davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-06-23

of life insurance companies in New York
State on mortgage loans for the period
between 1906 and 1919 was 4.e7 per
cent, and on stocks and bonds 4.24 per
cent; In other States the figures were
5.26 on mortgages and 4.1o ON stocks
and bonds.
Similar testimony was introduced
which showed relatively higher rate
on this class OF investment by fire, cas-
ualty. banking and trust companies II
was also testified that the losses on this
class of investment had been very low.
while on stocks and bonds they had in
some cases run into big figures.
AIr. Dryden was called TO the stand
again and questioned about the rate OF
interest the Prudential received on It's
deposits from the National Bank or
Commerce. II developed here that the
rate had been increa sed from Pa to 3
per cent. about January l last but that
the company was getting only 2 per cent
from the National City Bank.
selection of Dcpositories.
Here Nr. Jntermyer sought TO get
Mr.. Drydens opinion on the wisdom OF
the Prudential's practice of selecting its
repositories among those i'm which Its
directors had a financial interest. but
did no. get far. The questions were:
@. Have you ever tried TO get per
cent. from the City Bank? A. The
finance committee has made
Q. Have you ever tried? A. Per-
sonally?
@. Yes. 4. No.
O. Under these circumstances. with
these vast deposits, don't you see the
infirmity OF great institution like this
carrying its money In financial instftu-
tions in which II has an interest, where
it has to bargain with them as to the
rate of interest in order to get the best
returns for it's policy holders? A. l see
none
q. Even though you owned all the
bank. il would make no difference. you
would think IT perfectly proper for you
TO own all the stock of the bank and
keep five or six million dollars there
you would think that was perfectly
proper? A. am not going to answer
questions what j would do under condi-
tons that do nos exist.
seeks Dryden's Frame of Mind.
Q. | want to get at your frame. of
mind You think 1t proper where YOU
have 10 per cent. of the ownership or a
concern: now, want to know whether
YOU would think It proper II you had
100 per cent? A. The 10 per cent.
exists. ard think II Is proper; the 100
per cent. does not exist
Q. am not asking for your opinion.
A. | thought YOU wanted my opinion.
o. Yes, your opinion as to the morals
and propriety and decency of that sort
of thing A. ! am telling you my opln-
ion Of that sort OF thing.
.. understood you to tell me you
would not give il to me- A. won't
give you my opinion on a condition that
does not exist.
The committee will resume its hearing
to-day.
The New York herald., 1921-06-23
USED LIQUORS AND DRUGS
Maid So Tcstihcs I'm Contcst OF
Mrs. Russeii's VIII.

Hearing was resumed yesterday In
the Surrogates' Court In the suit to set
aside the viii of Mrs. Mary l.. Russell.
who died April l. 1921, leaving an estate
Of about $50. 900 to her husband. former
State Senator John W. Russell OF 210
Wes; 1O7th street
Katherine J. Walsh. formerly Mrs.
Russells maid. was the principal wit
ness. She testified that her mistress fire.
quently INDUCED in liquor and drugs.
ami on such occasions could not tell
night from day" The suit is brought
by brother and two nephews OF the
decedent.
The New York herald., 1921-06-23
Pictures Dryden MS Czar.

On this point the committees lawyer
sought to show that the selection of the
Prudentials directors was a sort of hand
picked affair conducted by Mr.. Dryden
and his intimate associates in the COM
pany. Mr.. Dryden admitted that he
sold the necessary qualifying stock to
seven directors who joined the board
before and since the so-called mutua'iza-
ton. but he was not able to say how
many ballots were printed or even dis
tributed among the 15.000,000 policy
holders for the purposes of ratifying
tho nominating committees selection.
Switching his line of attack again. Mr..
Untermyer introduced testimony from
the committees accountant to show that
the average return from the investments
The New York herald., 1921-06-23
sso WILL GRADUATE TODAY.

The College OF the City of New York
will graduate $50 students to-day, The
principal address of the commencement
exercises will be delivered at 10 O'Clock
this morning at Great Hall. 139th street
and Convent avenue. by Maurice Case
nave. French High Commissioner
Thomas w. Churchill. acting chairman
of the board of trustees, will preside
DIR. S. E. Mezes, president OF the college
will award the degrees.
The New York herald., 1921-06-23
EDISON VISITS PLANTS HERE.
Is Guest Of Companies Furnishing
Light to the city.

