The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-14
INSURANCE MEN MIX IT UP.
SCRUGHAM TAKES 4 FAIL OUT
or THE COLGATE MOVEMENT.


~
mixup in insurance circles yesterday.
r. G. Scrugham, organization manager
Of the international policyholders' COM
mittee, took a fall out Of James c. Colgate,
the banker and broker who has organized
a protective association in support Of the
present Mutual management. President
Peabody Of the Mutual hit out with a straight
arm jab at Judge Parker, denying the truth
Of facts contained in the Judges letter
to Bishop Charles c. McCabe, and intimat-
ing that the Judge was laboring under the
-densest ignorance
Thomas p. Fowler. president of the
Ontario and Western Railroad, and chair
man Of the New York Lies ~self-investi-
eating committee, also intended to mix 1t
up with the Judge and sent word AROUND
to the newspaper Offices that he would
have something to say. Evidently, though,
somebody applied a bag Of cracked ice to
his feelings, for when the reporters arrived
at Chairman Fowler's offices at the APP
pointed hour he had left for the day and his
secretary disclaimed all knowledge of an
intended statement.
John Dewitt Warner, counsel for the
Mutual Life policyholders' committee
which is cooperating with the international
organization, stood outside the ropes drop
ping a CHEEKY word now and then. Samuel
Untermyer, being in midocean beyond the
wireless limits, was silent.
Mr.. S~crugham led of with this one:
Organized by a Wall Street broker. frankly
DESTROYS OF the avoidance Of q break in the
continuity OF the management" Of the Mutual
Life, although admitting that there have
been grave abuses in the past management
OF the company" the unit which met
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put forth certain statements containing
studied Inaccuracies as to fact, gross mis-
representations OF the purpose Of the
international committee and conclusions az
illogical as they are specious.
Mr.. Scrugham says that the committees
records Of organization alone expose it as
being nothing but a Colgate or Wall Street
committee. Tn whole authority for carry
ing on a campaign, he points out, Is vested
in an executive committee, which is to be
appointed by Colgate, in a secretary, also
to be selected by Colgate, and in Mr.. Colgate
himself.
In regard to the Colgate committees
statement that the avowed object of the
International organization is to obtain con-
troll OF the management Of the Mutual Life
and OF its vast resources, Mr.. Scrugham
says:
This statement is false and known to be
false by every one who has read the address
Of this committee; and the adoption OF this
resolution is in plain language giving the
lie to Richard Olney, chairman Of the inter-
national committee; Judge Parker. chairman
OF the executive committee; Gov. Hsnly,
vtce-chAirman OF the committee; Nicholas
its secretary; Judge Gray and
every other member OF that committee, all
of whom have declared again and again that
they are not and will not be candidatep for
office in the Mutual Life or participate di-
rectly or indirectly in the control OF the Mu-
tual company IL the candidates named by the
international committed are elected directors.
Mr.. Scrugham adds that the inter
national committee has declared that it's
purpose is the nomination of men for
trustees in whom full confidence may be
placed to manage with absolute indie
p~endence and integrity the affairs Of the
THE members Of the international COM
mittee, ' avs the organization manager,
ARE not seeking the control and they are
not seeking the assets Of the Mutual Life
Insurance Company. They are neither
liars nor scheming brokers, the statements
OF any committee or organization of Wall
Street to the contrary Notwithstanding"
Mr.. ScruGham characterizes as unmanly
the Colgate committees statement tina
the international organization had made
u~nfounded and false accusations against
certain Of the present Mutual directors and
officers.
mo more unmanly course can be pur-
sued" says MIR. Scrugham, than to call
twenty-four gentlemen liars without speci-
flying the statement which their d~enouncers
brand as false. II Mr.. Colgate will appoint
his secretary and appoint the five members
OF his executive committee and over their
names specify the false and unfounded
statements made by this committee the
international committee is ready to SUBJ
stantiate the truth Of every statement ever
made by IL and specifically challenged"
Mr.. Scrugham says the logic Of the
Colgate committees resolutions ia pitiable.
In one breath the committee declares the
management OF the Mutual has been guilty
OF grave abuses in the past and in the other
that the election Of the ticket composed
OF the men responsible for the
past mismanagement will best serve the
true interests of the po~licyholders. Mr..
Scrugham answers the criticism Of the
committee is opposing all the Mutual ad-
ministration candidates without discrimi-
nation by quoting from the report Of
the Armstrong committee, which recon-
portunity TO elect entirely new boards>of
directors"
Mr.. Scrugham says among other things
that six months ago some of the same men
who are now iauntily presenting them
selves for reelection and using the vast
VI NV VI obIAANo "a
an electioneering campaign were busy
how to keep out Of Jail"
This is the jab which President Peabody
shot out at Judge Parker:
SO far As Judge Parker has referred TO this
company in his letter Of September ~. adj
to Bishop McCabe. l can only say that
II is impossible to understand how he could
have made the statements therein made unless
he was laboring under the densest ignorance
as TO the facts. or on the theory that the man.
tie OF the departed leader has fallen upon HIS
The facts are not as therein stated. The
testimony taken before the Armstrong COM
mittAe IL misquoted in many cases. The
results OF the accountants examination are
mistakes, and the lnsinuatious and implica-
tons resulting from his language. where no
charge is made, are %disingenuou ally
from the facts and are unworthy OF
one occupying the position which Judge
Parker has filled. II Is hardly worth while
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