Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1915-06-14
PRUDENTIAL AND
FIDELITY SEVER
D|RECTORATES
Series of designations from
Each Company Completes
Formers naturalization.
DONE TO COMPLY WITH
SENTIMENT OF PUBLIC
Firms Will Be Conducted by
Separate and independent
Boards of Directors.

AS the fnal step in the mutaliza- :
tion of the Prudential Insurance
Company those members of it's direc-
torate who were also directors of the
Fidelity Trust Company today sew
cred their official connection with the
latter institution and at the same
time the Fidelity officials who were
on the Prudential board of directors
gave up their places with that COM
pany.
The Fidelity directors who re-
signed from the Prudential board of
directors are President Uzal H. Nc
Carter and Third Vice-President Je-
rome Taylor. The Prudential di-
rectors who handed in their resig-
nations as members of the Fidelity
directorate are President Forrest f.
Dryden. Third Vice-President and
Comptroller Wilbur S. Johnson,
Fourth Vice President Edward D.
Duffield and Colonel Anthony r.
Kuser.
'It is with the very best of feel
ing on both sides,' said President
McCarter, of the Fidelity, today,
that these changes have been made.
AS everyone who is at all familiar
with the situation knows, they were
contemplated when the mutualiza-
ton of the Prudential was first pro-
posed. and since that plan was made
an assured fact by the vote of the
stockholders and that of the policy
holders, amicable negotiations have
been under way with the view OF
bringing about, in fact as well as
in spirit, a complete severance of
the official relations between the two
companies. AS a most friendly
means to that end, and for that
purpose only, these designations have
been rendered on both sides and for
mally accepted.
THAT means that In the, future
these institutions will be in all mat
ters Independent of each other. In
the directorate of neither company
will a director of the other be a men,
ber.
"Most Friendly"
"Our official relations with the Pru-
dential" continued Mr.. McCarter,
"have been most friendly and i am
ssure that President Dryden will say
fully as much for the Prudentials re-
lations with us. With the mutualiZa-
ton of the insurance company, how
ever, conditions have changed, and
as result there no longer exists the
necessity for directors of one institu-
ton to be also in the directorate of
the other.
"It has. therefore, come not by any
means to a parting of the ways, but
TO that point in their business journey
where, all things considered, it seems
that the two institutions can best
proceed and progress in ways that
are independent and unconnected and
yet in a manner most friendly"
President Dryden. of the Pruden-
tial in explaining the new departure,
frankly admits that the action Is
largely induced by desire to comply
with existing public sentiment, which,
as he Is quick to recognize, is over
whelmingly against interlocking di-
rectorates. He is also careful to ex-
plain that there is nothing in the ac-
ton that will effect the friendly rela-
tions which have heretofore existed
between the two big concerns.
Mr.. Dryden's Statement.
The following is Mr.. Dryden's s
statement:
"One of the purposes sought to be
accomplished in the naturalization of
the Prudential Insurance Company
was the severance of the interde-
pendent stock relationship which
Heretofore existed between that com
pany and the Fidelity Trust Com.
pany.
"As a part of the naturalization all
of the stock of the Prudential held
by Fidelity Trust Company was ac-
quired by the former for the bene-
fit OF its policy holders.
"In furtherance of this purpose and
to comply with the existing public
sentiment against common direc-
torates, Uzal H. McCarter and
Jerome Taylor, directors Of the
Fidelity Trust Company, have this
day resigned from the directorate of
the Prudential Insurance Company,
and Forrest r. Dryden, Anthony r.,
Kuser, Wilbur s. johnson and Ed
ward D. Duffield directors of the
Prudential Insurance Company, have
resigned from the directorate of the
Fidelity Trust Company. Each COM
pany will hereafter be conducted by
separate and independent boards of
directors.
THE above action will in no way
affect the friendly relations hereto
fore existing between the two COM
panies."