed an act early in 1913 en-
abling the company to mutualize the
main problem presented was an ac-
curate ascertaining OF the value OF
the capital stock of the Prudential
This was finally done by appraise-
n1ent, the appraisers being former
United States Senator James Smith,
ir., former Governor John franklin
Fort. and Former Assistant Postmas-
r-General William M. Johnson, who
we're appointed by Chancellor Walker.
of New Jersey. The interests Of the
policy holders in this proceeding were
looked after by former United States
Attorney General John w. Griggs
and Merritt Lane. of Jersey City.
.After long and careful elaboration
the value of each Prudential share
having par value of $50 was fixed
at sass, and at a recent meeting of the
stockholders of the company, attended
by seventy seven per cent of the
shareholders. this price was approved
without dissenting vote. The meeting
of the policy holders is the next step.