The New York herald., 1921-06-29
PRUDENTIAL TO ASK
FOR INVESTIGATION
Wants Jersey Banking Com
missioner ito Cover
Lockwood Cap
CONFIDENCE IN DRYDEN
Company's Directors Ap-
prove His Refusal to An
swer Questions.
LINDABURY FILES REPORT
Declares Untermyer's Exami-
nation Became Grossly I'm
fair and Beyond Limit.
LINDABURY FILES REPORT

The directors of the Prudential In
surance Company voted yesterday to
ask the Commissioner of Banking and
Insurance of New Jersey to make 4
thorough investigation of the corpora
tions affairs. Other States in which
The company does business will be
asked to cooperate.
The examination Of Forrest F. Dry
den, president of the company, by
Samuel Untermyer, as counsel for the
Lockwood committee. was character
lied by Richard V. Lindabury. counsel
for the Prudential. as grossly unfair"
The prospective investigation is to
cover the period concerning which Mr..
Dryden refused to answer questions
asked by Mr.. Untermyer. v
After approving Mr. Dryden's refusal
to answer questions put to him before
the Lockwood Committee. the Prudential !
directors gave the president vote OF
confidence.
In It's resolution the company asks that
special attention be given in the pro-
posed investigation to these subjects:
Fidelity Trust Company the character
and extent of its deposits in other
banks; the naturalization OF the company
in 1915 and "ary other matter to which
the Banking Commissioners attention
may be called by the Lockwood Com
mittee or any policy holder Of the COM
pany, and that the Commissioners n all
other States in which the company does
business be asked to cooperate"
Jesse s. Phillips. state Superintend-
ent Of Insurance of New York. said he
would cooperate In such an investiga
tlon as suggested IL requested to do 20.
He said he was satisfied that the affairs
of the company were all right as far as
ton Is concerned, and that The
policy holders of the corporation are
protected fully.
In his report to the directors. Mr..
Lindabury reviewed the essential points
of Mr.. Dryden's examination before the
Lockwood committee Mr.. Untermyer.
with a good deal of flourish asked
for an investigation by New York State.
the report stated, and although the ex-
animation went far beyond what was
permitted. no objection was made dur
ing the early part Of the proceeding.
Toward the close, the report con-
tinued, the questioning became so
grossly unfair" that 1t was decided
to confine the examination within legal
limits. Tho lawyer went over the
Fidelity and ether bank questions raised
on the witness stand and continued:
The character of the examination
by Mr.. Untermyer and the refusal of
the committee even to consider objec-
tions made 1t clear that the Prudential
had nothing to expect from the COM
mittee except Misrepresentation. The
directors apc entitled to know that
there is not one word of truth in the in
OF Mr.. Untermyer and. fur
ther, that Mr.. Dryden did not refuse to
answer questions for any other reason
than to put the authority OF the COM
mittee to test"
The attempt which was made to show
that the Prudential had falsified its
accounts was unfair and untruthful. the
report stated. 1t adds:
''It is time there should be judicial
! Termination of the limits to which Mr..
and his committee can 60"