Thomas a. Edison made n trip yes
terdsv through Manhattan. The Bronx
and Brooklyn TO inspect the electrical
Development IN those boroughs He was
the guest OF the various electric light
and power companies which serve the
city His first stop was at the office
of y. =. Brady. president OF the New
York Edison Company in Wall street.
Mr.. Edison next made a thorough in
spection OF the factory OF the Metro
poiitan Engineering Company in Brook
ivn
The New York herald., 1921-06-23

ing stock in the old comrans'. He eN-
planned that the company had heen
mutualzed for all practical purposes.
that the policyholders ouned "a per
cent. of the stock. but his explanation
only caused Mr.. Untermyer to remark
for the record that the naturalization
was a complete and roaring farce.
The lawyer then proceeded 10 show
that the fifteen million policyhoiders
are represented at annual meetings by
only a few hundred proxies. which are
made out TO members OF the direc-
tol-ate who he AYERS are selected by
the nominating committee. which IN
turn is selected by Mr.. Dryden and his
immediate associates.
The New York herald., 1921-06-23
GRAND JURY THREAT GIVEN
TO DRYDEN BY UNTERMYER

troll of both comp MES being The same2
\. On the same grounds ! decline TO
answer.
O Don't you realize van are the
trustee for the policc holders a. ] do.
O. Don't YOU think they are entitled
10 know a transaction, ,of that kind II IL
took place. A. do.
@. Why don't youstelE II to us? y. IL
has been told.
Q. Where was II told? \. Before the
Armstz 5ag committee entirely.
O. There was nothing OF the kind
told. and they were not asked. and II IL
was told why do you object to telling II
again? A. Because ! am not familiar
with IT,
Q. Why do YOU object 10 telling US
what you know about THAI? \. Cpon
advice Of counsel 7 decline to answer
O. You said the Armstrong committee
was told whether the Prudential bought
or carried this stock. loaned the Fidelity
Trust the money with which to buy and
carry. do you mean to testify to that?
A. mean TO say that this story is so
cid the public Is sick of II.
Says Public Is sick.of story.
Q. Just answer my question. A. The
public is sick of this story 1t has been
tOui 81 iilettiy
O. The public will take care OF itself.
The question Is what you are going to do
now? \. / thought you were asking me
to take care of part OF 1t.
Q. We are asking you whether you
mean to testify under oath that II has
ever appeared In any proceeding where
the Fidelity Trust In 1902, having only
So. 000. 900 OF deposits. got the money
with which to buy that stock" a. And
I have declined to answer.
@. Do YOU know IL paid for the stock?
a. In 1902. for the total stock?
q. Yes. a. / decline 90 answer.
G. Was 1t then heavy borrower from
the Prudential? A. decline to answer.
Q. You were a director in both? A.
was a director In both.
Mr. Unterrnyer here went over some
ground covered in the first examination
of Mr.. DRYDEN in an effort to show that
the so-called act of naturalization was
little more than a device by which the
stockholders divided S1S.000,000 OF the
company's surplus among themselves by
turning in the majority Of their stock
nj s455 a share when the greatest divi-
dcnd which they could vote themselves
under the New Jersey law was 10 per
cent, or 100000.
The New York herald., 1921-06-23
Deposit Figures Disputed.

Mr. Unterrnyer then challenged GER
tain figures provided for the committee
by the Prudential officials purportinG to
show the company's deposits In the
National Bank of Commerce as OF De-
cerber ST. 1920 The figures provided.
according 70 Henry Mendes. one OF the
committees accountants. showed a ball
ance on that date OF approximately
81, O00. .000, when In reality they were
something in excess of S3.000.000, TAX
ing into consideration the investment
and "ordinary" accounts, as return
filed by the bank showed.
Mr. Untermyer tlEen brought out that
on these balances with the National
Bank OF Commerce, which frequently
ran as hign as S6,000A000. the Pruden-
tiai received only 2t5 per cent. until
January l last. when che rate became
3 per cent while other institutions We're
paying and 31a per cent. At this
point Mr. Entermyer got into the rec
ord again the fact that Mr.. Dryden HIM
self holds 500 shares of the stock or the
National Bank of Commerce that he Is
a director of the bank. and that James
s. Alexander. president OF the bank, Is
a director of the Frudencial
Through the accorntan{, Mendes, Mr..
Ifnternyer er introduced an extensive an
slysis of the investments, and revenues
Of fire. life and casually Insurance COM
pRnies banks and trust companies TOT
the purpose OF showing that consist
entity higher rate of return was achieVed
from investments in mortgaGe ana nuiid-
inr loans than from Investments In
stocks and bonds This was the real
purpose of the committees delv'ng INTO
the Prudential's affairs. andl the infor-
nation was obtained in order to Tor
mulate legislation to compel greater
proportion OF the investments or hte
and fire iusurauc companies. hanks and
trust companies to be'made in.Nhis CLASS
of securities
The New York herald., 1921-06-23
Objects 10 Questions.

