New-York tribune., 1906-12-02
DEBATE ON INSURANCE
Untermyer and McKeen Discuss
Tickets IN Field

Buffalo. Dec. Samuel Untermyer and James
McKeen, of New York. tonight debated the ques-
rion whether International Poiicyholders or the
Administration ticket in the Mutual Life insurance
Company and the New York Life Insurance Com
pany should be elected Mr. Untermyer upheld the
polcyholders' side and Mr.. McKeen spoke for the
administration The debate took place before a
soint meeting OF the Saturn Club. the Buffalo Club
and the University Club. There was a large at
tendance The debates were preceded by Robert
Linn Cox Of Buffalo member of the Assembly
Investigating committee. who explained the stua-
ton which brought about the present contest for
control Of the companies.
The paramount issue. Mr.. Untermye- said. was
whether the people to he ca5oled and deceived
into condoning the many years of wrong that had
been perpetrated against the fair of our coun-
try throughout the civilized world by body of
who had used their great names and wealth
to oetray the trusts that were imposed in them
This struggle for control, he continued was an
uneven one On the one hand the companies. with
their almost unlimited facilities. had spread broad
cast at the expense Of the policyholders mass Of
misleading circulars. while IL cost the opposition
s5o0a0 10 place a single circular in the hands Of
every poIicyholder. He added:
The companies have seventeen thousand paid
falsehoods that are fed to them from headquarters
BY .sezed forces Of 19n9hl pfy t Of corruption
underlvine the mana cement OF these companies
tev succeed in retaining control They are men Of
vast wealth and resources. Among them are men
1ho direct the subterTanean channels or
finance. who reach and influence the smaller
men in the financial and commercial world. whose
power extends into the most remote corners Of the
country. 1t would take days to rehearse the many
unlawful ways in which the great power or TINS
body of men has been invoked to crush this move
rnert and to disCredit every one concerned in ii.
He ridiculed the attempts made by the present
rnanagenent to discredit the Independence move
rnent by saying It controlled by Tom" Law
son ."To1n' Ryan or Rogers, and then asked:
Does any sane man believe that such men as
smith Mayor Adam Of Buffalo and the GoVernors
of sx states who this ticket n protect the
noIicyholders have lent themselves 10 selfseek-
Ing. ard dishonest movement
Fir Trnterrnyer then outlined the great issues at
stake. in part follows:
First TO vindicate in the eyes Of the civilized
world the financial honor Of our country: second
TO wrest from the control OF Wall Street specu-
ietors the immense resources of the insurance
companies. amounting to about SiC0o,ehet; thlrd,
fhe investigation Of trust companies. allied with
the Insurance companies. which. the Armstrong
committee decided, did not come within the scope
OF its powers
Until these companies were investigated MI
unterrnyer declared. the nocyholders would not
know much about the real dishonesty that had
characterized the management Of these companies.
Both companies We're conducting their campaign
for reelection in open violation of the letter and
spirit of the Armstrong law. How was it possible
m get such thing restitution from the wrong
doers he asked, when they and their nominees
were in power.