The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-09-11
Supports Administration Ticket
Of Mutual Life
is A LARGE POLICYHOLDER
Thinks Charges Brought Against the
Present Administration Are Unfair
and Unfounded-A Change
Would Be Unfortunate.

New York September 10.--James c. Col
gate. head of the banking firm of James
B. Colgate & Co, of this ely, and hold
er of sl,50O,oo0 policy in the Mutual Life
Insurance company, made publie letter
today supporting the administrator
ticket of the Mutual.
The letter calls for a meeting of large
policyholders In this city on Wednesday
next to organize Mutual Life Protective
association, which shall have as It's OBJ
jeet the election of the administration
ticket, and further to support the admin
lstratlon.
With the exception of Rodman Wanna
maker of Philadelphia, Mr.. Colgate is the
largest policyholder in the United States
Mr.. Coigate's letter criticzes the meth
ads Of the International Polleyholders"
committee. Although he declined to give
the names of those to whom he ad-
dressed his letter Mr. Colgate stated that
all with one exception have agreed to at
tend. The letter follows
being large policyholder in the
Mutual Life Insurance company, | have
been watching with great interest and
some anxiety the developments in the
life Insurance situation.
"The International Policyholders COM
mittee, more popularly end perhaps more
accurately known as the Untermeyer
committee has been engaged In a CAM
pagn against the past and present ad-
ministration of the Mutual Life and the
New York Life Insurance companies For
some reasons they have been particularly
bitter In their attacks upon the Mutual.
Sensational articles In the press and cir
cular letters to policyholders have con-
veyed the Idea that everyone connected
with the present administration lacks or
dinary honesty and intelligence, and that
the affairs of the company are being
shamefully administered. The effects of
such statements constantly reNerated
In the press is most injurious to the com
pany.
Charges Unfair.
Having satisfied myself some months
since that the charges and criticisms
brought against the present administra-
tion were unfair and unfounded, and that
the company is being carefully and wlse-
ly administered, a change at the present
time would seem unfortunate.
For some time / have believed that 1t
would be greatly to the interests of the
policyholders II a committee was formed
which would endeavor to secure the con-
Neileu dtlloh VI liie pOllcyHOluefS OF luc
Mutual Life throughout the country In
supporting the administration ticket
against the criticisms and charges which
have been so freely circulated by tho
counsel for the international Policy
holders committee.
Having waited for some one to start
such a movement and no action having
been taken, have decided to write to q
few policyholders who are said to be op-
posed to the attacks now making against
the Mutual Life Protective association.
MAY | ask you, therefore. II yor will
attend a meeting OF small number OF
policyholders of the company not to ex-
seed twenty or so. from various parts OF
the country In New York, September12,
to consider the situation?
"The large interests which / have In the
eompany-my policies amounting to q
million and a half dollars-and the belief
that a change at the present time will
greatly effect the value OF these policies,
is my excuse for this step"
After reading Mr.. Colgate's letter the
organization manager Of the International
Polleyholders' committee said:
"'This committee does not expect to get
its support from Wall street, or it's af-
flliations. 1t required no stretch of the
imagination to understand the brother
hood that exists in and around that To-
cality. Perhaps If Mr.. Colgate would read
what the Armstrong committee had to
say about the candidates who are trying
to re-elect themselves and their nominees
and would then wait until the policyhold-
ers' ticket has been announced, he would
be in better position to Judge of the
merits of the controversy.
THE ramifications of the great finan-
cial powers behind the movement to re-
elect the old administration are end
less"