9. What We are trying to find out. Mr..
Drydn1. is. by reason OF the transactions
from 1902 TO 1915. whether this money
that was distributed among the stock
holders OF the Fidelity Trust Company.
Of which you were one. and your fam
ily held large holdings. was not. in fact.
the money OF tho Prudential Life Insur-
auce Company. and in that aspect ]
am going to ask you again whether the
Fidelity has ever paid for that stock. or
whether il had not been carried for IL
by the Prudential. the directors In con-
The New York herald., 1921-06-23

Continued from First Page.
The New York herald., 1921-06-23
$1,000, 900 Underwriting u'ors.

But in the process or prlnsin 'uie
out Mr.. Untermyer revealed thsa- 'he
old Fidelity Trust Company-nofW
mart OF the Fidelity Union-had axpe-
,ssos1 ioss OF approx irnately $4,000
ooa nv underwriting the stock issue OF
,be Public Service Corporation or 1A'w
Jersey The original investment nao
bsen SOS 600. 900. of which about So'ooH
oO0 worth of stock has been oisposo
~ hut the market value OF the remaih- :
inc $40 0O0. 900 was shown to pc nov
cr,lv in the neighborhood OF slo,oVo,ooo.
Tn going into the relationship petweei,
the Prudential Insurance COMPANY e.
the old Fidelity Trust Company VI
Untermyer's examination OF Mr' III '''
ran in part ,ooo .+ I'M,
q Is n not n fact that in iso2' at tms ,'.
.;r,a when the Fidelity acquired ls.sS1
shares of the 4o.oeo outstanding OF @ tno ,''a
prudential. the Fidelity PAID so'oo.v"
far the stock? 4. decline TO answer
OH the advice OF counsel - pr
q Is II or not fact that the frh-
dental furnished the money WIN Wh,sh
the Fidelity paid for the stock! a. ae-
cline to answer .,,,-
O. You ware director or poth co"-
nanies et that time, you say, were Soe
rot? A. | was.
o And YOU mean to say that you
won't tell us whether the Fidelity go'
from the Prudential the money WIN
which TO pav for this stock n. oe'
cline 10 answer on advice of coursei.
@. Is it or not a fact that at this tina.
the entire capital stock and surplus OF
the Fidelity Trust Company was
81. 100000? And that it's total deposita
we're ss.sls.o0o? Yor decline to answer
that, do you? A. Yes
O. on the same ground? A. Yes.
ri, in THESE
panies were the same. were they not
A. decline to answer that.
Dryden Adjudged In Contempt.
Here Mr. Untermyer requested that
Mr.. DRYDEN be held in contempt Tor ms
refusnl to answer. and AssemDlymati
Nc whitney. acting chairman. so aC-
Judged him. The examination continued.
O. Now. Is II or not a fact that the
Fidelity Trust Company had not itself
paid or advanced a single dollar for this
stock TO the Prudential on account OF
! the eight millions SO received by it IN
! 1915. and that these total advances had
been made and carried by the Pruden
| tioi? 4. You are asking about lse-
! again. when they secured the stock?
| Q. am asking you whether or not M
| 10 the time thet they got that eight
millions for this stock. which was In
| 1915. the Prudential had not carried that
stock a. don't understand your ques-
I ton.
@. Now. | want 70 know whether from
1907. when II acquired the stock. up ia
/ the time il received over eight millier
I dollars for IL. that stock had not beer
/ carried By the Prudential for the Fidsl-
| ity rrIst. \. decline 10 answer.
@. On the. same ground? \. on the
same ground.
/ q. Prior to this purchase of the 1929;
shares OF stock by the Prudential from
the Fidelity Trust Company in 1909 had
there been an effort made on the part o
I the Prudential to buy the control o
/ the Fidelity Trust? \. decline to an
swer.
| .. And had that been enjoined by tn,
! courts? 4. No answcr.)
/ Q. VIII YOU answer me y. dccin,
/ to answer.
Objects to Questions.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

minds will 20 along with" his, these able
men are willing TO co cooperate with him. All
he needs to do is to assure them OF his
desire for their advice and Of his determine
tion TO back them up in the administration
of their departments.
OF course, it is certain that some men
whom MIR. Harding would like to have asso
ciated with him will find It impossible to
adjust their affairs in time to enter the
cabinet But it will not be necessary under
such circumstances for him to select second
or third rate men as substitutes, as has been
done by other Presidents. The emergency
which confronts the nation is SO grave that
men who, under ordinary conditions. would
be unwilling to sacrifice themselves for the
general good are likely to BE- moved by so
strong a sense of duty that they will respond
il summoned All this should make 1t easy
for Mr.. Harding. His chief difficulty at the
present time seems to arise from the neces-
sity Of staving off the men who wish to
select his cabinet for him.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10
Member of the Associated Press
TIME FOR A SHOWDOWN

AN INVESTIGATION Of coal production
"A distribution and prices is under way in
the Senate. \ similar survey is proposed by
the Legislature of this state. These inquiries
ought to be watched carefully by the public.
For IL some sort of check cannot be put on
the combinations that rule the coal industry
one startling deduction will be inevitable.
We shall have to admit that th" coal harous
are stronger ana more rcsourceful than the
government of the United States.
The producers of anthracite and bitumi-
nous coal complain pretty generally of mis-
representation. But as a matter of fact they
have framed the indictment against them
selves They have written IL out in black
and white Th" recently published schedules
maintained By the spectators show that the
prices Of fuel have varied by aS much as 81
or SO ton at one time in the same market.
Meanwhile. supplies were not diminished.
Some people have been making n vast lot of
money by systematic oXtortion Who are
these people and now are they t. b" dealt
with? These ar" questions that tn" Senate
or the State Legislature Urcht ~ answer
noN
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

laws formulated in the interest of women
and children who work, as well as the laws
intended TO bring about better conditions i'll
schools and in the general social life of che
state. are not pruned or crippled by any of
the deals and compromises of which so muck
has recently been written.
1t would be foolish TO deny that the ten
dency of women to work together in their
own groups irrespective of party names and
pOlicies-the Democratic women are moving
IN harmony with the others who seek to
force the Legislature toward an enlightened
conception of its present duties-is n polit-
cal omen Of considerable Importance. The
full force of the newer women's movement
will not he felt at once. But II is likely to be
fully apparent at future elections. If the
whips and bosses in the Legislature are fool
ish enough to ignore the validity Of the
claims made in the name Of women voters
If they are blind TO the need of progressive
thinking and progressive laws, they may
do a great deal to break down party lines
between the new voters organizations. They
may find themselves at some not far distant
day confronted by u vast mass of angry
voters who will insist on thinking not as
Democrats or Republicans or club members
or workers, but as women. And at time
like that the balance of power, to which
politicians in this state have trusted i'm
plicitly for generation or more might be
badly upset.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10
STREET-PAVlNG FASHIONS

TTHE trial Of wood blocks as street paving
i in Philadelphia came too l%tc t. fore
stall Il comparatively early 'ruudrmnatiUn.
London. Paris and other European cities
did much to populariHr this variety Of road
bed who's" Hudih" response 81 trathr was
merely dull, soothing rumb,".
But thi, was in the days bci"r" III" pre-
digiouS Development Of heavy motor vehicles.
And just about rs the rcStiul epoch was de-
parting this city uwokc to what had been
done on Piccadtlly Circus and the Boulevard
des ltalicuS.
Inevitably the wood block experiment On
Market street has been ungratifying, since il
was II reversun To- an outmodcd model. The
gasoline az" has utterly altered paving prob
lens, as London and Paris, with their many
square miles of now rUt Scared wood sur
face. ar" learning at high cost
Fortunately Philadelphia. deSpit" som" r"-
frettabl" "NprrimrutS is not Il wood block
town. and the Bureau Of Highways has now
resolved tnat it shall never h"com" on".
According to present Indications. asphalt and
small redreSScd granite blocks will be hold
IN the most favor and will lee used almost
exclusively in paving reform
The most formidable autotrUckS AHvo
failed TO challenge III" efficacy and Nnlidity "f
the granite cubes sct in concrete. IA has b"ru
well attPSt"d on norton Of North Fifth
street The highway EXPERTS AZ" wis" in
their determination to nUd"rniz" city PAVING
wherever possible with III" s"lidity Of ~l.""l.-
cut, neatly fitted stone.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10
FAME AND MANILA

NUr of Manila issues the plea for
" 5000, 900 memorial 10 Admiral Dewey on
the shores of the capacious bay with which
his major fame IL linked. Congress- will be
asked to appropriate half the funds and the
Philippine Legislature the remainder.
Apart from the irresistible sentimental and
patriotic values in such an undertaking. the
project is ingrutiating as All explicit tribute
to victory whose dimensions have not in
the least shruuk with time. Nor has the
reputc Of the victor waned.
In the hands Of captious and energetic il
vestigntUrs the fame of many of the great
departed is shuckngly unstable. Napoleon :
debt 10 some of his greatest marshals, Davout
in particular. has been repeatedly "mpha-
sized Collingwood undoubtedly shares some
"t the glory Of Trafalgar.
In American naval annals Manila bay is
what New Orleans is in tho American mill
taIy chronicle, Tho individual responsibility
and accomplishment Of Jackson and Dewey
Is similur in our most overwhelming and to
ourselves least costly rriumphs Of arms
TAcr" are no, many decisive battles to match
them even in world history.
Anything So exceptional, proof against
the diSllusoning shafts OF later and higher
criticism is indeed rare Ii only to signalize
a specific inStanc" Of n fame that Is durable
thn Manila lay uouru"n' "Vuld seem VI ar
rr..t. y
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

It. seemed "prctty soft" for tie Pas.
sale, y, j., Larson who returned from. Il
little elopcucnt trip and was forgiven not
only by his wife, but by the members Of
his congregation. But now that the girl
has sued him for $25.OOO damages, alleging
breach of promise, and her parents lu,c
sued him for SlO,OOO because Of the hu-
initiation and disgrace he brought upon
them, aud the authorities have issued a
warrant for him under the Mann act --
why, now he begins 10 believe tiw the
Scriptures are right aud "thr Nay OF the
.. l,y,,r... .uf. :, hH"I "
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

About five years from now, whei.
reminisccnce discards present discomfor
for the halo of adventure, the naval airmel
now rnushing on toward Cochrane will begi@
to enjoy their trip.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

Add Limping Limericks-The youu-
lady who appears to be getting after Il
Tammany tiger is blind lady with a pail
Of scales, and to date there Is no smile or
the face of the tiger.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

IN" S"nat" committee on Cuban rrla-
ti"nS Is contemplating trim to Cnh,, =,
Investigate conditions there. We ventura
IN" assertion that th" senators will find
that It tastes pretty much the same ne ever
but that il costs more, >''''
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

It may reasonably be expected that therr
will be one or two cabinet appointments tina,
will be generally satisfactory, but assuredly
the secretary of labor will not be one Of
them. whoever he may be.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

Human nature is at once SO faulty AZ
so fine that people are less inclined to blam
a man for going astray than for his throw
ing the blame on, the woman who share
his trNnsgressiOn.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

1t may be that we would now be paying
less for coal II Attorney General Palmer
when an investigation of the coal situa
tion was projected, had used an ''acCelrr
ator" instead Of "concilator.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

Senator Lockwood says his commttc
has struck the trail of 81 800 900 court
house, contract with 81 600 900 graft in it.
Wonder what was the matter with the odd
$500 600 that the grafters let it slidei
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

Lets soak him with lump of coal. u
cried the proiiteor, which IL how the TIT
mate Consumer got a black eye.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

Spain may challenge for the Davis cup
Is there likelihood that Spain is confound
ing tennis with bull?
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

Does the fact that the Senate conmittec
on foreign relations has taken no action OIL
either tn" Borah or Walsh resolution indi
cate that the interest of the members in tn"
restriction Of competitive armament is purely
academic?
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

a hopeful country is looking forwarl
to the time when the President elect will
get good and mad and settle things for
himself.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

Every mind is moving picture house
and the reason some men are forever bore
j. that they put on nothing but punk plays
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10
Imlpn Tnllrv of Nnm. Nnr

judy" Talley. of New York, begs TO BE-
excused from presiding in cases where women
are on III" jury. $50 long as she is a
won.an," h" says her emotional strain will
opinion is one designed to give her emotional
strain
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

Even the most conservative will adm,
th" need of libcralizing the civil service law.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10

Agricultural note--Tammany is about
to reap the whirlwind.